What is a part-time Research Analyst, and what extra rules apply?
In force
A part-time Research Analyst is an individual or partnership firm registered on the footing that research is not their only activity.
You may never have more than 75 clients, in total, at any point in time. That is a hard cap written into the conditions of your certificate.
You must use the term part-time research analyst in all client correspondence. Not simply research analyst.
You must give an undertaking that your research activity and your other activity stay at arm's length at every stage of dealing with a client.
On your other business you must carry a prominent disclaimer, minimum 10 point type, on the service itself and on invoices for it, saying that activity is outside SEBI's purview and no complaint about it can be brought to SEBI.
If you are in employment, you file a no-objection certificate from your employer, and a fresh one whenever you change employer.
Your qualification and certification standards are the same as a full-time analyst. Nothing is relaxed there.
What SEBI says, word for word
Regulation 13(iv)“the number of clients of a part-time research analyst shall not exceed seventy-five in total at any point of time”Source: SEBI (Research Analysts) Regulations, 2014 — Regulation 13(iv) Open document ↗
Master Circular, ¶1.4“Part-time RA shall provide disclaimer prominently (minimum 10 font size) and attracting the attention of the investor while providing their other service/raising invoice related to other business/service that the activity/invoice is related to services not under the purview of SEBI and no complaint can be raised to SEBI for the services rendered therein.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026, originally SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated January 8, 2025 Open document ↗
First Schedule, Form A, item 2(fa)“In case of change in employment, the applicant shall provide no objection certificate from the new employer.”Source: SEBI (Research Analysts) Regulations, 2014 — First Schedule, Form A Open document ↗
More on Registration & Deposit
- What deposit do I need to maintain with RAASB?
- What qualification and NISM certification do I need?
- Do all my employees who work as analysts need their own SEBI registration?
- What are the SEBI registration and renewal fees?
- Can I be registered as both an Investment Adviser and a Research Analyst?
- What happens to my registration if I die, sell the practice, or change its structure?
- How do I surrender my registration, and what survives it?
- If I hire sales or support staff, which NISM exam do they need?