What qualification must a SEBI research analyst have?
SEBI sets minimum education and certification for anyone who writes research for clients, and a deposit linked to the number of clients. Here is what the rules require.
Published 13 November 2026 · Potoos Research Services
The short answer. Under Regulation 7 of SEBI's research analyst rules, the analyst needs a graduate degree (or a CFA Charter) plus a research analyst certification from NISM, or NISM's Post Graduate Program in the Securities Market (Research Analysis). The certification has to be renewed before it expires. The analyst must also keep a deposit, marked in favour of BSE, that grows with its number of clients. None of this guarantees performance.
The education rule
Regulation 7(1) of the SEBI (Research Analysts) Regulations, 2014 gives two routes. The first is a graduate degree, or an equal qualification, from a university or institution recognised by the Central or a State Government, or a recognised foreign university, or a CFA Charter from the CFA Institute, together with a relevant certification from NISM. NISM is the National Institute of Securities Markets, set up by SEBI. The second route is NISM's Post Graduate Program in the Securities Market (Research Analysis).
The rule covers an individual analyst, the principal officer of a firm registered as an analyst, the people it employs as research analysts, its partners and other people associated with its research services. SEBI updated this rule with effect from 25 November 2025.
The certification rule
Certification is not a one-time test. Regulation 7(3) says these people must get a fresh NISM certification before the existing one expires, or within three years from the date of registration. SEBI's master circular names the exams, including NISM-Series-XV: Research Analyst Certification Examination and the NISM-Series-XV-B renewal exam. People who took NISM's Post Graduate Program route do not need the entry exam, but they still need the renewal certification within three years of registration.
One point to know: SEBI's master circular of 6 February 2026 says analysts who were already registered when SEBI revised the education requirement do not have to meet the revised requirement. They must still hold NISM certification and renew it on time.
The deposit rule
Regulation 8 requires every research analyst to keep a deposit. SEBI's master circular says it is held as units of a liquid or overnight mutual fund, or as a deposit with a scheduled bank. It is marked as a lien (held as security) in favour of BSE, the body that supervises research analysts. It can be used if the analyst fails to pay amounts it owes after an arbitration or conciliation case under SEBI's online dispute resolution system.
The amount depends on the highest number of clients the analyst had on any day of the previous financial year: Rs 1 lakh for up to 150 clients, Rs 2 lakh for 151 to 300, Rs 5 lakh for 301 to 1,000 and Rs 10 lakh for 1,001 and above.
What this does not tell you
Meeting these rules lets an analyst register. It does not tell you how good its research is. SEBI requires every analyst to carry this line on its website and documents: "Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors."
How to check this yourself
- Check the registration first on SEBI's list of registered research analysts. How to check a registration is still valid.
- Ask the service who writes your research, and which qualification route and NISM certification that person holds.
- Ask when the NISM certification was last renewed.
- Read the conflict of interest disclosures and the other checks before choosing a service.
Sources
- SEBI (Research Analysts) Regulations, 2014, as amended up to 10 October 2026. Regulation 2(1)(n) (page 3), NISM; Regulation 7(1) and 7(3) with footnotes 22, 23 and 25 (pages 10 to 11), qualification, certification and the 25 November 2025 change; Regulation 8 (page 11), deposit.
- SEBI Master Circular for Research Analysts. 6 February 2026. Paragraph 1.1(a) and (b) (pages 6 to 7), existing analysts and the NISM programme route; paragraph 1.2 (page 7), deposit form, lien and amounts; paragraph 1.6(b) (page 12), names of the NISM exams; paragraph 11.2(iii) (page 37), the no-guarantee disclaimer.
Sources checked on 12 November 2026. Information cutoff: 12 November 2026, 20:30 IST
Common questions
Does a research analyst need a finance degree?
Not under the current rule. A graduate degree in any subject, or a CFA Charter, is enough when it comes with the relevant NISM certification. NISM's Post Graduate Program in research analysis is a second route.
Is the NISM certificate valid for life?
No. A fresh NISM certification must be obtained before the existing one expires.
What is the research analyst deposit for?
It is held in favour of BSE and can be used if the analyst fails to pay amounts it owes after an arbitration or conciliation case under SEBI's online dispute resolution system.
Does a qualified analyst mean good results?
No. SEBI's required disclaimer says registration and NISM certification do not guarantee performance or returns.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.