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Commerce · Regulated Finance

SEBI Registered Research Analyst (Equity Research)

8 min read · Registered with SEBI · Graduate + NISM Series XV

Anyone who publishes buy/sell research or recommendations on listed securities for clients must be registered with SEBI as a Research Analyst (or work for one). Individuals need a graduate degree and the NISM Series XV Research Analyst certification. Equity research jobs in brokerages and fund houses use the same skills — and the same certification.

📍 See The Journey / Full Roadmap
Regulator
SEBI [1]
Certification
NISM Series XV [2]
Education
Graduate degree [1]
Typical employers
Brokerages, fund houses
Mapped Institutions & Degrees461 verified institutions · by state & city

Economics & Data Analytics (UG)CUET-UG / institute test (NPAT, SET, ISI Admission Test) / Class 12 merit

Andhra Pradesh5
Assam3
Bihar1
Chandigarh1
Chhattisgarh1
Delhi NCR21
Gujarat5
Haryana4
Jammu & Kashmir1
Jharkhand1
Karnataka5
Kerala15
Madhya Pradesh1
Maharashtra16
Meghalaya2
Odisha4
Punjab5
Rajasthan5
Tamil Nadu13
Telangana3
Uttar Pradesh4
Uttarakhand5
West Bengal8
Compare all Economics & Data Analytics (UG) colleges in the finder

B.ComCUET-UG (central universities) / Class 12 merit / university test

Andhra Pradesh7
Assam4
Bihar5
Chandigarh7
Chhattisgarh4
Delhi NCR44
Gujarat27
Haryana13
Jammu & Kashmir1
Jharkhand7
Karnataka25
Kerala16
Madhya Pradesh15
Maharashtra38
Meghalaya3
Odisha7
Puducherry3
Punjab10
Rajasthan17
Tamil Nadu27
Telangana13
Uttar Pradesh17
Uttarakhand11
West Bengal11
Compare all B.Com colleges in the finder
Overview

What does a Research Analyst do?

  • Research analysts study companies and sectors, build financial models, meet managements and publish reports with ratings and target prices.
  • They work on the sell side (brokerages) or buy side (mutual funds, insurers, PMS), or independently with their own SEBI registration.
  • SEBI rules govern conflicts of interest, disclosures and record-keeping for every report.
Fit check

Who should become a Research Analyst

✔ Ideal for you if…

  • Love reading annual reports and building spreadsheets.
  • Write clearly and defend a view with data.
  • Want a finance career rooted in analysis.

✖ Reconsider if…

  • Dislike long hours around results season.
  • Want guaranteed predictions — markets are uncertain.
  • Prefer people-facing sales roles.
Eligibility

What you need, stage by stage

  • A graduate degree in any discipline (SEBI's December 2024 amendments relaxed the earlier requirements).
  • Pass NISM Series XV: Research Analyst certification.
  • For independent practice: SEBI registration, deposit and compliance conditions.
  • Employees publishing research must also hold the certification as SEBI requires.
Step-by-step

Your full path to becoming a Research Analyst

  1. Step 1

    Graduate

    Commerce, economics, engineering or finance.

  2. Step 2

    NISM Series XV

    Research Analyst certification.

  3. Step 3

    Learn modelling and valuation

    Accounting, financial modelling and sector knowledge.

  4. Step 4

    Join a research team

    Associate analyst at a brokerage, fund or research firm.

  5. Goal

    Grow or go independent

    Senior analyst, sector head, or your own SEBI registration.

Want the exact step-by-step journey?

Eligibility, exams and cycles, training and final qualification for Research Analyst, in order, with official links.

📍 See The Journey / Full Roadmap
Exams & licences

Certification and registration

NISM Series XVResearch Analyst certification required by SEBI. [2]
SEBI registrationUnder the SEBI (Research Analysts) Regulations, 2014, as amended. [1]
Optional credentialsCFA, FRM or an MBA in finance help in hiring but do not replace NISM/SEBI requirements.
Indicative figures

Research Analyst pay in India

Pay varies a lot by employer, city and whether you practise independently; these are broad, commonly reported ranges, not guarantees.

Associate analystEntry level

Brokerages and research firms hire graduates and MBAs.

AnalystRises with coverage

Owning a sector raises pay.

Senior / head of researchHigh

Top analysts in large institutions earn very well.

Where they work

Employers & growth path

EmployersStock brokers, mutual funds, insurers, PMS and AIFs, independent research houses, credit-rating agencies
Growth pathAssociate → Analyst → Senior Analyst → Head of Research / Fund Manager
RelatedInvestment Advisers give personal advice under a different SEBI registration
Honest take

Advantages and disadvantages

Advantages

  • Entry with a graduate degree and one NISM exam.
  • Intellectually rich, market-facing work.
  • Paths into fund management.

Disadvantages

  • Long hours, especially in results season.
  • Competitive hiring at top firms.
  • Strict conflict-of-interest rules.
Related careers
Investment AdviserSEBI RIAView guide
CFAInvestment analysis credentialView guide
FRMRisk managementView guide
Data ScienceQuant & analytics skillsView guide
Good to know

Frequently asked questions

The firm holds the registration; as an employee you need the NISM Series XV certification and must follow its policies.
Yes. Any graduate can, with NISM Series XV; engineers often cover tech and industrial sectors.
No, but it is widely respected in research hiring.

*Pay figures are indicative unless they quote an official pay level, and rules change: confirm eligibility, dates and fees on the official websites listed under Sources before you act.

Sources & verification

Where these facts come from

Rules, exams and rankings on this page are taken from the official bodies below. Always confirm dates and fees on the official website before you act.

  1. Securities and Exchange Board of India (SEBI) (opens in a new tab) Research Analyst Regulations, amendments and registration
  2. National Institute of Securities Markets (NISM) (opens in a new tab) Series XV Research Analyst certification
Show these sources as Markdown (to copy or cite) 
**Sources — SEBI Registered Research Analyst (Equity Research) (https://emargdarshan.com/research-analyst.html)**
1. [Securities and Exchange Board of India (SEBI)](https://www.sebi.gov.in/) — Research Analyst Regulations, amendments and registration
2. [National Institute of Securities Markets (NISM)](https://www.nism.ac.in/) — Series XV Research Analyst certification

Spotted something out of date? Email margdarshan07support10@gmail.com with the official link and we will update it.