SEBI Registered Research Analyst — Step-by-Step Roadmap
Your journey, phase by phase
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Phase 1 · After Class 12 Graduate Commerce, economics, engineering or finance.
- A graduate degree in any discipline — SEBI's December 2024 amendments relaxed the earlier requirements.
- Strong accounting, maths and writing skills matter most.
- Engineers often cover tech and industrial sectors.
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Phase 2 · After or during graduation NISM Series XV The Research Analyst certification SEBI requires.
- NISM Series XV: Research Analyst certification is required by SEBI.
- Employees publishing research must also hold it.
- CFA, FRM or an MBA in finance help in hiring but do not replace the NISM/SEBI requirements.
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Phase 3 · Alongside Learn modelling and valuation Accounting, financial modelling and sector knowledge.
- Build accounting and financial-modelling skills.
- Learn valuation methods.
- Pick a sector and follow it closely.
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Phase 4 · Entry level Join a research team Associate analyst at a brokerage, fund or research firm.
- Brokerages and research firms hire graduates and MBAs as associate analysts.
- Employers: stock brokers, mutual funds, insurers, PMS and AIFs, independent research houses, credit-rating agencies.
- As an employee, the firm holds the SEBI registration and you follow its policies.
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Phase 5 · Experienced Grow or go independent Senior analyst, sector head, or your own SEBI registration.
- Growth path: associate → analyst → senior analyst → head of research / fund manager; owning a sector raises pay.
- Independent practice needs SEBI registration under the Research Analysts Regulations, 2014 as amended, with deposit and compliance conditions.
- Investment Advisers give personal advice under a different SEBI registration.
Verify on the official source
Exam dates, fees, paper patterns and eligibility rules are revised by the regulator from time to time. Treat this roadmap as your map, and confirm the current rules on the official site before you register or pay any fee.