SEBI Registration: Step-by-Step Process, Fees and Compliance Guide
To register with SEBI, identify the applicable intermediary category, submit the prescribed application and documents, complete SEBI’s review, and pay the applicable fees. The exact process, documents, qualifications, and capital requirements depend on the type of securities-market activity.
SEBI registration establishes regulatory approval to provide specified securities-market services and demonstrates compliance with investor-protection, capital, qualification, infrastructure, and operational requirements. Requirements vary considerably across categories, so selecting the correct registration route is essential before preparing the application.
Key Takeaways
- SEBI registration is mandatory for regulated securities-market intermediaries, including brokers, investment advisers, research analysts, portfolio managers, merchant bankers, mutual funds, and AIFs.
- Investment Adviser and Research Analyst requirements changed in December 2024, including revised qualification, experience, and financial-resource requirements.
- Merchant banker requirements were revised in December 2025, raising net worth to ₹50 crore (Category I) and ₹10 crore (Category II).
- Applications are generally filed online with SEBI, while stockbrokers and Authorized Persons follow the applicable stock-exchange registration route.
Requirements for SEBI Registration
Some requirements to register with SEBI are:
| Requirement | Investment Adviser | Research Analyst | Portfolio Manager | Mutual Fund AMC |
|---|---|---|---|---|
| Eligible structure | Individual or eligible entity | Individual or eligible entity | Eligible company/LLP | Company |
| Financial requirement | Client-linked deposit: ₹1–10 lakh | Client-linked deposit: ₹1–10 lakh | ₹5 crore net worth | ₹50 crore net worth |
| Qualification | Graduate degree | Graduate degree | Principal officer must meet applicable qualification and experience | Key personnel must meet applicable requirements |
| NISM certification | Series X-A & X-B | Series XV | Applicable PMS certifications | Applicable certifications for key personnel |
| Fit & proper criteria | Applicant and key persons | Applicant and key persons | Applicant, directors and key personnel | Sponsor, directors and key personnel |
| Key documents | KYC, qualification, NISM certificate, financial proof, business details | KYC, qualification, NISM certificate, financial proof, business details | Incorporation documents, financials, net-worth certificate, business plan, personnel details | Incorporation documents, financials, net-worth proof, infrastructure and personnel details |
Note: SEBI may also require category-specific infrastructure, compliance arrangements, experience, governance, and other supporting documents.
How to Register With SEBI?Step-by-Step Process
Follow the steps below to register with SEBI:
Step 1: Determine Eligibility
Select the correct SEBI intermediary category and check its eligibility, entity structure, net-worth/deposit, qualification, and certification requirements.
Step 2: Prepare the Required Documents
Gather the necessary paperwork, including identity proof, financial statements, and business incorporation details.
Step 3: Submit the SEBI Registration Application
Submit the category-specific application through the applicable registration authority and pay the non-refundable application fee. For example, IA and RA applications currently go through BSE, while other intermediaries may use the SEBI Intermediary Portal or another prescribed route.
Step 4: Complete Scrutiny and Respond to Queries
SEBI or the relevant authority reviews the application and may request clarifications, additional documents, or verification. Respond promptly to avoid delays.
SEBI notes that incomplete information or missing documents can extend processing time.
Step 5: Pay the Fee and Receive the Certificate
Pay the applicable registration fee after approval. Once SEBI completes the formalities, receive the registration certificate and begin operations within the approved scope.
SEBI Registration Fees by Category
The SEBI registration cost depends on the intermediary category, with different application fees, registration fees, and financial requirements.
The table below compares the key costs across major categories.
| Intermediary | Application Fee | Registration Fee | Financial Requirement | Validity / Renewal |
| Investment Adviser – Individual/Firm | ₹5,000 | ₹10,000 | Client-linked deposit: ₹1 lakh–₹10 lakh | Periodic fee every 5 years |
| Investment Adviser – Non-individual | ₹25,000 | ₹5,00,000 | Client-linked deposit: ₹1 lakh–₹10 lakh | Periodic fee every 5 years |
| Research Analyst – Individual | ₹5,000 | ₹10,000 | Client-linked deposit: ₹1 lakh–₹10 lakh, where applicable | Current registrations are perpetual, subject to applicable periodic fees |
| Research Analyst – Body Corporate/LLP | ₹25,000 | ₹5,00,000 | Client-linked deposit: ₹1 lakh–₹10 lakh, where applicable | Subject to applicable periodic fees |
| Portfolio Manager | ₹1,00,000 | ₹10,00,000 | ₹5 crore net worth | ₹5 lakh renewal fee every 3 years |
| AIF – Category I | ₹1,00,000 + GST | ₹5,00,000 + GST | ₹20 crore minimum corpus; ₹10 crore for Angel Funds | As per AIF regulations |
| AIF – Category II | ₹1,00,000 + GST | ₹10,00,000 + GST | ₹20 crore minimum corpus | As per AIF regulations |
| AIF – Category III | ₹1,00,000 + GST | ₹15,00,000 + GST | ₹20 crore minimum corpus | As per AIF regulations |
| Merchant Banker | Category-specific | Category-specific | ₹50 crore Category I / ₹10 crore Category II | As per current Merchant Banker regulations |
| Mutual Fund | ₹25,000 | ₹25,00,000 | AMC: ₹50 crore net worth | As per Mutual Fund Regulations |
| Stockbroker / Authorized Person | Through stock exchange | Exchange-specific | Exchange-specific requirements | As per exchange rules |
What Are the Compliance and Reporting Obligations After SEBI Registration?
SEBI registration is only the beginning. After registration, intermediaries must continue meeting the following requirements:
- Periodic filings: Submit the required monthly, quarterly, or annual returns, financial statements, and compliance reports through SEBI’s portal, the relevant stock exchange, or another prescribed platform.
- Net worth / deposit compliance: Continuously maintain the prescribed net worth, client-based deposit, capital, or corpus requirement for your category. Report any shortfall and restore compliance within the applicable timeline.
- Investor grievance redressal: Maintain a proper investor grievance mechanism, resolve complaints within the prescribed timelines, and use SEBI’s SCORES platform where applicable.
- Transaction and disclosure reporting: Make all required transaction, holding, conflict-of-interest, related-party, and other regulatory disclosures within the applicable timelines.
- KYC and AML compliance: Follow SEBI’s KYC, customer due-diligence, and Anti-Money Laundering (AML) requirements. Maintain KYC records and submit applicable reports to FIU-IND where required.
