DEPOSIT REQUIREMNT FOR RESEARCH ANALYST (RAs)
SEBI has introduced the deposit requirement for Research Analysts (RA) vide its circular no.
SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2025/004 dated January 08, 2025, respectively.
1) As per the aforesaid SEBI circulars, the deposit requirement details are as follows:
a) The deposit requirements for RAs shall be based on the maximum number of clients
of the RAs on any day of the previous financial year, as under:
No. of clients Deposit
₹ 1 lakh
Up to 150 clients
₹ 2 lakh
151 to 300 clients
₹ 5 lakhs
301 to 1,000 clients
1,001 and above clients
₹ 10 lakhs
b) The deposit shall be maintained with a scheduled bank with lien marked in favor of
RAASB, in the manner and form as may be specified by RAASB i.e. BSE Limited.
c) The deposit amount may be revised for any change in applicable amount of deposit,
based on the maximum number of clients in the previous financial year, at the latest
by 30th April of the subsequent financial year.
d) The deposit requirements shall be reviewed by SEBI from time to time.
e) The existing RAs shall ensure compliance with the deposit requirement, at the latest
by April 30, 2025, and the new applicants seeking registration as RA, the deposit
requirement shall become effective immediately from the date of this circular.
2) In accordance with the point no.(b) stated above, the manner and form in which the
deposit/s are proposed to be accepted from RAs is as follows:
a) The Fixed Deposit (FD) to be issued in the name of “BSE Ltd. A/c. _____________
(Name of RA)”
b) FD may be maintained with any of the banks mentioned as per Annexure-1 (List of
Banks) with lien marked in favor of “BSE Limited”.
c) The term of FD shall be for 5 years or more. Please instruct the Bank to auto renew
the principal amount of the FD with the interest to be credited to the account of the RA.
In case instruction is not given to the Bank, the principal along with the accrued interest
shall be renewed by the Bank on maturity of the FD.
d) RAs shall share soft copy of the Fixed Deposit Receipt (FDR) on email
[email protected] and mention in the subject “FDR towards deposit -
_______ (name of the entity)”. The original FDR shall be duly discharged by affixing
revenue stamp of Rs.1 /- on the reverse of the FDR signed and stamped by the
authorized signatory. Such original FDR along with the FDR letter from the Bank and
covering letter Annexure – 2 shall be sent by the RAs to BSE’s regional / head office
as per Annexure – 3.
e) Format of the FDR letter to be issued by the Bank as prescribed by the Exchange is
attached as Annexure-4.
f) The FDR shall be auto renewal by the Bank. The Bank renews the FD on the maturity
date. RAs shall instruct the Bank in advance for the issuance of renewal letter as per
the prescribed format as per Annexure-5 which shall be submitted by the RA with the
Exchange.
g) BSE shall send alerts/reminder mails to RAs to ensure renewal of the FDRs on time.
INTERNAL
DEPOSIT REQUIREMNT FOR RESEARCH ANALYST (RAs)
h) Based on the maximum number of clients available with RAs in the previous financial
year, the deposit amount shall be modified as follows:
i) In the event of an increase in the number of clients, RA will have an option to
provide a new FDR with an additional amount or provide a new FDR with the
consolidated amount as per the applicable deposit requirement.
ii) Upon receipt of the original FDR with the consolidated amount, the old FDR shall
be released by the Exchange.
iii) In case of reduction in the number of clients, RA can provide new FDR with the
reduced deposit requirement as stated above or continue to maintain the earlier
deposit. In case RA provides the new FDR with a revised amount, their old FDR
shall be released by the Exchange.
i) Such a deposit shall be available for utilization in case the RA fails to pay dues
emanating out of arbitration and conciliation proceedings, if any, under the Online
Dispute Mechanism or such other mechanism as may be specified by the Board.
INTERNAL
