Form A is the official application form for grant of a certificate of registration as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014. This form has been significantly amended to reflect the changes introduced by the 2024 and 2025 amendments, including the introduction of part-time RAs and the RAASB framework. This article provides a complete line-by-line guide to filling Form A.
Overview of Form A
Regulatory Reference: First Schedule to the SEBI (Research Analysts) Regulations, 2014.
Purpose: Application for grant of certificate of registration.
Submission: To RAASB (BSE Limited) through the designated portal.
Fee: Non-refundable application fee as specified in the Second Schedule.
Section 1: General Information
1(a) Name, Address, and Contact Details
What to Fill: The full name of the applicant, address of the registered office, address for correspondence, principal place of business, telephone number(s), and email address.
Important Considerations:
- The name must match the PAN and other documents.
- For individuals, use the full legal name.
- For non-individuals, use the registered name as per incorporation documents.
- The registered office address must be the official address as per incorporation documents.
- The correspondence address can be different but must be a valid address for communication.
Required Documents:
- Proof of address (utility bill, lease agreement, etc.).
- PAN card.
1(b) PAN of the Applicant
What to Fill: Permanent Account Number of the applicant.
Important Considerations:
- For individuals, the personal PAN.
- For non-individuals, the entity's PAN.
Required Documents:
- Copy of PAN card.
1(c) [Omitted]
Note: This section was omitted by the SEBI (Research Analysts) (Second Amendment) Regulations, 2025, effective November 25, 2025. It previously asked whether the application was for registration or renewal.
1(d) Contact Person, Compliance Officer, and Principal Officer
What to Fill: Name, direct line number, mobile number, and email of:
- The contact person.
- The compliance officer.
- The principal officer.
Important Considerations:
- For individuals, the individual RA may be the contact person and principal officer.
- For non-individuals, the compliance officer and principal officer are separate roles.
- Provide complete and accurate contact details.
1(e) Date and Place of Incorporation/Establishment
What to Fill: Date and place of incorporation/establishment.
Important Considerations:
- For individuals, date of birth may be provided.
- For non-individuals, date of incorporation as per incorporation documents.
- Place of incorporation (city and country).
Required Documents:
- Incorporation certificate (for non-individuals).
- Birth certificate or proof of age (for individuals).
1(ea) Indicate Whether Application is for Part-Time RA
What to Fill: Indicate whether the application for the grant of certificate of registration is for part-time research analyst.
Important Considerations:
- If applying for part-time RA, check "Yes."
- If applying for full-time RA, check "No."
- This section was added by the 2024 amendments.
1(eb) Whether Applicant is Engaged in Other Business Activity or Employment
What to Fill: Whether the applicant is engaged in any other business activity or employment.
Important Considerations:
- If applying for part-time RA, provide details of such other business activity or employment.
- If applying for full-time RA, provide details if applicable.
- This section was added by the 2024 amendments.
1(f) Whether Applicant is Engaged in Preparation of Research Reports Prior to Application
What to Fill: Whether the applicant is engaged in preparation of research reports or research analyses prior to making application under these regulations.
Important Considerations:
- If yes, provide details of the nature and extent of such activities.
- If no, indicate that you are a new entrant.
1(g) Whether Applicant is Registered with SEBI, RBI, IRDA, or PFRDA
What to Fill: Whether the applicant is registered with SEBI, RBI, IRDA, or PFRDA in any capacity.
Important Considerations:
- If yes, provide details of such registration (registration number, authority, and date).
- If no, state "Not applicable."
1(h) Name and Activities of Associate Companies/Concerns
What to Fill: Name and activities of associate companies/concerns of the applicant.
Important Considerations:
- Provide details of all associates as defined in the SEBI (Intermediaries) Regulations, 2008.
- For individuals, provide details of any related entities.
- For non-individuals, provide details of holding, subsidiary, and associate companies.
1(i) Write-up on the Activities of the Applicant
What to Fill: A write-up on the activities of the applicant.
Important Considerations:
- Describe the research services you intend to provide.
- Describe any other activities you are engaged in.
- The write-up should be concise and informative.
Section 2: Details of Applicant
2(a) Legal Structure
What to Fill: Legal structure of applicant:
- Individual
- Body Corporate (including company)
- Partnership Firm
- Limited Liability Partnership
Important Considerations:
- Select the correct legal structure.
- This determines the applicable requirements and fee structure.
2(b) Shareholding Pattern/Beneficial Ownership Pattern
What to Fill: Shareholding pattern/beneficial ownership pattern of the applicant, if applicant is other than individual.
Important Considerations:
- Provide identity proof and details of address of the applicant/directors/partners/beneficial owners.
- For body corporates, provide the list of shareholders and their holdings.
- For partnership firms, provide the list of partners and their profit-sharing ratios.
- For LLPs, provide the list of partners and their capital contributions.
2(c) Qualification and Certification
What to Fill: Whether the applicant or principal officer or person associated with research services employed by the applicant or partner of the applicant who renders research services has/have necessary qualification as specified in Regulation 7.
Important Considerations:
- Provide details of the qualification of each relevant person.
- Provide details of NISM certification held by each relevant person.
- This is a critical section; ensure all information is accurate.
Required Documents:
- Educational qualification certificates.
- NISM certification certificates.
2(d) Number of Persons Associated with Research Services
What to Fill: Number of persons associated with research services employed by the applicant who shall engage in research analysis and/or research report preparation.
Important Considerations:
- Provide details thereof, including self-certified copies of supporting documents in respect of qualification for such persons.
- This section was amended in November 2025 to reflect the broader definition of PARS.
2(e) Declaration on Current Compliance with Qualification Requirements
What to Fill: Declaration by the applicant that the principal officer, persons associated with research services employed and partner who renders research services, of the applicant, if any, currently comply with the qualification requirements under Regulation 7.
Important Considerations:
- This is a declaration; the applicant must ensure it is true.
- The declaration must be signed by an authorized signatory.
2(f) Declaration on Continued Compliance
What to Fill: Declaration by the applicant that it shall ensure that the principal officer, persons associated with research services employed and partner who renders research services, of the applicant, if any, comply with the certification and qualification requirements under the regulation 7 at all times including obtaining fresh certification before expiry of existing certification.
Important Considerations:
- This is a forward-looking declaration.
- The applicant is committing to maintain ongoing compliance.
2(fa) NOC from Employer (Part-Time RA Only)
What to Fill: Where the applicant is employed and has applied for registration as a part-time research analyst, the applicant shall enclose a no objection certificate from the employer.
Important Considerations:
- This section is applicable only for part-time RA applicants.
- The NOC must be on the employer's letterhead.
- In case of change in employment, the applicant shall provide no objection certificate from the new employer.
2(g) [Omitted]
Note: This section was omitted by the SEBI (Research Analysts) (Second Amendment) Regulations, 2025, effective November 25, 2025. It previously required copies of Income Tax Return for the last 3 years.
Section 3: Details of Research Services
3(a) Details of the Proposed Research Services
What to Fill: Details of the proposed research services.
Important Considerations:
- Describe the research services you intend to provide (research reports, recommendations, model portfolios, trading calls, etc.).
- Describe the scope of services.
- Describe the target client base (retail, institutional, etc.).
3(b) Internal Policies and Procedures
What to Fill: Details about internal policies and procedures to effectively address conflict of interest.
Important Considerations:
- Describe the policies for managing conflicts of interest.
- Describe the procedures for identifying and mitigating conflicts.
- This is a critical section for demonstrating compliance with Regulation 15.
3(c) Standard Disclosures
What to Fill: Details about the standard disclosures to be provided.
Important Considerations:
- Describe the disclosures you will provide in research reports and public appearances.
- This includes ownership interests, compensation received, conflicts of interest, etc.
3(d) Any Other Relevant Information
What to Fill: Any other relevant information pertaining to research services provided.
Important Considerations:
- Provide any additional information that may be relevant.
- This is an open section for additional disclosures.
Section 4: Declaration of Necessary Infrastructure
What to Fill: A declaration that the applicant has the necessary infrastructure to effectively discharge the activities of a research analyst.
Important Considerations:
- Infrastructure includes office space, equipment, communication facilities, research capacity, and research software.
- This section was amended in November 2025 to simplify the requirement.
Section 5: Other Information/Declarations/Regulatory Actions
5(a) Details of Disputes
What to Fill: Details of all settled and pending disputes in the last 5 years.
Important Considerations:
- Provide details of all disputes (legal, regulatory, commercial).
- Include details of the dispute, parties involved, and status.
5(b) Previous Application Rejection
What to Fill: Whether any previous application for grant of certificate made by any person directly or indirectly connected with the applicant has been rejected by the Board.
Important Considerations:
- If yes, provide details of the same.
- This includes rejection of any application for any SEBI registration.
5(c) Disciplinary Action
What to Fill: Whether any disciplinary action has been taken by the Board or any other regulatory authority against any person directly or indirectly connected with the applicant under the Act or the regulations made there under in the last 5 years.
Important Considerations:
- If yes, provide details of the action.
- This includes any action by SEBI, RBI, IRDA, PFRDA, etc.
5(d) Economic Offence Indictment
What to Fill: Whether the applicant/directors/promoters/partners have been indicted/involved in any economic offence in the last 5 years.
Important Considerations:
- If yes, provide details of the same.
- Economic offences include fraud, money laundering, etc.
5(e) Fit and Proper Person Declaration
What to Fill: Declaration that the applicant, research analyst employed by it, its representatives and partners, if any, are fit and proper persons based on the criteria as specified in Schedule II of the SEBI (Intermediaries) Regulations, 2008.
Important Considerations:
- This is a declaration that must be signed.
- The applicant must ensure they meet the fit and proper person criteria.
5(f) Chapter III Compliance Declaration
What to Fill: Declaration that the applicant shall comply with Chapter III of the Regulations.
Important Considerations:
- This declares the applicant's commitment to comply with all Chapter III requirements.
- This includes conflict of interest management, trading restrictions, compensation restrictions, disclosure requirements, etc.
5(fa) Part-Time RA Declaration
What to Fill: In case of registration as part-time research analyst, a declaration that it shall maintain arm-length relationship between its business activity as research analyst and other business activity and shall ensure that its business activities as research analyst are clearly segregated from its other business activity or employment.
Important Considerations:
- Applicable only for part-time RA applicants.
- This is a critical declaration for part-time RAs.
5(g) Any Other Information
What to Fill: Any other information considered relevant to the nature of services to be rendered by the applicant.
Important Considerations:
- This is an open section for additional disclosures.
Section 6: Segregation of Research Services and Distribution Services
What to Fill:
- Provide a declaration that no consideration including any commission or referral fees whether embedded or indirect or otherwise by whatever name called shall be received directly or indirectly at Research Analyst's group or family level for the said service, as the case may be.
- If the applicant is a non-individual, whether the applicant proposes to offer distribution services.
Important Considerations:
- For individual RAs, distribution services are prohibited.
- For non-individual RAs, if distribution services are offered, client-level segregation is required.
Section 7: Declaration Statement
What to Fill: A declaration statement signed by the applicant or authorized signatory.
Important Considerations:
- The declaration confirms that:
- The information supplied is complete and true.
- The applicant will notify SEBI of any change in information.
- The applicant will comply with the SEBI Act and RA Regulations.
- The applicant will abide by operational instructions/directives issued by SEBI.
Signature: Must be signed by the applicant or authorized signatory.
Date and Place: Must be dated and place indicated.
Section 8: Supporting Documents
For Individuals:
- PAN card copy.
- Address proof.
- Educational qualification certificates.
- NISM certification certificates.
- Birth certificate or proof of age.
- Income tax returns (if applicable).
- NOC from employer (if applying as part-time RA).
For Non-Individuals:
- Incorporation certificate.
- Memorandum and Articles of Association (or equivalent).
- PAN card copy.
- Address proof.
- List of directors/partners.
- Qualification and certification documents of principal officer and persons associated with research services.
- Financial statements.
Common Pitfalls and How to Avoid Them
1. Incomplete Information
Pitfall: Leaving sections blank or providing incomplete information.
Solution: Carefully review each section and ensure all required information is provided.
2. Inconsistent Information
Pitfall: Providing information that is inconsistent across sections or with supporting documents.
Solution: Ensure consistency across all sections and with supporting documents.
3. Missing Signatures
Pitfall: Failing to sign the declaration statement.
Solution: Ensure the declaration statement is signed and dated.
4. Incorrect Fee Payment
Pitfall: Paying the wrong fee or not paying the fee.
Solution: Verify the correct fee amount and ensure payment is made.
5. Missing Supporting Documents
Pitfall: Failing to attach required supporting documents.
Solution: Review the document checklist and ensure all documents are attached.
Conclusion and How Anuj Desai & Associates Can Help
Form A is the foundation of your RA registration application. Accuracy and completeness are critical. Any errors or omissions can delay the application or result in rejection.
Anuj Desai & Associates offers specialized services to help you with Form A:
- Review of Form A for completeness and accuracy.
- Assistance with information gathering and documentation.
- Guidance on declarations and undertakings.
- Review of supporting documents.
- End-to-end support for the registration process.
Contact us today to ensure your Form A is complete and accurate. Our team will review your application and provide a tailored compliance roadmap.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Readers are advised to consult qualified professionals for legal and compliance matters. Anuj Desai & Associates is a SEBI compliance consulting firm based in India.