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SEBI Details Fixed Deposit Rules for Research Analysts
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Securities and Exchange Board of Indiacorporatecapital_marketsregulatory

SEBI Details Fixed Deposit Rules for Research Analysts

October 7, 2026

SEBI clarifies fixed deposit requirements for registered research analysts, including FD procedure, lien with RAASB, and mutual fund alternatives.

Fixed Deposit Compliance for SEBI-Registered RAs

SEBI has clarified the fixed deposit (FD) requirements for research analysts (RAs) under the SEBI (Research Analysts) Regulations, 2014. Registered RAs must maintain a client-wise fixed deposit of ₹1 lakh or net worth, whichever is higher, with a scheduled bank.

The FD must be pledged in favor of the Research Analyst Advisory and Sanctions Board (RAASB). SEBI permits renewal of FDs without breaking tenure, provided the lien is re-established. Alternatively, RAs may opt for liquid or overnight mutual funds with similar pledge mechanisms, subject to valuation and liquidity norms.

Implication: Non-compliance can lead to suspension of registration. Firms hosting RAs must monitor pledge confirmations and renewal timelines. Legal advisors should ensure fund selection and pledge documentation meet SEBI’s standards for enforceability and risk mitigation.

Citations

  • SEBI (Research Analysts) Regulations, 2014
Practice Areas:corporatecapital_marketsregulatory

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