Lesson 28 of 50 for advisers · Research analyst or adviser · 3 min read · Reviewed 13 Nov 2026
A research analyst publishes research: reports, buy, sell or hold calls, price targets or views on public offers. An investment adviser advises a client on their own investments. An RA charges only a fixed fee, capped at ₹1,51,000 a year per family for individuals; an adviser can also charge up to 2.5% of assets. An individual can hold both registrations.
Research means reports, buy, sell or hold calls, price targets or opinions on public offers. Comments on market trends, broad indices or the economy are not research reports.
An adviser issuing research to the public needn’t register as an RA, but follows the RA rules for it.
Both registrations cap fees for individual and HUF clients at ₹1,51,000 a year per family; advisers may instead charge up to 2.5% of assets advised.
Both keep the same deposit, from ₹1 lakh to ₹10 lakh by client count.
Key idea: From 9 Nov 2026, research analysts no longer have to record calls with institutional clients.
Try the short quiz on this page to check what stuck.
NISM Series XV, with XV-B for renewal.
Yes, an individual or a partnership firm can.
Up to a year for advisers. The RA master circular says a year in one place and a quarter in its investor charter.
For learning only, not investment advice. Built in India by a team that tracks its own money on Reva.