Description
BSE directs Research Analysts to review and revise their SEBI-mandated deposit requirements based on the maximum number of clients serviced on any single day during FY 2025-26, with revised deposits due by April 30, 2026.
Summary
BSE has issued a notice (No. 20260416-12) advising all registered Research Analysts (RAs) to review their existing deposit obligations in line with SEBI Master Circular (Ref. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 06, 2026). RAs must revise their deposit amounts based on the maximum number of clients serviced on any single day during FY 2025-26 and submit any shortfall by April 30, 2026.
Key Points
- Deposit revision is mandated under Regulation 8 of SEBI RA Regulations and SEBI Master Circular for Research Analysts.
- RAs must determine the maximum number of clients serviced on any single day during FY 2025-26 to identify the applicable deposit slab.
- Deposits must be maintained in a single form only — either Fixed Deposit (FD) or liquid/overnight mutual funds (Non-Demat or Demat); additional deposits must match the form already submitted.
- Shortfall in deposit must be made up latest by April 30, 2026.
- Deposits can be submitted as FD or liquid/overnight mutual funds (Non-Demat / Demat).
Regulatory Changes
No new regulation introduced. This notice operationalizes the annual deposit review requirement under:
- Provision 1.2 of SEBI Master Circular for Research Analysts (Ref. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 06, 2026).
- Regulation 8 of the SEBI Research Analyst Regulations.
Compliance Requirements
Deposit Slabs (as prescribed by SEBI):
| No. of Clients | Applicable Deposit |
|---|---|
| Up to 150 clients | ₹1 lakh |
| 151 to 300 clients | ₹2 lakh |
| 301 to 1,000 clients | ₹5 lakhs |
| 1,001 and above clients | ₹10 lakhs |
Submission Process:
A) Fixed Deposit:
- Submit covering letter (Annexure-I) and bank covering letter (Annexure-II).
- Submit original FDR (duly discharged with revenue stamp of ₹1/- on reverse, signed and stamped by authorized signatory).
- Original FDR along with Annexures I & II to be submitted to BSE’s regional/head office.
B) Liquid/Overnight Mutual Funds (Non-Demat):
- Submit covering letter (Annexure-III) via email to ra.membership@bseindia.com along with Statement of Account (SOA).
- Subject line: “Request for creation of lien in favor of BSE Limited – towards additional deposit”.
C) Liquid/Overnight Mutual Funds (Demat):
- Submit covering letter (Annexure-IV).
- Raise a pledge request through the Depository Participant.
Important Dates
- April 16, 2026 — Notice issued by BSE.
- April 30, 2026 — Deadline for submission of revised/additional deposit to BSE.
Impact Assessment
This notice directly affects all BSE-registered Research Analysts whose client base has grown into a higher deposit slab during FY 2025-26. RAs who previously maintained a deposit corresponding to up to 150 clients but serviced more clients during the year must compute the shortfall and submit the additional deposit before April 30, 2026. Non-compliance could attract regulatory action under SEBI RA Regulations. The notice has no direct impact on listed stocks or broader market operations.
Impact Justification
Routine annual compliance requirement for BSE-registered Research Analysts to align deposits with client count slabs; deadline-driven with financial consequences for non-compliance but limited broader market impact.