The Bombay Stock Exchange (BSE) on April 16, 2026, issued the notification regarding the Review and submission of Deposit based on Maximum Number of Clients during F.Y. 2025-26 – Research Analyst.
The following has been stated namely: -
• As per the Securities and Exchange Board of India Master Circular (Feb 6, 2026) and SEBI RA Regulations, Research Analysts (RAs) must maintain a specified deposit based on client count.
• RAs must review and update their deposit based on the maximum number of clients served on any single day during FY 2025–26.
• Any revised deposit must be submitted by April 30, 2026.
• Deposits can be maintained in:
o Fixed Deposit (FD)
o Liquid/overnight mutual funds (Demat or Non-Demat)
• Additional deposits must be in the same form as the original deposit (e.g., if earlier FD, then additional must also be FD).
• Deposit Slabs (Based on Clients)
o Up to 150 clients → ₹1 lakh
o 151–300 clients → ₹2 lakh
o 301–1,000 clients → ₹5 lakh
o Above 1,000 clients → ₹10 lakh
• If an RA had ₹1 lakh deposit (≤150 clients) but served 250 clients in FY 2025–26, the requirement increases to ₹2 lakh → ₹1 lakh additional deposit needed.
• Submission Process – Fixed Deposit
Requires submission of original FDR, covering letters (Annexures I & II), and documents to the BSE Limited office.
• Submission Process – Mutual Funds
o Non-Demat: Email request with SOA for lien marking
o Demat: Pledge request via Depository Participant + Client Master List submission to BSE
• RAs must ensure continuous maintenance of required deposits and timely submission. Non-compliance may lead to regulatory action under applicable SEBI provisions.
[Notification No. 20260416-12]
