SEBI Intermediary Registration
SEBI intermediary registration refers to the mandatory licensing regime under which various categories of capital market participants — including stockbrokers, depository participants, investment advisers, research analysts, portfolio managers, and alternative investment funds — must obtain a certificate of registration from SEBI before commencing regulated activities.
Section 12 of the SEBI Act 1992 is the foundational provision: no person shall buy, sell, or deal in securities or act as an intermediary in the securities market without holding a valid certificate of registration granted by SEBI under the applicable regulations. SEBI has notified separate registration regulations for each category of intermediary, with distinct eligibility criteria, capital requirements, conduct norms, and ongoing compliance obligations.
The major categories of SEBI-registered intermediaries include: (a) Stock Brokers (SEBI Stock Brokers Regulations 1992); (b) Depository Participants (SEBI Depositories and Participants Regulations 2018); (c) Investment Advisers or IAs (SEBI Investment Advisers Regulations 2013, comprehensively amended in 2020); (d) Research Analysts or RAs (SEBI Research Analysts Regulations 2014); (e) Portfolio Managers or PMs (SEBI Portfolio Managers Regulations 2020); (f) Alternative Investment Funds or AIFs (SEBI AIF Regulations 2012); (g) Merchant Bankers (SEBI Merchant Bankers Regulations 1992); (h) Registrar to an Issue and Share Transfer Agent (SEBI RTAs); and (i) Custodians of Securities.
Each category carries 'fit and proper' criteria which assess the applicant's financial soundness, past regulatory record, educational and professional qualifications, and absence of any SEBI debarment or conviction. SEBI's SEBI Intermediary Portal (SI Portal) serves as the centralised platform for registration applications, renewals, fee payments, and compliance submissions across all intermediary categories.
Ongoing compliance obligations after registration include: annual fees, compliance officer appointment and certification, periodic audit reports (SEBI-prescribed formats), maintenance of records for a minimum number of years, investor grievance redressal mechanisms, and SCORES (SEBI Complaints Redress System) registration for client complaint handling.
Operating as an unregistered intermediary is a criminal offence under Section 24 of the SEBI Act, punishable with imprisonment up to ten years and/or a fine. SEBI regularly issues press releases warning investors about unregistered tip providers, social media influencers, and WhatsApp groups that give investment advice without RA registration.