Research Analyst programme
Publishing an Indian equity strategy for other users to run requires the Research Analyst role. This page is the path to it: who is eligible, what documents are required, how review works, and what activation permits.
These are separate registrations under separate regulations with materially different permitted activities. Stretus onboards Research Analysts. It does not onboard Investment Advisers, and the RA role does not authorise personalised investment advice to users on this platform. See Regulatory position.
Why the role exists
Any user may publish a crypto strategy. Non-crypto strategies, Indian equity today, may only be published by a verified Research Analyst or a platform administrator.
The reason is the audience. A published equity strategy is run by other people with real money in a regulated securities market. The gate ensures the person publishing it holds a registration that has been checked against documents, not merely claimed in a form.
Eligibility
You must hold a current SEBI Research Analyst registration and be able to evidence it. The platform accepts five entity types, and the document set depends on which one you are:
| Entity type | Who it covers |
|---|---|
individual | A natural person registered as an RA |
proprietorship | A sole proprietor operating under a trade name |
partnership | A registered partnership firm |
llp | A limited liability partnership |
private_limited | A private limited company |
A legacy firm value exists on older records and is treated as an organisation. It is not
offered for new applications.
Documents
Twelve document types are accepted. Which are required for activation depends on your entity type.
Required for every applicant
| Document | Code | What it evidences |
|---|---|---|
| PAN | pan | Tax identity |
| Photograph | photograph | Identity |
| SEBI certificate | sebi_certificate | Your Research Analyst registration |
| NISM certificate | nism_certificate | The certification the registration requires |
| Address proof | address_proof | Registered address |
| Empanelment agreement | empanelment_agreement | Your agreement with the reviewing broker |
Additionally required for incorporated entities
Applies to partnership, llp and private_limited. Not to individual or
proprietorship:
| Document | Code | What it evidences |
|---|---|---|
| Entity document | entity_doc | CIN, or the partnership deed |
| GST certificate | gst_certificate | GST registration |
Accepted but not required for activation
| Document | Code | Why you might supply it |
|---|---|---|
| Aadhaar | aadhaar | Additional identity evidence |
| Qualification certificate | qualification_certificate | Professional or post-graduate qualification |
| Net-worth certificate | networth_certificate | CA-certified net worth |
| Report template | report_template | The research format you intend to use |
Documents upload directly to encrypted object storage through a presigned URL, the file
does not pass through the application. Each document carries its own status:
uploaded, then verified, rejected or expired.
Profile information
Beyond documents, the profile captures:
Identity and contact: full name, trade name, entity type, email, mobile, registered address, correspondence address.
Registration detail: SEBI registration number and its validity date, NISM certificate number and its expiry, PAN. For incorporated entities: CIN, LLPIN, partnership registration number, GST number as applicable.
Governance: compliance officer name and contact, authorised signatory name and designation.
Practice scope: segments covered, research type, advisory mode, fee model, and revenue share percentage where one applies.
Compliance declarations: four declarations, all of which must be accepted, with the acceptance timestamped and the declaration version recorded:
- Your SEBI registration is valid and current.
- You will comply with the SEBI Research Analyst regulations.
- You accept the platform terms.
- You accept the revenue-share terms.
An application cannot activate with any declaration unticked.
The review lifecycle
Seven states. Review is broker-led, a reviewing broker assesses the application, not Stretus.
The main path runs draft, then pending_review, then pending_activation, then active.
Two states branch off it: an application in pending_review can be rejected, and an active
one can later become suspended or deactivated.
| State | What it means | What you can do |
|---|---|---|
draft | You are still assembling the application | Edit the profile, upload and replace documents |
pending_review | Submitted; the broker is reviewing | Wait. Respond to any request for a replacement document |
pending_activation | The broker approved it; the role grant is pending your next sign-in | Sign in |
active | The RA role is granted | Publish non-crypto strategies |
rejected | The broker declined the application | Read the stated reason; correct and reapply |
suspended | Temporarily withdrawn | Read the stated reason. Publishing is blocked |
deactivated | Permanently withdrawn | Publishing is blocked |
Rejection, suspension and deactivation each carry a status reason so the decision is not opaque.
What activation unlocks
Exactly one thing: the ability to publish non-crypto strategies to the community section.
Activation does not:
- Change what the AI will build for you, or lift any AI safety boundary.
- Grant permission to give personalised advice to users through this platform.
- Waive any other publish eligibility rule. Your equity strategy still needs live status, days-live and the minimum live return like any other listing.
- Create an advisory relationship with anyone who deploys your listing.
- Give you visibility into any subscriber's account, capital or trades.
Your obligations as a publisher are the same as any other publisher's, plus the ones your own registration imposes: Publisher rules.
SEBI registration number visibility
Your public profile carries a consent toggle for displaying your SEBI registration number. It is your choice.
- Displayed, users viewing your profile and your listings can see the number and verify it independently against SEBI's own records. This is the more transparent option and the one most users will expect.
- Hidden, the number is held by the platform for verification purposes and not shown.
The toggle controls display only. The number is verified at review either way.
Applying
- Open Profile > Research Analyst and start an application. It opens in
draft. - Complete the profile, including all four compliance declarations.
- Upload every document required for your entity type.
- Submit. The application moves to
pending_review. - The reviewing broker assesses the application and each document.
- On approval the application moves to
pending_activation. Sign in again; the role is granted and the application becomesactive.
Timelines are set by the reviewing broker, not by Stretus.