SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/95 June 27, 2025 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/95 June 27, 2025 To, All Research Analysts Research Analysts Administration and Supervisory Body (RAASB) Dear Madam / Sir, Subject: Master Circular for Research Analysts Securities and Exchange Board of India ("SEBI"/ "the Board"), from time to time, has been issuing various circulars/directions to Research Analysts (RAs). In order to enable users to have access to the applicable circulars/directions at one place, this Master Circular in respect of RAs is being issued. SEBI Master Circular No. SEBI/HO/MIRSD-PoD-1/P/CIR/2024/49 dated June May 21, 2024 for RAs was a compilation of relevant circulars/directions issued by SEBI which were operational as on May 15, 2024. Subsequently, various guidelines/directions were issued to the RAs by way of circulars/advisory. The provisions of such circulars issued until June 20, 2025 have been incorporated in this Master Circular, which supersedes the Master Circular for RAs dated May 21, 2025. With the issuance of this Master Circular, the directions/ instructions contained in the circulars/communications listed out in the Appendix to this Master Circular, to the extent they relate to the RAs, shall stand rescinded. Notwithstanding such rescission, Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any righ