SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/81 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

/ Circular SEBI/HO/MIRSD/MIRSD -PoD/P/CIR/2025/81 To, All Research Analysts Research Analyst Administration and Supervisory Body (RAASB) Madam / Sir, Sub: Investor Charter for Research Analysts SEBI, vide Circular no. SEBI/HO/IMD/IMD -II CIS/P/CIR/2021/0685 dated December 13, 2021 (hereinafter mentioned as 'Circular') and Clause 5 of Master Circular for Research Analyst dated May 21, 2024 (hereinafter mentioned as 'Master Circular'), inter alia, issued Investor charter for Research Analysts. In a move to enhance financial consumer protection alongside enhanced financial inclusion and financial literacy and in view of the recent developments in the securities market including introduction of Online Dispute Resolution (ODR) platform and SCORES 2.0, it has been decided to modify the investor charter for Research Analysts. In view of the above and based on consultation with Industry Standards Forum (ISF) for Research Analysts, updated investor charter for Research Analysts is placed at Annexure A . In this regard, BSE Limited (presently recognized as RAASB) is directed to advise Research Analysts to bring the Investor Charter to the notice of their clients (existing as well as new clients) through disclosing the Investor Charter on their respective websites and mobile applications (if any), making them available at prominent places in the office, provide a copy of Investor Charter as a part of client on-boarding process, through e-mails/ letters etc. Additionally, in order to ensure transparency in the Investor Grievance Redressal Mechanism, all the Research Analysts shall continue to disclose on their respective websites and mobile applications (if any), the data on complaints received against them or 02 -06 -2025 against issues dealt by them and redressal thereof, latest