SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/105 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/105 July 23, 2025 To, All registered Research Analysts BSE Ltd. (Research Analyst Administration and Supervisory Body- RAASB) Sir / Madam, Sub: Frequently Asked Questions (FAQs) related to regulatory provisions for Research Analysts Securities and Exchange Board of India (SEBI) has notified SEBI (Research Analysts) (Third Amendment) Regulations, 2024 on December 16, 2024. Pursuant to these amendments, SEBI has issued a circular dated January 08, 2025 on guidelines for research analysts. SEBI is in receipt of representations from Research Analysts (RAs) requesting to provide clarifications on certain regulatory provisions. In this regard, in order to provide clarity and guidance for compliance by RAs with the regulatory provisions, the details/clarifications are provided as part of the Frequently Asked Questions (FAQs) at Annexure A. These FAQs are issued after public consultation and incorporating various suggestions received during such consultation (wherever found appropriate). For full particulars of laws governing the Research Analysts (RAs), please refer to the Acts/ Regulations/ Guidelines/ Circulars, etc. appearing under the Legal Framework Section of SEBI website. For an interpretation of a specific provision of the Regulations, informal guidance may be sought as specified under SEBI (Informal Guidance) Scheme 2003. Based on the representations received from RAs/research entities and to ensure ease of compliance, it has been decided that RAs/research entities shall now ensure the compliance with the following- Persons associated with research services shall obtain the relevant certification from NISM as specified by SEBI within one year from the date of this circular. Consent by signature on the terms and conditions i