Securities and Exchange Board of India — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

Ů Ŋ Ŋ Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 February 17, 2025 To, All Research Analysts/ Research Entities (RAs) Research Analyst Administration and Supervisory Body (RAASB) Madam / Sir, Sub: Most Important Terms and Conditions (MITC) for Research Analysts In terms of Regulation 24(6) of the SEBI (Research Analysts) Regulations, 2014, ('RA Regulations') an RA is required to disclose the terms and conditions of research services to the clients and take consent of the clients thereon. SEBI, vide Circular no. SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2025/004 dated January 08, 2025 has inter alia specified the minimum mandatory terms and conditions to be disclosed by RA. Vide the above Circular, SEBI has also specified that the terms and conditions shall include the Most Important Terms and Conditions ('MITC') to be disclosed by RAs and the same shall be standardized by Industry Standards Forum ('ISF') in consultation with RAASB and SEBI. In view of the above, the MITC for the services of RAs, as standardized by the Industry Standards Forum ('ISF') for Research Analysts in consultation with RAASB and SEBI is placed at Annexure A . For existing clients, the MITC shall be informed by the RAs to their clients via email or any other suitable mode of communication (which can be preserved) by June 30, 2025. RAs shall incorporate the MITC into the 'Terms and Conditions' of providing research services and shall disclose the 'Terms and Conditions' to the clients and take consent thereon, in terms of Clause 2 (xii) of the SEBI Circular no. SEBI/HO/MIRSD/ MIRSD-PoD1/P/CIR/2025/004 dated January 08, 2025. The provisions of this circular shall come into force with immediate effect. Ů Ŋ Ŋ Securities and Exchange Board of India This circular is issu