Securities and Exchange Board of India

Ů Ŋ Ŋ Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/148 October 25, 2024 To All Research Analysts All Proxy Advisers Research Analyst Administration and Supervisory Body (RAASB) Madam/Sir, Subject: Periodic reporting format for Research Analysts and Proxy Advisers In terms of Regulation 24(4) of Chapter III of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 ("RA Regulations"), Research Analysts (RAs) are required to furnish to SEBI, information and reports as may be specified by SEBI from time to time. Further, in terms of Regulation 23(1) of Chapter III of the RA Regulations, all the provisions of Chapter II, III, IV, V and VI shall apply mutatis mutandis to the proxy advisers (PAs). It has been decided to specify a standardized format for periodic reporting for RAs and PAs. SEBI has recognized BSE Limited as Research Analyst Administration and Supervisory Body ("RAASB") for the purpose of administration and supervision of RAs under regulation 14 of the RA Regulations. Consultative process for development of periodic reporting format Based on the recommendations received from Industry Standards Forum ("ISF") for RAs (including PAs), a consultation paper on 'Periodic reporting format for Research Analysts and Proxy Advisers' was published on August 9, 2024 and was open for public comments till August 30, 2024. Pursuant to public consultation and further discussions with industry participants, the periodic reporting formats for RAs and PAs are provided at Annexure I and Annexure II respectively. Periodicity and timeline of reporting RAs shall submit their periodic report to RAASB and PAs shall submit their periodic reports to SEBI. The periodic reports shall be submitted by RAs/PAs within 30 days from

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