Short title and commencement.

1 · (1) These regulations may be called the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

2 · (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below, and their cognate expressions shall be construed accordingly,–

1 · [(f) Change in control" –

2 · [(fa) "consideration" means any form of economic benefit including non-cash benefit, received or receivable, directly or indirectly, in any form whether from client or otherwise for providing research services;

1 · Substituted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023. Prior to the substitution, clause (f) read as under:

2 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

3 · [(na) "non-individual" means a body corporate including a limited liability partnership and a partnership firm;

4 · [(oa) "principal officer" in case of non-individual research analyst engaged –

3 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

4 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

5 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

7 · [(wa) "research services" means the following services provided by research analyst:

6 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (u) read as under;

7 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

9 · [(zc) "trading calls" means intraday, ultra-short duration, non-delivery based (other than hedging) recommendation or any recommendation related to securities that are not personalized or investor specific.]

8 · Substituted for the symbol "." by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

9 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

3 · (1) On and from the commencement of these regulations, no person shall act as a research analyst or research entity or hold itself out as a research analyst unless he has obtained a certificate of registration from the Board under these regulations:

11 · [Provided further that any principal officer, person associated with research services and partner of a research analyst which is registered under these regulations shall not be required to seek registration under regulation 3, subject to compliance with regulation 7 of these regulations.]

4 · Any person located outside India engaged in issuance of research report or research analysis in respect of securities listed or proposed to be listed on a stock exchange shall enter into an agreement with a research analyst or research entity registered under these regulations.

5 · (1) The Board may require the applicant to furnish further information or clarification for the purpose of consideration of the application filed under sub-regulation (2) of regulation 3.

6 · For the purpose of the grant of certificate the Board shall take into account all matters which are relevant to the grant of certificate of registration and in particular the following, namely:-

10 · Substituted for the symbol "." by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

11 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

12 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

13 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (ii) read as under;

14 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (iii) read as under;

15 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (iv) read as under;

16 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

17 · Substituted for the words "capital adequacy" by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

18 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

19 · [(xi) whether the applicant is enlisted with a body or body corporate recognised under regulation 14:

20 · [Qualification and certification requirement.

19 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024, w.e.f. 25.07.2024.

20 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, regulation 7 read as under;

7 · (1) An individual registered as research analyst under these regulations, individuals employed as research analyst and partners of a research analyst, if any, engaged in preparation and/or publication of re search report or research analysis shall have the following minimum qualifications, at all times:

7 · (1) An individual research analyst or a principal officer of a non-individual research analyst registered under these regulations, individuals employed as research analyst and partners of a research analyst, if any, engaged in research services 21 [or persons associated with research services] shall have the following minimum qualifications, at all times:

22 · [(a) A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organization or institution accredited by NISM; or

24 · [(3) An individual registered as research analyst under these regulations, a principal officer of a non -individual research analyst, individuals employed as research analyst, person

21 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025 .

22 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 . Prior to its substitution, it read as under;

23 · Omitted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025 . Prior to its omission, sub -regulation (2) read as under;

24 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 . Prior to its substitution, sub -regulation (3) read as under;

25 · [Deposit.

26 · [The deposit shall be maintained in such a form or manner as may be specified by the Board . ]

27 · [(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the Board for the purpose of administration and supervision of research analysts in accordance with regulation 14 of these regulations:

25 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, regulation 8 read as under;

8 · (1) A research analyst who is individual or partnership firm shall have net tangible assets of value not less than one lakh rupees.

26 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025 w.e.f. 06 -08 -2025. Prior to substitution, sub -regulation (2) read as under:

27 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025 w.e.f. 06 -08 -2025.

9 · The Board on being satisfied that the applicant complies with the requirements specified in regulation 6, shall send intimation to the applicant and on receipt of the payment of registration fees as specified in Second Schedule, grant certificate of registration in Form B 28 [to a research analyst or in Form C to a part-time research analyst, as the case may be] under First Schedule, subject to such terms and conditions as the Board may deem fit and appropriate 29 [:]

30 · [Provided that an individual or partnership firm registered as an investment adviser may also be granted certificate of registration as a research analyst, subject to such terms and conditions as the Board may deem fit and appropriate.]

10 · The certificate of registration granted under regulation 9 shall be valid 31 [till it is suspended or cancelled by the Board].

32 · [11. The research analyst who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, subject to payment of fee, as prescribed in Schedule II of these regulations.]

12 · (1) After considering an application made under regulation 3, if the Board is of the opinion that a certificate should not be granted to the applicant, it may reject the application after giving the applicant a reasonable opportunity of being heard.

28 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

29 · Substituted for the symbol "." by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

30 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

31 · Substituted for the words "f "for a period of five years from the date of its issue" vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

32 · Substituted vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution regulation 11 read as under:

13 · The certificate granted under regulation 9 shall, inter alia, be subject to the following conditions: -

34 · [Provided that part-time research analyst registered under these regulations shall use the term 'part-time research analyst' in all correspondences with its clients.]

35 · [(iv) the number of clients of a part-time research analyst shall not exceed seventy-five in total at any point of time.]

36 · [Recognition of body or body corporate for administration and supervision of research analysts.

14 · (1) The Board may recognize a body or body corporate for the purpose of administration and supervision of research analysts to such extent and on such terms and conditions as may be specified by the Board.

37 · [(1A) Notwithstanding anything contained in regulation 14, the administration and supervision of the proxy advisers shall entirely vest with the Board.]

33 · Substituted for the symbol "." by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

34 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

35 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

36 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024, w.e.f. 25.07.2024. Prior to substitution, it read as under:

14 · (1) The Board may recognize any body or body corporate for the purpose of regulating research analysts.

37 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

15 · (1) Research analyst or research entity shall have written internal policies and control procedures governing the dealing and trading by any research analyst for:

38 · [ Fees.

15A · Research Analyst shall be entitled to charge fees for providing research services from a client including an accredited investor in the manner as specified by the Board.]

16 · (1) Personal trading activities of the individuals employed as research analyst by research entity shall be monitored, recorded and wherever necessary, shall be subject to a formal approval process.

38 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024, w.e.f. 21.08.2024.

39 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

17 · (1) Research entity shall not pay any bonus, salary or other form of compensation to any individual employed as research analyst that is determined or based on any specific merchant banking or investment banking or brokerage services transaction.

18 · (1) Research analyst or research entity shall not publish or distribute research report or research analysis or make public appearance regarding a subject company for which he has acted as a manager or co -manager at any time falling within a period of:

40 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

41 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

19 · A research analyst or research entity shall disclose all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:

42 · [(vii) A research analyst or research entity shall disclose to the client the extent of use of Artificial Intelligence tools in providing research services.]

43 · [Website.

19A · A Research analyst or research entity shall maintain a functional website containing such details as may be specified by the Board.]

20 · (1) Research analyst or research entity shall take steps to ensure that facts in its research reports are based on reliable information and shall define the terms used in making recommendations, and these terms shall be consistently used.

42 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

43 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

44 · [(4) Research analyst or research entity shall ensure that the recommendations in the research report are corroborated by relevant data and analysis forming the basis for such research service.]

21 · (1) Research analyst or research entity including its director or employee shall disclose the registration status and details of financial interest in the subject company, if he makes public appearance.

22 · (1) A research report shall not be made available selectively to internal trading personnel or a particular client or class of clients in advance of other clients who are entitled to receive the research report.

23 · (1) All the provisions of Chapter II, III, IV, V and VI shall apply mutatis mutandis to the proxy adviser:

44 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

24 · (1) Research analyst or research entity shall maintain an arms-length relationship between its research activity and other activities.

45 · [(6) A research analyst or research entity shall disclose to the client the terms and conditions as may be specified by the Board and take consent of the client on such terms and conditions in such manner as may be specified by the Board.

45 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

46 · [(9) A research analyst shall ensure compliance with the Investor Charter specified by the Board from time to time.]

25 · (1) Research analyst or research entity shall maintain the following records:

47 · [(v) Know Your Client records of the fee paying client;

49 · [Appointment of compliance officer.

26 · (1) A non-individual research analyst or research entity shall appoint either:

46 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

47 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

48 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

49 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, regulation 26 read as under;

26 · Research analystor research entity which is a body corporate or limited liability partnership firm shall appoint a compliance officer who shall be responsible for monitoring the compliance of the provisions of the Act, these regulations and circulars issued by the Board."

50 · [Dispute Resolution.

26A · All claims, differences or disputes between a research analyst or research entity and its client arising out of or in relation to the activities of the research analyst or research entity in the securities market shall be submitted to a dispute resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.]

51 · [Redressal of investor grievances .

26B · (1) The Research Analyst shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.

52 · [Client level segregation of research services and distribution activities.

26C · (1) An individual research analyst shall not provide distribution services.

50 · Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f., 04-07-2023.

51 · Inserted by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 w.e.f. 18-08-2023.

52 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

27 · The Board may suo motu or upon receipt of information or complaint appoint one or more persons as inspecting authority to undertake inspection of the books of accounts, records and documents relating to research analyst or research entity for any of the following reasons, namely:-

28 · (1) Before ordering an inspection under regulation 27, the Board shall give not less than seven days notice to research analyst or research entity.

29 · (1) It shall be the duty of every research analyst or research entity in respect of whom an inspection has been ordered under the regulation 27 and any other associate person who is in possession of relevant information pertaining to conduct and affairs of such research analyst or research entity including 53 [partners, directors, principal officer and persons associated with research services], if any, to produce to the inspecting authority such books, accounts and other documents in his custody or control and furnish him with such statements and information as the inspecting authority may require for the purposes of inspection.

30 · The inspecting authority shall, as soon as possible, on completion of the inspection submit an inspection report to the Board:

31 · The Board may after consideration of the inspection report and after giving reasonable opportunity of hearing to research analyst or research entity or its authorized representatives,

53 · Substituted for the words "their representative" by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

54 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

56 · [(i) requiring research analyst or research entity including partners, directors, principal officer and persons associated with research services, not to provide research recommendation for a particular period;]

57 · [(ii)] requiring the research analyst or research entity to refund any money collected as fees, charges or commissions or otherwise to the concerned clients along with the requisite interest.

58 · [(iii)] prohibiting the research analyst or research entity 59 [including partners, directors, principal officer and persons associated with research services,] from operating in the capital market or accessing the capital market for a specified period .

32 · Research analyst or research entity who:

55 · Omitted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 . Prior to its omission, the following words of regulation 31 read as under:

56 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

57 · Clause (i) renumbered as clause (ii) by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

58 · Clause (ii) renumbered as clause (iii) by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

59 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

60 · [CHAPTER V-A POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS

32A · . (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 61 [***] relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets.

33 · In order to remove any difficulties in the application or interpretation of these regulations, the Board may issue clarifications and guidelines in the form of circulars.

34 · The Board reserves the right to alter, modify and overrule any decision, action taken or penalties imposed by the body or body corporate recognized under regulation 14.

60 · Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020.

61 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

62 · [See Regulation 3]

63 · [Application for grant of certificate of registration]

1 · GENERAL INFORMATION

62 · Substituted for the words " See Regulations 3(2) and 11 " vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

63 · Substituted for the words "A "Application for Grant of Certificate of Registration/Renewal as Research Analyst Securities and Exchange Board of India " vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016 .

64 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025 .

65 · Substituted for the words "at its head office at Mumbai " by the SEBI (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

69 · [(ea) Indicate whether the application for the grant of certificate of registration is for part-time research analyst.

2 · DETAILS OF APPLICANT:

66 · Omitted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025 .

67 · Omitted vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain , 2016 w.e.f. 08 -12 -2016. Prior to omission, sub -

68 · Substituted for the words "and e -mail of the contact person(s)" by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025.

69 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

70 · Substituted for the words "address proof" by the SEBI (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025.

76 · [(fa) Where the applicant is employed and has applied for registration as a part-time research analyst, the applicant shall enclose a no objection certificate from the employer. In case of change in employment, the applicant shall provide no objection certificate from the new employer.]

77 · [***]

71 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (c) read as under;

72 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 . Prior to its substitution, clause (d) read as under;

74 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (e) read as under;

75 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024. Prior to its substitution, clause (f) read as under;

76 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

77 · Omitted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25 -11 -2025 . Prior to its omission, it read as under;

3 · DETAILS OF RESEARCH SERVICES

79 · [4. DECLARATION OF NECESSARY INFRASTRUCTURE

5 · OTHER INFORMATION/DECLARATIONS/ REGULATORY ACTIONS

80 · [(fa) In case of registration as part-time research analyst, a declaration that it shall maintain arm -length relationship between its business activity as research analyst and other business activity and shall ensure that its business activities as research analyst are clearly segregated from its other business activity or employment.]

79 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, w.e.f. 25-11-2025 . Prior to its substitution, it read as under;

4 · DETAILS OF INFRASTRUCTURE

80 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

81 · [6. SEGREGATION OF RESEARCH SERVICES AND DISTRIBUTION SERVICE

82 · [7]. DECLARATION STATEMENT

81 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

82 · Item 6 renumbered as item 7 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16-12-2024 .

84 · [FORM C

83 · Substituted vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to substitution, Paragraph III read as under:

84 · Inserted by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024, w.e.f. 16 -12 -2024 .

85 · [Every applicant shall pay the non-refundable application fee along with the application for grant of the certificate of registration as under:

86 · [Every applicant shall pay registration fee at the time of grant of certificate of registration by the Board as under:

87 · [A research analyst who has been granted a certificate of registration, in order to keep its registration in force, shall pay the following fee every five years, from

85 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024, w.e.f. 25.07.2024. Prior to its substitution, it read as under:

86 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024, w.e.f. 25.07.2024. Prior to its substitution, it read as under:

87 · Substituted by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024, w.e.f. 25.07.2024. Prior to its substitution, it read as under:

88 · [The fee referred to in paragraph 2 shall be paid by the applicant within fifteen days from the date of receipt of intimation from the Board by way of direct credit into the bank account through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode as may be specified by the Board from time to time.]

89 · [***]

90 · [***]

88 · Substituted vide the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023, w.e.f 01-04-2023. Prior to its substitution, Clause 4 read as under:

89 · Omitted vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to omission, Paragraph 5. read as under:

90 · Omitted vide the Securities and Exchange Board of India (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations , 2016 w.e.f. 08 -12 -2016. Prior to omission, Paragraph 6. read as under:

1 · Honesty and Good Faith

2 · Diligence

3 · Conflict of Interest

4 · Insider Trading or front running

5 · Confidentiality

6 · Professional Standard

7 · Compliance

8 · Responsibility of senior management