SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/105

regulations · 1992 · State unknown

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Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

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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

Rule TOC

1 · How are research analysts regulated in India?

4 · What are the communications excluded from the definition of research report?

5 · Whether technical analysis as a methodology is exempted from the purview of the RA Regulations?

6 · What are the communications excluded under periodic reports referred to in answer to FAQ No. 4 above?

7 · Does RA Regulations cover only equity and equity linked securities?

8 · Who is required to make an application to get registration under RA Regulations?

10 · Who are exempted from making application for grant of registration under RA Regulations?

11 · Whether proxy advisers are required to obtain registration under RA Regulations?

12 · What are the requirements to be fulfilled by proxy adviser?

13 · What is the procedure of obtaining registration as a research analyst from SEBI?

14 · Whether any application fee is required to be paid at the time of making application for grant of registration under RA Regulations and what is the amount to be paid for grant of registration/continuation of registration as research analyst?

15 · What is the capital adequacy requirement for a Research Analyst?

16 · Can a sole proprietor make an application to get registered as a research analyst?

17 · Who is an independent research analyst?

18 · What is covered under ‘public media’?

19 · What are the disclosures required for making recommendations in public media?

20 · Whether journalists who are on the payrolls of media organizations such as newspaper or television are required to get registered with SEBI?

21 · Whether a person located outside India can issue research reports under RA Regulations?

25 · Who are all required to monitor the personal trading activities of the individuals employed as research analysts?

26 · What are trading restrictions imposed under regulation 16 of RA Regulations?

27 · Who are required to appoint a compliance officer under RA Regulations?

32 · Is NISM certification mandatory for the sales staff, support staff, customer support team or other client-facing staff not involved in research?

34 · Whether non-fee paying clients are considered 'clients' of research entity?

36 · For technical recommendations, whether a mere technical chart with a time stamp shall suffice as a research rationale?