Securities and Exchange Board of India

Ů Ů Ŋ Ŋ Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2025/004 January 08, 2025 To, All Registered Research Analysts BSE Limited (Research Analyst Administration and Supervisory Body - RAASB) Sir / Madam, Sub: Guidelines for Research Analysts Securities and Exchange Board of India (SEBI), after considering the inputs from public consultation, has reviewed the framework for regulation of Research Analysts (RAs) and has notified Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 (hereinafter referred to as "amendments to RA Regulations") on December 16, 2024. These amendments have come into force on the date of notification i.e. on December 16, 2024. The Research Analysts shall ensure compliance with the aforesaid amendments to RA Regulations and the following guidelines specified under the amended SEBI (Research Analysts) Regulations, 2014 (hereinafter referred to as "RA Regulations"): i. Qualification and certification requirements Regulation 7 of the RA Regulations specifies the minimum qualification and certification requirements for RAs. It is clarified that the revised qualification requirements shall not be required to existing individual RAs, Principal officer of non-individual RAs or research entity, individuals employed as research analysts and partners of research analyst, if any, engaged in providing research services. Ů Ů Ŋ Ŋ Securities and Exchange Board of India However, they shall hold NISM certifications and comply with other conditions specified under Regulation 7(3) of the RA Regulations. ii. Deposit requirement: As per Regulation 8 of the RA Regulations, a research analyst shall maintain a deposit of such sum, as specified by the SEBI from time to time. The deposit requireme

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