Description

Consolidated master circular consolidating all SEBI circulars and directions applicable to Research Analysts and Research Analyst Administration and Supervisory Body (RAASB).

Summary

SEBI has issued a comprehensive Master Circular (Reference: HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026) dated February 06, 2026, consolidating all existing circulars and directions applicable to Research Analysts. This master circular provides a single reference point for all regulatory requirements, guidelines, and compliance obligations for Research Analysts and the Research Analyst Administration and Supervisory Body (RAASB). All previous circulars listed in the appendix are rescinded to the extent they relate to Research Analysts, though their previous operation and any actions taken under them remain valid.

Key Points

  • Master circular consolidates all SEBI circulars related to Research Analysts into one comprehensive document
  • All previous circulars listed in the appendix are rescinded to the extent they relate to Research Analysts
  • Actions taken under rescinded circulars remain valid and enforceable
  • Pending applications under old circulars will be deemed as made under this Master Circular
  • Document covers 107 pages of comprehensive guidelines and requirements
  • Covers guidelines for Research Analysts and Proxy Advisors
  • Includes framework for administration and supervision by RAASB
  • BSE Limited is recognized as Research Analyst Administration and Supervisory Body (RAASB)
  • Addresses investor complaints, grievance resolution, and dispute resolution mechanisms
  • Includes technology-related advisories for SaaS-based solutions
  • Covers procedural requirements for change in control approvals
  • Addresses advertisement code and brand name usage
  • Includes optional mechanism for fee collection

Regulatory Changes

  • Consolidation: All existing circulars related to Research Analysts are now consolidated into this single Master Circular
  • Rescission of Previous Circulars: All directions/instructions in circulars listed in the appendix are rescinded to the extent they relate to Research Analysts
  • Continuity Provisions: Despite rescission, all previous actions, pending applications, rights, obligations, liabilities, penalties, and legal proceedings under old circulars remain valid and enforceable
  • Single Reference Point: Market participants now have one comprehensive document instead of multiple scattered circulars

Compliance Requirements

For Research Analysts:

  • Must comply with all guidelines and requirements outlined in this Master Circular
  • Must follow procedural guidelines if operating as Proxy Advisors
  • Must adhere to administration and supervision framework established by RAASB
  • Must comply with investor complaint redressal mechanisms through SCORES and ODR platforms
  • Must follow technology-related advisories for SaaS-based solutions
  • Must obtain prior approval for change in control as per prescribed procedures
  • Must comply with advertisement code and brand name/trade name usage guidelines
  • May use optional mechanism for fee collection as specified
  • Must avoid circulating unauthenticated news through various modes

For RAASB:

  • Must administer and supervise Research Analysts as per the framework
  • Must facilitate grievance resolution between listed entities and proxy advisers
  • BSE Limited continues its role as recognized RAASB

Important Dates

  • Circular Issue Date: February 06, 2026
  • Effective Date: Immediate (all provisions applicable from date of issuance)
  • Rescission of Old Circulars: Effective immediately upon issuance of this Master Circular

Impact Assessment

Regulatory Impact:

  • Simplifies regulatory compliance by providing single comprehensive reference document
  • Reduces confusion from multiple overlapping circulars
  • Ensures consistency in interpretation and application of regulations

Operational Impact:

  • Research Analysts must review the complete 107-page document to ensure full compliance
  • Internal compliance procedures may need updating to reference new Master Circular
  • Training and awareness programs should be conducted for staff
  • Documentation and record-keeping systems should reference this Master Circular going forward

Market Impact:

  • Enhances transparency and investor protection through consolidated guidelines
  • Improves efficiency in regulatory compliance and supervision
  • Strengthens the framework for proxy advisor operations
  • Better grievance redressal mechanisms protect investor interests

Key Sections Covered:

  1. Guidelines for Research Analysts and Proxy Advisors
  2. Administration and supervision framework
  3. Investor complaints and grievance resolution
  4. Technology-related advisories
  5. Miscellaneous provisions including change in control, advertisements, and fee collection

This Master Circular is issued under Section 11(1) of SEBI Act, 1992 and is available on SEBI website at www.sebi.gov.in under “Legal > Master Circulars”.

Contact: Aradhana Verma, General Manager, Tel: 022-26449633, Email: aradhanad@sebi.gov.in

Impact Justification

Master circular consolidating all regulatory requirements for Research Analysts; replaces all previous circulars and serves as single comprehensive reference document affecting all registered Research Analysts and RAASB.