Description

Comprehensive regulations framework for registration and regulation of research analysts providing research services in securities markets.

Summary

SEBI has issued comprehensive regulations for research analysts, establishing a framework for registration and regulation of entities providing research analysis services. The regulations came into force 90 days from publication date (September 1, 2014) and were last amended on August 6, 2025.

Key Points

  • Establishes mandatory registration framework for research analysts
  • Defines independent research analysts as persons whose only business activity is research analysis
  • Includes definitions for consideration, family relationships, and change in control
  • Covers asset management companies, fund managers, and investment advisers
  • Provides framework for inspecting authority and enforcement

Regulatory Changes

  • Updated definitions including “change in control” for listed and unlisted entities
  • Enhanced definition of “consideration” to include non-cash benefits
  • Expanded family definitions for research analysts and clients
  • Clarified control definitions referencing Companies Act 2013

Compliance Requirements

  • Research analysts must obtain certificate of registration
  • Independent research analysts limited to research analysis activities only
  • Compliance with associate and intermediary regulations
  • Subject to inspection by SEBI-appointed authorities

Important Dates

  • Original regulations effective: 90 days from September 1, 2014
  • Last amendment date: August 6, 2025
  • Publication date of current version: August 2025

Impact Assessment

  • Affects all research analysts providing services in Indian securities markets
  • Establishes regulatory oversight for research report preparation and publication
  • Creates compliance framework for independent research entities
  • Impacts asset management companies and investment advisers providing research services

Impact Justification

Fundamental regulatory framework governing research analysts with recent amendments affecting industry compliance requirements