The Securities and Exchange Board of India (SEBI) on October 24, 2024, issued the Clarification with respect to advertisement code for Research Analysts (RAs).
The following has been stated namely: -
• It is clarified that Research Report and research recommendations of an RA are not considered advertisement unless anything contained in the research report is in the nature of promotion of products or services offered by an RA.
• Paragraph 8.1 a.ii of the Master Circular for Research Analysts dated May 21, 2024 has been modified namely: -
“The forms of communications, to which the advertisement code shall be applicable, shall include pamphlets, circulars, brochures, notices or any other literature, document, information or material published, or designed for use in any publication or displays (such as newspaper, magazine, sign boards/hoardings at any location), in any electronic, wired or wireless communication (such as electronic mail, text messaging, messaging platforms, social media platforms, radio, telephone, or in any other form over the internet) or over any other audio-visual form of communication (such as television, tape recording, video tape recordings, motion pictures) or in any other manner whatsoever.”
[Notification No. SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/14]
