The Securities Exchange Board of India (SEBI) on January 08, 2025, issued the Guidelines for Research Analysts (RA).
The following has been stated namely: -
• 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. However, they shall hold NISM certifications and comply with other conditions.
• The existing RAs shall ensure compliance with the deposit requirement latest by April 30, 2025.
• A partnership firm registered as a research analyst, where no partner of the firm has the minimum qualification and certification requirements provided under the Regulations, shall apply for registration as a research analyst in the form of a limited liability partnership or a body corporate latest by September 30, 2025.
• For the existing clients, research analysts shall comply with the requirements under the clause regarding the Artificial Intelligence (‘AI’) tools in RA services latest by April 30, 2025
• The guidelines that provide the model portfolio framework are given in Annexure-A
• The minimum mandatory terms and conditions to be disclosed by RA or research entity are provided in Annexure-B
[Notification No. SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2025/004]
