The Bombay Stock Exchange (BSE) on May 04, 2026, has issued guidelines for annual compliance audit for research analysts.
The Securities and Exchange Board of India (SEBI), vide Master Circular dated February 06, 2026, has prescribed detailed requirements for Annual Compliance Audit applicable to Research Analysts (RAs) under the SEBI (Research Analysts) Regulations. The circular also introduces a standardized annexure format for FY 2025–26 and mandates submission through a dedicated portal.
• Research Analysts (RAs) are required to conduct an annual compliance audit covering all provisions of RA Regulations and related circulars.
• The audit must be completed within six months from the end of the financial year, and the report must be submitted to RAASB/SEBI within one month from the date of the audit report.
• Adverse findings, if any, along with action taken and approval from the RA/management, must be reported within one month of the audit report and not later than October 31 each year.
• RAs must obtain an annual certificate from ICAI/ICSI/ICMAI members confirming compliance with client-level segregation, forming part of the audit.
• RAs are required to publish the compliance audit status and any adverse findings along with action taken on their website and also share the report with clients.
• A standardized annexure format for the audit report for FY 2025–26 has been introduced, requiring provision-wise compliance reporting.
• SEBI is developing a portal for submission of audit reports, annexures, segregation certificates, and action taken reports; only portal-based submissions will be accepted (email submissions will not be considered).
• RAs can submit reports either through an auditor via the system or directly, as per the prescribed process flow.
• Existing RA login credentials will be used for portal access; no new registration is required.
[Notice No. 20260504-19]
