The Securities and Exchange Board of India issued a Master Circular dated 6 February 2026 to consolidate and streamline all regulatory directions applicable to Research Analysts. The circular brings together various instructions previously issued from time to time, enabling Research Analysts, the Research Analysts Administration and Supervisory Body (RAASB), and other market participants to access the entire regulatory framework in one place. With the issuance of this Master Circular, all earlier circulars listed in its appendix stand rescinded to the extent they relate to Research Analysts. However, the circular expressly preserves past actions, applications, rights, obligations, liabilities, penalties, investigations, and legal proceedings undertaken under the rescinded circulars, deeming them valid and enforceable under the corresponding provisions of the Master Circular. Issued under Section 11(1) of the SEBI Act, 1992, the circular reinforces SEBI’s mandate to protect investor interests, promote orderly market development, and ensure consistent regulation of research analyst activities. The Master Circular is made available on SEBI’s official website for public access.
Securities and Exchange Board of India
Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026 | Dated: February 06, 2026
To,
All Research Analysts
Research Analysts Administration and Supervisory Body (RAASB)
Dear Madam / Sir,
Subject: Master Circular for Research Analysts
1. For effective regulation of Research Analysts, the Securities and Exchange Board of India has been issuing various Circulars from time to time.
2. In order to enable Research Analysts and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, this Master Circular is issued. This master circular has been updated to incorporate the provision of the Circular(s) given in the appendix to this Master Circular.
3. With the issuance of this Master Circular, all directions/instructions contained in the Circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to Research Analysts.
4. Notwithstanding such rescission,
a. Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b. Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c. The previous operation of the rescinded circulars or anything done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.
5. This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market
6. This Master Circular is available on SEBI website at sebi.gov.in in the path “Legal >Master Circulars”.
Yours faithfully
Aradhana Verma
General Manager
Tel. No. 022-26449633
aradhanad@sebi.gov.in
