The Securities and Exchange Board of India (SEBI) has introduced a comprehensive and standardized reporting framework for Research Analysts (RAs) and Proxy Advisers (PAs) through its circular dated October 25, 2024. This move aims to enhance transparency, accountability, and the quality of reporting in the Indian securities market. Below is a detailed breakdown of the new framework:
1. Background and Applicability
Under the SEBI (Research Analysts) Regulations, 2014, all RAs and PAs are now required to periodically furnish reports as specified by SEBI. This circular introduces a uniform format for the specified periodical reporting, ensuring consistency across the industry. This directive applies immediately to all registered RAs and PAs.
2. Key Features of the Circular
A. What are the due dates to submit these periodic reports?
- The periodic reports are required to be submitted for each half-year. The RAs and PAs are required to submit these periodic reports within 30 days from the end of each half-year, October to March and April to September.
- The first reporting period shall be for the half year ending on March 31, 2025 and reports thereof shall be required to be submitted by April 30, 2025.
Hence, a time of around six months has been provided to RAs and PAs for submission of their first periodic report to give them sufficient time for making necessary arrangements for providing the required data.
| Reporting Period | Due Dates |
| First reporting | |
| For half year ending on 31st March, 2025 | 30th April 2025 |
| Subsequent reporting | |
| April to September | 30th October |
| October to March | 30th April |
B. Where to submit these periodic reports?
- RAs are required to submit the periodic reports to BSE Limited a Research Analyst Administration and Supervisory Body (RAASB) recognized by SEBI.
- PAs are required to submit the periodic to report directly to SEBI.
3. Reporting Format for Research Analysts and Proxy Advisers
The formats for periodic reporting are specified in Annexure I for RAs and Annexure II for PAs of the SEBI circular. These annexures outline the detailed requirements for disclosures, including client information, fee structures, and complaint handling mechanisms.
You can access the SEBI circular at https://taxguru.in/sebi/sebi-notifies-reporting-format-research-analysts-proxy-advisers.html
Important note for Research Analysts
In case the research services are provided as free for all, as value added service to clients of other services offered by the entity viz. stock broking, PMS etc., the details of clients need not be submitted.
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