The Securities and Exchange Board of India (SEBI) plays a pivotal role in regulating financial markets, ensuring investor protection, and fostering market development. One of its crucial directives pertains to Research Analysts (RAs), aiming to streamline their activities and safeguard investor interests.
SEBI’s Master Circular for Research Analysts consolidates various directives and circulars issued over time. It serves as a comprehensive guide, providing clarity on regulatory requirements, compliance standards, and operational protocols for RAs. The latest iteration, dated May 21, 2024, supersedes previous versions, incorporating new guidelines and rescinding outdated ones.
Securities and Exchange Board of India
Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/49 Dated: May 21, 2024
To,
All Research Analysts
Dear Madam / Sir,
Subject: Master Circular for Research Analysts
1. Securities and Exchange Board of India (“SEBI”/ “the Board”), from time to time, has been issuing various circulars/directions to Research Analysts (RAs). In order to enable users to have access to the applicable circulars at one place, this Master Circular in respect of RAs is being issued.
2. SEBI Master Circular No. SEBI/HO/MIRSD-PoD-2/P/CIR/2023/90 dated June 15, 2023 for RAs was a compilation of relevant circulars issued by SEBI which were operational as on June 15, 2023.
3. Subsequently, various guidelines/directions were issued to the RAs by way of circulars/advisory. The provisions of such circulars issued until May 15, 2024 have been incorporated in this Master Circular, which supersedes the Master Circular for RAs dated June 15, 2023. With the issuance of this Master Circular, the directions/ instructions contained in the circulars listed out in the Appendix to this Master Circular, to the extent they relate to the RAs, shall stand rescinded
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a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded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 remain unaffected as if the rescinded circulars have never been rescinded.
5. This 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 circular is available on SEBI website at sebi.gov.in under the categories “Legal framework –Master Circulars” and “Info for –Research Analysts” .
Yours faithfully
Aradhana Verma
General Manager
Tel. No. 022-26449633
aradhanad@sebi.gov.in
