SEBI (Research Analysts) (Amendment) Regulations, 2025

This notification from the Securities and Exchange Board of India (SEBI) introduces the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025. These regulations modify the existing Securities and Exchange Board of India (Research Analysts) Regulations, 2014. The changes, effective upon publication in the Official Gazette, alter the requirements for deposits maintained by research analysts. A key amendment replaces sub-regulation (2) of Regulation 8, mandating that the form and manner of the deposit be specified by the Board. A new sub-regulation (3) is also inserted, which requires that this deposit be marked with a lien in favor of a body or corporate entity recognized by SEBI for the administration and supervision of research analysts. The deposit can be utilized if a research analyst fails to pay dues arising from arbitration or conciliation proceedings under an Online Dispute Resolution Mechanism or other specified mechanisms. This measure is intended to provide a financial backstop for resolving disputes involving research analysts.

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 4th August, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) (AMENDMENT)
REGULATIONS, 2025

F. No. SEBI/LAD-NRO/GN/2025/252.— In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, namely: —

1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 –

I. In Regulation 8,

i) sub-regulation (2) shall be substituted with the following, namely, –

“(2) The deposit shall be maintained in such a form or manner as may be specified by the Board.”

ii) after sub-regulation (2), the following new sub-regulation shall be inserted, namely, –

“(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the Board for the purpose of administration and supervision of research analysts in accordance with regulation 14 of these regulations:

Provided that the deposit shall be available for utilization in case the research analyst fails to pay the dues emanating out of arbitration and conciliation proceedings, if any, under the Online Dispute Resolution Mechanism or such other mechanism as may be specified by the Board.”

BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./267/2025-26]

Footnotes:

1. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414.

2. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently amended on, –

a. 8^thDecember, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2016-17/023.

b. 17^thApril, 2020 by the  Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.

c. 16^thMarch, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09.

d. 3^rdAugust, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.

4  THE GAZETTE OF INDIA : EXTRAORDINARY

e. 17^thJanuary 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide  notification No.   SEBI/LAD- NRO/GN/2023/115.

f. 7^thFebruary, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/121.

g. 3^rdJuly 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137.

h. 17^thAugust 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/146.

i. 26^thApril 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide  notification No. SEBI/LAD-NRO/GN/2024/170.

j. 19^thAugust, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199.

k. 16^thDecember, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/220.