Securities and Exchange Board of India (SEBI) has introduced amendments to the SEBI (Research Analysts) Regulations, 2014, under its notification dated August 19, 2024. These changes, known as the SEBI (Research Analysts) (Second Amendment) Regulations, 2024, are effective from the date of their publication in the Official Gazette. A significant update is the insertion of a new regulation, 15A, which permits Research Analysts to charge fees for their services, including from accredited investors, in a manner specified by SEBI. This amendment marks a continuation of SEBI’s efforts to refine the regulatory framework for Research Analysts, building upon earlier amendments introduced between 2016 and 2024. The original regulations, first published on September 1, 2014, have undergone several revisions to address evolving market conditions and ensure effective oversight of research services within India’s securities market.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 19th August, 2024
SECURITIES AND EXCHANGE BOARD OF INDIA
(RESEARCH ANALYSTS) (SECOND AMENDMENT) REGULATIONS, 2024
No. SEBI/LAD-NRO/GN/2024/199.—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) (Second Amendment) Regulations, 2024.
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, after regulation 15, the following new regulation shall be inserted, namely,–
“Fees.
15A. Research Analyst shall be entitled to charge fees for providing research services from a client including an accredited investor in the manner as specified by the Board.”
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./408/2024-25]
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. 8thSecurities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016Securities 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. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.
c. 16th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09.
d. August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.
e. 17th January 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 202 vide notification No. SEBI/LAD-NRO/GN/2023/115.
f. February 7, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 20233 vide notification No. SEBI/LAD-NRO/GN/2023/121.
g. 3rd July 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. 17th August 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. 26th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/170.
