Research Analyst Administration and Supervisory Body (RAASB)
1 SEBI, vide Circular no. SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13,
2021 (hereinafter mentioned as ‘Circular’) and Clause 5 of Master Circular for Research
Analyst dated May 21, 2024 (hereinafter mentioned as ‘Master Circular’), inter alia, issued
Investor charter for Research Analysts.
2. In a move to enhance financial consumer protection alongside enhanced financial
inclusion and financial literacy and in view of the recent developments in the securities
market including introduction of Online Dispute Resolution (ODR) platform and SCORES
2.0, it has been decided to modify the investor charter for Research Analysts.
3. In view of the above and based on consultation with Industry Standards Forum (ISF) fo
Research Analysts, updated investor charter for Research Analysts is placed at Annexure
4. In this regard, BSE Limited (presently recognized as RAASB) is directed to advise
Research Analysts to bring the Investor Charter to the notice of their clients (existing as
well as new clients) through disclosing the Investor Charter on their respective websites
and mobile applications (if any), making them available at prominent places in the office,
provide a copy of Investor Charter as a part of client on-boarding process, through e-mails/
letters etc.
5. Additionally, in order to ensure transparency in the Investor Grievance Redressal
Mechanism, all the Research Analysts shall continue to disclose on their respective
websites and mobile applications (if any), the data on complaints received against them or Page 2 of 9
against issues dealt by them and redressal thereof, latest by 7th of succeeding month, as
per the format enclosed at Annexure ‘B’ to this circular.
6. The provisions of this circular shall come into force with immediate effect.
7. With the issuance of this circular, SEBI, Circular No. SEBI/HO/IMD/IMD-II
CIS/P/CIR/2021/0685 dated December 13, 2021 stands rescinded and Clause 5 of Master
Circular for Research Analysts dated May 21, 2024 stands amended as per this circular.
8. This circular is issued in exercise of powers conferred under Section 11(1) of Chapter IV
of the Securities and Exchange Board of India Act, 1992 read with Regulation 24(9) of the
SEBI (Research Analysts) Regulations, 2014 to protect the interests of investors in
securities and to promote the development of, and to regulate the securities markets and
shall come into effect from the date of this circular.
9. This circular is available on SEBI website at www.sebi.gov.in under the category:
Research Analysts, updated investor charter for Research Analysts is placed at Annexure
4. In this regard, BSE Limited (presently recognized as RAASB) is directed to advise
Research Analysts to bring the Investor Charter to the notice of their clients (existing as
well as new clients) through disclosing the Investor Charter on their respective websites
and mobile applications (if any), making them available at prominent places in the office,
provide a copy of Investor Charter as a part of client on-boarding process, through e-mails/
letters etc.
5. Additionally, in order to ensure transparency in the Investor Grievance Redressal
Mechanism, all the Research Analysts shall continue to disclose on their respective
websites and mobile applications (if any), the data on complaints received against them or Page 2 of 9
against issues dealt by them and redressal thereof, latest by 7th of succeeding month, as
per the format enclosed at Annexure ‘B’ to this circular.
6. The provisions of this circular shall come into force with immediate effect.
7. With the issuance of this circular, SEBI, Circular No. SEBI/HO/IMD/IMD-II
CIS/P/CIR/2021/0685 dated December 13, 2021 stands rescinded and Clause 5 of Master
Circular for Research Analysts dated May 21, 2024 stands amended as per this circular.
8. This circular is issued in exercise of powers conferred under Section 11(1) of Chapter IV
of the Securities and Exchange Board of India Act, 1992 read with Regulation 24(9) of the
SEBI (Research Analysts) Regulations, 2014 to protect the interests of investors in
securities and to promote the development of, and to regulate the securities markets and
shall come into effect from the date of this circular.
9. This circular is available on SEBI website at www.sebi.gov.in under the category:
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