Consultation Paper; Dated: 09.05.2025
The Securities and Exchange Board of India (SEBI) has issued a draft circular seeking public comments on proposed clarifications regarding the regulatory framework applicable to Research Analysts (RAs).
1. FAQs to Clarify RA Regulatory Provisions
The draft circular presents a set of Frequently Asked Questions (FAQs) aimed at providing detailed guidance and clarifying ambiguities in the existing RA regulatory framework. Key topics addressed include:
- How Research Analysts are regulated in India
- Types of communications excluded from the definition of a “research report”
- Clarification on whether RA Regulations are applicable only to equity and equity-linked securities
2. Objective of the Draft Circular
The circular is intended to enhance transparency and ensure consistent interpretation of RA Regulations by providing practical explanations and regulatory expectations through the FAQ format. This initiative is part of SEBI’s ongoing efforts to strengthen investor protection and improve market integrity.
3. Timeline for Public Comments
SEBI has invited public feedback on the draft circular. Comments and suggestions may be submitted by June 30, 2025.
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