Research Analysts (RAs) must prominently display their SEBI registration number, registered address, and logo on their website and in all client communications. This ensures clients can easily identify the registered entity and verify its registration status. This article provides a comprehensive technical analysis of these display requirements.
Regulatory Basis
The requirements for prominent display of registration number, address, and logo are specified in the circular dated April 6, 2023 (SEBI/HO/MIRSD/MIRSD-PoD-2/P/CIR/2023/52).
Key Display Requirements
1. Registration Number Display
Requirement: The SEBI registration number must be prominently displayed.
Where to Display:
- Website (home page, about us page, footer)
- Notice board
- Display boards
- Advertisements
- Publications
- KYC forms
- Client agreements
- Statements
- Reports
2. Address Display
Requirement: The complete address with telephone numbers must be prominently displayed.
What to Display:
- Registered office address
- Correspondence address (if different)
- Telephone numbers
- Fax numbers (if applicable)
3. Logo Display
Requirement: The logo of the RA must be prominently displayed.
Where to Display:
- Website
- Advertisements
- Publications
- Client communications
Prominent Display Requirements
What "Prominent" Means
- Easily visible
- Not hidden
- Not in fine print
- In a conspicuous location
- Readable font size
Where to Display Prominently
| Location | Requirement |
|---|---|
| Website | Home page, about us, footer |
| Notice Board | Display at office premises |
| Display Boards | Display at office premises |
| Advertisements | All advertisements |
| Publications | All publications |
| KYC Forms | All KYC forms |
| Client Agreements | All client agreements |
| Statements | All statements |
| Reports | All reports |
| Correspondence | All client correspondence |
Additional Information to Display
Compliance Officer
- Name of the compliance officer
- Telephone number
- Email address
Grievance Officer
- Name of the grievance officer
- Telephone number
- Email address
Disclaimer
"Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors."
Implementation Examples
Example 1: Website Header
[Logo] XYZ Research Private Limited
SEBI Registration No: IN/RA/XXXXXX
Registered Office: ABC Building, Mumbai - 400001
Phone: +91-22-XXXXXXXX
Email: info@xyzresearch.com
Example 2: Website Footer
XYZ Research Private Limited
SEBI Registration No: IN/RA/XXXXXX
Registered Office: ABC Building, Mumbai - 400001
Phone: +91-22-XXXXXXXX
Compliance Officer: Mr. ABC, compliance@xyzresearch.com
Grievance Officer: Mr. DEF, grievance@xyzresearch.com
Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Example 3: Correspondence
XYZ Research Private Limited
SEBI Registration No: IN/RA/XXXXXX
Registered Office: ABC Building, Mumbai - 400001
Phone: +91-22-XXXXXXXX
Example 4: Research Report
XYZ Research Private Limited
SEBI Registration No: IN/RA/XXXXXX
Registered Office: ABC Building, Mumbai - 400001
Phone: +91-22-XXXXXXXX
[Report content]
What Must NOT Be Displayed
SEBI Logo
Prohibition: SEBI logo shall not be used by RA.
Rationale: To prevent implication of SEBI endorsement.
Common Compliance Gaps
1. Registration Number Not Displayed
Some RAs do not display the registration number.
Solution: Always display the registration number.
2. Incomplete Address
Some RAs do not display the complete address.
Solution: Display the complete registered office address.
3. Logo Missing
Some RAs do not display their logo.
Solution: Display the logo prominently.
4. Not in All Communications
Some RAs only display information in some communications.
Solution: Display in all client communications.
5. Using SEBI Logo
Some RAs use the SEBI logo.
Solution: Do not use the SEBI logo.
Compliance Checklist
| Requirement | Compliant? |
|---|---|
| Registration number displayed | ☐ |
| Registered address displayed | ☐ |
| Telephone numbers displayed | ☐ |
| Logo displayed | ☐ |
| Compliance officer details displayed | ☐ |
| Grievance officer details displayed | ☐ |
| Disclaimer displayed | ☐ |
| Displayed on website | ☐ |
| Displayed on notice board | ☐ |
| Displayed in advertisements | ☐ |
| Displayed in publications | ☐ |
| Displayed in client agreements | ☐ |
| Displayed in correspondence | ☐ |
| Prominently displayed | ☐ |
| SEBI logo not used | ☐ |
Conclusion and How Anuj Desai & Associates Can Help
Prominent display of registration number, address, and logo is essential for client transparency and regulatory compliance.
Anuj Desai & Associates offers specialized services to help RAs comply with display requirements:
- Review of website and communications
- Guidance on prominent display
- Compliance audit and advisory
Contact us today to ensure your registration details are prominently displayed. Our team will review your communications and provide a tailored compliance roadmap.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Readers are advised to consult qualified professionals for legal and compliance matters. Anuj Desai & Associates is a SEBI compliance consulting firm based in India.