Topic · 209 articles

Research analyst compliance — SEBI guides

Guides by CA Anuj Desai for SEBI-registered research analysts — registration and eligibility, the SEBI (Research Analysts) Regulations, 2014 as amended in 2024 and 2025, fee limits, disclosures, advertisement and past-performance rules, PaRRVA, record-keeping and the annual compliance audit.

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GST Compliance Calendar for SEBI-Registered Intermediaries: AIF, PMS, RA and Stock Brokers
Complete GST compliance calendar for SEBI-registered intermediaries including AIFs, PMS, Research Analysts, and Stock Brokers. Monthly, quarterly, and annual due dates.
CA Anuj Desai · 15 Sept 2026
Part-Time RA – Prohibited Activities – Gold, Real Estate, Crypto Advice
A detailed analysis of the activities that disqualify a professional from part-time Research Analyst registration, including advice on gold, real estate, and cryptocurrency.
CA Anuj Desai · 25 Jul 2026
Part-Time RA – When Incidental Advice Does Not Require Registration
A detailed analysis of when incidental advice does not require part-time Research Analyst registration, distinguishing between incidental advice and security-specific recommendations.
CA Anuj Desai · 25 Jul 2026
Can a Sole Proprietor Register as a Research Analyst?
A detailed guide on whether a sole proprietor can register as a Research Analyst, covering eligibility, compliance obligations, and practical considerations.
CA Anuj Desai · 25 Jul 2026
Partnership Firm as Research Analyst – When Transition to LLP or Body Corporate is Mandatory
A detailed analysis of when a partnership firm registered as a Research Analyst must transition to an LLP or body corporate, including the regulatory basis, timeline, and process.
CA Anuj Desai · 25 Jul 2026
Partnership Firm as Research Analyst – Principal Officer and Certification Requirements
A detailed guide on the principal officer and certification requirements for partnership firms registered as Research Analysts.
CA Anuj Desai · 25 Jul 2026
Individual vs Non-Individual RA Registration – Which Structure Should You Choose?
A comprehensive comparison of individual and non-individual Research Analyst registration structures, analyzing liability, compliance obligations, and strategic considerations for your research practice.
CA Anuj Desai · 25 Jul 2026
Research Entity vs Independent Research Analyst – Key Differences
A comprehensive analysis of the distinction between a Research Entity and an Independent Research Analyst, including regulatory definitions, compliance obligations, and business model implications.
CA Anuj Desai · 25 Jul 2026
Research Analyst vs Investment Adviser – Two Different SEBI Registrations Explained
A detailed technical comparison between SEBI-registered Investment Advisers and Research Analysts, explaining the distinct regulatory frameworks, permissible activities, and the critical compliance boundaries that cannot be crossed.
CA Anuj Desai · 25 Jul 2026
Can a Research Analyst Also Be an Investment Adviser? – Dual Registration Rules
A comprehensive analysis of the rules governing dual registration as both a Research Analyst and an Investment Adviser, including conditions, segregation requirements, and compliance obligations.
CA Anuj Desai · 25 Jul 2026
Dual Registration as IA and RA – Arms-Length Relationship Requirement
A comprehensive analysis of the arms-length relationship requirement for dual registrants as both a Research Analyst and an Investment Adviser, including implementation guidelines and compliance obligations.
CA Anuj Desai · 25 Jul 2026
Who is Exempt from RA Registration? – Investment Advisers, AMCs, Credit Rating Agencies
A comprehensive analysis of who is exempt from RA registration, including investment advisers, AMCs, credit rating agencies, and fund managers, and the conditions that apply to such exemption.
CA Anuj Desai · 25 Jul 2026
RA Registration Application Form A – Complete Line-by-Line Guide
A complete line-by-line guide to filling Form A for SEBI Research Analyst registration, covering every section, required information, and common mistakes to avoid.
CA Anuj Desai · 25 Jul 2026
Qualification and Certification Requirements for Research Analysts – NISM Exams Explained (2026)
A detailed guide explaining qualification and certification requirements for Research Analysts under SEBI regulations, including NISM Series-XV, NISM Series-XXV-A, eligibility criteria and compliance obligations.
CA Anuj Desai · 25 Jul 2026
Deposit Requirements for Research Analysts – Client-Count Slabs and Compliance (2026)
A complete guide explaining deposit requirements for Research Analysts under SEBI regulations, including client-count based slabs, permitted forms of deposits, RAASB lien requirements and compliance implications.
CA Anuj Desai · 25 Jul 2026
Part-Time Research Analyst Registration – Complete Guide for Professionals (2026)
A detailed guide explaining Part-Time Research Analyst registration under SEBI regulations, including eligibility criteria, permitted activities, restrictions, compliance requirements and suitability for professionals.
CA Anuj Desai · 25 Jul 2026
Part-Time RA vs Full-Time RA – Key Differences and Eligibility Criteria (2026)
A detailed guide explaining the difference between Part-Time Research Analysts and Full-Time Research Analysts under SEBI regulations, including eligibility criteria, restrictions, compliance obligations and suitability for professionals.
CA Anuj Desai · 25 Jul 2026
Part-Time RA – The 75-Client Cap and What It Means for Your Practice (2026)
A detailed guide explaining the 75-client cap applicable to Part-Time Research Analysts under SEBI regulations, including calculation of clients, compliance monitoring, restrictions and practical impact on professional practices.
CA Anuj Desai · 25 Jul 2026
Part-Time RA – The Disclaimer Every CA/Professional Must Put on Non-RA Invoices (2026)
A detailed guide explaining the mandatory disclaimer requirements applicable to Part-Time Research Analysts when issuing invoices for their other professional services and how professionals should maintain regulatory segregation.
CA Anuj Desai · 25 Jul 2026
Part-Time RA – No Objection Certificate from Employer – When and How (2026)
A detailed guide explaining when a No Objection Certificate from an employer is required for Part-Time Research Analyst registration, applicable conditions, documentation requirements and practical compliance considerations.
CA Anuj Desai · 25 Jul 2026
Fee Neutrality Principle – How Total Fees Payable to SEBI and RAASB Are Capped
A detailed analysis of the fee neutrality principle that caps the total fees payable by Research Analysts to SEBI and RAASB, ensuring no additional financial burden on applicants.
CA Anuj Desai · 25 Jul 2026
RA Deposit Requirements – ₹1 Lakh to ₹10 Lakh Based on Client Count
A comprehensive guide to the deposit requirements for Research Analysts, detailing the client-count based slabs ranging from ₹1 lakh to ₹10 lakh and the compliance framework for maintaining the deposit.
CA Anuj Desai · 25 Jul 2026
Liquid Mutual Funds and Overnight Funds as Deposit – The New Option Explained
A comprehensive guide to the new option allowing Research Analysts to use liquid mutual funds and overnight mutual funds for meeting deposit requirements, including benefits, risks, and implementation.
CA Anuj Desai · 25 Jul 2026
Bank Deposit vs Mutual Fund Units for RA Deposit – Which Option to Choose
A detailed comparison of bank deposits versus mutual fund units for Research Analyst deposit requirements, helping you choose the right option for your practice.
CA Anuj Desai · 25 Jul 2026
Fee Chargeable to Clients – The ₹1,51,000 Per Annum Per Family Cap
A detailed analysis of the ₹1,51,000 per annum per family fee cap for Research Analysts, including applicability, exclusions, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
Fee Cap Revision – How RAASB Revises the Fee Limit Every Three Years
A detailed analysis of how RAASB revises the Research Analyst fee limit every three years based on the Cost Inflation Index, including the mechanism and timeline.
CA Anuj Desai · 25 Jul 2026
Advance Fee for RAs – The One-Year Advance Fee Rule Explained
A detailed analysis of the one-year advance fee rule for Research Analysts, including client agreement requirements, refund provisions, and compliance obligations.
CA Anuj Desai · 25 Jul 2026
Fee Refund and Breakage Rules – What Happens When a Client Terminates Early
A detailed analysis of fee refund and breakage rules when a client terminates Research Analyst services early, including calculation methodology and compliance requirements.
CA Anuj Desai · 25 Jul 2026
CeFCoM – Centralised Fee Collection Mechanism for Research Analysts
A comprehensive guide to the Centralized Fee Collection Mechanism (CeFCoM) for Research Analysts, including features, benefits, and implementation.
CA Anuj Desai · 25 Jul 2026
CeFCoM – Should Your Practice Use It? – Pros, Cons and Implementation
A detailed analysis of whether your Research Analyst practice should use CeFCoM, including pros, cons, and implementation considerations.
CA Anuj Desai · 25 Jul 2026
UPI Fee Collection for RAs – The Standardised, Validated, Exclusive ID Requirement
A detailed guide on the standardised, validated, and exclusive UPI ID requirement for Research Analyst fee collection, including compliance and implementation.
CA Anuj Desai · 25 Jul 2026
Cash Payment Prohibition for RA Fees – What Payment Modes Are Allowed
A detailed analysis of the cash payment prohibition for Research Analyst fees and the allowed payment modes for compliance.
CA Anuj Desai · 25 Jul 2026
Statutory Charges vs Fee Cap – What’s Included and What’s Not
A detailed analysis of what is included and excluded from the Research Analyst fee cap, with a specific focus on statutory charges.
CA Anuj Desai · 25 Jul 2026
Fee Applicability – Individual/HUF vs Non-Individual vs Accredited Investors
A detailed analysis of fee applicability for Research Analysts across different client categories, including individual/HUF, non-individual, and accredited investors.
CA Anuj Desai · 25 Jul 2026
RA Application Fee, Registration Fee and Renewal Fee – Complete Fee Structure
A comprehensive breakdown of the application, registration, and renewal fees payable by Research Analysts to SEBI and RAASB, including category-wise fee structures and payment procedures.
CA Anuj Desai · 25 Jul 2026
KYC Requirements for Research Analysts – Client Onboarding Standards
A comprehensive guide to the KYC requirements for Research Analysts, covering client onboarding standards, documentation, verification, and ongoing compliance obligations under Regulation 25(1).
CA Anuj Desai · 25 Jul 2026
KYC for Fee-Paying Clients vs Non-Fee-Paying Clients – What's Required
A detailed analysis of KYC requirements for fee-paying versus non-fee-paying clients of Research Analysts, explaining what is required and why the distinction matters.
CA Anuj Desai · 25 Jul 2026
Central KYC Registry (CKYCR) for RA Clients – How It Actually Works
A comprehensive guide to the Central KYC Records Registry (CKYCR) for Research Analyst clients, explaining how it works, the process, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
Terms and Conditions Disclosure – What RAs Must Disclose to Every Client
A comprehensive guide to the terms and conditions disclosure requirements for Research Analysts, including what must be disclosed, when, and how.
CA Anuj Desai · 25 Jul 2026
Most Important Terms and Conditions (MITC) for Research Analysts – The 12-Point Mandatory Disclosure
A detailed analysis of the 12-point Most Important Terms and Conditions (MITC) that Research Analysts must disclose to clients, including explanation of each point and compliance requirements.
CA Anuj Desai · 25 Jul 2026
MITC – Consent by Signature – When It's Mandatory and When It's Not
A detailed analysis of when MITC consent by signature is mandatory for Research Analysts and when it is not, including the exemption for institutional investors and QIBs.
CA Anuj Desai · 25 Jul 2026
MITC for Institutional Investors and QIBs – Disclosure Without Consent
A detailed guide on MITC disclosure requirements for institutional investors and QIBs, where disclosure without consent is permitted, and what it means for compliance.
CA Anuj Desai · 25 Jul 2026
Standard Terms of Service – The Client Acknowledgment Every RA Must Obtain
A comprehensive guide to the standard terms of service client acknowledgment that every Research Analyst must obtain, including the exact wording and compliance requirements.
CA Anuj Desai · 25 Jul 2026
Risk Factors Disclosure – What Every Research Report Must State
A comprehensive guide to risk factors disclosure in Research Analyst reports, including what must be stated and how to present it effectively.
CA Anuj Desai · 25 Jul 2026
Conflict of Interest Disclosure – Mandatory Disclosures in Research Reports
A comprehensive guide to conflict of interest disclosure requirements in Research Analyst reports, including what must be disclosed and how to present it.
CA Anuj Desai · 25 Jul 2026
Use of AI Tools in Research Services – Disclosure and Liability
A comprehensive guide to the disclosure and liability requirements for Research Analysts using Artificial Intelligence tools in research services.
CA Anuj Desai · 25 Jul 2026
AI Tools in Research – The "Extent of Use" Disclosure Requirement
A detailed analysis of the "extent of use" disclosure requirement for Artificial Intelligence tools in Research Analyst research services.
CA Anuj Desai · 25 Jul 2026
AI Tools – Sole Responsibility for Security, Confidentiality and Integrity of Client Data
A comprehensive guide to the sole responsibility of Research Analysts for security, confidentiality, and integrity of client data when using Artificial Intelligence tools.
CA Anuj Desai · 25 Jul 2026
Disclosure of Financial Interest in Subject Company – Ownership and Compensation
A detailed guide on disclosure of financial interest in subject companies, including ownership and compensation disclosures required in research reports.
CA Anuj Desai · 25 Jul 2026
Disclosure of Associates and Disciplinary History – What Clients Must Know
A comprehensive guide to disclosure of associates and disciplinary history that Research Analysts must provide to clients.
CA Anuj Desai · 25 Jul 2026
Disclosure of Third-Party Research Reports – Material Conflict of Interest
A comprehensive guide to disclosure requirements when Research Analysts distribute third-party research reports, including material conflict of interest disclosures.
CA Anuj Desai · 25 Jul 2026
Client-Level Segregation of Research and Distribution – What It Means
A comprehensive guide to client-level segregation of research and distribution services for Research Analysts, including requirements and implementation.
CA Anuj Desai · 25 Jul 2026
Client-Level Segregation – The PAN-Based Control Record Explained
A detailed guide to the PAN-based control record for client-level segregation of research and distribution services for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Client-Level Segregation – Annual Certificate from ICAI/ICSI/ICMAI
A comprehensive guide to the annual certificate from ICAI/ICSI/ICMAI confirming client-level segregation compliance for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Client-Level Segregation – Exemption for Institutional Clients and Accredited Investors
A comprehensive guide to the exemption from client-level segregation requirements for institutional clients and accredited investors.
CA Anuj Desai · 25 Jul 2026
Research Report – Definition and What's Excluded from the Definition
A detailed analysis of the definition of a research report under the RA Regulations, including what constitutes a research report and what communications are explicitly excluded from the definition.
CA Anuj Desai · 25 Jul 2026
Contents of Research Report – What SEBI Mandates in Every Report
A comprehensive guide to the contents of a research report as mandated by SEBI, including factual basis, rating systems, price targets, and corroboration requirements.
CA Anuj Desai · 25 Jul 2026
Research Report – Rating Systems and Consistent Terminology Requirements
A detailed guide on rating systems and consistent terminology requirements for Research Analyst research reports.
CA Anuj Desai · 25 Jul 2026
Research Report – Price Target and Rating – The Three-Year Price Graph Requirement
A detailed guide on the price target and rating graph requirement for Research Analyst research reports, including when it applies and how to implement it.
CA Anuj Desai · 25 Jul 2026
Research Report – Corroboration by Relevant Data and Analysis
A comprehensive guide to the requirement that Research Analyst recommendations must be corroborated by relevant data and analysis.
CA Anuj Desai · 25 Jul 2026
Research Report – Rationale for Recommendations – Documentary Basis Requirement
A comprehensive guide to the requirement that Research Analysts must maintain a documentary basis and rationale for their recommendations.
CA Anuj Desai · 25 Jul 2026
Research Report – Technical Analysis – When It's Covered and When It's Exempted
A detailed guide on when technical analysis is covered under RA Regulations and when it is exempted.
CA Anuj Desai · 25 Jul 2026
Model Portfolio – Definition and When a Summary Is Not a Model Portfolio
A comprehensive guide to the definition of a model portfolio and when a summary is not considered a model portfolio under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Model Portfolio Guidelines – The Complete Framework for RAs
A comprehensive guide to the complete framework for model portfolios under the RA Regulations, including definitions, disclosures, methodology, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
Model Portfolio – Methodology, Labelling and Investment Horizon Disclosure
A detailed guide on the methodology, labelling, and investment horizon disclosure requirements for model portfolios.
CA Anuj Desai · 25 Jul 2026
Model Portfolio – Benchmarking and Performance Validation Requirements
A comprehensive guide on benchmarking and performance validation requirements for model portfolios.
CA Anuj Desai · 25 Jul 2026
Model Portfolio – Frequency of Review and Rebalancing Communication
A detailed guide on the frequency of review and rebalancing communication requirements for model portfolios.
CA Anuj Desai · 25 Jul 2026
Model Portfolio – Risk Disclosures and Audit Requirements
A comprehensive guide on risk disclosures and audit requirements for model portfolios.
CA Anuj Desai · 25 Jul 2026
Trading Calls – Definition and Regulatory Treatment Under RA Regulations
A comprehensive guide on the definition of trading calls and their regulatory treatment under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Trading Calls – Intraday, Ultra-Short Duration and Non-Delivery Based Recommendations
A detailed guide on intraday, ultra-short duration, and non-delivery based trading calls under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Research Services "For Consideration" – What Counts as Fee-Based Research
A comprehensive guide on what constitutes research services "for consideration" under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Research Services as Value-Added Service – Brokerage and Merchant Banking Context
A comprehensive guide on research services as value-added services in the context of brokerage and merchant banking.
CA Anuj Desai · 25 Jul 2026
Non-Fee Paying Clients – Are They "Clients" for Regulatory Purposes?
A comprehensive guide on whether non-fee-paying clients are considered "clients" for regulatory purposes under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Non-Fee Paying Clients – Deposit Calculation and Periodic Reporting Implications
A comprehensive guide on the implications of non-fee-paying clients for deposit calculation and periodic reporting.
CA Anuj Desai · 25 Jul 2026
Third-Party Research Report Distribution – Review and Disclosure Obligations
A comprehensive guide on the review and disclosure obligations when distributing third-party research reports.
CA Anuj Desai · 25 Jul 2026
Advertisement Code for Research Analysts – Complete Compliance Guide
A comprehensive guide to the SEBI Advertisement Code for Research Analysts, covering all forms of communication, mandatory disclosures, prohibited content, and compliance requirements under the 2023 circular and Master Circular.
CA Anuj Desai · 25 Jul 2026
Advertisement – Forms of Communication Covered Under the Code
A comprehensive guide on the forms of communication covered under the Research Analyst Advertisement Code, including all electronic, print, audio-visual, and digital media.
CA Anuj Desai · 25 Jul 2026
Advertisement – When a Research Report Becomes an Advertisement
A detailed guide on when a research report becomes an advertisement under the RA Regulations, including the promotional content test and compliance implications.
CA Anuj Desai · 25 Jul 2026
Advertisement – Mandatory Information and Disclosures
A comprehensive guide on the mandatory information and disclosures that must be included in Research Analyst advertisements.
CA Anuj Desai · 25 Jul 2026
Advertisement – The Standard Warning – "Investment in securities market are subject to market risks"
A comprehensive guide on the standard warning that must be included in Research Analyst advertisements, including exact wording, font size requirements, and audio-visual implementation.
CA Anuj Desai · 25 Jul 2026
Advertisement – Audio-Visual Media Requirements – The 10-Second Rule
A detailed guide on the audio-visual media requirements for Research Analyst advertisements, including the 10-second rule and voice over requirements.
CA Anuj Desai · 25 Jul 2026
Advertisement – SMS/Pop-up/Social Media – The Website Hyperlink Requirement
A detailed guide on the website hyperlink requirement for SMS, pop-up, and social media advertisements by Research Analysts.
CA Anuj Desai · 25 Jul 2026
Advertisement – Prohibited Content – What You Cannot Say in Marketing
A comprehensive guide on prohibited content in Research Analyst advertisements, including false statements, misleading testimonials, exaggerated claims, and unfair comparisons.
CA Anuj Desai · 25 Jul 2026
Advertisement – No Assured Returns – The Prohibition on Guarantees
A comprehensive guide on the prohibition of assured returns and guarantees in Research Analyst advertisements.
CA Anuj Desai · 25 Jul 2026
Advertisement – No Superlatives – "Best", "No. 1", "Leading" Are Prohibited
A comprehensive guide on the prohibition of superlative terms such as "Best", "No. 1", and "Leading" in Research Analyst advertisements.
CA Anuj Desai · 25 Jul 2026
Advertisement – Past Performance Claims – PaRRVA Verification Requirement
A comprehensive guide on past performance claims in Research Analyst advertisements, including the PaRRVA verification requirement.
CA Anuj Desai · 25 Jul 2026
Advertisement – Prior Approval from RAASB – When and How
A comprehensive guide on when and how to obtain prior approval from RAASB for Research Analyst advertisements.
CA Anuj Desai · 25 Jul 2026
Advertisement – Retention of Advertisement Copies – Five-Year Requirement
A comprehensive guide on the five-year retention requirement for Research Analyst advertisement copies.
CA Anuj Desai · 25 Jul 2026
Brand Name vs SEBI-Registered Name – The Display Rule Every RA's Website Must Follow
A comprehensive guide on the brand name vs SEBI-registered name display rule that every Research Analyst's website must follow.
CA Anuj Desai · 25 Jul 2026
Brand Name – Prominent Display of Registration Number, Address and Logo
A comprehensive guide on the prominent display of registration number, address, and logo for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit for Research Analysts – Complete Guide
A comprehensive guide to the annual compliance audit for Research Analysts, covering who can conduct the audit, the timeline, what must be reported, and how to handle adverse findings.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit – Who Can Conduct the Audit – ICAI, ICSI, ICMAI
A detailed guide on who can conduct the annual compliance audit for Research Analysts, including the eligibility of ICAI, ICSI, and ICMAI members.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit – Timeline – Six Months from End of Financial Year
A detailed guide on the timeline for the annual compliance audit for Research Analysts, including the six-month period from the financial year end.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit Report – Submission to RAASB/SEBI by October 31
A comprehensive guide on the submission of the annual compliance audit report to RAASB/SEBI by October 31.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit – Adverse Findings – Publication on Website
A comprehensive guide on the publication of adverse findings from the annual compliance audit on the Research Analyst's website.
CA Anuj Desai · 25 Jul 2026
Annual Compliance Audit – Client-Level Segregation Certificate as Part of Audit
A comprehensive guide on the client-level segregation certificate as part of the annual compliance audit.
CA Anuj Desai · 25 Jul 2026
Periodic Reporting for Research Analysts – Half-Yearly Filing Requirements
A comprehensive guide on the half-yearly periodic reporting requirements for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Periodic Report – General Details of RA – What Must Be Reported
A comprehensive guide on the general details of the Research Analyst that must be reported in the periodic report.
CA Anuj Desai · 25 Jul 2026
Periodic Report – Complaint Details – Ageing and Resolution Time
A comprehensive guide on the complaint details, ageing, and resolution time that must be reported in the periodic report.
CA Anuj Desai · 25 Jul 2026
Periodic Report – Client and Fee Details – Individual vs Non-Individual Breakdown
A comprehensive guide on the client and fee details that must be reported in the periodic report, including individual vs non-individual breakdown.
CA Anuj Desai · 25 Jul 2026
Periodic Report – Timeline – Within 30 Days from End of Half-Year
A comprehensive guide on the timeline for submitting periodic reports within 30 days from the end of the half-year.
CA Anuj Desai · 25 Jul 2026
Periodic Reporting for Proxy Advisers – Separate Format and Direct Submission to SEBI
A comprehensive guide on the separate periodic reporting format for Proxy Advisers and direct submission to SEBI.
CA Anuj Desai · 25 Jul 2026
How to Handle a SEBI/RAASB Inspection as a Research Analyst
A comprehensive guide on how to handle a SEBI/RAASB inspection as a Research Analyst, including preparation, cooperation, and response.
CA Anuj Desai · 25 Jul 2026
Inspection – Obligations of RA During Inspection – Production of Books and Records
A comprehensive guide on the obligations of Research Analysts during inspection, including production of books, records, and information.
CA Anuj Desai · 25 Jul 2026
Inspection – Action on Inspection Report – Directions SEBI Can Issue
A comprehensive guide on the actions SEBI can take on an inspection report, including directions that can be issued to Research Analysts.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions for Research Analysts – The 30/5-Day Rule Explained
A comprehensive guide to the 30/5-day trading restriction rule for Research Analysts, including the blackout periods before and after publication of research reports.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions – No Trading Contrary to Recommendation
A detailed guide on the prohibition against trading contrary to a Research Analyst's own recommendation.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions – No Purchase Before IPO of Companies in Same Sector
A detailed guide on the restriction against purchasing securities before an IPO of companies in the same sector.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions – Exception for Significant News or Event
A detailed guide on the exception to trading restrictions for significant news or events concerning the subject company or unanticipated personal financial circumstances.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions – Prior Written Approval Requirement
A comprehensive guide on the prior written approval requirement for trading under the exception to trading restrictions.
CA Anuj Desai · 25 Jul 2026
Trading Restrictions – Applicability to Research Entities Without Segregation
A comprehensive guide on the applicability of trading restrictions to research entities without segregation.
CA Anuj Desai · 25 Jul 2026
Limitations on Compensation of Research Analysts – What's Prohibited
A comprehensive guide on the limitations on compensation of Research Analysts, including what is prohibited and the review requirements.
CA Anuj Desai · 25 Jul 2026
Compensation – No Bonus Based on Investment Banking/Brokerage Transactions
A detailed guide on the prohibition against bonus based on investment banking or brokerage transactions.
CA Anuj Desai · 25 Jul 2026
Compensation – Annual Review by Board Committee Without IB Representation
A comprehensive guide on the annual compensation review by a board committee without investment banking representation.
CA Anuj Desai · 25 Jul 2026
Limitations on Publication of Research Reports – IPO/FPO Blackout Periods
A comprehensive guide on the limitations on publication of research reports during IPO and FPO blackout periods.
CA Anuj Desai · 25 Jul 2026
Limitations on Publication – 40-Day and 10-Day Rules for Public Offerings
A detailed guide on the 40-day and 10-day rules for publication restrictions after IPOs and FPOs.
CA Anuj Desai · 25 Jul 2026
Limitations on Publication – 25-Day Rule for Underwriters
A detailed guide on the 25-day rule for underwriters of initial public offerings.
CA Anuj Desai · 25 Jul 2026
Limitations on Publication – Lock-Up Agreement Restrictions
A detailed guide on the publication restrictions related to lock-up agreements.
CA Anuj Desai · 25 Jul 2026
Conflict of Interest – General Guidelines for RAs and Associated Persons
A comprehensive guide on the general guidelines for dealing with conflicts of interest for Research Analysts and associated persons.
CA Anuj Desai · 25 Jul 2026
Conflict of Interest – Information Barriers and Restrictions on Transactions
A detailed guide on information barriers and restrictions on transactions for managing conflicts of interest.
CA Anuj Desai · 25 Jul 2026
Cybersecurity and Cyber Resilience Framework (CSCRF) for Research Analysts
A comprehensive guide to the Cybersecurity and Cyber Resilience Framework (CSCRF) for Research Analysts, covering applicability, core obligations, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
CSCRF – Core Obligations for SEBI Regulated Entities
A detailed breakdown of the core obligations under the Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities.
CA Anuj Desai · 25 Jul 2026
Vulnerability Assessment and Penetration Testing (VAPT) Cadence for RAs
A comprehensive guide on Vulnerability Assessment and Penetration Testing (VAPT) cadence for Research Analysts, including timelines, reporting, and remediation requirements.
CA Anuj Desai · 25 Jul 2026
SaaS-Based Solutions – SEBI's Advisory for Financial Sector Organisations
A comprehensive guide on SEBI's advisory for financial sector organizations regarding Software as a Service (SaaS) based solutions.
CA Anuj Desai · 25 Jul 2026
SaaS – Data Localisation – Why Critical Data Must Stay Within India
A comprehensive guide on data localisation requirements for SaaS-based solutions in the financial sector, explaining why critical data must stay within India.
CA Anuj Desai · 25 Jul 2026
Business Continuity Planning and DR Drills for RAs – What Auditors Check
A comprehensive guide on Business Continuity Planning and Disaster Recovery drills for Research Analysts, including what auditors check.
CA Anuj Desai · 25 Jul 2026
Framework to Address Technical Glitches – What's Required
A comprehensive guide on the framework to address technical glitches, including reporting requirements and the iSPOT portal.
CA Anuj Desai · 25 Jul 2026
Reporting AI/ML Tools Used by RAs – SEBI's Disclosure Requirement
A comprehensive guide on the requirement for Research Analysts to disclose the use of AI/ML tools in research services.
CA Anuj Desai · 25 Jul 2026
Digital Accessibility – Rights of Persons with Disabilities Act Compliance for RAs
A comprehensive guide on digital accessibility compliance for Research Analysts under the Rights of Persons with Disabilities Act, 2016.
CA Anuj Desai · 25 Jul 2026
Investor Charter for Research Analysts – What Every Client Is Entitled To Expect
A comprehensive guide to the Investor Charter for Research Analysts, explaining what every client is entitled to expect from their RA.
CA Anuj Desai · 25 Jul 2026
Investor Charter – Vision, Mission and Business Details
A detailed breakdown of the vision, mission, and business details in the Investor Charter for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Investor Charter – Rights of Investors – The 15-Point Rights Framework
A comprehensive guide to the 15-point rights framework for investors under the Research Analyst Investor Charter.
CA Anuj Desai · 25 Jul 2026
Investor Charter – Responsibilities of Investors – Do's and Don'ts
A comprehensive guide to the responsibilities of investors under the Research Analyst Investor Charter, including do's and don'ts.
CA Anuj Desai · 25 Jul 2026
Complaint Data Disclosure – The Monthly Website Publication Format
A comprehensive guide on the monthly complaint data disclosure format that Research Analysts must publish on their websites.
CA Anuj Desai · 25 Jul 2026
Complaint Data – Impersonation Complaints – How to Adjust and Close
A detailed guide on how Research Analysts should handle impersonation complaints, including adjustment and closure procedures.
CA Anuj Desai · 25 Jul 2026
SCORES 2.0 for Research Analyst Complaints – The Two-Level Review Process
A comprehensive guide on SCORES 2.0 for Research Analyst complaints, including the two-level review process.
CA Anuj Desai · 25 Jul 2026
Online Dispute Resolution (ODR) for RA-Client Disputes – Conciliation to Arbitration
A comprehensive guide on Online Dispute Resolution (ODR) for RA-client disputes, including conciliation and arbitration processes.
CA Anuj Desai · 25 Jul 2026
Grievance Redressal Timelines – 21-Day Mandate for Resolution
A comprehensive guide on the 21-day grievance redressal mandate for Research Analysts.
CA Anuj Desai · 25 Jul 2026
How to File a Complaint Against a Research Analyst – Complete Guide for Clients
A complete step-by-step guide for clients on how to file a complaint against a Research Analyst.
CA Anuj Desai · 25 Jul 2026
RAASB (BSE) Explained – How Self-Regulatory Supervision of Research Analysts Works
A comprehensive guide to RAASB (BSE) and how self-regulatory supervision of Research Analysts works under the SEBI framework.
CA Anuj Desai · 25 Jul 2026
RAASB – Recognition Criteria – 15 Years, ₹200 Crore Net Worth, Nationwide Terminals
A detailed analysis of the recognition criteria for RAASB, including 15 years of existence, ₹200 crore net worth, and nationwide terminals.
CA Anuj Desai · 25 Jul 2026
RAASB – Responsibilities – Administration, Supervision, Grievance Redressal
A comprehensive guide to the responsibilities of RAASB, including administration, supervision, and grievance redressal functions.
CA Anuj Desai · 25 Jul 2026
RAASB – Enlistment of RAs – Deemed Enlistment for Existing RAs
A comprehensive guide on the enlistment of Research Analysts with RAASB, including deemed enlistment for existing RAs.
CA Anuj Desai · 25 Jul 2026
RAASB – Administrative Fees – Fee Neutrality Principle
A comprehensive guide on RAASB administrative fees and the fee neutrality principle.
CA Anuj Desai · 25 Jul 2026
Appointment of Compliance Officer for Non-Individual Research Analysts
A comprehensive guide on the appointment of a compliance officer for non-individual Research Analysts.
CA Anuj Desai · 25 Jul 2026
Compliance Officer – Independent Professional – ICAI/ICSI/ICMAI Route
A detailed guide on the appointment of an independent professional as compliance officer through the ICAI/ICSI/ICMAI route.
CA Anuj Desai · 25 Jul 2026
Compliance Officer – NISM Certifications Required – XV, XV-B and III A
A detailed guide on the NISM certifications required for independent professionals appointed as compliance officers.
CA Anuj Desai · 25 Jul 2026
Principal Officer Requirements for Non-Individual RAs – Eligibility and Responsibilities
A comprehensive guide on the principal officer requirements for non-individual Research Analysts, including eligibility and responsibilities.
CA Anuj Desai · 25 Jul 2026
Change in Control for Research Analysts – Prior Approval Process
A comprehensive guide on the prior approval process for change in control for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Proxy Advisers – Registration and Compliance Under RA Regulations
A comprehensive guide on the registration and compliance requirements for Proxy Advisers under the RA Regulations.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Applicability of RA Regulations Mutatis Mutandis
A detailed analysis of the applicability of RA Regulations to proxy advisers on a mutatis mutandis basis.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Additional Disclosures – Research Extent and Issuer Interaction Policies
A detailed guide on the additional disclosures required from proxy advisers regarding research extent and issuer interaction policies.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Voting Recommendation Policies – Disclosure and Annual Review
A comprehensive guide on voting recommendation policies for proxy advisers, including disclosure and annual review requirements.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Factual Error Alerts – 24-Hour and 72-Hour Communication Timelines
A detailed guide on the 24-hour and 72-hour communication timelines for factual error alerts and material revisions by proxy advisers.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Report Sharing with Clients and Companies – Simultaneous Disclosure
A detailed guide on simultaneous report sharing with clients and companies by proxy advisers.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Conflict of Interest Disclosure on Every Document
A comprehensive guide on conflict of interest disclosure requirements for proxy advisers on every document.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Grievance Resolution Between Listed Entities and Proxy Advisers
A comprehensive guide on grievance resolution between listed entities and proxy advisers.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Periodic Reporting Format and Direct Submission to SEBI
A comprehensive guide on the periodic reporting format for proxy advisers and direct submission to SEBI.
CA Anuj Desai · 25 Jul 2026
Proxy Adviser – Record of Voting Recommendations – Maintenance and Furnishing to SEBI
A comprehensive guide on the record of voting recommendations that proxy advisers must maintain and furnish to SEBI.
CA Anuj Desai · 25 Jul 2026
Call Recording Relaxation for Institutional Investors – SEBI's 2026 Proposal
A detailed guide on the call recording relaxation for institutional investors proposed by SEBI in 2026, including its scope and implications for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Call Recording – What Constitutes "Institutional Investor" Under RA Regulations
A detailed analysis of what constitutes an "institutional investor" under the RA Regulations for the purposes of call recording relaxation.
CA Anuj Desai · 25 Jul 2026
Call Recording – Alternative Documentary Evidence – Emails, SMS, Legally Verifiable Records
A comprehensive guide on alternative documentary evidence for client interactions, including emails, SMS, and legally verifiable records.
CA Anuj Desai · 25 Jul 2026
NISM Series-XXV-A – New Lighter Certification for Sales and Non-Core Staff
A comprehensive guide on the new NISM Series-XXV-A certification for sales and non-core staff of Research Analysts.
CA Anuj Desai · 25 Jul 2026
NISM Series-XXV-A – Who Needs It and Who Doesn't
A detailed guide on who needs the NISM Series-XXV-A certification and who does not for Research Analyst staff.
CA Anuj Desai · 25 Jul 2026
NISM Series-XV – Renewal Certification – Three-Year Validity
A comprehensive guide on NISM Series-XV renewal certification and its three-year validity for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Cost Accountants (ICMAI) Now Eligible to Conduct RA Compliance Audits
A comprehensive guide on the eligibility of Cost Accountants (ICMAI) to conduct Research Analyst compliance audits.
CA Anuj Desai · 25 Jul 2026
Master Circular for Research Analysts – February 06, 2026 – Consolidated Guidance
A comprehensive guide on the Master Circular for Research Analysts dated February 6, 2026, providing consolidated guidance.
CA Anuj Desai · 25 Jul 2026
Regulatory Sandbox for Research Analysts – When and How It Applies
A comprehensive guide on the Regulatory Sandbox for Research Analysts, including when and how it applies.
CA Anuj Desai · 25 Jul 2026
Association of RAs with "Finfluencers" – The Prohibition on Association with Unregistered Persons
A comprehensive guide on the prohibition of association between Research Analysts and finfluencers or unregistered persons.
CA Anuj Desai · 25 Jul 2026
Record-Keeping Requirements for Research Analysts – What to Maintain and For How Long
A comprehensive guide on record-keeping requirements for Research Analysts, including what to maintain and for how long.
CA Anuj Desai · 25 Jul 2026
Record-Keeping – Research Report Duly Signed and Dated – Digital Signature Requirement
A detailed guide on the requirement for research reports to be duly signed and dated, including digital signature requirements.
CA Anuj Desai · 25 Jul 2026
Record-Keeping – Client Interaction Records – Calls, Emails, SMS, Physical Records
A comprehensive guide on maintaining client interaction records, including calls, emails, SMS, and physical records.
CA Anuj Desai · 25 Jul 2026
Record-Keeping – Five-Year Preservation Period – Dispute Exception
A comprehensive guide on the five-year preservation period for records and the dispute exception.
CA Anuj Desai · 25 Jul 2026
Record-Keeping – Register of Clients – PAN, Date, Nature of Service, Fee/Consideration
A comprehensive guide on maintaining the register of clients, including PAN, date, nature of service, and fee/consideration.
CA Anuj Desai · 25 Jul 2026
Anti-Money Laundering (AML) Obligations for Research Analysts – Master Circular Reference
A comprehensive guide on Anti-Money Laundering obligations for Research Analysts, referencing the master circular.
CA Anuj Desai · 25 Jul 2026
AML – Reporting of Suspicious Transactions to FIU
A comprehensive guide on reporting suspicious transactions to FIU-IND for Research Analysts.
CA Anuj Desai · 25 Jul 2026
FATCA and CRS Compliance for Research Analysts – Reporting Obligations
A comprehensive guide on FATCA and CRS compliance obligations for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Insider Trading and Front Running Restrictions – Code of Conduct Requirements
A comprehensive guide on insider trading and front running restrictions under the Code of Conduct for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Fraud and Market Abuse Prevention – Institutional Mechanism Requirements
A comprehensive guide on fraud and market abuse prevention mechanisms for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Outsourcing of Activities by Research Analysts – What Can Be Delegated
A detailed guide on what activities a Research Analyst can outsource, the risk management programme required, and how to select third-party service providers compliant with SEBI's outsourcing framework.
CA Anuj Desai · 25 Jul 2026
Outsourcing – Activities That Shall Not Be Outsourced – Core Business and Compliance
A critical analysis of what activities Research Analysts must never outsource, including core business activities and compliance functions, and why these restrictions protect investor interests and market integrity.
CA Anuj Desai · 25 Jul 2026
Outsourcing – Written Contract Requirements – Rights, Responsibilities, Confidentiality
A comprehensive guide to the legal requirements for outsourcing contracts between Research Analysts and third-party service providers, covering all essential clauses and regulatory compliance aspects.
CA Anuj Desai · 25 Jul 2026
Outsourcing – Contingency Plans and Disaster Recovery – Periodic Testing
A detailed analysis of contingency plan requirements for Research Analysts outsourcing activities, covering disaster recovery, periodic testing, and business disruption management.
CA Anuj Desai · 25 Jul 2026
Outsourcing – Third-Party Data Protection – Confidentiality and "Need to Know" Basis
A comprehensive guide to data protection requirements when Research Analysts outsource activities, covering confidentiality obligations, unauthorized disclosure prevention, and third-party data handling protocols.
CA Anuj Desai · 25 Jul 2026
Public Appearance and Media Recommendations – Disclosure Requirements
A comprehensive guide to disclosure requirements when Research Analysts make public appearances or provide recommendations through media, covering registration status, financial interests, and compliance obligations.
CA Anuj Desai · 25 Jul 2026
Public Appearance – Registration Status and Financial Interest Disclosure
A detailed guide on the specific disclosure requirements for Research Analysts during public appearances, focusing on registration status and financial interest disclosures.
CA Anuj Desai · 25 Jul 2026
Journalists and Media Personnel – RA Registration Exemption and Trading Restrictions
A comprehensive guide to the registration exemption available to journalists and media personnel under SEBI RA Regulations, along with the trading restrictions and disclosure obligations that apply to them.
CA Anuj Desai · 25 Jul 2026
Persons Located Outside India – Issuing Research Reports on Indian Securities
A comprehensive guide to the requirements and obligations for persons located outside India issuing research reports on Indian securities, including the mandatory agreement with a registered Research Analyst.
CA Anuj Desai · 25 Jul 2026
Research Report – Communications Excluded – Periodic Reports, Internal Communications, Technical Analysis
A comprehensive list and analysis of communications that are excluded from the definition of "research report" under SEBI RA Regulations, helping RAs understand what activities require registration.
CA Anuj Desai · 25 Jul 2026
Research Report – Coverage of All Securities – Not Just Equity
A comprehensive analysis of the scope of securities covered under SEBI RA Regulations, clarifying that Research Analysts are regulated for all securities, not just equity and equity-linked instruments.
CA Anuj Desai · 25 Jul 2026
Family of Client – Definition and Implications for Client-Level Segregation
A comprehensive analysis of the "family of client" definition under SEBI RA Regulations and its implications for client-level segregation, fee limits, and compliance requirements.
CA Anuj Desai · 25 Jul 2026
Family of Individual Research Analyst – Definition and Implications
A comprehensive analysis of the "family of individual research analyst" definition under SEBI RA Regulations and its implications for segregation of research and distribution activities.
CA Anuj Desai · 25 Jul 2026
Associate – Definition and Conflict of Interest Implications
A comprehensive analysis of the "associate" definition under SEBI RA Regulations and its implications for conflict of interest disclosure and management for Research Analysts.
CA Anuj Desai · 25 Jul 2026
Fit and Proper Person Criteria – Schedule II of SEBI (Intermediaries) Regulations, 2008
A comprehensive guide to the "fit and proper person" criteria under Schedule II of SEBI Intermediaries Regulations and its application to Research Analysts at registration and ongoing basis.
CA Anuj Desai · 25 Jul 2026
Research Analyst Compliance Calendar FY 2026-27 – Every Deadline in One Place
A comprehensive annual compliance calendar for Research Analysts covering all regulatory deadlines, reporting requirements, and ongoing obligations under SEBI RA Regulations.
CA Anuj Desai · 25 Jul 2026
RA Registration – The 5-Month Journey – NISM Exam Slots and AI Background Verification
A step-by-step guide to the Research Analyst registration journey, covering NISM certification, application process, AI background verification, and the 5-month timeline to registration.
CA Anuj Desai · 25 Jul 2026
Research Analyst vs Portfolio Manager (PMS) – Which One Suits Your Business?
A comprehensive comparison between Research Analysts and Portfolio Managers, helping professionals understand the distinct roles, regulatory frameworks, and business models to determine which registration suits their practice.
CA Anuj Desai · 25 Jul 2026
Research Analyst vs Mutual Fund Distributor – What's the Actual Difference?
A comprehensive comparison between Research Analysts and Mutual Fund Distributors, highlighting the distinct roles, regulatory frameworks, and business models for professionals considering either practice.
CA Anuj Desai · 25 Jul 2026
Building an Internal SOP Manual for a New Research Analyst Practice
A comprehensive guide to building an internal Standard Operating Procedures manual for a new Research Analyst practice, covering all regulatory requirements and best practices.
CA Anuj Desai · 25 Jul 2026
Transitioning from Unregistered Research to SEBI-Registered RA – A Practical Roadmap
A practical roadmap for transitioning from an unregistered research practice to a SEBI-registered Research Analyst, covering preparation, application, and post-registration compliance.
CA Anuj Desai · 25 Jul 2026
Research Analyst Practice – Fee-Only vs Subscription-Based Models
A comprehensive analysis of fee-only versus subscription-based business models for Research Analysts, including regulatory compliance and practical considerations.
CA Anuj Desai · 25 Jul 2026
Research Analyst for Institutional Clients – Distinct Compliance Requirements
A comprehensive guide to the distinct compliance requirements for Research Analysts serving institutional clients, including exemptions, waivers, and specific obligations.
CA Anuj Desai · 25 Jul 2026
Research Analyst for Retail Clients – Investor Protection and Disclosure Focus
A comprehensive guide to the distinct compliance requirements for Research Analysts serving retail clients, focusing on investor protection, disclosures, and the responsibilities of RAs towards retail investors.
CA Anuj Desai · 25 Jul 2026
Research Analyst Practice – Building Content Marketing Within Regulatory Boundaries
A practical guide to building content marketing within SEBI regulatory boundaries, helping Research Analysts effectively market their services while maintaining compliance.
CA Anuj Desai · 25 Jul 2026
Research Analyst Practice – Client Acquisition Strategies That Are Compliant
A comprehensive guide to client acquisition strategies for Research Analysts that are fully compliant with SEBI regulations, helping RAs grow their practice while maintaining regulatory integrity.
CA Anuj Desai · 25 Jul 2026
RA NISM Certification – Relaxation for Sales Staff and Non-Core Services
A detailed analysis of the NISM certification relaxation for sales staff and non-core service personnel, explaining the new lighter certification module and compliance requirements.
CA Anuj Desai · 25 Jul 2026
RA Annual Audit – Clarification on Cost Accountants Eligibility
A detailed explanation of the clarification regarding the eligibility of members of the Institute of Cost Accountants of India to conduct annual audits of Research Analysts under SEBI RA Regulations.
CA Anuj Desai · 25 Jul 2026
Can a Stock Broker or RA Also Register as a Portfolio Manager? — Dual Registration Rules
An analysis of whether stock brokers and Research Analysts can also register as Portfolio Managers, including dual registration rules and compliance considerations.
CA Anuj Desai · 25 Jul 2026
Part-Time PMS-Adjacent Advisory for CAs — Where the Line Sits With IA/RA Registration
A comprehensive guide to where the line sits between part-time PMS-adjacent advisory for CAs and IA/RA registration requirements.
CA Anuj Desai · 25 Jul 2026

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