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<h1>Code of Conduct for Investor Associations requires annual compliance, disclosure, governance standards and prohibition on promoting issuers.</h1> The circular mandates a Code of Conduct for SEBI recognised Investor Associations requiring disclosure of objectives to members, adherence to honesty, integrity and fairness, adequate staffing and infrastructure, comprehensive record keeping backed by operation manuals, regular updating and dissemination of regulatory developments, and cooperation with SEBI. Governance limits include representation only by executive committee/governing board members and disqualification of persons against whom adverse Board orders have been passed. IAs must not promote issuers or act as agents and must submit an annual letter of compliance.