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<h1>Master Circular for Research Analysts consolidates SEBI guidance, updates operational, compliance and reporting requirements and RAASB framework.</h1> Master Circular consolidates prior circulars relating to research analysts and prescribes updated operative requirements. It clarifies qualification, deposit and certification obligations, fee caps and disclosure obligations and mandates client-level segregation of research and distribution with audit and KYC recordkeeping obligations; outcomecompliance timelines and audit/reporting regimes imposed. It operationalizes an Administration and Supervisory Body (RAASB) model for enlistment, scrutiny and supervision and provides procedural rules for prior approval for change in control and transfer scenarios; outcomeadministrative and supervisory functions delegated while core registration and enforcement remain with SEBI. It prescribes outsourcing, AML, cybersecurity, model portfolio and proxy adviser protocols with specified effects.