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SEBI issued circular mandating standardized Most Important Terms and Conditions (MITC) for Research Analysts (RAs), effective immediately. RAs must disclose these terms to clients and obtain consent. Key provisions include: maximum annual fee cap of Rs 1,51,000 for individual/HUF clients, prohibition of cash payments, advance fees limited to one quarter, mandatory disclosure of conflicts of interest, and prohibition of guaranteed return schemes. RAs cannot execute trades for clients or guarantee investment returns. Existing clients must be informed via verifiable communication by June 30, 2025. The circular establishes a three-step grievance redressal mechanism through RA, SEBI SCORES, and Smart ODR portal. Implementation enforced under Section 11(1) of SEBI Act, 1992 and Regulation 24(6) of RA Regulations.
SEBI issued circular mandating standardized Most Important Terms and Conditions (MITC) for Research Analysts (RAs), effective immediately. RAs must disclose these terms to clients and obtain consent. Key provisions include: maximum annual fee cap of Rs 1,51,000 for individual/HUF clients, prohibition of cash payments, advance fees limited to one quarter, mandatory disclosure of conflicts of interest, and prohibition of guaranteed return schemes. RAs cannot execute trades for clients or guarantee investment returns. Existing clients must be informed via verifiable communication by June 30, 2025. The circular establishes a three-step grievance redressal mechanism through RA, SEBI SCORES, and Smart ODR portal. Implementation enforced under Section 11(1) of SEBI Act, 1992 and Regulation 24(6) of RA Regulations.
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