Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
The regulatory framework for research analysts (RAs) mandates registration of research entities with SEBI, while individual analysts employed by such entities need certification but not separate registration. Proxy advisers must register and comply with RA regulations. Research reports exclude general market comments and certain internal communications. Trading restrictions prohibit analysts from trading securities they cover within specified periods and restrict dealings contrary to recommendations. RAs must disclose registration status and financial interests during public appearances. Distribution and research services must be segregated to avoid conflicts of interest, with exemptions for institutional clients upon waiver. Certification from NISM is required for personnel associated with research services, excluding clerical staff without client contact. Both fee-paying and non-fee-paying clients count towards client reporting and deposit requirements. Compliance officers must be appointed by non-individual RAs. The circular clarifies compliance obligations, exemptions, and procedural requirements to ensure investor protection and market integrity.
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