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    <title>Master Circular for Research Analysts</title>
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    <description>SEBI&#039;s Master Circular consolidates all circulars to Research Analysts up to May 15, 2024, supersedes the prior Master Circular, and rescinds listed circulars to the extent they relate to RAs while preserving prior actions and pending applications by deeming them under the new circular. It compiles procedural guidelines for proxy advisors (policy disclosure, methodology, conflicts, timelines), establishes a framework recognising a stock exchange as RAASB/IAASB for administration and supervision with enlistment requirements and transitional provisions, prescribes investor grievance disclosure and SCORES/ODR usage, sets advertising, outsourcing, AML, SaaS compliance and reporting obligations, and details change-in-control procedures and annexures.</description>
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