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.... of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation - For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, direct or indirect, to the extent of not less than fifty percent of voting rights or interest;] ^2[(fa) "consideration" means any form of economic benefit including non-cash benefit, received or receivable, directly or indirectly, in any form whether from client or otherwise for providing research services; (fb) "family of an individual research analyst" shall include individual research analyst, spouse, children and parents; (fc) "family of client" shall include individual client, dependent spouse, dependent children and dependent parents;] (g) "fund manager" includ....

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....yment; (ne) "persons associated with research services" shall mean any member, partner, officer, director or employee or any other staff of such research analyst or research entity including any person occupying a similar status or performing a similar function irrespective of the nature of association with the research analyst or research entity who is engaged in providing research services to the clients or other persons or group of persons or general public. Explanation. - All client and public facing persons such as analysts, sales staff, service relationship managers, client relationship managers, etc., by whatever name called, shall be deemed to be persons associated with research services, but shall not include persons who discharge clerical or office administrative functions where there is no connection with research services and they have no client contact;] (o) "price target" means expectations of research analyst on the future performance of specific securities; ^4[(oa) "principal officer" in case of non-individual research analyst engaged - (i) solely in providing research services, shall mean the managing director or designa....

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....e; (r) "public media" means any media source available to the general public and includes a radio, television, internet, web or print media; (s) "public offer" includes initial public offer, further public offer, offer for sale, disinvestment, takeover, buy-back or delisting of securities; (t) "relative" means a person as defined in sub section (77) of section 2 of the Companies Act, 2013 and who is financially dependent on independent research analyst ^5[or part-time research analyst] or individual research analyst employed by research entity; ^6[(u) "research analyst" means a person who, for consideration, is engaged in the business of providing research services and includes a part-time research analyst;] (v) "research entity" means an intermediary registered with Board who is also engaged in merchant banking or investment banking or brokerage services or underwriting services and issue research report or research analysis in its own name through the individuals employed by it as research analyst and includes any other intermediary engaged in issuance of research report or research analysis; (w) "research report" means any wr....

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....rocedures of the research analyst or research entity; (z) "subject company" means the company whose securities are the subject of a research report or a public appearance; (za) "stock exchange" means a stock exchange recognised under section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (zb)"third party research report" means a research report produced by a person or entity other than the research analyst or research entity ^8[;] ^9[(zc) "trading calls" means intraday, ultra-short duration, non-delivery based (other than hedging) recommendation or any recommendation related to securities that are not personalized or investor specific.] (2) The words and expressions used and not defined in these regulations but defined in the Act, the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Companies Act, 1956 and 2013, or any rules or regulations made thereunder shall have the same meanings respectively assigned to them in those Acts, rules or regulations made thereunder or any statutory modification or re-enactment thereto, as the case may be.     ************** NOTES:- 1. Substituted vide....