Disclosures in research reports

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.... history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following: (i) Research analyst or research entity shall disclose the following in research report and in public appearance with regard to ownership and material conflicts of interest: (a) whether the....

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....with regard to receipt of compensation: (a) whether it or its associates have received any compensation from the subject company in the past twelve months; (b) whether it or its associates have managed or co-managed public offering of securities for the subject company in the past twelve months; (c) whether it or its associates have received any compensation for investme....

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....t company is or was a client during twelve months preceding the date of distribution of the research report and the types of services provided: Provided that research analyst or research entity shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-publ....