Master Circular for Research Analysts

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....n the circulars listed out in the Appendix to this Master Circular, to the extent they relate to the RAs, shall stand rescinded 4. Notwithstanding such rescission, a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded. 5. This circular is issued in exercise of....

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....¿à¤­à¥‚ति और विनिमय बोर्ड Securities and Exchange Board of India Subject No. 14. Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under VI. REPORTING REQUIREMENTS VII. ANNEXURES 15. ANNEXURE A - Investor Charter In respect of RAS Page No. 28 29 31 16. ANNEXURE B - Complaint Data to be displayed by RAS 34 17. ANNEXURE C - Advisory for Financial Sector Organizations Software 36 as a Service (SaaS) based solution 18. ANNEXURE D - Declaration cum undertaking for seeking prior 38 approval for change in control 20. VIII. 19. ANNEXURE E - Principles for outsourcing for intermediaries ANNEXURE F - Detailed framework for RAASB and IAASB APPENDIX: List of Circulars/ Notifications/Communications 40 47 52 Page 4 of 53 S=31 भारतीय प्रतिभूति और à¤....

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.... a different viewpoint on the recommendations stated in the report of the proxy advisors, then proxy advisors, after taking into account the said viewpoint, may either revise the recommendation in the addendum report or issue an addendum to the report with its remarks, as considered appropriate. f) Proxy Advisors shall clearly disclose in their recommendations the legal requirement vis-a-vis higher standard they are suggesting if any, and the rationale behind the recommendation of higher standards. g) Proxy Advisors shall disclose conflict of interest on every specific document where they are giving their advice. Further, the disclosures should especially address possible areas of potential conflict and the safeguards that have been put in place to mitigate possible conflicts of interest. h) Proxy Advisors shall establish clear procedures to disclose, manage and/or mitigate any potential conflicts of interest resulting from other business activities including consulting services, if any, undertaken by them and disclose the same to clients. 1.2 The provisions of Clause 1.1(c) and 1.1(e) became applicable with effect from February....

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.... Regulations, 2014 10 IA Regulations- SEBI (Investment Advisers) Regulations, 2013 Page 7 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India shall be granted recognition as RAASB and IAASB. To begin with, in order to ensure efficiency in the system and economies of scale, RAASB and IAASB shall be one and the same stock exchange. Timeline for implementation 2.4. The above provisions of clause 2 as well as provisions contained in Annexure F shall become effective on July 25, 2024 (ninetieth day from the date of publication in the Official Gazette of the amendments to RA Regulations made vide the SEBI (Research Analysts) (Amendment) Regulations, 2024 and the amendments to IA Regulations made vide the SEBI (Investment Advisers) (Amendment) Regulations, 2024). III. INVESTOR COMPLAINTS 3. Grievance Resolution between listed entities and proxy advisers 11 3.1. Regulation 4(2)(a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure R....

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....able to them through workshops as well as through print and electronic media. 12 Reference: Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/159 dated August 27, 2020. 13 Reference: Circular No. CIR/MIRSD/3/2014 dated August 28, 2014, SEBI/HO/OIAE/IGRD/P/CIR/2022/0150 dated November 07, 2022, SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023 and SEBI/HO/OIAE/OIAE_IAD- 3/P/CIR/2023/195 dated July 31, 2023 (updated as on December 28, 2023) Page 9 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India 4.2. As an additional measure and for information of all investors who deal/ invest/transact in the market, the research analysts shall prominently display in their offices the following information about the grievance redressal mechanism available to investors. Dear Investor, In case of any grievance/complaint against the research analyst: Please contact Compliance Officer of the research analyst (Name and Address) email-id ([email protected]) and Phone No. - - 91-XXXX....

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....ies which an investor deals with while availing the services provided by research analysts, SEBI has developed an Investor Charter for Research Analysts. This Charter is a brief document containing details of services provided to investors, their rights, dos and don'ts, responsibilities, investor grievance handling mechanism and estimated timelines thereof etc., at one single place, in a lucid language, for ease of reference. 5.2. All registered Research Analysts are advised to bring to the notice of their clients the Investor Charter as provided at Annexure A by prominently displaying on their websites and mobile applications. Research Analysts not 14 Reference: Circular No. SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13, 2021 Page 11 of 53 S31 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India having websites/mobile applications shall, as a one-time measure, send Investor Charter to the investors on their registered e-mail address. 5.3. Additionally, in orde....

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....eamless control over the critical systems at your organizations by continuous monitoring through direct control and supervision protocol mechanisms while keeping the critical data within the legal boundary of India. 5.4 The compliance of the advisory shall be reported half yearly by research analysts to SEBI with an undertaking, "Compliance of the SEBI circular for Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions has been made." V. MISCELLANEOUS 7. Procedure for seeking prior approval for change in control 16 6.1 Regulation 24(3) of the Regulations provide that research analyst or research entity shall obtain prior approval of SEBI in case of change in control. 16 Reference: Circular No. SEBI/HO/MIRSD/MIRSD-POD-2/P/CIR/2022/163 dated November 28, 2022 Page 13 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India 6.2 To streamline the process of providing approval to the proposed change in control of resea....

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....otherwise with the new management; and (iii) the 'fit and proper person' criteria as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008 are complied with. h. In case the incumbent is a registered stock broker, clearing member, depository participant, in addition to the above, it shall obtain approval/NOC from all the stock exchanges/clearing corporations/ depositories, where the incumbent is a member/depository participant and submit self-attested copy of the same to SEBI. iii) The prior approval granted by SEBI shall be valid for a period of six months from the date of such approval within which the applicant shall file application for fresh registration pursuant to change in control. 6.3 To streamline the process of providing approval to the proposed change in control of an intermediary in matters which involve scheme(s) of arrangement which needs sanction of the National Company Law Tribunal Page 15 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board....

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....ing platforms, social media platforms, radio, telephone, or in any other form over the internet) or over any other audio-visual form of communication (such as television, tape recording, video tape recordings, motion pictures) or in any other manner whatsoever. b. Information/disclosures in the advertisement: The information/disclosures that the advertisement shall contain, include the following- i. Name of the RA as registered with SEBI, registered office address, SEBI Registration No., logo/brand name/trade name of RA, and CIN of the RA, if applicable. ii. Information which is accurate, true and complete in unambiguous and concise language. iii. Standard warning in legible fonts (minimum 10 font size) which states "Investment in securities market are subject to market risks. Read all the related documents carefully before investing.". No Page 17 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India addition or deletion of words shall be made to/from the stan....

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....t contained in the advertisement. vi. Any statement designed to exploit the lack of experience or knowledge of the investors. vii. Any statement that is exaggerated or is inconsistent with or unrelated to the nature and risk and return profile of the product. viii. Extensive use of technical or legal terminology or complex language and the inclusion of excessive details which may distract the investors. ix. Reference to any report, analysis, or service as free, unless it actually is free and without condition or obligation. Page 19 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India ✗. Any promise or guarantee of assured or risk free return to the investors. The advertisement shall not imply any assured returns or minimum returns or target return or percentage accuracy or service provision till achievement of target returns or any other nomenclature that gives the impression to the client that the recommendation of research report is risk-free....

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....ons, know your client forms and client agreements, if any. ii. The information such as name of the RA as registered with SEBI, its logo, its registration number, its complete address with telephone numbers, the name of the compliance officer, his telephone number and e-mail address, the name, telephone number and e-mail address of the grievance officer or the grievance redressal cell shall be Page 21 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India displayed prominently in statements or reports or any other form of correspondence with the client. iii. Disclaimer that "Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors" shall be mentioned on portal/web site, if any, notice board, display boards, advertisements, publications, know your client forms, client agreements, if any, statements or reports or any other form of correspondence with the client. iv....

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....gard 19. 10. Guidelines on Outsourcing of Activities by Intermediaries 20 10.1. SEBI Regulations for various intermediaries require that they shall render at all times high standards of service and exercise due diligence and ensure proper care in their operations. 10.2. It has been observed that often the intermediaries resort to outsourcing with a view to reduce costs, and at times, for strategic reasons. 19 Circular No. CIR/ISD/2/2011 dated March 24, 2011. 20 Circular No. CIR/MIRSD/24/2011 dated December 15, 2011. Page 23 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India 10.3. Outsourcing may be defined as the use of one or more than one third party - either within or outside the group - by a registered intermediary to perform the activities associated with services which the intermediary offers. 10.4. Principles for Outsourcing i. The risks associated with outsourcing may be operational risk, reputational risk, legal risk, country risk, strategic ris....

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.... from time to time by SEBI. On the lines of Principle 8 of the International Organisation of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulations, it has been decided to put in place comprehensive guidelines to collectively cover such intermediaries, for elimination of their conflict of interest, as detailed hereunder. 12.2. Intermediaries shall adhere to these guidelines for avoiding or dealing with or managing conflict of interest. They shall be responsible for educating their 21 Reference: Circular No. SEBI/HO/ITD/ITD/CIR/P/2021/575 dated June 14, 2021 and SEBI/HO/MIRSD/MIRSD_IT/P/CIR/2021/0000000658 dated November 16, 2021 22 Reference: Circular CIR/MIRSD/5/2013 dated August 27, 2013. Page 25 of 53 SZ31 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India associated persons for compliance of these guidelines. 12.3. For the purpose of these guidelines "associated persons" shall have the same meaning as defined in Securities and Exchange Board....

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.... result of their dealings, for their personal interest; 12.5. The Boards of intermediaries shall put in place systems for implementation of the aforementioned guidelines and provide necessary guidance enabling identification, elimination or management of conflict of interest situations. The Boards shall review the compliance of the above guidelines periodically. 12.6. The said guidelines shall be in addition to the provisions, if any, contained in respective regulations/ circulars issued by the Board from time to time regarding dealing with conflict of interest, in respect of intermediaries. Page 27 of 53 SZ31 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India 13. Approach to securities market data access and terms of usage of data provided by data sources in Indian securities market23 13.1. Research Analysts are advised to make note of the following: "As far as the data provided by various data sources in Indian securities markets pursuant to regulatory mandates for repor....

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....rmediaries- under-the-prevention-of-money-laund- 77975.html VI. REPORTING REQUIREMENTS 1. Complaint Data to be displayed by RAs on their website/ mobile application by 07th of the succeeding month: Formats for investors complaints data to be disclosed monthly by RAs on their website/mobile application: Data for the month ending - Sr. Received Pending Recei Resolv No. from at the ved ed * end of Total Pending Average Pending complaints Resolution > 3months time^ (in last days) month 1 Directly Page 29 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India ☐ Investors 2 (SCORES) 3 Other Sources (if any) Grand Total *Inclusive of complaints of previous months resolved in the current month. #Inclusive of complaints pending as on the last day of the month. ^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complain....

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....wellness. B. Details of business transacted by the Research Analyst with respect to the investors • To publish research report based on the research activities of the RA. • To provide an independent unbiased view on securities. • • To offer unbiased recommendation, disclosing the financial interests in recommended securities. To provide research recommendation, based on analysis of publicly available information and known observations. • To conduct audit annually C. Details of services provided to investors (No Indicative Timelines) Onboarding of Clients • Disclosure to Clients: To distribute research reports and recommendations to the clients without discrimination. To maintain confidentiality w.r.t publication of the research report until made available in the public domain. D. Details of grievance redressal mechanism and how to access it In case of any grievance / complaint, an investor should approach the concerned Research Analyst and shall ensure that the grievance is resolved within 30 days. If the investor's complaint is not redressed satisfactorily, one may lodge ....

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....मय बोर्ड Securities and Exchange Board of India accounts with the Research Analyst. ANNEXURE B COMPLAINT DATA TO BE DISPLAYED BY RAS Formats for investors complaints data to be disclosed monthly by RAs on their website/mobile application: Data for the month ending - Sr. Received No. from Pending at Receiv Resol Total Pending the end of ed ved* Pend complaints last month Average Resolution ing# >3months time^ (in days) 1 Directly from Investors 2 SEBI (SCORES) 3 Other Sources (if any) Grand Total * Inclusive of complaints of previous months resolved in the current month. # Inclusive of complaints pending as on the last day of the month. ^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month. Trend of monthly disposal of complaints Page 34 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोरà¥....

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....stem Configuration Data Page 36 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India • System Vulnerability Information • Risk Exception Information • Supplier Information & it's dependencies related Data Solution The Financial Sector organisations may be advised to protect such critical data using layered defence approach and seamless protection against external or insider threat. The organisations may also be advised to ensure complete protection & seamless control over their critical system by continuous monitoring through direct control and supervision protocol mechanisms while keeping such critical data within the legal boundary of India. The organisations may also be requested to report back to their respective regulatory authority regarding compliance to this advisory. It is requested that you may kindly keep CERT-In informed of the actions taken and periodically provide the updated compliance to this advisory. (It may be noted tha....

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....y any enforcement agency in matters concerning economic offences and is pending. No order of restraint, prohibition or debarment has been passed against us by the Board or any other regulatory authority or enforcement agency in any matter concerning securities laws or financial markets and such order is in force. No recovery proceedings have been initiated by the Board against us and are pending. (iv) (V) No order of conviction has been passed against us by a court for any offence Page 38 of 53 531 भारतीय प्रतिभूति और विनिमय बोर्ड Stefa Securities and Exchange Board of India 4. 5. 6. involving moral turpitude. (vi) No winding up proceedings have been initiated or an order for winding up has been passed against us. (vii) We have not been declared insolvent. (viii) We have not been found to be of unsound mind by a court of competent jurisdiction and no such finding is in force. (ix) We have not been categorized as a wilful defaulter. (x) We have not been declared a fug....

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....rcing multiple activities to the same entity, etc. 1.2. The Board shall mandate a regular review of outsourcing policy for such activities in the wake of changing business environment. It shall also have overall responsibility for ensuring that all ongoing outsourcing decisions taken by the intermediary and the activities undertaken by the third-party, are in keeping with its outsourcing policy. 2. The intermediary shall establish a comprehensive outsourcing risk management programme to address the outsourced activities and the relationship with the third party. 2.1. An intermediary shall make an assessment of outsourcing risk which depends on several factors, including the scope and materiality of the outsourced activity, etc. The factors that could help in considering materiality Page 40 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India in a risk management programme include- 2.1.1. The impact of failure of a third party to adequately perform the activity ....

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....gations to customers and regulators, nor impede effective supervision by the regulators. 3.1. The intermediary shall be fully liable and accountable for the activities that are being outsourced to the same extent as if the service were provided in- house. 3.2. Outsourcing arrangements shall not affect the rights of an investor or client against the intermediary any manner. The intermediary shall be liable to the investors for the loss incurred by them due to the failure of the third party and also be responsible for redressal of the grievances received from investors arising out of activities rendered by the third party. 3.3. The facilities/ premises / data that are involved in carrying out the outsourced activity by the service provider shall be deemed to be those of the registered intermediary. The intermediary itself and Regulator or the persons authorized by it shall have the right to access the same at any point of time. 3.4. Outsourcing arrangements shall not impair the ability of SEBI/SRO or auditors to exercise such as its regulatory responsibilities supervision/inspection of the intermediary. 4. The intermediary s....

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....¤¬à¥‹à¤°à¥à¤¡ Securities and Exchange Board of India 5.2.2. provides for mutual rights, obligations and responsibilities of the intermediary and the third party, including indemnity by the parties; 5.2.3. 5.2.4. 5.2.5. 5.2.6. 5.2.7. 5.2.8. provides for the liability of the third party to the intermediary for unsatisfactory performance/other breach of the contract provides for the continuous monitoring and assessment by the intermediary of the third party so that any necessary corrective measures can be taken up immediately, i.e., the contract shall enable the intermediary to retain an appropriate level of control over the outsourcing and the right to intervene with appropriate measures to meet legal and regulatory obligations; includes, where necessary, conditions of sub-contracting by the third-party, i.e. the contract shall enable intermediary to maintain a similar control over the risks when a third party outsources to further third parties as in the original direct outsourcing; has unambiguous confidentiality clauses to ensure protection of proprietary and customer data during the tenure of th....

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....f non-performance by the third party. 6.3. To ensure business continuity, robust information technology security is a necessity. A breakdown in the IT capacity may impair the ability of the intermediary to fulfill its obligations to other market participants/clients/regulators and could undermine the privacy interests of Page 45 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India its customers, harm the intermediary's reputation, and may ultimately impact on its overall operational risk profile. Intermediaries shall, therefore, seek to ensure that third party maintains appropriate IT security and robust disaster recovery capabilities. 6.4. Periodic tests of the critical security procedures and systems and review of the backup facilities shall be undertaken by the intermediary to confirm the adequacy of the third party's systems. 7. The intermediary shall take appropriate steps to require that third parties protect confidential information of both the intermedia....

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.... recognised as RAASB/IAASB shall include in its Memorandum of Association, Articles of Association and bye-laws, requisite provisions to fulfil the role and responsibilities specified in para 3 below. 2.2. The stock exchange recognised as RAASB/IAASB shall maintain necessary infrastructure like adequate office space, equipment and manpower to effectively discharge the responsibilities of RAASB/ IAASB. Infrastructure may be shared with other group entities where required. 2.3. The stock exchange recognised as RAASB/IAASB shall put in place systems/ processes for maintaining database of RAS/IAs, sharing of information with SEBI and discharging the responsibilities of RAASB/ IAASB. 2.4. RAASB and IAASB shall constitute an internal committee to oversee the activities of administration and supervision of RAS and IAs. The committee shall periodically Page 47 of 53 5-3 भारतीय प्रतिभूति और विनिमय बोर्ड Securities and Exchange Board of India review the performance of the stock exchange as RAASB/ IAASB and....

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....ange control of RA/IA f. Surrender of registration in g. NOC for establishing wholly owned subsidiary/ joint venture in foreign jurisdiction, etc. 3. Approval of advertisements of RAS/IAs as per Advertisement Code issued by SEBI 4. Maintenance of database of RAS/IAS 5. Enlisting RAS/IAs in the proposed RAASB/IAASB owned subsidiary/ 6. Issuance of circulars/instructions/standard operating joint venture in foreign jurisdiction, etc. 3. Supervision of RAS/IAs 4. Taking enforcement action suo moto or otherwise 5. Taking disciplinary/ penal action including levying penalty on recommendation proposed body 6. Grievance redressal of procedures, etc. to RAS/IAs for implementation of provisions of SEBI regulations/ circulars 7. Submission of periodical reports to SEBI 8. Collection and administration of fees. Activities pertaining to supervision: 9. Monitoring the activities of RAS/IAs by obtaining Annual Compliance Audit Report and other periodic/ad-hoc reports covering general details of RAS/IAS, details of customer complaints, details of clients, etc. 10. Monitoring comp....

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....¿à¤­à¥‚ति और विनिमय बोर्ड Securities and Exchange Board of India (iv) New applications received from the effective date of operationalization of RAASB/IAASB framework shall be routed through RAASB/IAASB. In such cases, enlistment with RAASB/ IAASB shall be a pre-requisite for grant of certificate of registration as RA/ IA by SEBI. (v) With reference to the RAS/IAs/applicants referred in point (i) to (iii) above, it is clarified that no additional documentation shall be required to be submitted by such RAS/IAs/applicants for enlistment with RAASB or IAASB as the case may be. 5. Repeal and Savings with respect to erstwhile IAASB framework 5.1 Any action taken or purported to have been taken or any action that may be taken against any person in relation to the membership of IAASB recognised under regulation 14 of IA Regulations shall be deemed to have been done or taken or may be taken under the corresponding provisions of the amended IA regulations. 6. Measures for promoting efficiency 6.1 To begin with, in order to ensure efficiency in the system and ....