Master Circular for Research Analysts

MASTER CIRCULAR

HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026

February 06, 2026

To,

All Research Analysts Research Analysts Administration and Supervisory Body (RAASB)

Dear Madam / Sir,

Subject: Master Circular for Research Analysts

1. For effective regulation of Research Analysts, the Securities and Exchange Board of India has been issuing various Circulars from time to time.

2. In order to enable Research Analysts and other market stakeholders to have access to all applicable Circulars in the subject matter at one place, this Master Circular is issued. This master circular has been updated to incorporate the provision of the Circular(s) given in the appendix to this Master Circular.

3. With the issuance of this Master Circular, all directions/instructions contained in the Circulars listed out in the Appendix to this Master Circular shall stand rescinded to the extent they relate to Research Analysts.

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   a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;

   b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;

   c) The previous operation of the rescinded circulars or anything done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force.

5. This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market

6. This Master Circular is available on SEBI website at www.sebi.gov.in in the path “Legal >Master Circulars”.

Yours faithfully

Aradhana Verma General Manager Tel. No. 022-26449633 aradhanad@sebi.gov.in

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TABLE OF CONTENTS

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I. GUIDELINES FOR RESEARCH ANALYSTS

1. Guidelines for Research Analysts¹

The Research Analysts shall ensure compliance with the following guidelines specified under the SEBI (Research Analysts) Regulations, 2014 (hereinafter referred to as “RA Regulations”):

1.1 Qualification and certification requirements

a. Regulation 7 of the RA Regulations specifies the minimum qualification and certification requirements for RAs. It is clarified that the revised qualification requirements shall not be required to existing individual RAs, Principal officer of non-individual RAs or research entity, individuals employed as research analysts and partners of research analyst, if any, engaged in providing research services. However, they shall hold NISM certifications and comply with other conditions specified under Regulation 7(3) of the RA Regulations.

b. As per Regulation 7(1) (b) of SEBI (Research Analysts) Regulations, 2014, Post Graduate Program in the Securities Market (Research Analysis) from NISM (or any other program of NISM as may be specified by the Board) has been provided as an eligible qualification for an Individual research analyst or principal officer of a non-individual research analyst or individual employed as research analyst or persons associated with research services or partners of a research analyst, if any, engaged in research services.

In this regard, for sake of clarity, it has been specified that the applicants who meet the qualification criteria provided under Regulation 7(1)(b) shall not be required to obtain initial entry level certification (as applicable for applicants with other qualifications) from NISM or from any other organization or institution accredited by NISM. However, as provided under Regulation 7(3), such persons shall be required to obtain relevant renewal certification from NISM or from any other organization or institution accredited by NISM, within three years from the date of registration certificate.