Periodic reporting format for Research Analysts and Proxy Advisers
Summary
This circular mandates a standardized periodic reporting format for Research Analysts and Proxy Advisers under the SEBI (Research Analysts) Regulations, 2014. It establishes that Research Analysts must submit reports to the RAASB while Proxy Advisers submit them directly to SEBI within 30 days of the half-yearly period ending March 31 or September 30. The document outlines the consultation process, applicability with immediate effect, and specific administrative directions for the RAASB to implement these requirements. This section defines the calculation method for average complaint resolution time and requests a breakdown of grievances by issue type. It includes Table-3 detailing client numbers and fee structures, with an exemption for free research services provided as value-added offerings. The final part outlines Annexure II, specifying the periodic reporting format for Proxy Advisers to disclose entity details, personnel, shareholding, and operational metrics.
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It has been decided to specify a standardized format for periodic reporting for RAs and PAs in terms of Regulation 24(4) and Regulation 23(1) of the RA Regulations.
SEBI has recognized BSE Limited as Research Analyst Administration and Supervisory Body (“RAASB”) for the purpose of administration and supervision of RAs under regulation 14 of the RA Regulations.
Based on recommendations from ISF and public consultation, periodic reporting formats for RAs and PAs are provided at Annexure I and Annexure II respectively.
RAs shall submit their periodic report to RAASB and PAs shall submit their periodic reports to SEBI within 30 days from the last date of the reporting period.
Reports are required for half-yearly periods ending on September 30 and March 31; the first report for the period ending March 31, 2025, is due by April 30, 2025.
This circular shall become applicable with immediate effect.
RAASB is directed to make arrangements for obtaining reports, bring provisions to notice of RAs, disseminate on website, and amend relevant Bye-laws/Guidelines for implementation.
This circular is issued in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992 read with Regulation 14, 23(1) and 24(4) of the RA Regulations.
(Average complaint Resolution time is the sum total of time taken to resolve each complaint in days, in the concerned half year period divided by total number of complaints resolved in the said half year period.)
Break-up of Grievances related to type of complaints received during the period Issues related to fees charged Inadequacy/ issues related to services Promise of assured returns Other (please specify)
Table-3 Details of Clients and Fees for the Half Year ended on ………………(DD/MM/YYYY) * Sr. No Particulars Individual Non-Individual Total Resi dent Non- Reside nt (B) FPI (C) Resident (D) Non- Resident (E) FPI (F) (A+B+C+ D+E+F) 1 Number of clients at the end of the previous half yearly period (i) 2 Number of clients acquired during the period (ii) 3 Number of client relationships that ended during the period (iii) 4 Number of clients at the end of the period (iv = i + ii - iii) 5 Details of Fees collected (in Rs.)
*In case, research services are provided as free for all as value added service to clients of other services offered by the entity viz. stock broking, PMS etc., the details sought in Table-3 need not be submitted.
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Source: SecMarx — Periodic reporting format for Research Analysts and Proxy Advisers. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.