Securities and Exchange Board of India (Research Analysts) Regulations, 2014

SEBI/LAD-NRO/GN/2014-15/07/1414 · 2014-09-01 · Securities and Exchange Board of India

Summary

This part comprises Chapter I Preliminary of the SEBI (Research Analysts) Regulations, 2014 as amended up to November 25, 2025, covering pages 1-3. Regulation 1 states the short title and that the regulations come into force on the ninetieth day from publication in the Official Gazette under SEBI Act s 30 read with s 11(2)(b). Regulation 2 defines key terms including Act, Board, change in control, consideration, family, independent research analyst, non-individual, part-time research analyst, persons associated with research services, price target and principal officer. This part (pages 4-6) sets out definitions for clauses (p) to (zc) of the Research Analysts Regulations as amended by the Third Amendment Regulations 2024 effective 16-12-2024. It defines key terms including proxy adviser, public appearance, research analyst, research entity, research report, research services and trading calls and specifies exclusions from research report. It also prescribes provisos for designation and re-registration of partnership-firm research analysts and a general interpretation clause for undefined words. Regulation 3(1) prohibits any person from acting as a research analyst or research enti

Text

These regulations may be called the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette.

"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

"Board" means the Securities and Exchange Board of India established under section 3 of the Act;

"certificate" means a certificate of registration granted under these regulations;

"Change in control" – (i) in case of a body corporate – (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms 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;

"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;

"family of an individual research analyst" shall include individual research analyst, spouse, children and parents;

"family of client" shall include individual client, dependent spouse, dependent children and dependent parents;

"fund manager" includes fund managers of a mutual fund or alternative investment fund or venture capital fund or portfolio manager;

"independent research analyst" means a person whose only business activity is research analysis or preparation and/or publication of research report;

"inspecting authority" means any one or more persons appointed by the Board to exercise powers conferred under regulation 27;

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Source: SecMarx — Securities and Exchange Board of India (Research Analysts) Regulations, 2014. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.