How are research analysts regulated in India?
Whether the individuals employed as research analyst with an entity are required to obtain registration certificate under RA Regulations?
Whether the personnel involved in publication activities like marketing and editing are covered under the definition of Research Analyst under RA Regulations?
What are all the communications excluded from the definition of research report?
Whether technical analysis is exempted from the purview of the RA Regulations?
What are all communications excluded under periodic reports as per definition of research report?
Does RA Regulations cover only equity and equity linked securities?
Which intermediaries are covered under the definition of �Research Entity�?
Who is an independent research analyst?
Whether proxy advisers are required to obtain registration under RA Regulations?
What are the requirements to be fulfilled by proxy adviser?
Who is required to make an application to get registration under RA Regulations?
What is the procedure of obtaining registration as a research analyst from SEBI?
Who are exempted from making application for grant of registration under RA Regulations?
Whether any application fee is required to be paid at the time of making application for grant of registration under RA Regulations and What is the amount to be paid for grant of registration/renewal registration as research analyst?
What is the capital adequacy requirement for a Research Analyst?
Can a sole proprietor make an application to get registered as a research analyst?
What is covered under �public media�?
What are the disclosures required for making recommendations in public media?
Whether journalists who are on the payrolls of media organizations such as newspaper or television are required to get registered with SEBI?
Whether a person located outside India can issue research reports under RA Regulations?
Is it mandatory for research analysts to include the words �research analyst� in their name?
In case of a partnership firm, who is required to fulfil qualification and certification requirement under regulation 7 of RA Regulations?
How long does the certificate of registration remain valid under RA Regulations?
Who are all required to monitor the personal trading activities of the individuals employed as research analysts?
What are trading restrictions imposed under RA Regulations?
Whether the limitations on trading prescribed under regulation 16 of RA Regulations are applicable to research entity?
Whether the limitations on trading applicable to research entity or its associates, if it has segregated its research activities from other activities?
Who are required to appoint a compliance officer under RA Regulations?
Whether the existing compliance officer of a Brokerage Firm/Merchant Banking Firm, etc. can act as a compliance officer of research entity under RA regulations?
Whether the research services provided by intermediaries such as brokers or merchant bankers (research entities) as value added services to their clients are considered as research services �for consideration� for the purpose of RA Regulations?
Whether services such as brokerage services or merchant banking services provided by research entity are considered as distribution activity?
Whether RAs/research entity can provide distribution services on the products/securities on which they are not providing research services/brokerage/merchant banking services to their clients?
Is client level segregation (i.e. at group level, same client cannot be provided both research as well as distribution service) required if distribution and research services are provided on different categories of securities?
Is NISM certification mandatory for the sales staff, support staff, customer support team or other client-facing staff not involved in research?
Whether the following compliance requirements are also applicable in case of non-fee paying clients including institutional investors? -
i. Disclosure of terms and conditions of research services including Most Important Terms and Conditions (MITC) and signing/taking consent of client on these terms and conditions
ii. KYC Requirements
iii. Maintenance of records of interactions with clients such as call recordings, emails, sms
Whether non-fee paying clients are considered �clients� of research entity?
Whether number of such non-fee paying clients shall be considered as clients for the purpose of periodic reporting and determining the deposit amount to be lien marked to RAASB?
Whether research entity is required to disclose and take consent on the terms and conditions for research services from these clients?
Whether the exemption to compliance with client level segregation of research services and distribution activities is allowed to all entities offering services to Institutional clients and not only to entities providing research services exclusively to institutional clients?
Whether an RA in addition to providing services for consideration, can also provide services for no consideration?
For technical recommendations, whether a mere technical chart with a time stamp shall suffice as a research rationale?
Whether RAs can provide/showcase the past performance of their recommendations?