On June 09, 2025, the Securities and Exchange Board of India (“SEBI”) issued a Draft Circular on Frequently Asked Questions (“FAQs”) related to regulatory provisions for Research Analysts (“RAs”) under the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (“Draft Circular”).[1] The Draft Circular, in the form of FAQs, aims to address queries and provide clarity on recent regulatory developments. The FAQs have been provided in Annexure A of the Draft Circular.
Background
The SEBI (Research Analysts) Regulations, 2014 came into effect on December 01, 2014, and the initial FAQs were issued on December 09, 2014, to facilitate compliance by RAs. SEBI has since reviewed the regulatory framework and introduced SEBI (Research Analysts) (Third Amendment) Regulations, 2024, notified on December 16, 2024.
Pursuant to these amendments, a circular providing updated guidelines for RAs was issued on January 08, 2025.
In light of these developments, SEBI has proposed a consolidated and updated set of FAQs. The intent is to incorporate amendments, regulatory changes, and policy decisions affecting RAs.
Public Consultation
SEBI has invited public comments and suggestions on the draft circular latest by June 30, 2025. Comments can be submitted through the following link: Submit Public Comments
[1]https://www.sebi.gov.in/reports-and-statistics/reports/jun-2025/consultation-paper-on-draft-circular-on-frequently-asked-questions-faqs-related-to-regulatory-provisions-for-research-analysts_94473.html