The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, vide Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/9,[1] dated June 27, 2025, released a Master Circular for Research Analysts (“RAs”), consolidating all applicable circulars and directions issued until June 20, 2025 (“Master Circular”). This new Master Circular supersedes the previous Master Circular dated May 21, 2024, which covered guidelines operational as on May 15, 2024.
Key Highlights:
- The Master Circular compiles and updates all relevant guidelines, directions, and advisories issued to RAs till June 20, 2025.
- Circulars/directions listed in the Appendix of this Master Circular, to the extent applicable to RAs, stand rescinded with the issuance of this Master Circular.
- Actions taken, rights accrued, applications submitted, or liabilities incurred under the earlier circulars before rescission shall continue to remain valid as if the rescinded circulars were still in effect.
- This Master Circular shall now be the single point reference for all compliance requirements, obligations, and procedural norms applicable to RAs registered with SEBI.
[1]https://www.sebi.gov.in/legal/master-circulars/jun-2025/master-circular-for-research-analysts_94840.html