Modification to the clause 3 of MITC relating to Advance fees

SEBI vide circular no. SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/48 dated April 2, 2025, relaxed the provision of advance fee restrictions in case of Research Analysts (RAs). Accordingly, the Exchange issued notice no.20250403-4 dated April 3, 2025.

The Most Important Terms and Conditions (MITC) for RAs inter alia mention that RAs may charge advance fees from clients and such advance shall not exceed the period stipulated by SEBI. The relevant clauses of MITC also mention the permissible period as one quarter for RAs.

In view of the revision in the maximum permissible period for charging advance fees by RAs (as per aforesaid SEBI circular), the RAs are hereby informed to make consequential changes to the clause 3 of MITC while communicating to their clients.

For and on behalf of BSE Ltd.

Meghana Kulkarni

Dy. General Manager Membership Operations & Membership Compliance

Neeky Subramaniam ManagerMembership Operations & Membership Compliance