This is in continuation to the Exchange notice no. 20250110-3 dated January 10, 2025, regarding “Guidelines for Research Analysts ”.
Based on the representation received from Industry Standards Forum (ISF) for Research Analysts, SEBI has granted extension in timeline as follows:-
- Point no xii – For existing clients, RAs shall be required to disclose and take consent of the client on terms and conditions of research services on or before the date of renewal of subscription/agreement of research services or on or before the due date of charging/ collection of fees from the client for continuation of the existing subscription/agreement, whichever is earlier.
- Point no xiii – The timeline for maintenance of telephone recordings of the client interaction has been extended till September 30, 2025.
- Point no x – The timeline to ensure compliance with the requirement of client level segregation of research and distribution activities has been extended till September 30, 2025 Research Analysts are advised to take a note of the same and ensure compliance.
For and on behalf of BSE Ltd.
Meghana Kulkarni
Dy. Vice President Membership Operations & Membership Compliance
Neeky Subramaniam
Manager Membership Operations & Membership Compliance
