Submission of periodic report by Research Analysts

Annexure II

Frequently Asked Questions (FAQs)

(Half yearly periodic reporting by Research Analysts – Compliance)

1. Is it mandatory for all Research Analyst (RA) to submit the half yearly periodic reporting?

Yes. All RAs whose SEBI registration and BSE Enlistment is active as on 31^st March and 30^th September respectively, are required to submit the half yearly periodic report.

2. Can an RA submit half yearly periodic reporting via mails.

No. Submission of periodic reporting through mails will not be accepted. Half yearly periodic reporting has to be submitted only through RA Member login on (https://membershipraia.bseindia.com/ )

3. Will BSE portal be open for submission of periodic reporting for all RAs?

Yes. BSE Portal will be open for submission of periodic reporting for all RAs whose SEBI registration and BSE enlistment is active as on 31^st March and 30^th September respectively.

4. What is the due date to submit the Half yearly Periodic reporting?

The due date for submission of periodic reporting is 30 days from the last day of every half year end i.e

For half year ending March shall be 30^th April every year

For half year ending September shall be 30^th October every year

Part A – FAQs related to General Details

5. Can Registered Name and Trade Name / Brand Name be same?

Yes. Registered Name and Trade Name / Brand Name can be same in some cases.

However, in cases where Registered Name and Trade Name / Brand Name are not same, RA to submit data as below:

• Name as registered with SEBI / BSE to be given as Registered Name.
• Name as registered with GST to be given as Trade Name. Registered name and Trade name can be same.
• Brand name is the name an RA uses to advertise apart from its Registered name or trade name. Brand name and Trade name to be given in the same field separated by “/” in case both names are different.

6. Whether data reported as part of periodic submission will be considered as intimation of material change to SEBI / BSE?

No. Reporting as part of periodic submission will not amount to an intimation of material change to SEBI / BSE.

RAs are required to intimate BSE for any material changes carried out along with the relevant checklist on the email ID- [email protected]. The checklists are available on the following link- https://www.bseindia.com/static/iara/RA enlistandpost.aspx.

7. How to add single/multiple address of branches, websites, social media handles,

RAs need to select “YES” from the dropdown and a link will be activated post which RA can click on link provided against respective fields in the excel file, post which respective sheets will be activated. RAs can input relevant details in these sheets by adding no. of rows.

8. In case an RA does not have any data w.r.t branches, websites, social media handles, how to enter the data?

In case if RA does not have any data, they need to select “NO” from the dropdown button against each respective fields in the excel file and move ahead with next serial item.

9. Is it mandatory to fill Bank details?

Yes. At least 1 bank account details are required to be provided mandatorily by all the RAs (Individual and Non-Individual).

10. Is it mandatory to fill NISM Certification details?

Yes. At least 1 NISM certification details are required to be provided mandatorily by all the RAs (Individual and Non-Individual).

11. Is it mandatory to fill list of directors, shareholding pattern?

Yes. It is mandatory for non-individual RAs to provide list of directors/partners, shareholding pattern/Profit sharing ratio.

12. How to add single/multiple Bank details, list of directors, shareholding pattern and details of NISM certification in the submission file?

RAs need to click on the link provided against respective fields in the excel file, post which respective sheets will be activated. RAs can input relevant details in these sheets.

13. Can an RA report “Contact Person” same as “Principal Officer” or “Compliance officer”?

Yes. If Principal Officer or Compliance Officer are also designated as contact person, then RAs can submit the same information repeatedly in respective fields.

14. What do an RA submit in “Details of inspection” in case inspection is not carried out?

In case inspection is not carried out, RAs can skip /keep blank the “Date of inspection” field and all other fields w.r.t inspection should be filled as “NA”.

15. What should an RA submit in “Number of Advertisements issued during the half year period”?

RAs to provide only unique advertisements numbers issued during the reporting period even if the same advertisement is issued on multiple social media handles/ websites. For e.g. If same advertisement is issued on Facebook, Instagram, YouTube, Telegram- such advertisement will be counted as single advertisement for the purpose of reporting this data.

This number can vary from the number of Advertisements approved by RAASB during the half year period.

PART B – FAQs related to Complaints Details

16. What should be mentioned against point no. 7 i.e. “Break-up of type of complaints received during the period” sub point “Other (please specify)” in complaints details sheet.

RAs need to select “YES” from the dropdown and a link will be activated post which RA can click on Add link to enter complaint reasons other than those specifically mentioned in point no. 7. The total count of such complaints is to be entered against point no. 7 sub point “Other (please specify)” in complaints details sheet.

In case if RA does not have complaints pertaining to “Other (please specify)” then they can mention “0” (ZERO) in complaints details sheet and select “No” in the dropdown provide against this field.

17. In case if RA has received a complaint which has multiple categories, then RA to input such complaint under which category?

RAs to provide one complaint under only one category. In case a complaint has multiple categories, then RA to include such complaints under the category which fits the most.

18. What will constitute complaints from other sources?

Complaints received from clients other than through SCORES portal has to be considered under “Complaints from other sources” category.

19. How to consider number of unique clients who have filed complaint during the period?

Number of unique clients who have filed complaint during the period – is explained with below example Client A has filed 2 complaints Client B has filed 3 complaints Client C has filed 1 compliant

Then total no. of unique client who have filed complaint during the period shall be considered as 3 and no. of complaints shall be considered as 6.

PART C – FAQs related to Client Details

20. Who should be considered as Client?

Research Analyst means a person/entity providing research services ‘for consideration’ wherein consideration shall include direct or indirect consideration in any form whether from client or otherwise for providing research services. In this regard, it may be clarified that the research services being provided by research analyst or research entity to any of its clients availing its other services as registered intermediary in another capacity shall be considered as research services provided ‘for consideration even though no fee is charged by such research analyst or research entity directly from the client.

Illustration: Research services provided by the research entity, who is also registered with SEBI as stockbroker, to clients availing its stock broking services are considered as research services ‘for consideration’.

(Ref: SEBI – Guidelines for Research Analysts dated January 08,2025)

21. What should be mentioned against Maximum number of active clients in force on a single day during the period.

RA to enter maximum number of clients who were active on any single day during the reporting period.

22. What is FPI?

Foreign Portfolio Investor (FPI) means a person as defined under Regulation 2(j) of SEBI (Foreign Portfolio Investors) Regulations, 2019.

23. What do I enter in “Details of fees collected” if we are providing research services as adhoc service/free?

In case, research services are provided as free for all the clients as value added service to clients of other services offered by the entity viz. stock broking, PMS etc., RAs can mention “0” (ZERO) in fields related to “Details of fees collected”.