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SEBI issues Most Important Terms and Conditions (MITC) for Research Analysts and investment advisors

SEBI has specified the minimum mandatory terms and conditions to be disclosed by Research Analysts. SEBI has also specified that the terms and conditions shall include the Most Important Terms and Conditions (‘MITC’) to be disclosed by RAs and the same shall be standardized by Industry Standards Forum (‘ISF’) in consultation with RAASB and SEBI.

For existing clients, the MITC shall be informed by the RAs to their clients via email or any other suitable mode of communication (which can be preserved) by June 30, 2025.

SEBI has also specified that the investment advisory agreement shall also include the Most Important Terms and Conditions (‘MITC’) to be disclosed by IA and the same shall be standardized by Industry Standards Forum (‘ISF’) in consultation with IAASB and SEBI. For existing clients, the MITC shall be informed by the IAs to the clients via email or any other suitable mode of communication (which can be preserved) by June 30, 2025. For investment advisory agreements entered by IA with clients after the date of this circular, IAs shall incorporate the MITC into the investment advisory agreement and shall disclose and take consent from clients.

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