SEBI Master circular for Research Analysts

SEBI on June 15, 2023 has issued a Master circular for Research Analysts. To ensure the smooth functioning of the market and protect the interests of investors, SEBI issues various circulars and directions to Research Analysts (RAs). In order to provide users with easy access to these circulars, SEBI has introduced the Master Circular for Research Analysts.

The Master Circular serves as a compilation of all the existing and applicable circulars issued by SEBI in relation to Research Analysts and rescinds the existing circular to the extent that they apply to Research Analysts.

Key Guidelines for Research Analysts

The Master Circular includes several guidelines for Research Analysts to ensure ethical conduct and avoid conflicts of interest. Some of the important guidelines covered are as follows:

Conflict of Interest: Research Analysts must disclose any potential or actual conflicts of interest and ensure that appropriate measures are in place to manage and mitigate such conflicts. They should avoid dealing in securities while possessing material non-public information or contributing to market manipulation.

Suitability of Products: Research Analysts should not have an incentive structure that encourages the sale of products that do not align with the risk profile of their clients.

Sharing of Information: Research Analysts must not share client information obtained through their dealings for personal gain.

Reporting Requirements and Compliance

The Master Circular outlines various reporting requirements for Research Analysts. It includes the monthly display of complaint data on their website or mobile application, providing details of pending and resolved complaints. Research Analysts are also required to submit an undertaking on compliance with the advisory for SaaS-based solutions and conduct an annual audit of their compliance with RA regulations.

The circular also provides an INVESTOR CHARTER IN RESPECT OF RAs to ensure that every investor is able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness. The investor charter provides following Do’s and Don’ts:


  1. Always deal with SEBI registered Research Analyst.
  2. Ensure that the Research Analyst has a valid registration certificate.
  3. Check for SEBI registration number.
  4. Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: Id=14)
  5. Always pay attention towards disclosures made in the research reports before investing.
  6. Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments.
  7. Before buying securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
  8. Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
  9. Inform SEBI about Research Analyst offering assured or guaranteed returns.


  1. Do not provide funds for investment to the Research Analyst.
  2. Don’t fall prey to luring advertisements or market rumors.
  3. Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
  4. Do not share login credential and password of your trading and demat accounts with the Research Analyst.


The SEBI Master Circular for Research Analysts consolidates existing circulars to provide a single point of reference for researchers and industry professionals. By issuing this Master Circular, SEBI aims to streamline regulations, enhance transparency, and protect the interests of investors in the Indian securities market. Research Analysts should carefully review the circular and ensure compliance with the guidelines outlined to maintain ethical standards and promote investor confidence.