Question: A research entity has finalized a research report to share it with all of its clients the next morning. Before scheduled release a member of the sales team ask for an advance copy so that they can discuss the recommendation with few selected clients. As per the SEBI (Research Analysts) Regulations, 2014, should the research entity share the report with the sales team before it is released to all eligible clients?
Answer: The research entity should not provide the research report selectively before it is made available to all eligible clients. The SEBI ( Research Analyst) Regulations require that a research report should not be made available selectively to internal trading personnel or to particular client or class of clients in advance of other clients to are entitled to receive it. The report should be released in a manner that ensures fair and simultaneous access for all eligible recipients.

Supporting evidence:
title: sebi.gov.in/securities-and-exchange-board-of-india-research-analysts-regulations-2014-last-amended-on-august-03-2021-_34615.html
quote: 22 . (1) A research report shall not be made available selectively to internal trading personnel or a particular client or class of clients in advance of other clients who are entitled to receive the research report Research analyst or research entity or its employees shall maintain confidentiality of report till the report is made public
context: blic offers through public media, all the provisions of regulations 16 and 17 shall apply mutatis mutandis to him and he shall disclose his name, registration status and details of financial interest in the subject company at the time of,-
- (i) making such recommendation or offering such opinion in personal capacity;
- (ii) responding to queries from audiences or journalists in personal capacity;
- (iii)communicating the research report or substance of the research report through the public media.

Distribution of research reports.

22 . (1) A research report shall not be made available selectively to internal trading personnel or a particular client or class of clients in advance of other clients who are entitled to receive the research report.
(2) Research analyst or research entity who distributes any third party research report shall review the third party research report for any untrue statement of material fact or any false or misleading information.
(3) Research analyst or research entity who distributes any third party research report shall disclose any material conflict of interest of such third party research provider or he shall provide a web address that directs a recipient to the relevant disclosures.
(4) Provisions of sub-regulations (2) and (3) shall not apply to a research analyst or research entity if he has no direct or indirect business or contractual relationship with such third party research provider.

Additional disclosures by proxy adviser.

23 . (1) All the provisions of Chapter II, III, IV, V and VI shall apply mutatis mutandis to the proxy adviser:
Provided that the employees of proxy advisors engaged in providing proxy advisory services shall be required to have a minimum qualification of being a graduate in any discipline:
Provided further that certification requirements for employees of proxy advisors engaged in providing proxy advisory services shall be as specified by the Board:
Provided further that time period for compliance with capital adequacy as provided in subregulation (3) of regulation 8, for proxy advisors shall be three years.
(2) The proxy adviser shall additionally disclose the following:
- (i) the extent of research involved in a particular recommendation and the extent and/or effectiveness of its controls and procedures in ensuring the accuracy of issuer data;
- (ii) policies and procedures for interacting with issuers, informing issuers about the recommendation and review of recommendations;