Question: A research entity acted as an underwriter for a company's initial public offerings (IPO). The IPO was offered to the public on 1st of August. The research team plans to publish a research report on the same company on 22nd of August. As per SEBI (Research Analysts) Regulations, 2014, can the research entity publish the report on the planned date?
Answer: The research entity should not publish the research report on 22nd of August. Under the SEBI ( Research Analysts) Regulations, a research entity that has participated as an underwriter in IPO  must wait 25 days from the date of offering before publishing or distributing a research report on that issuer.
Date of offering: 1st of August
Planned publication date: 22nd of August
Elapsed time: 21 days
Since, only 21 days have passed, the required 25 day waiting period has not been yet completed. Therefore, the report should not be published on the planned date.

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: A research entity who has agreed to participate or is participating as an underwriter of an issuer's initial public offering shall not publish or distribute a research report or make public appearance regarding that issuer before expiry of twenty five days from the date of the offering the date of the offering refers to the first date on which the security was offered to the public
context: e priced if the offering is an initial public offering; or
- (b) Ten days immediately following the day on which the securities are priced if the offering is a further public offering:
Provided that research analyst or research entity may publish or distribute research report or research analysis or make public appearance within such forty day and ten day periods, subject to prior written approval of legal or compliance personnel as specified in the internal policies and procedures.

Compensation of research analysts.

(2) A research entity who has agreed to participate or is participating as an underwriter of an issuer's initial public offering shall not publish or distribute a research report or make public appearance regarding that issuer before expiry of twenty five days from the date of the offering. Explanation.- For the purposes of sub-regulations (1) and (2), the date of the offering refers to the first date on which the security was offered to the public.
(3) Research analyst or research entity who has acted as a manager or co-manager of public offering of securities of a company shall not publish or distribute a research report or make a public appearance concerning that company within fifteen days prior to date of entering into and fifteen days after the expiration/waiver/termination of a lock-up agreement or any other agreement that the research analyst or research entity has entered into with a subject company that restricts or prohibits the sale of securities held by the subject company after the completion of public offering of securities:
Provided that research analyst or research entity may publish or distribute research report or research analysis or make public appearance regarding that company within such fifteen days subject to prior written approval of legal or compliance personnel as specified in the internal policies and procedures.
(4) Research analyst or individuals employed as research analyst by research entity shall not participate in business activities designed to solicit investment banking or merchant banking or brokerage services business, such as sales pitches and deal road shows.
(5) Research analyst or individuals employed as research analyst by research entity shall not engage in any communication with a current or prospective client in the presence of personnel from investment banking or merchant banking or brokerage services divisions or company management about an investment banking services transaction.