भारतीय (cid:366)ितभूित और िविनमय बोड(cid:330)
Securities and Exchange Board of India
CIRCULAR
SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/148 October 25, 2024
To
All Research Analysts
All Proxy Advisers
Research Analyst Administration and Supervisory Body (RAASB)
Madam/Sir,
Subject: Periodic reporting format for Research Analysts and Proxy Advisers
1. In terms of Regulation 24(4) of Chapter III of the Securities and Exchange Board
of India (Research Analysts) Regulations, 2014 (“RA Regulations”), Research
Analysts (RAs) are required to furnish to SEBI, information and reports as may be
specified by SEBI from time to time. Further, in terms of Regulation 23(1) of
Chapter III of the RA Regulations, all the provisions of Chapter II, III, IV, V and VI
shall apply mutatis mutandis to the proxy advisers (PAs). It has been decided to
specify a standardized format for periodic reporting for RAs and PAs.
2. SEBI has recognized BSE Limited as Research Analyst Administration and
Supervisory Body (“RAASB”) for the purpose of administration and supervision of
RAs under regulation 14 of the RA Regulations.
Consultative process for development of periodic reporting format
3. Based on the recommendations received from Industry Standards Forum (“ISF”)
for RAs (including PAs), a consultation paper on ‘Periodic reporting format for
Research Analysts and Proxy Advisers’ was published on August 9, 2024 and was
open for public comments till August 30, 2024. Pursuant to public consultation and
further discussions with industry participants, the periodic reporting formats for RAs
and PAs are provided at Annexure I and Annexure II respectively.
Periodicity and timeline of reporting
4. RAs shall submit their periodic report to RAASB and PAs shall submit their periodic
reports to SEBI. The periodic reports shall be submitted by RAs/PAs within 30 days
from the last date of the reporting period.
5. RAs/PAs shall submit periodic report for half-yearly periods ending on September
30 and March 31 of every financial year. The first reporting period shall be half-
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yearly period ending on March 31, 2025 and reports thereof shall be required to be
submitted by April 30, 2025. Hence, a time of around six months has been provided
to RAs and PAs for submission of their first periodic report to give them sufficient
time for making necessary arrangements for providing the required data.
Applicability of circular
6. This circular shall become applicable with immediate effect.
7. RAASB is directed to:
7.1. make necessary arrangements for obtaining periodic reports from RAs in the
format specified in Annexure I.
7.2. bring the provisions of this circular to the notice of the RAs and also
disseminate the same on its website;
7.3. make necessary amendments to the relevant Bye-laws, Guidelines, Standard
Operating Procedures, Rules and Regulations for the implementation of the
above decisions
8. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with Regulation 14,
Regulation 23(1) and Regulation 24(4) of the RA Regulations to protect the
interests of investors in securities market and to promote the development of, and
to regulate the securities market.
9. This circular is available on SEBI website at www.sebi.gov.in under the categories
"Legal > Circulars", “Info For > Research Analysts”.
Yours faithfully,
Aradhana Verma
General Manager
Tel. No: 022-26449633
E-mail: aradhanad@sebi.gov.in
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Annexure I
Periodic Reporting Format for Research Analysts
Table-1 General Details of Research Analyst (RA) for the Half year ended on
………………(DD/MM/YYYY)
Sr. Particulars Details
No.
1 Registered Name of RA (As per SEBI
registration certificate)
2 Trade Name/ Brand Name as RA
3 Permanent Account Number (PAN)
4 SEBI Registration No.
5 Enlistment no. of Research Analyst
Administration and Supervisory Body (RAASB)
6 Logo (if any) Yes/No
7 Date of Birth for individual RA/ Date of
Incorporation for Non Individual RA
(DD/MM/YYYY)
8 Legal Structure
(specify one from –
Individual/partnership /LLP/body corporate)
9 Registered Office Address
10 Correspondence Address
11 Address of Principal place Of business
12 Number of branches
13 Addresses of Branches (provide details of all
branches)
14 Total number of Employees as on last date of
the reporting period
15 Official Website Address
Details of Social Facebook Twitter Others
16 Media Handles as (Please
an RA (provide specify)
details for all such Social Media Type
platforms) (e.g. Facebook, LinkedIn,
Instagram etc.)
Name of Account
/Page/Channel, etc.
Provide Details of Bank Bank Bank
17 Bank accounts Account-1 Account-2 Account-3
used for receiving Name as per Bank Account
fees from clients Account No.
(provide details of Type of account
all such bank IFSC Code
accounts) Bank Name
Bank Branch Name
Details of Contact Name
18 Person Date of Birth
(DD/MM/YYYY)
Mobile
Email id
19 Name
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Details of Date of Birth
Compliance (DD/MM/YYYY)
Officer Mobile
Email id
Details of Name
20 Managing PAN
Director/Managing Date of Birth
partner (DD/MM/YYYY)
DIN (not applicable for
partnership)
Mobile
Email id
Details of other Director-1/ Director-2/ Director-3/
21 directors/ partners Partner-1 Partner-2 Partner-3
(List of
directors/partners)
Name
PAN
Date of Birth
(DD/MM/YYYY)
DIN (not applicable for
partnership)
22 Shareholding Shareholder- Shareholder-2 Shareholder-
Pattern (provide 1 3
details of Name of shareholder
shareholders Number of shares
having a holding % of shareholding
of 10% or more)
23 Total number of persons employed as ‘Research
Analyst’
(please refer to the definition of research analyst
as provided under Regulation 2(1)(u) of SEBI
(Research Analysts) Regulations, 2014)
NISM certification Specify for each person (whether individual RA/ Individuals employed as
24 details (provide RA/ Partner of an RA)
details of all such Name Person-1 Person-2 Person-3
persons side by Email ID
side) Date of Birth
(DD/MM/YYYY)
PAN
Validity of From
Certificate (DD/MM/YYYY)
To
(DD/MM/YYYY)
Details of last Inspection carried out by
25 inspection (SEBI/RAASB)
Date of last inspection
(DD/MM/YYYY)
Period of Inspection
Any adverse remarks of
inspection
Remedial steps taken to
address adverse remarks
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26 Details of Number of Advertisements
Advertisements issued during the half year
issued period
Number of Advertisements
approved by RAASB during
the half year period
27 Publishing of Whether complaints data
Complaints and have been updated on the
Investor Charter website of the RA or in
absence of website,
communicated to clients by
7th of the succeeding
month for each month of
the half year period
(Yes/No)
Whether Investor Charter
has been published on the
website of the RA or in
absence of website,
communicated to clients
(Yes/No)
28 Number of Research Reports published during
the period (includes Buy/Sell/Hold
recommendation)
29 Aggregate number of public appearances made
by the RA/ its Director/analyst during the period
Table-2 Details of the complaints against Research Analyst (RA) for the Half Year ended on
………………(DD/MM/YYYY)
Sr. Particulars Complaints Complaints Total
No. received from other
through sources
SCORES
1 Number of complaints pending at the
end of previous half yearly period (a)
2 Number of complaints received during
the period (b)
3 Total number of complaints resolved
during the period (c)
4 Total number of complaints pending at
the end of the period (a+b-c) = (d)
5 Ageing Total number of
details of complaints pending for
complaints up to 21 days (a)
pending at
Number of complaints
the end of
pending from 22-90
the period
Days (b)
Number of complaints
pending for more than
90 Days (c)
6 Average Complaint resolution time
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(Average complaint Resolution time is
the sum total of time taken to resolve
each complaint in days, in the
concerned half year period divided by
total number of complaints resolved in
the said half year period.)
7 Break-up of Grievances related to
type of recommendations
complaints Issues related to fees
received charged
during the
Inadequacy/ issues
period
related to services
Promise of assured
returns
Other (please specify)
Table-3 Details of Clients and Fees for the Half Year ended on ………………(DD/MM/YYYY) *
Sr. Particulars Individual Non-Individual Total
No Resi Non- FPI Resident Non- FPI (A+B+C+
. dent Reside (C) (D) Resident (F) D+E+F)
(A) nt (B) (E)
1 Number of clients at
the end of the
previous half yearly
period (i)
2 Number of clients
acquired during the
period (ii)
3 Number of client
relationships that
ended during the
period (iii)
4 Number of clients at
the end of the period
(iv = i + ii - iii)
5 Details of Fees
collected (in Rs.)
*In case, research services are provided as free for all as value added service to clients
of other services offered by the entity viz. stock broking, PMS etc., the details sought in
Table-3 need not be submitted.
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Annexure II
Periodic Reporting Format for Proxy Advisers (PA)
Details of Proxy Adviser (PA) for the Half year ended on ………………(DD/MM/YYYY)
Sr. Particulars Details
No.
1 Registered Name (As per SEBI registration
certificate)
2 Trade Name/ Brand Name
3 Permanent Account Number (PAN)
4 SEBI Registration No.
5 Logo (if any) Yes/No
6 Date of Incorporation (Date of Birth for
individual PA)
(DD/MM/YYYY)
7 Legal Structure of PA
8 Registered Office Address
9 Correspondence Address
10 Address of Principal place Of business
11 Number of branches
12 Addresses of Branches (provide details of all
branches)
13 Total no. of Employees as on last date of
the reporting period
14 Official Website Address
Provide Details of Bank Bank Bank
15 Bank accounts Account-1 Account-2 Account-3
used for receiving Name as per Bank
fees from clients Account
(provide details of Account No.
all such bank Type of account
accounts) IFSCode
Bank Name
Bank Branch Name
Details of Contact Name
16 Person Date of Birth
(DD/MM/YYYY)
Mobile
Email id
17 Details of Name
Compliance Date of Birth
Officer (DD/MM/YYYY)
Mobile
Email id
Details of Name
18 Managing PAN
Director/ Date of Birth
Managing Partner (DD/MM/YYYY)
DIN (not applicable for
partnership)
Mobile
Email id
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Details of other Director-1/ Director-2/ Director-3/
19 directors/ partners Partner-1 Partner-2 Partner-3
(List of Name
directors/partners) PAN
Date of Birth
(DD/MM/YYYY)
DIN (not applicable for
partnership)
20 Shareholding Shareholder- Shareholder-2 Sharehold
Pattern (provide 1 er-3
details of Name of shareholder
shareholders No. of shares
having a holding % of shareholding
of 10% or more)
Details of last Date of inspection
21 inspection (DD/MM/YYYY)
Period of Inspection
Any adverse remarks of
inspection
Remedial steps taken
to address adverse
remarks
22 Number of Advertisements issued during
the half year period
Number of agenda items of companies for
23 which voting recommendations were
provided
24 Number of reports issued by PA:
Number of reports for general meetings such
24.1 as AGM, EGM, PB (Postal Ballot) and TCM
(Tribunal Convened Meeting)
Number of other type of reports such as
24.2
research report etc.
Number of complaints pending at the
25
beginning of the period
Number of complaints received during the
26
period
Number of complaints resolved during the
27
period
Number of complaints pending at the end of
28
the period
No. of clients/subscribers who received the
29
services of PA during the period
Total amount of fees received during the
30
period
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