भारतीय (cid:366)ितभूित और िविनमय बोड(cid:330)
Securities and Exchange Board of India
CIRCULAR
SEBI/HO/MIRSD/MIRSD-POD-1/P/CIR/2024/101 July 12, 2024
All Registered Investment Advisers
All Registered Research Analysts
BSE Limited (BSE)
BSE Administration & Supervision Limited (BASL)
Dear Sir/Madam,
Subject: Recognition of BSE Limited as Research Analyst Administration and
Supervisory Body (RAASB) and Investment Adviser Administration
and Supervisory Body (IAASB)
1. In pursuance of SEBI circular no. SEBI/HO/MIRSD/MIRSD-SEC-3/P/CIR/2024/34,
dated May 2, 2024, BSE Limited1, has been granted recognition under Regulation
14 of the ‘RA Regulations’2 and ‘IA Regulations’3 for administration and supervision
of Research Analysts (‘RAs’) and Investment Advisers (‘IAs’) respectively as
RAASB4 and IAASB5 for a period of five years starting from July 25, 2024.
Formulation of bye-laws, SOPs, FAQs etc. by RAASB/IAASB
2. BSE shall formulate bye-laws with respect to its activities as RAASB and IAASB
and shall issue circulars, Standard Operating Procedures (SOPs), Frequently
Asked Questions (FAQs), etc. to provide guidance and ensure smooth adoption of
the RAASB and IAASB framework by RAs and IAs.
Administrative fees payable to RAASB/IAASB
3. Applicants seeking registration/renewal as RA/IA shall be liable to pay
administrative fees, as specified by RAASB/IAASB.
1 Under Regulation 38A of the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) Regulations, 2018
2 RA Regulations- SEBI (Research Analysts) Regulations, 2014
3 IA Regulations- SEBI (Investment Advisers) Regulations, 2013
4 RAASB- Research Analyst Administration and Supervisory Body
5 IAASB- Investment Adviser Administration and Supervisory Body
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भारतीय (cid:366)ितभूित और िविनमय बोड(cid:330)
Securities and Exchange Board of India
4. The fees payable to SEBI by RAs/applicants seeking registration as RA have been
revised by way of amendment to the RA Regulations, coming into effect from July
25, 2024. Details of the same are available at
https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/a
pr-2024/1714381081645.pdf#page=1&zoom=page-width,-16,842.
5. The total fees payable by an applicant/RA towards application, registration and
renewal to SEBI and administrative fees to RAASB for the respective period shall
not exceed the total fees payable prior to abovementioned amendment. The fee
structure shall thus be fee neutral to the applicants/RAs.
6. In respect of grant of registration as RA for applications received before July 25,
2024, the registration fee shall be received by SEBI as per the erstwhile fee
structure.
7. The other terms and conditions as specified in the SEBI circular
SEBI/HO/MIRSD/MIRSD-SEC-3/P/CIR/2024/34 dated May 2, 2024 shall continue
to apply.
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 of RA
Regulations and IA 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 > Investment Advisers” and “Info For > Research
Analysts”.
Yours faithfully,
Aradhana Verma
General Manager
+91-22-26449633
E-mail: aradhanad@sebi.gov.in
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