Regulator: SEBI

MASTER CIRCULAR --- HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026 February 06, 2026 To, All Research Analysts Research Analysts Administration and Supervisory Body (RAASB) Dear Madam / Sir, Subject: Master Circular for Research Analysts a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c) The previous operation of the rescinded circulars or anything done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall not be affected by such rescission and shall be enforceable as if the rescinded circulars had continued to be in force. 6. This Master Circular is available on SEBI website at www.sebi.gov.in in the path “Legal >Master Circulars”. aradhanad@sebi.gov.in 1. Guidelines for Research Analysts1 The Research Analysts shall ensure compliance with the following guidelines specified under the SEBI (Research Analysts) Regulations, 2014 (hereinafter referred to as “RA Regulations”): a. Regulation 7 of the RA Regulations specifies the minimum qualification and certification requirements for RAs. It is clarified that the revised qualification requirements shall not be required to existing individual RAs, Principal officer of non-individual RAs or research entity, individuals employed as research analysts and partners of research analyst, if any, engaged in providing research services. However, they shall hold NISM certifications and comply with other conditions specified under Regulation 7(3) of the RA Regulations. b. As per Regulation 7(1) (b) of SEBI (Research Analysts) Regulations, 2014, Post Graduate Program in the Securities Market (Research Analysis) from NISM (or any other program of NISM as may be specified by the Board) has been provided as an eligible qualification for an Individual research analyst or principal officer of a non-individual research analyst or individual employed as research analyst or persons associated with research services or partners of a research analyst, if any, engaged in research services. In this regard, for sake of clarity, it has been specified that the applicants who meet the qualification criteria provided under Regulation 7(1)(b) shall not be required to obtain initial entry level certification (as applicable for applicants with other qualifications) from NISM or from any other organization or institution accredited by NISM. However, as provided under Regulation 7(3), such persons shall be required to obtain relevant renewal certification from 1 Reference: Circular No. SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2025/004 dated January 08, 2025 NISM or from any other organization or institution accredited by NISM, within three years from the date of registration certificate.

Question: What regulation number is cited regarding Research Analysts?
Answer: Regulation 7