“Research Analyst” means a person, who is primarily responsible for,
- preparation or publication of the content of the research report;or
- providing research report, or
- making ‘buy/sell/hold’ recommendation; or
- giving price target; or
- offering an opinion concerning public offer,
with respect to securities that are listed or to be listed in a stock exchange, whether or not any such person has the job title of ‘research analyst’ and includes any other entities engaged in issuance of research report or research analysis.
A Research Analyst shall disclose all conflicts of interests as and when they arise. He shall act honestly, fairly and in the best interests of its clients and in the integrity of the market. He shall maintain an arms-length relationship between his activities as a Research Analyst and other activities. He shall also act with due skill, care and diligence in the best interests of its clients and shall ensure that its advice is offered after thorough analysis and taking into account available alternatives based on risk profiling and suitability of the client.
A Research Analyst required to comply with general obligations &responsibilities such as general responsibility, disclosures to clients, maintenance of records, etc, as specified under SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014.
Expectations from the investors (Responsibilities of investors) – Do’s
Always deal with SEBI registered Research Analyst.
Ensure that the Research Analyst has a valid registration certificate.
Check for SEBI registration number.
Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14.
Always pay attention towards disclosures made in the research reports before investing.
Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments.
Before buying securities or applying in public offer, check for the research recommendation provided by your research Analyst.
Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
Inform SEBI about Research Analyst offering assured or guaranteed returns.
Expectations from the investors (Responsibilities of investors) – Don’ts
Do not provide funds for investment to the Research Analyst.
Don’t fall prey to luring advertisements or market rumours.
Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
Do not share login credentials and password of your Trading and Demat Account with the Research Analyst.
Details of grievance redressal mechanism and how to access it
In case of any grievance / complaint, an investor should approach the concerned research analyst and shall ensure that the grievance is resolved within 30 days.
If the investor’s complaint is not redressed satisfactorily, one may lodge a complaint with SEBI on SEBI’s SCORES portal which is a centralized web-based complaints redressal system. SEBI takes up the complaints registered via SCORES with the concerned intermediary for timely redressal. SCORES facilitates tracking the status of the complaint.
With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.
