SEBI 2025: The Unmissable Guide for Research Analysts to Master SEBI Rules

Fri Aug 8, 2025

SEBI FAQ for Research Analysts (2025): Complete Guide

SEBI released a comprehensive FAQ document on July 23, 2025, to help Research Analysts understand the new rules and clarify their responsibilities under the amended SEBI (Research Analyst) Regulations, 2014. This guide breaks down everything you need to know in simple terms.

Who Needs SEBI Registration?

Must Register:

Independent analysts or firms providing research services
Proxy advisers conducting research work
Sole proprietors doing research work

Key Point: Even support staff who interact with clients or help in research may need to be certified.

What Is NOT Considered a Research Report?

The following activities do not require registration:

Commenting on general market trends or economic events
Sending mutual fund statements
Sending account statements

Trading Restrictions for Research Analysts

To avoid conflicts of interest, Research Analysts face strict trading restrictions:

Prohibited Activities:

❌ Cannot trade in securities you cover for 30 days before and 5 days after publishing a report

❌ Cannot buy IPOs of companies in the same industry you cover

Mandatory Disclosures

Every Research Report Must Include:

SEBI registration number
Any financial interest in the stock or company being analyzed
RA details must be disclosed even when journalists quote your report

NISM XV Research Analyst Program (15 Days Validity)

Additional Compliance Requirements

Key Areas to Focus On:

KYC procedures for client onboarding
MITC (Minimum Infrastructure and Technical Capabilities) requirements
Recordkeeping obligations
Reporting non-fee paying clients
RAASB deposit calculations

Important Exception

You can provide research on the same product only if you don't provide research on the same product through other channels.

Key Takeaways

The 2025 SEBI FAQ provides crucial clarity for Research Analysts navigating the regulatory landscape. Key focus areas include:

Proper registration based on your client base and entity type
Strict adherence to trading restrictions to maintain integrity
Complete transparency through mandatory disclosures
Robust compliance with capital requirements and ongoing obligations

Understanding and implementing these guidelines is essential for all Research Analysts operating in the Indian markets.

Prof. Sheetal Kunder
SEBI® Research Analyst. Registration No. INH000013800 M.Com, M.Phil, B.Ed, PGDFM, Teaching Diploma (in Accounting & Finance) from Cambridge International Examination, UK. Various NISM Certification Holders. Ex-BSE Institute Faculty. 18 years of extensive experience in Accounting & Finance. Faculty Development Programs and Management Development Programs at the PAN India level to create awareness about the emerging trends in the Indian Capital Market and counsel hundreds of students in career choices in the finance area