Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-06082025-265257
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 534]
NEW DELHI, TUESDAY, AUGUST 5, 2025/SHRAVANA 14, 1947
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 4th August, 2025
SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) (AMENDMENT)
REGULATIONS, 2025
F. No. SEBI/LAD-NRO/GN/2025/252.— In exercise of the powers conferred by sub-section (1) of
section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act,
1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange
Board of India (Research Analysts) Regulations, 2014, namely:
1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (Amendment)
Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 –
I. In Regulation 8,
i) sub-regulation (2) shall be substituted with the following, namely, -
"(2) The deposit shall be maintained in such a form or manner as may be specified by the Board."
ii) after sub-regulation (2), the following new sub-regulation shall be inserted, namely, -
"(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the
Board for the purpose of administration and supervision of research analysts in accordance with
regulation 14 of these regulations:
Provided that the deposit shall be available for utilization in case the research analyst fails to pay the
dues emanating out of arbitration and conciliation proceedings, if any, under the Online Dispute
Resolution Mechanism or such other mechanism as may be specified by the Board."
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./267/2025-26]
Footnotes:
1. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the
Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414.
2. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently
amended on,
a. 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of
Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide notification No.
SEBI/LAD-NRO/GN/2016-17/023.
b. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.
c. 16th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment)
Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09.
d. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.
e. 17th January 2023, by the Securities and Exchange Board of India (Change in Control in
Intermediaries) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/
2023/115.
f. 7th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/121.
g. 3rd July 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution
Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137.
h. 17th August 2023 by the Securities and Exchange Board of India (Facilitation of Grievance
Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-
NRO/GN/2023/146.
i. 26th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment)
Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/170.
j. 19th August, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second
Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199.
k. 16th December, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third
Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/220.
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