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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-26042024-253871
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 281]
NEW DELHI, FRIDAY, APRIL 26, 2024/VAISAKHA 6, 1946
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 26th April 2024
SECURITIES AND EXCHANGE BOARD OF INDIA
(RESEARCH ANALYSTS) (AMENDMENT) REGULATIONS, 2024
No. SEBI/LAD-NRO/GN/2024/170.—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, 2024.
2. They shall come into force on the ninetieth day from 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 6, after clause (x), the following clause shall be inserted, namely,-
"(xi) whether the applicant is enlisted with a body or body corporate recognised under regulation 14:
Provided that the existing research analysts and research entities shall be deemed to be enlisted with such a
body or body corporate from the date of recognition of such a body or body corporate:
Provided further that the applicant whose application is received before the date of recognition of the body or
body corporate as provided under regulation 14 and who is granted the certificate after the date of recognition
of such body or body corporate shall also be deemed to be enlisted with such a body or body corporate."
II. regulation 14 shall be replaced with the following regulation, namely,-
"Recognition of body or body corporate for administration and supervision of research analysts.
14. (1) The Board may recognize a body or body corporate for the purpose of administration and
supervision of research analysts to such extent and on such terms and conditions as may be specified by the
Board.
(2) The Board may specify that no person shall act as a research analyst unless such a person is enlisted with
the recognized body or body corporate and in such an event, the provisions of these regulations and the
specified provisions of the bye-laws or articles of such a body or body corporate shall apply to the research
analyst."
III. In the Second Schedule, -
i. paragraph no. 1 shall be substituted with the following paragraph, namely,-
"1. Every applicant shall pay the non-refundable application fee along with the application for grant of
the certificate of registration as under:
i. For individuals and partnership firms: ₹2,000;
ii. For proxy advisory firms: ₹2,000;
iii. For body corporates including Limited Liability Partnerships: ₹ 20,000."
ii. paragraph no. 2 shall be substituted with the following paragraph, namely,-
"2. Every applicant shall pay registration fee at the time of grant of certificate of registration by
the Board as under:
i. For individuals and partnership firms: ₹ 3,000;
ii. For proxy advisory firms: ₹3,000;
iii. For body corporates including Limited Liability Partnerships: ₹ 30,000."
iii. paragraph no. 3 shall be substituted with the following paragraph, namely,-
"3. A research analyst who has been granted a certificate of registration, in order to keep its registration
in force, shall pay the following fee every five years, from the date of grant of the certificate of
registration or from the date of grant of the certificate of registration prior to the commencement of
the Securities and Exchange Board of India (Change in Conditions of Registration of Certain
Intermediaries) (Amendment) Regulations, 2016, as the case may be, within three months before
the expiry of the period for which fee has been paid by way of direct credit into the bank account
through NEFT/RTGS/IMPS or online payment using the SEBI Payment Gateway or any other mode
as may be specified by the Board from time to time:
i. For individuals and partnership firms: ₹ 1,000;
ii. For proxy advisory firms: ₹ 1,000;
iii. For body corporates including Limited Liability Partnerships: ₹5,000."
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./50/2024-25]
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.
с. 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. August 3, 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. February 7, 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.
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