Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 - SEBI/LAD-NRO/GN/2024/170 - SEBI

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/LADNRO/ 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. 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.