Client level segregation of research services and distribution activities

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..... bution services. (2) The family of an individual research analyst shall not provide distribution services to the client to whom research services are being rendered by the individual research analyst and no individual research analyst shall render research services to a client who is receiving distribution services from other family members. (3) A non-individual research analyst or research entity .....

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..... the said Act and in any other case, an entity which has a controlling interest or is subject to the controlling interest of a non-individual research analyst. (4) Non-individual research analyst or research entity shall maintain an arm s length relationship between its activities as research analyst and distributor by providing research services through a separately identifiable department or div .....

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