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A research analyst (RA) is an individual who evaluates the financial data, company reports and market trends to come up with investment-related recommendations for the clients. In India, working as an RA requires mandatory registration with the Securities and Exchange Board of India (SEBI) and obtaining a certificate of registration.
All the research analysts in the country are regulated under the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. These regulations prescribe a Code of Conduct that requires them to act with honesty and good faith, diligence and effectively address conflicts of interest among other ethical/professional obligations.
In this blog post, we shall discuss the SEBI Code of Conduct for Research Analysts as specified under the SEBI RA Regulations, 2014. If you’re planning to register as an RA with SEBI in the near future, it is essential that you understand how you are expected to conduct your business as an RA.
SEBI RA Regulations, 2014, are the primary regulations for governing the SEBI-registered RAs in India. These regulations were notified on September 1, 2014, and came into force on 1 December, 2014. They discuss the following for the RAs:
The RA regulations are amended from time to time to ensure transparency, investor protection and the integrity of the securities market. They were last amended by SEBI on November 25, 2025. The amended regulations are officially known as Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025.
The RA code of conduct is laid down under the third schedule of SEBI RA regulations 2014. It is explained below:-
Honest and Good Research:- Every RA in the country must act honestly and in good faith while conducting their business operations and offering their services to their clients.
Diligence Research:- The RA must act with due skill, care and diligence while providing services to their clients. They must ensure that the research report is prepared only after thorough analysis has been done.
Conflict of Interest:- RAs have the obligation to effectively address conflict of interest which may affect the impartiality of the research analysis and research report. In order to manage these conflicts, they must make the appropriate disclosures.
Insider Trading / Front Running:- Research analysts must not engage in insider trading or front running, including the front running of their own research reports. Both insider trading and front running are considered as illegal practices.
Confidentiality:- They must maintain the confidentiality of their reports until those reports are made available to the public.
Professional Standard:- The RAs must adhere to high professional standards while preparing their research reports.
Compliance:- They must comply with all the regulatory requirements applicable to their business activities.
Responsibility of Senior Management:- The senior management of a research analyst/entity holds primary responsibility for maintaining appropriate standards of conduct and ensuring adherence to proper procedures.
Every RA registered with the Securities and Exchange Board of India (SEBI) must comply with the above-mentioned code of conduct. It is not only essential for ensuring legal compliance but also for trust-building with the clients.
The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 came into effect from 1 December, 2014, onwards. These regulations made it mandatory for research analysts to register with the Securities and Exchange Board of India. These regulations also specify the Code of Conduct for RAs. All the RAs must adhere to them at all times. In case of failure to ensure compliance, they can face strict regulatory action. The RA regulations were last amended on November 25, 2025.
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Q1. Do research analysts need to maintain a record of their work and business activities?
A. Yes, all the research analysts need to maintain a detailed record of their work and business activities.
Q2. Is compliance audit mandatory for RAs?
A. Yes, all the RAs must mandatorily undergo an annual compliance audit. This audit ensures that the RAs comply with the regulatory standards. Failure to do so can result in severe financial/legal/operational consequences.
Q3. Which Schedule of SEBI RA Regulations lays down the code of conduct for Research Analysts?
A. The Third Schedule of the SEBI RA Regulations 2014 lays down the code of conduct for Research Analysts in India. It ensures integrity and transparency in the RAs’ professional conduct.
Q4. When did the RA Regulations of SEBI come into force?
A. These regulations became effective on December 1, 2014, after being announced a few months earlier, on September 1, 2014. They are applicable to all the RAs registered in India.
Q5. What happens if a RA fails to comply with SEBI’s code of conduct?
A. If an RA fails to comply with SEBI’s code of conduct, they may face strict regulatory action. This can include monetary penalties, cancellation of RA registration and even a prohibition from participating in securities market. In serious cases, the securities market regulator can initiate enforcement proceedings, which can severely damage the RA’s professional reputation as well as career.
Q6. What happens if an RA is caught conducting insider trading?
A. If an RA is found to be conducting insider trading activities, they can face severe regulatory, financial and legal consequences under the SEBI (Prohibition of Insider Trading) Regulations 2015 and the SEBI Act 1992.
Q7. Is the NISM-Series-XV: Research Analyst Certification Examination mandatory for the RAs?
A. Yes, the NISM-Series-XV: Research Analyst Certification Examination is mandatory for the RAs in India.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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