After months of efforts, to and fro, follow-up with SEBI, getting a license from SEBI is an achievement in itself.
And the case is the same for an individual or a corporate.
I am sure the first thing that comes to your mind is “What next?
What do I have to do to avoid any non-compliance?”
Here are the top 5 things you should do as soon as you get registered with SEBI i.e. as soon as you get your registration number.
#1 – Display of registration number:
As a registered research analyst, you have to display the SEBI registration number on your website and mobile app.
#2 – Registration with SCORES
SEBI has launched a system called as “SCORES” where an investor can lodge a complaint online against a registered intermediary. To view the details of complaints against you on SCORES, you will have to apply to get the login credentials. Click here for more details.
#3 – Display of Investor Charter and Complaints table
SEBI has issued a circular where every registered Research Analyst has to display the investor charter and complaints table on its website and mobile. Click here for more details.
#4 – Terms and conditions of service
A research analyst needs to disclose to its clients the terms and conditions on which it offers its services. The terms should be such that they give a fair idea of what to expect or not expect from the services. You can either add it in a research report or display it on the website.
#5 – Preparation for compliance audit
All SEBI registered Research Analysts have to get the compliance audit done annually. Click here to read on what are the compliance requirements. This will help you to prepare yourself for the annual compliance audit under SEBI (Research Analyst) Regulations, 2014 as well as for SEBI inspection.
So, this is a guidance on the initial steps to be taken after the registration with SEBI. In case you have any further queries or want to opt for my compliance services, you can write to me at kruti@cskruti.com.
Hello,
There are many Sebi registered RA who provide education on Technical and Fundamental Analysis, Is it legal ?
Hi, as per current requirements of SEBI, an RA cannot get involved in any other business activity including education and training. This is toa avoid any conflict of interest. However, best is to confirm the case specific queries with SEBI directly.
Hello mam, can SEBI registered RA can take classes on technical analysis?
Hi Pratik, I suggest confirming this with SEBI.
sir, plz reply, if i am not sebi registered RA can i sell my course and take money in return of that without any live market hour call put. is it legal.like many big people avdhut sathe and siddharth bhanushalu doing …they are selling courses but not giving mkt hours assistance.
and second is can i sell my course after i get resgistered as RA and take money and give live mkt assistance too.
Yes, in my view, you can provide education and training without getting registered with SEBI provided you are not providing any advisory or research services.
Currently, SEBI is restricting the education activity for RA. However, I suggest confirming the same with SEBI’s MIRSD (department) at Mumbai office.
Can you tell difference between individual and partnernership firm and proxie research analyst with respect to what all they can do..
The scope of RA service offerings for individual and partnership firm is the same. Proxy advisers are the one who advise institutional investors or shareholders of a company in relation to exercising their voting rights. If you have any specific questions please send an email to kruti@cskruti.com
Thanx for reply.i have mailed you my specific further querry
Very Good and very important information you have shared Kruti ji.
I have one question,
Can my wife handle the brokerage referral business if I apply for Research analyst.
My clients will trade and my wife will earn from that brokerage sharing from Upstox zerodha.
I wont be managing that referral business, she will only handle it, I will only post option advisory to all my clients for a monthly fees.
it is allowed plz let us know
Thank you Ankit. In my view, there are no such restrictions in the RA regulations regarding the same.
How does it helps a CS to get sebi registered research analyst license. Can I keep working as a CS alongside being the RA?
I am not sure if you can continue working as a CS along with RA. You will have to confirm the same with ICSI as well as SEBI.
Hi! If granted a RA registration, will I be able to teach students fundamental and technical analysis?
Hi Ketav, there are no restrictions specified in SEBI regulations regarding the same.
There is restriction exclusively informed to me by SEBI official that you can not tech or do webinar or any work related to training and education if you are SEBI Registered RA
And they will take an undertaking regarding the same at the time of application.
Please correct your information as there are research analysts who regularly provide calls on ZEE platform and have been running their educational institutions for years. eg. Kunal Saraogi,
You may report the same to SEBI officials.
Yes Bidyut, SEBI has started the same for Research Analyst applications.
Hello mam
Can i run two website with two different names on basis of single RA registration.
Hi. In my view you can but please inform SEBI accordingly.
Hello mam,
Can I hold RA and mutual fund distributor licenses at the same time?
is it allowed to have both licenses, if I m not providing both services to the same client
Hi Aditya, in the past when we had help applicants, SEBI has not permitted RAs to continue any distribution or broking business.
So, in my view, you will not be allowed to do MFD business along with RA.
Thank you for quick reply.
Is there any regulation or provision which explicitly states that Mutual fund distribution services are not allowed for Research Analyst?
As per my knowledge it is allowed for investment advisors after giving appropriate disclosure to the client
There is no regulation which explicitly states that, but SEBI finds this as a conflict of interest.
An individual who is an investment adviser cannot be a distributor at the same time.