On October 25, 2024, SEBI issued a circular on “Period Reporting format for Research Analyst (RAs) and Proxy Advisers (PAs)”.
The circular talks about having a standardized format for submission of information by RAs and PAs pertaining to their activities on a periodic basis. Click here to view the circular.
Here is all you need to know about period reporting:
# 1 – What are the due dates for submission of the report?
The first reporting needs to be done for the half year period ended March 31, 2025.
The due dates are as follows:
So, SEBI has given 6 months to get prepared for the first reporting.
#2 – Where can one find the format of the report?
The format is specified in Annexure I of the circular for RAs. However, you need to download the format by logging in to the Research Analyst Administration and Supervisory Body (RAASB) i.e. BSE Ltd.’s portal.
Make sure that you download the latest report format from the BSE portal every time you prepare for the reporting.
#3 – Where should the report be submitted?
The RAs need to submit their reports to RAASB on the BSE portal whereas the Proxy Advisors have to submit their reports to SEBI.
———–
The half yearly reporting is mandatory for all research analysts. SEBI has directed BSE to make the necessary arrangements for obtaining periodic reports from RAs in the format specified in circular.
IMPORTANT NOTE:
One important thing to note is that even the RAs need to mention details of clients including details of non-resident clients.
To report this information, you need to start collecting data for non-resident clients as well.
Since there is a gap of 6 months for the first reporting, it is advisable to get details of clients in the format specified in Table – 3 of the Annexure I for RAs.
In case the research services are provided as free for all, as value added service to clients of other services offered by the entity viz. stock broking, PMS etc., the details of clients need not be submitted.
————
It is expected that BSE will release another circular specifying additional requirements and instructions for submission of the report.
If you need help in complying with the periodic reporting requirement, please send an email to kruti@cskruti.com.