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Date: 2025-08-05 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section 1 of section 30 read with clause

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Executive Summary: This document contains the Securities and Exchange Board of India (SEBI) Research Analysts Amendment Regulations, 2025, which further amends the Securities and Exchange Board of India Investment Advisers Regulations, 2013. These regulations, effective from their publication date in the Official Gazette, address the maintenance and utilization of deposits by investment advisors. The notification is issued on August 4, 2025. Key Points / Main Content: Amendments to Investment Advisers Regulations, 2013: Regulation 8 Amendments: Subregulation 2 is substituted, mandating that the deposit be maintained as specified by the Board. A new subregulation 3 is inserted, stating the deposit shall be marked as a lien in favor of a body or body corporate recognized by the Board for administration and supervision of investment advisers. The deposit can be utilized to cover dues from arbitration and conciliation proceedings under the Online Dispute Resolution Mechanism or other mechanisms specified by the Board if the investment advisor fails to pay. Authority and Implementation: These regulations are enacted under Section 30(1) read with Section 11(2)(b) of the Securities and Exchange Board of India Act, 1992. The regulations come into force on the date of their publication in the Official Gazette. Impact Analysis: Investment Advisors: Impact: Investment advisors are directly affected by the changes to deposit maintenance and utilization rules. Action Required: Investment advisors need to ensure their deposits are maintained as specified by the Board and marked as lien in favor of a body or body corporate recognized by the Board. They must also be aware that these deposits may be used to cover arbitration and conciliation dues. Securities and Exchange Board of India (SEBI): Impact: SEBI is responsible for specifying the form and manner of deposit maintenance and for recognizing the body or body corporate for administration and supervision of investment advisors. Action Required: SEBI needs to specify the form and manner of deposit maintenance and recognize a body or body corporate for the administration and supervision of investment advisors. Body or Body Corporate Recognized by the Board: Impact: This entity is responsible for the administration and supervision of investment advisors. Action Required: The recognized body or body corporate must administer and supervise investment advisors in accordance with regulation 14, and manage the lien on the deposits.

Key Entities Referenced

Securities and Exchange Board of India: Regulatory body in India for securities and commodity market. Securities and Exchange Board of India Act, 1992: Act of the Parliament of India that established the Securities and Exchange Board of India. Securities and Exchange Board of India Investment Advisers Regulations, 2013: Regulations pertaining to investment advisers as defined by the Securities and Exchange Board of India. Securities and Exchange Board of India Research Analysts Amendment Regulations, 2025: Regulations that amend existing regulations for research analysts, introduced by the Securities and Exchange Board of India in 2025. Securities and Exchange Board of India Investment Advisers Amendment Regulations, 2025: Regulations that amend existing regulations for investment advisors, introduced by the Securities and Exchange Board of India in 2025. Online Dispute Resolution Mechanism: Mechanism used to resolve disputes online. BABITHA RAYUDU: Executive Director at Securities and Exchange Board of India. Mumbai, Maharashtra: Location of Securities and Exchange Board of India
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-06082025-265258 xxxGIDHxxx CG-MH-E-06082025-265258 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 535] िई ददल्ली, मगं लिार, अगस्ट्त 5, 2025/श्रािण 14, 1947 No. 535] NEW DELHI, TUESDAY, AUGUST 5, 2025/SHRAVANA 14, 1947 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 4 अगस्ट् त, 2025 भारतीय प्रजतभजू त और जिजिमय बोडड (अिस धं ाि जिश्ल षे क) (सिं ोधि) जिजियम, 2025 फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/253.— बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 11 की उप-धारा (2) के खंड (ख) के साथ पठित धारा 30 की उप-धारा (1) द्वारा प्रदाि की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] जिजियम, 2013 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता है, अथाडत्:- 1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (संिोधि) जिजियम, 2025 कहा िा सकेगा । 2. ये जिजियम रािपत्र में इिके प्रकाजित होिे की तारीख से लागू होंगे । 3. भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] जिजियम, 2013 में,- I. जिजियम 8 में, i) उप-जिजियम (2) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथाडत्,- 5213 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(2) यह जडपॉजिट (िमाराजि) उसी तरह रखा िाएगा, जिस तरह से रखिे के जलए बोडड कह े।” ii) उप-जिजियम (2) के बाद, जिम्नजलजखत िया उप-जिजियम िोड़ा िाएगा, अथाडत्,- “(3) इस जडपॉजिट (िमाराजि) पर उस जिकाय (बॉडी) या कंपिी (बॉडी कारपोरेट / जिगजमत जिकाय) के पक्ष में जलयि माकड करिाया िाएगा, जिसे इि जिजियमों के जिजियम 14 के अि सार जििेि सलाहकारों का पयडिेक्षण आदद करिे के उद्देश्य से बोडड द्वारा मान्यता प्रदाि की गई हो: परंत यह दक यदद जििेि सलाहकार जििाद स लझािे की ऑिलाइि व्यिस्ट्था या बोडड द्वारा यथा जिधाडठरत ऐसी ही दकसी दसू री व्यिस्ट्था के तहत मध्यस्ट्थता और स लह की कायडिाजहयों की ििह से देय रकम अदा िहीं करता ह,ै तो ऐसे में िह रकम उस जडपॉजिट (िमाराजि) में से जिकाली िा सकेगी ।” बबीता राय डू, कायडपालक जिदेिक [जिज्ञापि-III/4/असा./268/2025-26] पाद ठटप्पण: 1. भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] जिजियम, 2013, सं. एल.ए.डी.- एि.आर.ओ./िी.एि./2012-13/31/1778, द्वारा 21 िििरी, 2013 को भारत के रािपत्र में प्रकाजित हुए थे । 2. भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] जिजियम, 2013 तत्पश्चात्,- क. 23 मई, 2014 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का संदाय) (संिोधि) जिजियम, 2014, सं. एल.ए.डी.- एि.आर.ओ./िी.एि./2014-15/03/1089, द्वारा ख. 8 ददसम्बर, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [क छ मध्यिर्तडयों (इंटरमीजडयरीि) के रजिस्ट्रीकरण की ितों में पठरितडि] (संिोधि) जिजियम 2016, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/023, द्वारा ग. 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम 2020, सं. सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा घ. 3 ि लाई, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (संिोधि) जिजियम, 2020, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/22, द्वारा ङ. 11 िििरी, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (संिोधि) जिजियम, 2021, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/04, द्वारा च. 16 माचड, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (दसू रा संिोधि) जिजियम, 2021, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/11, द्वारा छ. 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (तीसरा संिोधि) जिजियम, 2021, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/34, द्वारा ि. 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2021, सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा झ. 17 िििरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [मध्यिर्तडयों (इंटरमीजडयरीि) के जियंत्रण में पठरितडि] (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/115, द्वारा ञ. 7 फरिरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भ गताि और भ गताि का माध्यम) (संिोधि) जिजियम, 2023, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/121, द्वारा ट. 3 ि लाई, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (जििाद स लझािे की िैकजल्पक व्यिस्ट्था) (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/137, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 ि. 17 अगस्ट्त, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिकायत जििारण व्यिस्ट्था को स जिधाििक बिािा) (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/146, द्वारा ड. 9 अिूबर, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/154, द्वारा ढ. 26 अप्रैल, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (संिोधि) जिजियम, 2024, सं. सेबी/एलएडी-एिआरओ/िीएि/2024/169, द्वारा ण. 16 ददसम्बर, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड [जिजिधाि (जििेि) सलाहकार] (दसू रा संिोधि) जिजियम, 2024, सं. सेबी/एलएडी-एिआरओ/िीएि/2024/219, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 4th August, 2025 SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) (AMENDMENT) REGULATIONS, 2025 F. No. SEBI/LAD-NRO/GN/2025/253.—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 (Investment Advisers) Regulations, 2013, namely: — 1. These Regulations may be called the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 – I. In Regulation 8, i) sub-regulation (2) shall be substituted with the following, namely, - “(2) The deposit shall be maintained in such a form or manner as may be specified by the Board.” ii) after sub-regulation (2), the following new sub-regulation shall be inserted, namely, - “(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the Board for the purpose of administration and supervision of investment advisers in accordance with regulation 14 of these regulations: Provided that the deposit shall be available for utilization in case the investment adviser fails to pay the dues emanating out of arbitration and conciliation proceedings, if any, under the Online Dispute Resolution Mechanism or such other mechanism as may be specified by the Board.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./268/2025-26] Footnotes: 1. The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 were published in the Gazette of India on January 21, 2013 vide No. SEBI/LAD-NRO/GN/2012-13/31/1778. 2. The Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 were subsequently amended on, - a. 23rd May, 2014 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089; b. 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide No. SEBI/LAD-NRO/GN/2016-17/023;4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] c. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10; d. 3rd July, 2020 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/22; e. 11th January, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/04; f. 16th March, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/11; g. 3rd August, 2021 by the Securities and Exchange Board of India (Investment Advisers) (Third Amendment) Regulations, 2021 vide No SEBI/LAD-NRO/GN/2021/34; h. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30; i. 17th January, 2023 by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/115; j. 07th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/121; k. 3rd July, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD–NRO/GN/2023/137; l. 17th August, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/146; m. 9th October, 2023 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/154; n. 26th April, 2024 by the Securities and Exchange Board of India (Investment Advisers) (Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/169; o. 16th December, 2024 by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/219. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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