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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

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

**Executive Summary:** The Securities and Exchange Board of India (SEBI) has issued the Research Analysts Amendment Regulations, 2025, effective from the date of publication in the Official Gazette (August 5, 2025). These regulations amend the Securities and Exchange Board of India Research Analysts Regulations, 2014, focusing on the maintenance and utilization of deposits by research analysts. The amendment specifies the form/manner of deposit and its lien in favor of a body recognized by the Board for administration and supervision of research analysts. **Key Points / Main Content:** * **Amendment Regulations:** * These regulations are called the Securities and Exchange Board of India Research Analysts Amendment Regulations, 2025. * They amend the Securities and Exchange Board of India Research Analysts Regulations, 2014. * **Effective Date:** * The regulations come into force on the date of their publication in the Official Gazette. * **Regulation 8 Amendment:** * Subregulation 2 of Regulation 8 is substituted, specifying that the deposit shall be maintained in a form or manner specified by the Board. * A new subregulation 3 is inserted, requiring the deposit to be marked as a lien in favor of a body or body corporate recognized by the Board for the purpose of administration and supervision of research analysts. * The deposit can be used to pay dues from arbitration and conciliation proceedings under the Online Dispute Resolution Mechanism or other mechanism specified by the Board if the research analyst fails to pay. **Impact Analysis:** **Research Analysts:** * *Impact:* Research analysts are impacted by the new requirements regarding the form/manner and lien on their deposits. * *Action Required:* Research analysts need to ensure their deposits are maintained in the form/manner specified by the Board and marked as lien in favor of a body or body corporate recognized by the Board. **Securities and Exchange Board of India (SEBI):** * *Impact:* SEBI is responsible for enforcing the amended regulations. * *Action Required:* SEBI needs to specify the form/manner for maintaining the deposit and recognize a body or body corporate for administration and supervision of research analysts. **Body or Body Corporate Recognized by the Board:** * *Impact:* This body is responsible for the administration and supervision of research analysts and will hold a lien on the deposits. * *Action Required:* The recognized body must establish procedures for the administration and supervision of research analysts and for managing the utilization of deposits in case of dues emanating from arbitration and conciliation proceedings.

Key Entities Referenced

Securities and Exchange Board of India (SEBI): The regulatory body for securities and commodity market in India. Securities and Exchange Board of India Act, 1992: The Act of Parliament of India that established the Securities and Exchange Board of India, providing it with statutory powers to regulate the securities market. Securities and Exchange Board of India Research Analysts Regulations, 2014: The original regulations pertaining to research analysts as defined and regulated by SEBI. Securities and Exchange Board of India Research Analysts Amendment Regulations, 2025: The amendment regulations to the Securities and Exchange Board of India Research Analysts Regulations, 2014. Mumbai, Maharashtra: The city in India where the Securities and Exchange Board of India (SEBI) notification was issued. Online Dispute Resolution Mechanism: A mechanism specified by the Board for arbitration and conciliation proceedings. Babitha Rayudu: Executive Director at Securities and Exchange Board of India (SEBI). Official Gazette: The official government publication where the regulations are published.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-06082025-265257 xxxGIDHxxx CG-MH-E-06082025-265257 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 534] िई ददल्ली, मगं लिार, अगस्ट्त 5, 2025/श्रािण 14, 1947 No. 534] 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 (अनसु धं ान विश्ल षे क) (सिं ोधि) जिजियम, 2025 फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/252.— बोड,ड भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 11 की उप-धारा (2) के खडं (ख) के साथ पठित धारा 30 की उप-धारा (1) द्वारा प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेषक) जिजियम, 2014 का और संिोधि करि े के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् - 1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लेषक) (संिोधि) जिजियम, 2025 कहा िा सकेगा । 2. ये जिजियम रािपत्र म ें इिके प्रकाजित होिे की तारीख से लाग ूहोंगे । 3. भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेषक) जिजियम, 2014 म,ें- I. जिजियम 8 में, i) उप-जिजियम (2) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथाडत,् - 5212 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(2) यह जडपॉजिट (िमाराजि) उसी तरह रखा िाएगा, जिस तरह स े रखि े के जलए बोड ड कह े।” ii) उप-जिजियम (2) के बाद, जिम्नजलजखत िया उप-जिजियम िोड़ा िाएगा, अथाडत,् - “(3) इस जडपॉजिट (िमाराजि) पर उस जिकाय (बॉडी) या कंपिी (बॉडी कारपोरेट / जिगजमत जिकाय) के पक्ष म ें जलयि माकड करिाया िाएगा, जिसे इि जिजियमों के जिजियम 14 के अि सार अि संधाि जिश्लषे कों का पयडिेक्षण आदद करिे के उद्देश्य से बोडड द्वारा मान्यता प्रदाि की गई हो: परंत यह दक यदद अि संधाि जिश्लेषक 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 स े देय रकम अदा िहीं करता है, तो ऐस े म ें िह रकम उस जडपॉजिट (िमाराजि) म ें से जिकाली िा सकेगी ।” बबीता राय डू, कायडपालक जिदेिक [जिज्ञापि-III/4/असा./267/2025-26] पाद ठटप्पण: 1. भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लेषक) जिजियम, 2014, सं. एल.ए.डी.-एि.आर.ओ./ िी.एि./ 2014-15/07/1414, द्वारा 1 जसतम्बर, 2014 को भारत के रािपत्र में प्रकाजित हुए थ े। 2. भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेषक) जिजियम, 2014 तत्पश्चात,् - क. 8 ददसम्बर, 2016 को भारतीय प्रजतभूजत और जिजिमय बोड ड [क छ मध्यिर्तडयों (इंटरमीजडयरीि) के रजिस्ट्रीकरण की ितों में पठरितडि] (संिोधि) जिजियम 2016, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016- 17/023, द्वारा ख. 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि) जिजियम 2020, अजधसूचिा सं. सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा ग. 16 माच,ड 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेषक) (संिोधि) जिजियम 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/09, द्वारा घ. 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा ङ. 17 िििरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [मध्यिर्तडयों (इंटरमीजडयरीि) के जियंत्रण म ें पठरितडि] (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/115, द्वारा च. 7 फरिरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भ गताि और भग ताि का माध्यम) (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/121, द्वारा छ. 3 िल ाई, 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जििाद स लझाि े की िैकजल्पक व्यिस्ट्था) (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/2023/137, द्वारा ि. 17 अगस्ट्त, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिकायत जििारण व्यिस्ट्था को स जिधाििक बिािा) (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/2023/146, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 झ. 26 अप्रलै , 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेषक) (संिोधि) जिजियम 2024, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/170, द्वारा ञ. 19 अगस्ट्त, 2024 को भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लेषक) (दसू रा संिोधि) जिजियम 2024, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/199, द्वारा ट. 16 ददसम्बर, 2024 को भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लेषक) (तीसरा संिोधि) जिजियम 2024, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/220, 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/2025/252.— 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 (Research Analysts) Regulations, 2014, namely: — 1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (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 (Research Analysts) Regulations, 2014 – 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 research analysts in accordance with regulation 14 of these regulations: Provided that the deposit shall be available for utilization in case the research analyst 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./267/2025-26] Footnotes: 1. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414. 2. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently amended on, – a. 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2016-17/023. b. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10. c. 16th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09. d. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] e. 17th January 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/ GN/ 2023/ 115. f. 7th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/121. g. 3rd July 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137. h. 17th August 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD- NRO/GN/2023/146. i. 26th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/170. j. 19th August, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199. k. 16th December, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/220. 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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