Periodic Reporting format for Research Analysts and Proxy Advisers

भारतीय (cid:366)ितभूित और िविनमय बोड(cid:330) Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/MIRSD-PoD1/P/CIR/2024/148 October 25, 2024 To All Research Analysts All Proxy Advisers Research Analyst Administration and Supervisory Body (RAASB) Madam/Sir, Subject: Periodic reporting format for Research Analysts and Proxy Advisers 1. In terms of Regulation 24(4) of Chapter III of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (“RA Regulations”), Research Analysts (RAs) are required to furnish to SEBI, information and reports as may be specified by SEBI from time to time. Further, in terms of Regulation 23(1) of Chapter III of the RA Regulations, all the provisions of Chapter II, III, IV, V and VI shall apply mutatis mutandis to the proxy advisers (PAs). It has been decided to specify a standardized format for periodic reporting for RAs and PAs. 2. SEBI has recognized BSE Limited as Research Analyst Administration and Supervisory Body (“RAASB”) for the purpose of administration and supervision of RAs under regulation 14 of the RA Regulations. Consultative process for development of periodic reporting format 3. Based on the recommendations received from Industry Standards Forum (“ISF”) for RAs (including PAs), a consultation paper on ‘Periodic reporting format for Research Analysts and Proxy Advisers’ was published on August 9, 2024 and was open for public comments till August 30, 2024. Pursuant to public consultation and further discussions with industry participants, the periodic reporting formats for RAs and PAs are provided at Annexure I and Annexure II respectively. Periodicity and timeline of reporting 4. RAs shall submit their periodic report to RAASB and PAs shall submit their periodic reports to SEBI. The periodic reports shall be submitted by RAs/PAs within 30 days from the last date of the reporting period. 5. RAs/PAs shall submit periodic report for half-yearly periods ending on September 30 and March 31 of every financial year. The first reporting period shall be half- Page 1 of 8yearly period ending on March 31, 2025 and reports thereof shall be required to be submitted by April 30, 2025. Hence, a time of around six months has been provided to RAs and PAs for submission of their first periodic report to give them sufficient time for making necessary arrangements for providing the required data. Applicability of circular 6. This circular shall become applicable with immediate effect. 7. RAASB is directed to: 7.1. make necessary arrangements for obtaining periodic reports from RAs in the format specified in Annexure I. 7.2. bring the provisions of this circular to the notice of the RAs and also disseminate the same on its website; 7.3. make necessary amendments to the relevant Bye-laws, Guidelines, Standard Operating Procedures, Rules and Regulations for the implementation of the above decisions 8. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 14, Regulation 23(1) and Regulation 24(4) of the RA Regulations to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market. 9. This circular is available on SEBI website at www.sebi.gov.in under the categories "Legal > Circulars", “Info For > Research Analysts”. Yours faithfully, Aradhana Verma General Manager Tel. No: 022-26449633 E-mail: aradhanad@sebi.gov.in Page 2 of 8Annexure I Periodic Reporting Format for Research Analysts Table-1 General Details of Research Analyst (RA) for the Half year ended on ………………(DD/MM/YYYY) Sr. Particulars Details No. 1 Registered Name of RA (As per SEBI registration certificate) 2 Trade Name/ Brand Name as RA 3 Permanent Account Number (PAN) 4 SEBI Registration No. 5 Enlistment no. of Research Analyst Administration and Supervisory Body (RAASB) 6 Logo (if any) Yes/No 7 Date of Birth for individual RA/ Date of Incorporation for Non Individual RA (DD/MM/YYYY) 8 Legal Structure (specify one from – Individual/partnership /LLP/body corporate) 9 Registered Office Address 10 Correspondence Address 11 Address of Principal place Of business 12 Number of branches 13 Addresses of Branches (provide details of all branches) 14 Total number of Employees as on last date of the reporting period 15 Official Website Address Details of Social Facebook Twitter Others 16 Media Handles as (Please an RA (provide specify) details for all such Social Media Type platforms) (e.g. Facebook, LinkedIn, Instagram etc.) Name of Account /Page/Channel, etc. Provide Details of Bank Bank Bank 17 Bank accounts Account-1 Account-2 Account-3 used for receiving Name as per Bank Account fees from clients Account No. (provide details of Type of account all such bank IFSC Code accounts) Bank Name Bank Branch Name Details of Contact Name 18 Person Date of Birth (DD/MM/YYYY) Mobile Email id 19 Name Page 3 of 8Details of Date of Birth Compliance (DD/MM/YYYY) Officer Mobile Email id Details of Name 20 Managing PAN Director/Managing Date of Birth partner (DD/MM/YYYY) DIN (not applicable for partnership) Mobile Email id Details of other Director-1/ Director-2/ Director-3/ 21 directors/ partners Partner-1 Partner-2 Partner-3 (List of directors/partners) Name PAN Date of Birth (DD/MM/YYYY) DIN (not applicable for partnership) 22 Shareholding Shareholder- Shareholder-2 Shareholder- Pattern (provide 1 3 details of Name of shareholder shareholders Number of shares having a holding % of shareholding of 10% or more) 23 Total number of persons employed as ‘Research Analyst’ (please refer to the definition of research analyst as provided under Regulation 2(1)(u) of SEBI (Research Analysts) Regulations, 2014) NISM certification Specify for each person (whether individual RA/ Individuals employed as 24 details (provide RA/ Partner of an RA) details of all such Name Person-1 Person-2 Person-3 persons side by Email ID side) Date of Birth (DD/MM/YYYY) PAN Validity of From Certificate (DD/MM/YYYY) To (DD/MM/YYYY) Details of last Inspection carried out by 25 inspection (SEBI/RAASB) Date of last inspection (DD/MM/YYYY) Period of Inspection Any adverse remarks of inspection Remedial steps taken to address adverse remarks Page 4 of 826 Details of Number of Advertisements Advertisements issued during the half year issued period Number of Advertisements approved by RAASB during the half year period 27 Publishing of Whether complaints data Complaints and have been updated on the Investor Charter website of the RA or in absence of website, communicated to clients by 7th of the succeeding month for each month of the half year period (Yes/No) Whether Investor Charter has been published on the website of the RA or in absence of website, communicated to clients (Yes/No) 28 Number of Research Reports published during the period (includes Buy/Sell/Hold recommendation) 29 Aggregate number of public appearances made by the RA/ its Director/analyst during the period Table-2 Details of the complaints against Research Analyst (RA) for the Half Year ended on ………………(DD/MM/YYYY) Sr. Particulars Complaints Complaints Total No. received from other through sources SCORES 1 Number of complaints pending at the end of previous half yearly period (a) 2 Number of complaints received during the period (b) 3 Total number of complaints resolved during the period (c) 4 Total number of complaints pending at the end of the period (a+b-c) = (d) 5 Ageing Total number of details of complaints pending for complaints up to 21 days (a) pending at Number of complaints the end of pending from 22-90 the period Days (b) Number of complaints pending for more than 90 Days (c) 6 Average Complaint resolution time Page 5 of 8(Average complaint Resolution time is the sum total of time taken to resolve each complaint in days, in the concerned half year period divided by total number of complaints resolved in the said half year period.) 7 Break-up of Grievances related to type of recommendations complaints Issues related to fees received charged during the Inadequacy/ issues period related to services Promise of assured returns Other (please specify) Table-3 Details of Clients and Fees for the Half Year ended on ………………(DD/MM/YYYY) * Sr. Particulars Individual Non-Individual Total No Resi Non- FPI Resident Non- FPI (A+B+C+ . dent Reside (C) (D) Resident (F) D+E+F) (A) nt (B) (E) 1 Number of clients at the end of the previous half yearly period (i) 2 Number of clients acquired during the period (ii) 3 Number of client relationships that ended during the period (iii) 4 Number of clients at the end of the period (iv = i + ii - iii) 5 Details of Fees collected (in Rs.) *In case, 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 sought in Table-3 need not be submitted. Page 6 of 8Annexure II Periodic Reporting Format for Proxy Advisers (PA) Details of Proxy Adviser (PA) for the Half year ended on ………………(DD/MM/YYYY) Sr. Particulars Details No. 1 Registered Name (As per SEBI registration certificate) 2 Trade Name/ Brand Name 3 Permanent Account Number (PAN) 4 SEBI Registration No. 5 Logo (if any) Yes/No 6 Date of Incorporation (Date of Birth for individual PA) (DD/MM/YYYY) 7 Legal Structure of PA 8 Registered Office Address 9 Correspondence Address 10 Address of Principal place Of business 11 Number of branches 12 Addresses of Branches (provide details of all branches) 13 Total no. of Employees as on last date of the reporting period 14 Official Website Address Provide Details of Bank Bank Bank 15 Bank accounts Account-1 Account-2 Account-3 used for receiving Name as per Bank fees from clients Account (provide details of Account No. all such bank Type of account accounts) IFSCode Bank Name Bank Branch Name Details of Contact Name 16 Person Date of Birth (DD/MM/YYYY) Mobile Email id 17 Details of Name Compliance Date of Birth Officer (DD/MM/YYYY) Mobile Email id Details of Name 18 Managing PAN Director/ Date of Birth Managing Partner (DD/MM/YYYY) DIN (not applicable for partnership) Mobile Email id Page 7 of 8Details of other Director-1/ Director-2/ Director-3/ 19 directors/ partners Partner-1 Partner-2 Partner-3 (List of Name directors/partners) PAN Date of Birth (DD/MM/YYYY) DIN (not applicable for partnership) 20 Shareholding Shareholder- Shareholder-2 Sharehold Pattern (provide 1 er-3 details of Name of shareholder shareholders No. of shares having a holding % of shareholding of 10% or more) Details of last Date of inspection 21 inspection (DD/MM/YYYY) Period of Inspection Any adverse remarks of inspection Remedial steps taken to address adverse remarks 22 Number of Advertisements issued during the half year period Number of agenda items of companies for 23 which voting recommendations were provided 24 Number of reports issued by PA: Number of reports for general meetings such 24.1 as AGM, EGM, PB (Postal Ballot) and TCM (Tribunal Convened Meeting) Number of other type of reports such as 24.2 research report etc. Number of complaints pending at the 25 beginning of the period Number of complaints received during the 26 period Number of complaints resolved during the 27 period Number of complaints pending at the end of 28 the period No. of clients/subscribers who received the 29 services of PA during the period Total amount of fees received during the 30 period Page 8 of 8