SEBI Research Analyst Regulations: FAQs Simplified for Compliance
The SEBI Research Analyst Regulations are mandatory for anyone offering investment advice through research reports or recommendations. On 23 July 2025, SEBI issued a fresh set of FAQs to clarify the grey areas — from registration to conflict of interest rules.
In this blog, we break down the updated guidelines, simplify the compliance process, and highlight actionable tips for research analysts and investment firms.
What Are SEBI Research Analyst Regulations?
The SEBI (Research Analyst) Regulations, 2014 were introduced to ensure independence, transparency, and credibility in research-based investment advice. These apply to:
- Individuals and entities publishing research reports
- Independent equity/commodity analysts
- Analysts employed by intermediaries or broking houses
Key Clarifications from SEBI’s Latest FAQs
1. Who Needs SEBI Registration?
SEBI mandates registration for:
- Anyone making buy/sell/hold recommendations in public or client-facing formats
- Research providers posting analysis on websites, YouTube, or social media
Exemptions:
No registration is needed if you’re:
- Sharing research within your firm (not public-facing)
- Regulated under another SEBI registration (e.g., investment adviser) but not publishing public research
🧠 Expert View: Even influencers giving advice under the garb of “educational content” may fall under these rules if intent and pattern suggest investment advice.
2. Code of Conduct Obligations
Registered research analysts must follow:
- No front-running: Can’t trade before releasing research
- Disclosures: Must declare financial interests, holding periods
- Fair presentation: No misleading or cherry-picked data
The FAQs emphasise periodic internal audits, training, and proper documentation of all published research.
3. Use of Social Media for Research
Posting calls, technical charts, or market outlooks on platforms like X (Twitter), Instagram, Telegram, or YouTube?
✅ Must comply with SEBI norms
✅ Disclosures and disclaimers are mandatory
❌ No anonymous or unregistered research dissemination
4. Can RAs Also Offer Portfolio Management?
No. As per SEBI, Research Analysts cannot simultaneously act as Portfolio Managers unless separately registered. Dual roles may result in conflicts of interest.
Compliance Checklist for Research Analysts
| Compliance Requirement | Mandatory? | Notes |
|---|---|---|
| SEBI registration | Yes | Before starting any public-facing research |
| Internal audit (annually) | Yes | To be conducted by independent entity |
| Conflict of interest policy | Yes | Should be documented and enforced |
| Disclosure in reports | Yes | Must cover financial interest & holdings |
| Social media research control | Yes | Monitoring and disclaimers required |
Penalties for Non-Compliance
Violation of SEBI Research Analyst Regulations can result in:
- Suspension or cancellation of registration
- Monetary penalties under SEBI Act
- Public censure or prosecution for fraudulent research
Recent SEBI orders have penalised YouTube analysts and social media influencers for unauthorised advice and front-running.
Practical Tips for SEBI-Registered RAs
- Use a compliance checklist before releasing any research report
- Maintain a log of communication, especially social media posts
- Review SEBI’s circulars quarterly for updates
- Train your research and compliance team annually
📚 Reference:
SEBI Circular on RA FAQs (23 July 2025)
Why This Matters for Financial Content Creators
Whether you’re a small equity analyst or a fintech content creator, these regulations apply if your advice influences investment decisions. With SEBI’s stricter stance, ensuring registration, compliance, and disclosure is not optional — it’s essential.
FAQs
Q1: Can I give stock views as a CA or CFA without SEBI RA registration?
A: No, unless the views are strictly private or non-recommendatory. Public calls require RA registration.
Q2: Can Telegram groups share research-based trade calls?
A: Only if the group admin is SEBI-registered and follows the disclosure norms.
Q3: Are paid newsletters allowed without RA registration?
A: Not if they contain investment advice. You must be a registered RA to monetise research.
Final Word
The SEBI Research Analyst Regulations are evolving fast. With FAQs now touching social media, disclaimers, and dual roles, it’s time for every analyst, creator, or firm to audit their practices.
Need help with SEBI registration or RA compliance audit?
Efiletax.in can guide you with end-to-end support for legal filings, SEBI registrations, and regulatory compliance setup.
Summary
SEBI’s 2025 FAQs clarify Research Analyst Regulations on registration, social media use, and compliance. Learn who needs SEBI RA registration and key compliance tips.