Are proxy advisers covered under RA Regulations?
In force
Yes — proxy advisers must register with SEBI under RA Regulations. Chapters II, III, IV, V, and VI apply to them mutatis mutandis, plus additional disclosures: the extent of research behind a recommendation, the effectiveness of controls ensuring issuer-data accuracy, and their policies for interacting with issuers.
They must also maintain records of their voting recommendations and furnish them to SEBI on request.
What SEBI says, word for word
FAQ Circular, Q11–Q12“Proxy Advisers are required to obtain registration from SEBI under RA Regulations... shall additionally disclose the extent of research involved in a particular recommendation and the extent and/or effectiveness of its controls and procedures in ensuring the accuracy of issuer data; policies and procedures for interacting with issuers...”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗
More on Scope
- What kinds of communication are NOT treated as a 'research report' under RA rules?
- Can a person located outside India issue research reports on Indian securities?
- Who is exempt from registering as a Research Analyst?
- Do journalists giving stock tips on TV need SEBI registration?
- Do RA Regulations only cover equity shares, or all securities?
- I only do technical analysis. Does that put me outside the RA rules?