Can a person located outside India issue research reports on Indian securities?
In force
Yes — a person located outside India can issue research on securities listed (or proposed to be listed) on an Indian stock exchange, but only after entering into an agreement with a SEBI-registered research analyst or research entity. They can't operate independently in the Indian market without that tie-up.
What SEBI says, word for word
FAQ Circular, Q21“A person located outside India can issue research report or research analysis in respect of securities listed or proposed to be listed on a stock exchange in India. However, before issuance of such research report... such person is required to enter into an agreement with a research analyst or research entity registered under the RA regulations.”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?
- Who is exempt from registering as a Research Analyst?
- Are proxy advisers covered under RA Regulations?
- 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?