I only do technical analysis. Does that put me outside the RA rules?
In force
No. The Regulations do not care which method you use.
Giving a buy, sell or hold call on a security is a research service whatever methodology produced it, technical analysis included.
There is one narrow exemption and it is easy to misread. Technical analysis of demand and supply for a sector or an index is outside the rules. Technical analysis of an individual security with a call attached is not.
So an index or sector commentary can sit outside. A chart on a single stock with a target does not.
What SEBI says, word for word
FAQ Circular, Q5“Providing research services (including buy/sell/hold recommendation) on a security or securities based on any methodology (including the technical analysis) is not exempted from the purview of the RA Regulations. However, technical analyses relating to the demand and supply for a particular sector or index is exempted.”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?
- 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?