What are the rules for advertising my research services?
In force
There is a full advertisement code, and it applies to a one-person practice exactly as it applies to a large firm.
Get prior approval. An advertisement must be approved by the SEBI-recognised supervisory body, which for you is RAASB at BSE, before you issue it.
Carry the standard warning, word for word: "Investment in securities market are subject to market risks. Read all the related documents carefully before investing." You may not add or remove a single word. In a video it must appear on screen and be read aloud for at least ten seconds.
You may not use superlatives. "Best", "No. 1", "Top Research Analyst", "Leading" are all out. Factual details of an award from an independent organisation are allowed.
You may not promise returns, imply assured or risk-free returns, or claim any accuracy percentage.
You may not quote past performance unless those figures have been verified by PaRRVA.
You may not run games, leagues, schemes or competitions involving prizes, medals or gifts.
You may not run down other analysts or make unfair comparisons, and you may not use the SEBI logo.
On SMS, WhatsApp, social media or a pop-up, where your full name, address, registration number and disclaimer will not fit, you must link to your website, and the website must carry all of it.
Keep a copy of every advertisement for five years.
Two things people often assume but which the RA code does not say today: there is no ban on celebrity endorsement, and there is no blanket ban on testimonials. Only misleading or deceptive testimonials are prohibited. A testimonial that mentions returns is caught separately by the PaRRVA rule. Both of these change on 7 April 2027, when the Common Advertisement Code prohibits testimonials outright and puts celebrity endorsement behind RAASB approval.
The replacement is already gazetted. The Common Advertisement Code was notified on 8 October 2026 and comes into force on 7 April 2027. Everything above governs what you issue until then. The separate answer on the Code sets out what changes.
What SEBI says, word for word
Master Circular, ¶11.1“Prior approval for the advertisement/material shall be obtained from SEBI recognized supervisory body, if any, before issue.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026, advertisement code originally SEBI/HO/MIRSD/MIRSD-PoD-2/P/CIR/2023/51 dated April 5, 2023 Open document ↗
Master Circular, ¶11.1(b)(iii)“Investment in securities market are subject to market risks. Read all the related documents carefully before investing. … No addition or deletion of words shall be made to/from the standard warning.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
Master Circular, ¶11.1(c)(xiii)“Superlative terms such as "Best", "No. 1", Top Research Analyst, "Leading", "One of the best amongst market leaders", etc. so as to provide any endorsement of quality or standing of the RA. However, factual details of awards received by the RA from independent organizations may be included.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
Master Circular, ¶11.1(c)(xii)“Reference to past performance or risk-return metrics in respect of the services of Research Analyst unless such risk-return metrics are verified by Past Risk and Return Verification Agency (PaRRVA) and claims using such metrics are made in the manner specified by SEBI.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
Master Circular, ¶11.1(d)(iii)“The RA shall not engage in games, leagues, schemes, competitions etc. which may involve distribution of prize monies, medals, gifts, etc.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗
Master Circular, ¶11.1(b)(vi)“In case the mode of advertisement is SMS/Message/Pop-up, social media etc. and the details such as full name, logo/brand name, full registered office address, SEBI registration number, membership number of a SEBI recognized supervisory body, if any and standard disclaimer are not mentioned, then official website hyperlink should be provided in such SMS/Message/Pop-up, etc. and the website must contain all such details.”Source: SEBI Master Circular No. HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026, dated February 6, 2026 Open document ↗