What disclosures must appear inside every research report?
In force
These are separate from what you say on television. They go inside the report itself.
You must disclose whether you, your associates or your relatives hold one per cent or more of the subject company's securities, measured at the end of the month before you publish.
You must disclose any other material conflict of interest, any compensation received from the subject company, and whether you have acted as a manager or co-manager of a public offering for it.
If you use a rating system, each rating has to be defined, with the time horizon it refers to and the benchmark against which it is judged.
If the report carries a price target, it must include a graph of the daily closing price for the period you have covered the security, or three years, whichever is shorter.
What SEBI says, word for word
Regulation 19(vii)“whether the research analyst or research entity or its associates or relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report”Source: SEBI (Research Analysts) Regulations, 2014 — Regulation 19, as amended with effect from December 16, 2024 Open document ↗
Regulation 20(3)“such research report shall also provide the graph of daily closing price of such securities for the period assigned or for a three-year period, whichever is shorter.”Source: SEBI (Research Analysts) Regulations, 2014 — Regulation 20(3) Open document ↗