Who is exempt from registering as a Research Analyst?
In force
Investment Advisers, Credit Rating Agencies, Asset Management Companies, and Fund Managers (of mutual funds, AIFs, VCFs, or portfolio management) are not required to register under RA Regulations for their core role.
But if these entities (or their directors/employees) issue or distribute research reports to the public, or make public appearances, they must still comply with Chapter III of the RA Regulations (disclosures, trading limits, etc.) for that activity.
What SEBI says, word for word
FAQ Circular, Q10“Investment Advisers, Credit Rating Agencies, Asset Management Companies and Fund Managers... are not required to be registered under RA Regulations. However, in case such intermediaries issue/circulate/distribute research reports to public or general investors and/or if they or their directors or employees make public appearance, they shall be required to comply with Chapter III of 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?
- Can a person located outside India issue research reports on Indian securities?
- 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?