Circular30 October 2026In force
SEBI extends accessibility audit deadline to January 31, 2027
You now have until January 31, 2027 to appoint an IAAP auditor, get your digital platforms audited and fix what the audit finds.
Every SEBI circular, press release and consultation paper that changes something for a research analyst, in plain language, with a link to the document.
Circular23 October 2026In force
SEBI drops mandatory call recordings for institutional clients
From November 8, 2026, you do not have to record calls with clients who are institutional investors. Your other record-keeping duties stay the same.
Regulation10 October 2026Notified, in force from 8 November 2026
SEBI drops call recording mandate for institutional clients of RAs
You will no longer be required to keep call recordings of your communications with clients that are institutional investors.
Regulation9 October 2026Notified, in force from 7 April 2027
SEBI brings Research Analyst advertising under a common code
Every ad you run must carry your name and SEBI registration number, avoid return promises and testimonials, and cite only PaRRVA ratings. Celebrity ads need RAASB approval first.
Press release24 September 2026Both items notified on 8 October 2026
SEBI board eases institutional call recording and ad rules for RAs
Call recording rules for institutional clients will be relaxed, and most of your advertisements will need reporting within three working days instead of prior approval.
Circular3 August 2026In force
SEBI extends PaRRVA enrolment deadline to September 03, 2026
If you want to show clients certified past performance data, you now have until September 03, 2026 to enrol with PaRRVA, one month more than before.
Consultation paper23 June 2026Proposal
SEBI proposes ending prior approval for Research Analyst ads
You would report each advertisement to your supervisory body within 24 hours instead of seeking prior approval, and could use PaRRVA ratings and brand-level celebrity ads.
Circular29 April 2026In force
PaRRVA goes live May 04, 2026 with fixed enrolment deadlines
To keep showing certified past performance to clients, you must enroll with PaRRVA by August 03, 2026. You can use that data only up to May 03, 2028.
Circular25 March 2026In force
SEBI lets Cost Accountants conduct your annual RA compliance audit
You can now have a member of the Institute of Cost Accountants of India carry out your annual compliance audit, alongside Chartered Accountants and Company Secretaries.
Master circular6 February 2026In force
SEBI folds 47 Research Analyst circulars into one master circular
From February 6, 2026 your obligations sit in one reference, and the 47 older circulars it lists are rescinded so far as they relate to Research Analysts.
Regulation25 November 2025In force
SEBI amends Research Analyst qualification rules
You must now obtain a fresh NISM certification before your existing one expires or within three years of registration to ensure continuous compliance.
Circular30 October 2025In force
SEBI lets Research Analysts share certified pre-PaRRVA performance
You may give a client past performance certified by an ICAI or ICMAI member, one-to-one and only when they ask, until PaRRVA-verified metrics take over.
Circular4 April 2025In force
SEBI lets you cite past performance once PaRRVA verifies it
You may now refer to past performance in advertisements, but only with metrics verified by a recognised PaRRVA and presented in the manner SEBI specifies.