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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Master Circular for Research Analysts

06-Feb-2026 | HO/38/12/11(1)2026-MIRSD-POD/I/4360/2026

SEBI has issued the updated Master Circular for Research Analysts to incorporate the provisions of the circulars specified in the Appendix.

Key Highlights of the Master Circular are as follows:

1. The Research Analysts (RAs) are required to maintain the deposit requirement in the form of units of a liquid mutual fund, an overnight mutual fund or as a deposit maintained with a scheduled bank in accordance with the deposit requirements specified in Para 1.2.a of this Master Circular.

2. A Non-Individual Research Analyst may appoint an independent professional who is a member of ICAI, ICSI, or ICMAI, or any other professional body and holding a valid certification from NISM.

3. The Research Analysts are required to report any suspicious transactions/reports to the FIU (Financial Intelligence Unit) or any other competent authority in respect of activities carried out by third parties.

4. The Research Analysts are required to comply with the provisions of the Cybersecurity and Cyber Resilience Framework (CSCRF) provided in Para 24 of this master circular.

5. The list of Circular/Notification/Communications rescinded has been provided in the Appendix to this Master Circular.

Kindly refer to the attached document for more information.

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