Investor Charter – Research Analyst (SEBI)

SEBI Circular No.: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 – Dated: 2 June 2025
Effective: Immediate

A. Vision & Mission

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in the right investment products based on their needs, manage and monitor them to meet their goals, access reports, and enjoy financial wellness.

B. Business Transactions by the Research Analyst

  • Publish research reports based on independent research activities.
  • Provide unbiased recommendations, with full disclosure of financial interests.
  • Base recommendations solely on publicly available information and factual observations.
  • Conduct an annual audit of research processes.
  • Ensure all advertising follows the SEBI advertisement code for RAs.
  • Maintain records of all client and prospect interactions related to research services.

C. Services Provided to Investors

  • Share Terms & Conditions and complete KYC for fee-paying clients.
  • Disclose material information, including use of AI tools, third-party research conflicts, and your own conflicts of interest.
  • Distribute research and recommendations without discrimination.
  • Maintain confidentiality until the research report is publicly released.
  • Protect client data privacy and prevent unauthorized use of confidential information.
  • Clearly communicate service timelines.
  • Offer clear guidance and caution when advising on complex or high-risk products.
  • Treat all clients with honesty, integrity, and fairness.

D. Grievance Redressal Mechanism

  1. Approach the Research Analyst directly – resolution to be provided within 21 days.
  2. If unresolved, escalate via SCORES 2.0, SEBI’s online grievance portal—handled by RAASB or SEBI.
  3. For further recourse, use the SMART‐ODR platform for conciliation or arbitration.

Physical complaints can be mailed to:

Office of Investor Assistance and Education,
SEBI Bhavan, Plot No. C4‐A, G-Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051.

E. Investor Rights

  • Privacy and confidentiality of data.
  • Transparent practices and equitable treatment.
  • Access to accurate and sufficient information.
  • Disclosure of service parameters and timelines.
  • Timely grievance resolution and right to exit services.
  • Caution notices for complex/high-risk products.
  • Additional protections for vulnerable consumers (e.g., differently-abled).
  • Ability to provide feedback and protection from coercive terms.

F. Investor Responsibilities (Do’s & Don’ts)

Do's

  • Deal only with SEBI-registered Research Analysts.
  • Confirm the RA’s valid SEBI registration number.
  • Review disclosures in research reports before acting on them.
  • Pay via banking channels only, and keep signed receipts. (Use CeFCoM if available.)
  • Clarify doubts and confirm recommendations before investing.
  • Use your right to exit services or provide feedback.
  • Watch out for commitments of “guaranteed returns” and report them to SEBI.

Don'ts

  • Provide funds to the Research Analyst.
  • Fall for aggressive ads or market rumors.
  • Be lured by limited-time discounts, gifts, etc.
  • Share login credentials for trading, demat, or bank accounts.