Publishing of Investor Charter and disclosure of Investor Complaints by Research Analysts

Last updated: 17 December 2021

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The Securities and Exchange Board of India (SEBI) has issued a new circular requiring all registered Research Analysts to prominently display an Investor Charter on their websites and mobile applications. This charter outlines services, investor rights, and grievance procedures. Additionally, Research Analysts must disclose all received investor complaints, including those via SCORES, on a monthly basis. These new disclosure requirements are effective from January 1, 2022.

Securities and Exchange Board of India Circular SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 December 13, 2021 To, All Research Analysts Dear Sir / Madam, Subject: Publishing of Investor Charter and disclosure of Investor Complaints by Research Analysts on their websites/mobile applications 1. In order to facilitate investor awareness about various activities which an investor deals with while availing the services provided by research analysts, SEBI has developed an Investor C

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FAQ :

The Investor Charter is designed to inform investors about the services provided by research analysts, their rights, responsibilities, and the grievance handling mechanism, all in one easily accessible document.

Registered Research Analysts must prominently display the Investor Charter on their websites and mobile applications. If they do not have these platforms, they must send the Charter to clients via their registered email addresses.

Research Analysts must disclose all complaints, including SCORES complaints, on their websites or mobile applications on a monthly basis. This information should be updated by the 7th of the following month.

Research Analysts without websites or mobile applications must send the Investor Charter to clients via email and provide the monthly status of investor complaints to them via registered email.

The disclosure requirements outlined in this circular are effective from January 1, 2022.

The circular is available on the SEBI website (sebi.gov.in) under the 'Info for - Research Analysts' and 'Legal framework - Circulars' categories.