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

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 Charter for Research Analysts. This Charter is a brief document containing details of services provided to investors, their rights, dos and don’ts, responsibilities, investor grievance handling mechanism and estimated timelines thereof etc., at one single place, in a lucid language, for ease of reference.

2. All registered Research Analysts are advised to bring to the notice of their clients the Investor Charter as provided at Annexure-A by prominently displaying on their websites and mobile applications. Research Analysts not having websites/mobile applications shall, as a one-time measure, send Investor Charter to the investors on their registered e-mail address.

3. Additionally, in order to enhance transparency in grievance redressal, Research Analyst (RA) shall disclose on their websites/mobile applications, all complaints including SCORES complaints received by them in the format mentioned in Annexure-B on a monthly basis. The information shall be made available by 07^th of the succeeding month. Research Analysts not having websites/mobile applications shall send status of Investor Complaints to the investors on their registered email on a monthly basis in compliance of this circular.

4. Further, Research Analysts are advised to display link/option to lodge complaint with them directly on their websites and mobile apps. Additionally, link to SCORES website/ link to download mobile app (SEBI SCORES) may also be provided.

5. The disclosure requirements under this circular shall come into effect from January 01, 2022.

6. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 33 of the SEBI (Research Analysts) Regulations, 2014, to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market.

7. The circular is available on SEBI website at sebi.gov.in under the categories “Info for - Research Analysts” and “Legal framework - Circulars”.

Yours faithfully,

Dipanjan Mitra
Deputy General Manager
Tel: 022-26449204
Email: dipanjanm@sebi.gov.in  

Please refer to the attached file for details