Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025

5212 GI/2025 (1) REGD. No. D. L.-33004/99 xxxGIDHxxx xxxGIDExxx EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY Securities and Exchange Board of India Mumbai, 4th August, 2025 Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025 F. No. SEBI/LAD-NRO/GN/2025/252.— In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, namely:—

1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 – I. In Regulation 8, i) sub-regulation (2) shall be substituted with the following, namely, - “(2) The deposit shall be maintained in such a form or manner as may be specified by the Board.” ii) after sub-regulation (2), the following new sub-regulation shall be inserted, namely, - “(3) Such deposit shall be marked as lien in favour of a body or body corporate recognised by the Board for the purpose of administration and supervision of research analysts in accordance with regulation 14 of these regulations: Provided that the deposit shall be available for utilization in case the research analyst fails to pay the dues emanating out of arbitration and conciliation proceedings, if any, under the Online Dispute Resolution Mechanism or such other mechanism as may be specified by the Board.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./267/2025-26] Footnotes:
4. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414.
5. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently amended on, – a. 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2016-17/023. b. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10. c. 16th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09. d. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30. e. 17th January 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/ GN/2023/ 115. f. 7th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/121. g. 3rd July 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137. h. 17th August 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/146. i. 26th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/170. j. 19th August, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199. k. 16th December, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/220. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.