Essential Compliance Documents Every SEBI-Registered Research Analyst Must Maintain

In the dynamic landscape of India’s securities market, Research Analysts (RAs) play a vital role in enabling informed investment decisions. To maintain transparency, accountability, and investor trust, SEBI mandates strict compliance frameworks. One critical aspect is the systematic documentation of key compliance records.

This blog outlines the mandatory compliance documents and records every Research Analyst must maintain, based on SEBI Regulations, Circulars, and recent updates.

 1. Certificate of Registration

Maintain the SEBI registration certificate issued upon approval. Any changes to the structure, control, or partners must be promptly informed to SEBI.

2. Agreement with Clients including MITC

   A formal agreement must be executed with each client. The agreement should include service scope, fee structure, disclosures, dispute resolution, etc. Client consent must be obtained on the terms and conditions.

   
   

3. Investor Charter

   1. Investor charter is the most important document. RAs are mandated to disclose the Investor Charter to clients via:

      • Website/mobile app

      • Email/post

      • Display in office

      It Includes rights, dos and don’ts, grievance redressal mechanisms.

      
      

4. Fixed Deposit Receipt (FDR)

   RAs must maintain a security deposit (FDR) based on the number of clients. The FDR must be in the name of BSE Ltd. A/c (RA name), with lien marked to BSE.

5. Periodic Reporting

   • Half-yearly reports to be submitted to RAASB for:

     • General business details

     • Research services provided

     • Fee structures

     • Complaint status

     Due dates: April 30 and October 30.

     RAs also have to submit the SaaS undertaking every half year.

6. Risk Disclosures and Research Reports Archive

   Maintain copies of all research reports issued, along with associated disclosures. Also Clearly mention conflicts of interest, rating rationale, assumptions, etc.

7. Client On boarding & Fee Records

   RAs can collect up to 1 year’s fee in advance, with proper client consent on T&C (Including MITC). RAs have to maintain client master, T&C and KYC records under regulation 25 of SEBI RA Regulation, 2014

8. Client communication records

   Research analysts have to maintain all the client communication records like call recording, email, sms, whatsapp or telegram chats or any any other legally verifiable record.

Compliance isn’t a burden—it’s a backbone of investor trust and business sustainability. Every Research Analyst must maintain a robust document trail as per SEBI’s evolving regulations.