The Securities and Exchange Board of India (SEBI) has issued a new Master Circular (SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/95) for all Research Analysts (RAs), dated June 27, 2025. This circular aims to consolidate all applicable guidelines and directions issued by SEBI to RAs into a single document, enhancing accessibility for users. It incorporates provisions from all relevant circulars and advisories up to June 20, 2025, and supersedes the previous Master Circular dated May 21, 2025. While the earlier circulars are now rescinded, any actions taken or applications made under them before this rescission remain valid under the corresponding provisions of the new Master Circular. This directive is issued under Section 11(1) of the SEBI Act, 1992, to safeguard investor interests and regulate the securities market. The circular is available on SEBI’s website.
Securities and Exchange Board of India
Master Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/95 | Dated: June 27, 2025
To,
All Research Analysts
Research Analysts Administration and Supervisory Body (RAASB)
Dear Madam / Sir,
Subject: Master Circular for Research Analysts
1. Securities and Exchange Board of India (“SEBI”/ “the Board”), from time to time, has been issuing various circulars/directions to Research Analysts (RAs). In order to enable users to have access to the applicable circulars/directions at one place, this Master Circular in respect of RAs is being issued.
2. SEBI Master Circular No. SEBI/HO/MIRSD-PoD-1/P/CIR/2024/49 dated June May 21, 2024 for RAs was a compilation of relevant circulars/directions issued by SEBI which were operational as on May 15, 2024.
3. Subsequently, various guidelines/directions were issued to the RAs by way of circulars/advisory. The provisions of such circulars issued until June 20, 2025 have been incorporated in this Master Circular, which supersedes the Master Circular for RAs dated May 21, 2025. With the issuance of this Master Circular, the directions/ instructions contained in the circulars/communications listed out in the Appendix to this Master Circular, to the extent they relate to the RAs, shall stand rescinded.
4. Notwithstanding such rescission,
a) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
b) Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
c) The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.
5. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
6. This circular is available on SEBI website atsebi.gov.in under the categories “Legal framework –Master Circulars” and “Info for –Research Analysts” .
Yours faithfully
Aradhana Verma
General Manager
Tel. No. 022-26449633
[email protected]
