Regulation 25 - Maintenance of records - Securities and Exchange Board of India (Research Analysts) Regulations, 2014

Maintenance of records. 25. (1) Research analyst or research entity shall maintain the following records: (i) research report duly signed and dated; (ii) research recommendation provided; (iii) rationale for arriving at research recommendation; (iv) record of public appearance. 1 [ (v) Know Your Client records of the fee paying client; (vi) a register or record containing list of the clients along with client s PAN, the date and nature of the research service, details of the products/securities for which research service was provided and fee/consideration, if any charged/received for such research service; (vii) records of communication including emails, call recordings etc. with all clients including prospective clients in such manner as may be specified; (viii) the terms and conditions of research services disclosed to the clients and the consent of the client thereon. ] (2) All records shall be maintained either in physical or electronic form and preserved for a minimum period of five years: Provided that where records are required to be duly signed and are maintained in electronic form, such records shall be digitally signed. (3) Research analyst or research entity shall conduct annual audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India 2 [ or Institute of Cost Accountants of India and submit the report of the same in such manner as may be specified by the Board ] . **************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/220 dated 16-12-2024 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/220 dated 16-12-2024