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<h2>परिपत्र / Circular</h2>

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<div class="col-md-9"><strong>SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81<br />
<br />
To,<br />
All Research Analysts<br />
Research Analyst Administration and Supervisory Body (RAASB) </strong></div>

<div class="col-md-3 text-right"><strong>June 02, 2025</strong></div>

<div class="col-md-3 text-right">&nbsp;</div>
</div>

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<div class="col-md-12">Dear Sir / Madam,</div>

<div class="col-md-12">&nbsp;</div>

<div class="col-md-12 text-start"><strong>Sub: Investor Charter for Research Analysts </strong></div>

<div class="col-md-12 text-start">&nbsp;</div>

<div class="col-md-12">
<ol>
 <li>
 <p>SEBI, vide Circular no. SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13,2021 (hereinafter mentioned as &lsquo;Circular&rsquo;) and Clause 5 of Master Circular for ResearchAnalyst dated May 21, 2024 (hereinafter mentioned as &lsquo;Master Circular&rsquo;), inter alia, issuedInvestor charter for Research Analysts.</p>
 </li>
 <li>
 <p>In a move to enhance financial consumer protection alongside enhanced financialinclusion and financial literacy and in view of the recent developments in the securitiesmarket including introduction of Online Dispute Resolution (ODR) platform and SCORES2.0, it has been decided to modify the investor charter for Research Analysts.</p>
 </li>
 <li>
 <p>In view of the above and based on consultation with Industry Standards Forum (ISF) forResearch Analysts, updated investor charter for Research Analysts is placed at <strong>Annexure A</strong>.</p>
 </li>
 <li>
 <p>In this regard, BSE Limited (presently recognized as RAASB) is directed to adviseResearch Analysts to bring the Investor Charter to the notice of their clients (existing aswell as new clients) through disclosing the Investor Charter on their respective websitesand mobile applications (if any), making them available at prominent places in the office,provide a copy of Investor Charter as a part of client on-boarding process, through e-mails/letters etc.</p>
 </li>
 <li>
 <p>Additionally, in order to ensure transparency in the Investor Grievance RedressalMechanism, all the Research Analysts shall continue to disclose on their respectivewebsites and mobile applications (if any), the data on complaints received against them or against issues dealt by them and redressal thereof, latest by 7th of succeeding month, asper the format enclosed at <strong>Annexure &lsquo;B&rsquo;</strong> to this circular.</p>
 </li>
 <li>
 <p>The provisions of this circular shall come into force with immediate effect.</p>
 </li>
 <li>
 <p>With the issuance of this circular, SEBI, Circular No. SEBI/HO/IMD/IMD-IICIS/P/CIR/2021/0685 dated December 13, 2021 stands rescinded and Clause 5 of MasterCircular for Research Analysts dated May 21, 2024 stands amended as per this circular.</p>
 </li>
</ol>
</div>

<ul>
 <li>
 <p>This circular is issued in exercise of powers conferred under Section 11(1) of Chapter IVof the Securities and Exchange Board of India Act, 1992 read with Regulation 24(9) of theSEBI (Research Analysts) Regulations, 2014 to protect the interests of investors insecurities and to promote the development of, and to regulate the securities markets andshall come into effect from the date of this circular.</p>
 </li>
</ul>
</div>

<ul>
 <li>This circular is available on SEBI website at <a href="https://www.sebi.gov.in/">www.sebi.gov.in</a> under the category: &lsquo;Legal&rarr; Circulars</li>
</ul>
</div>

<div class="col-md-4 pull-right text-right">भवदीय | Yours faithfully,<br />
<br />
<strong>आराधना वर्मा | Aradhana Verma<br />
महाप्रबंधक | General Manager<br />
दूरभाष | Telephone: +91-22-26449633<br />
ईमेल | E-mail: aradhanad@sebi.gov.in</strong></div>

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<div class="col-md-3 pull-right text-right"><strong>Annexure A</strong></div>

<div class="col-md-12"><strong>INVESTOR CHARTER IN RESPECT OF RAs</strong></div>
</div>

<div class="col-md-12">
<div class="listing_22">
<ul>
 <li><strong>A. Vision and Mission Statements for investors</strong>

 <ul>
  <li><strong>Vision</strong><br />
  Invest with knowledge &amp; safety.</li>
  <li><strong>Mission</strong><br />
  Every investor should be able to invest in right investment products based on theirneeds, manage and monitor them to meet their goals, access reports and enjoyfinancial wellness.</li>
 </ul>
 </li>
 <li><strong>B. Details of business transacted by the Research Analyst with respect to theinvestors</strong>
 <ul>
  <li>To publish research report based on the research activities of the RA</li>
  <li>To provide an independent unbiased view on securities.</li>
  <li>To offer unbiased recommendation, disclosing the financial interests in recommended securities.</li>
  <li>To provide research recommendation, based on analysis of publicly availableinformation and known observations.</li>
  <li>To conduct audit annually</li>
  <li>To ensure that all advertisements are in adherence to the provisions of theAdvertisement Code for Research Analysts.</li>
  <li>To maintain records of interactions, with all clients including prospective clients(prior to onboarding), where any conversation related to the research services hastaken place.</li>
 </ul>
 </li>
 <li><strong>C. Details of services provided to investors (No Indicative Timelines)</strong>
 <ul>
  <li>Onboarding of Clients
  <ul>
   <li>Sharing of terms and conditions of research services</li>
   <li>Completing KYC of fee paying clients</li>
  </ul>
  </li>
 </ul>
 </li>
</ul>

<ul>
 <li>
 <ul>
  <li>Disclosure to Clients:
  <ul>
   <li>To disclose, information that is material for the client to make an informeddecision, including details of its business activity, disciplinary history, the termsand conditions of research services, details of associates, risks and conflictsof interest, if any</li>
   <li>To disclose the extent of use of Artificial Intelligence tools in providing researchservices</li>
   <li>To disclose, while distributing a third party research report, any materialconflict of interest of such third party research provider or provide web addressthat directs a recipient to the relevant disclosures</li>
   <li>To disclose any conflict of interest of the activities of providing researchservices with other activities of the research analyst.</li>
  </ul>
  </li>
  <li>To distribute research reports and recommendations to the clients withoutdiscrimination.</li>
  <li>To maintain confidentiality w.r.t publication of the research report until madeavailable in the public domain.</li>
  <li>To respect data privacy rights of clients and take measures to protect unauthorizeduse of their confidential information</li>
  <li>To disclose the timelines for the services provided by the research analyst to clientsand ensure adherence to the said timelines</li>
  <li>To provide clear guidance and adequate caution notice to clients when providingrecommendations for dealing in complex and high-risk financial products/services</li>
  <li>To treat all clients with honesty and integrity</li>
  <li>To ensure confidentiality of information shared by clients unless such informationis required to be provided in furtherance of discharging legal obligations or a clienthas provided specific consent to share such information.</li>
 </ul>
 </li>
 <li><strong>D. Details of grievance redressal mechanism and how to access it</strong>
 <ol>
  <li>Investor can lodge complaint/grievance against Research Analyst in the followingways:</li>
 </ol>
 </li>
</ul>

<p><u>Mode of filing the complaint with research analyst</u></p>

<p>In case of any grievance / complaint, an investor may approach the concernedResearch Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.&nbsp;<br />
<br />
<u>Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)</u></p>

<ol style="list-style-type:lower-roman">
 <li><u>SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in)</u></li>
</ol>

<p><u>Two level review for complaint/grievance against Research Analyst:</u></p>

<ul>
 <li>
 <ul style="list-style-type:circle">
  <li><u>First review done by designated body (RAASB)</u></li>
  <li><u>Second review done by SEBI</u></li>
 </ul>
 </li>
</ul>

<ol style="list-style-type:lower-roman">
 <li><u>Email to designated email ID of RAASB</u></li>
</ol>

<p><u>2. If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.</u></p>

<p><u>With regard to physical complaints, investors may send their complaints to:</u></p>

<p><u><strong>Office of Investor Assistance and Education,</strong><br />
<strong>Securities and Exchange Board of India,</strong><br />
<strong>SEBI Bhavan, Plot No. C4-A, &lsquo;G&rsquo; Block,</strong><br />
<strong>Bandra-Kurla Complex, Bandra (E),</strong><br />
<strong>Mumbai - 400 051</strong> </u></p>
</div>
</div>

<div class="col-md-12">
<div class="listing_22">
<ul>
 <li><strong>E. Rights of investors</strong>

 <ul>
  <li>Right to Privacy and Confidentiality</li>
  <li>Right to Transparent Practices</li>
  <li>Right to fair and Equitable Treatment</li>
  <li>Right to Adequate Information</li>
  <li>Right to Initial and Continuing Disclosure -Right to receive information about all the statutory and regulatory disclosures</li>
  <li>Right to Fair &amp; True Advertisement</li>
  <li>Right to Awareness about Service Parameters and Turnaround Times</li>
  <li>Right to be informed of the timelines for each service</li>
  <li>Right to be Heard and Satisfactory Grievance Redressal</li>
  <li>Right to have timely redressal</li>
  <li>Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst</li>
  <li>Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services</li>
  <li>Additional Rights to vulnerable consumers - Right to get access to services in a suitable manner even if differently abled</li>
  <li>Right to provide feedback on the financial products and services used</li>
  <li>Right against coercive, unfair, and one-sided clauses in financial agreements</li>
 </ul>
 </li>
 <li><strong>F. Expectations from the investors (Responsibilities of investors)</strong>
 <ul>
  <li><strong>Do&rsquo;s</strong>
  <ol style="list-style-type:lower-roman">
   <li>Always deal with SEBI registered Research Analyst</li>
   <li>Ensure that the Research Analyst has a valid registration certificate.</li>
   <li>Check for SEBI registration number.<br />
   Please refer to the list of all SEBI registered Research Analyst which is<br />
   available on SEBI website in the following link:<br />
   <a href="https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14" target="_blank">https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi<br />
   =yes&amp;intmId=14</a>)</li>
   <li>Always pay attention towards disclosures made in the research reports before<br />
   investing.</li>
   <li>Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)</li>
   <li>Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.</li>
   <li>Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.</li>
   <li>Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.</li>
   <li>Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.</li>
   <li>Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.</li>
   <li>Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.</li>
   <li>Inform SEBI about Research Analyst offering assured or guaranteed returns.</li>
  </ol>
  </li>
  <li><strong>Don&rsquo;ts</strong>
  <ol style="list-style-type:lower-roman">
   <li>Do not provide funds for investment to the Research Analyst.</li>
   <li>Don&rsquo;t fall prey to luring advertisements or market rumors.</li>
   <li>Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.</li>
   <li>Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.</li>
  </ol>
  </li>
 </ul>
 </li>
</ul>
</div>
</div>

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<div class="col-md-3 pull-right text-right"><strong>Annexure- B</strong></div>

<div class="col-md-12"><strong>Complaint Data to be displayed by RAs</strong></div>
</div>

<p>Formats for investors complaints data to be disclosed monthly by RAs on their website/mobile application</p>

<p><strong>Data for the month ending - September&nbsp;2025</strong></p>

<table>
 <thead>
  <tr>
   <th>Sr. No</th>
   <th>Received from</th>
   <th>Pending at the end of last month</th>
   <th>Received</th>
   <th>Resolved*</th>
   <th>Total Pending#</th>
   <th>Pending complaints &gt; 3months</th>
   <th>Average Resolution time^ (in days)</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>1</td>
   <td>Directly from Investors</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>2</td>
   <td>SEBI (SCORES)</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>3</td>
   <td>Other Sources(if any)</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
 </tbody>
 <tfoot>
  <tr>
   <td>&nbsp;</td>
   <td><strong>Grand Total</strong></td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
 </tfoot>
</table>

<p>^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month.</p>

<p><strong>Trend of monthly disposal of complaints</strong></p>

<table>
 <thead>
  <tr>
   <th>Sr. No</th>
   <th>Month</th>
   <th>Carried forward from previous month</th>
   <th>Received</th>
   <th>Resolved*</th>
   <th>Pending#</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>1</td>
   <td>October, 2024</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>2</td>
   <td>November, 2024</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>3</td>
   <td>December, 2024</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>4</td>
   <td>January, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>5</td>
   <td>February, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>6</td>
   <td>March, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>7</td>
   <td>April, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>8</td>
   <td>May, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>9</td>
   <td>June, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>10</td>
   <td>July, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>11</td>
   <td>August, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
  <tr>
   <td>12</td>
   <td>September, 2025</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
 </tbody>
 <tfoot>
  <tr>
   <td>&nbsp;</td>
   <td><strong>Grand Total</strong></td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
   <td style="text-align:center">Nil</td>
  </tr>
 </tfoot>
</table>

<p>*Inclusive of complaints of previous months resolved in the current month.<br />
#Inclusive of complaints pending as on the last day of the month.</p>

<p><strong>Trend of annual disposal of complaints</strong></p>

<table>
 <thead>
  <tr>
   <th>Sr. No</th>
   <th>Year</th>
   <th>Carried forward from previous year</th>
   <th>Received</th>
   <th>Resolved*</th>
   <th>Pending#</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>1</td>
   <td>2018-19</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td>2</td>
   <td>2019-20</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td>3</td>
   <td>2020-21</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
 </tbody>
 <tfoot>
  <tr>
   <td>4</td>
   <td>2021-22</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td>5</td>
   <td>2022-23</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td>6</td>
   <td>2023-24</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td>7</td>
   <td>2024-25</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
   <td>Nil</td>
  </tr>
  <tr>
   <td colspan="2"><strong>Grand Total</strong></td>
   <td><strong>Nil</strong></td>
   <td><strong>Nil</strong></td>
   <td><strong>Nil</strong></td>
   <td><strong>Nil</strong></td>
  </tr>
 </tfoot>
</table>

<p>*Inclusive of complaints of previous years resolved in the current year.<br />
#Inclusive of complaints pending as on the last day of the year.<br />
If you have any complaints, please let us know at&nbsp;<span style="color:#2196F3FF">evapaisa.info@gmail.com.</span></p>
