Circular SEBI/HO/MRD/CIR/P/2010/4745 of the Securities and Exchange Board of India dated 7th August, 2010 on the publication of research reports [C14-XKM]
As at 7 September 2026. In force. No commencement recorded.
SEBI/HO/MRD/CIR/P/2010/4745
Securities and Exchange Board of India
Mumbai, dated the 7th August, 2010
CIRCULAR
To
All Assistant General Managers,
Subject: The publication of research reports by research analysts under the Securities and Exchange Board of India Act, 1992, regarding.
This circular is issued in exercise of the powers conferred under section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market
1. References have been received seeking clarification on the manner in which section 9 applies to the publication of research reports by research analysts.
2. The matter has been examined. Every research analyst carrying on the publication of research reports shall make an application in Form B to the Clearing Corporation within sixty days, accompanied by a fee of five lakh rupees.
3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the publication of research reports is undertaken, and the Clearing Corporation shall dispose of it within sixty days of its receipt.
4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.
(Chief General Manager)
Made under
Recital: "This circular is issued in exercise of the powers conferred under section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market". Names section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) [S1W-XPB]. Vires verified.
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