Circular MRD/CIR/2006/2509 of the Securities and Exchange Board of India dated 17th October, 2006 on the publication of research reports [C16-H2P]

MRD/CIR/2006/2509

Securities and Exchange Board of India

Mumbai, dated the 17th October, 2006

CIRCULAR

To

All adjudicating officers,

Subject: The publication of research reports by research analysts under the Securities and Exchange Board of India Act, 1992, regarding.

In exercise of the powers conferred by section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby issues the following

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 F to the Investor Protection Fund Trust within forty-five days, accompanied by a fee of five thousand 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 Investor Protection Fund Trust shall dispose of it within forty-five 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)