The Securities and Exchange Board of India (Sebi) has launched a standardized reporting format for research analysts (RAs) and proxy advisers (PAs). This initiative recognizes the Research Analyst Administration and Supervisory Body (RAASB) to oversee RAs as per the existing regulations. Since proxy advisers are also registered under these regulations, they will fall under RAASB’s supervision.
According to Sebi’s circular, RAs must submit their periodic reports to RAASB, while PAs will report directly to Sebi. These reports are due within 30 days after the reporting period ends. RAs and PAs are required to file reports for the half-year periods ending on September 30 and March 31 each financial year. The first reporting period will conclude on March 31, 2025, with reports due by April 30, 2025, allowing about six months for RAs and PAs to prepare.
The new reporting format requires RAs and PAs to share information such as their registration number, website address, social media profiles, advertisements, bank accounts for client fees, details about directors or partners, shareholding patterns, and any complaints filed against them.
In another circular, Sebi has permitted non-individual investment advisers to obtain an annual compliance certificate for client-level segregation from any auditor to simplify business processes. These advisers must keep a record of this certificate from their statutory auditor to confirm compliance with client segregation rules. They will also have 30 days to submit periodic reports to the Investment Advisors Administration and Supervisory Body (IAASB) for the subsequent half-year periods.
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