Master Circular for Research Analysts (2026)
The consolidated SEBI rulebook for Research Analysts: registration, fees, disclosures, advertisements, client agreements, complaints and records.
Compliance Hub
Regulatory Updates
The SEBI rules that shape Investology's research service, in plain English: what each requires, where it comes from, and when it applies.
SEBI updates the rules for Research Analysts often. This page lists the rules that most affect what we publish and how we serve clients, with the circular each comes from. Each summary is our plain-English reading; the source text governs. We review every rule at least once every 90 days and update this page when SEBI issues something new.
Rules in force
These apply today.
Past performance only if PaRRVA-verified
An advertisement, including a website, social media post or messaging channel, may not refer to past performance or risk-return figures unless they are verified by the Past Risk and Return Verification Agency (PaRRVA).
PaRRVA is operational
CARE Ratings acts as PaRRVA, with NSE as its data centre. Research Analysts who want to share verified performance submit their recommendations to it.
PaRRVA enrolment deadline
Research Analysts that want to share certified past performance had to enrol with PaRRVA by 03 September 2026 (extended from 03 August 2026).
Interim rule for pre-PaRRVA performance data
Until 03 May 2028, performance data certified by a Chartered Accountant or Cost Accountant may be shared only one-to-one, on a client's specific request, never on a public medium, and always with the prescribed "not verified by PaRRVA" disclaimer.
No accuracy, target-return or assured-return claims
Advertisements may not state "percentage accuracy", a "target return", or anything that implies returns are assured, and may not celebrate wins or promise income.
No superlatives, rankings or popularity counts
Advertisements may not use superlatives such as "best" or "No. 1", unverified rankings, or user and follower counts.
"Free" only if unconditionally free
A service may be called "free" only if it is free without any condition. Research calls go only to clients who have completed KYC and signed the agreement.
No testimonials
Advertisements may not carry client testimonials or review widgets.
Standard warning and registration disclaimer, word for word
SEBI's standard warning about market risk and the registration disclaimer must be shown exactly as SEBI words them, with nothing added or removed.
Illustrative securities are labelled
Securities shown as examples must carry: "The securities quoted are for illustration only and are not recommendatory."
Identity on every advertisement
Advertisements on social media and messaging platforms carry the full name, SEBI registration number, RAASB enlistment number, address and the standard warning, or a link to a website page that has them.
Advertisements approved by RAASB before use
Advertisements need prior approval from the Research Analyst Administration and Supervisory Body (BSE) before they are published.
No false urgency or fake reference prices
No countdown timers, "ends today" pressure, fake "seats left", or struck-through "original" prices. These are dark patterns under consumer protection law, and SEBI's advertisement rules bar misleading content.
No association with unregistered finfluencers
We may have no paid, referral or technology association with any unregistered person who gives investment advice or makes return claims.
Registered name and number on every handle and post
The SEBI-registered name and registration number must appear on the home page of every social media and messaging handle (YouTube, X, Telegram, WhatsApp, closed groups included) and at the beginning of each securities-related post or video.
Disclose any use of AI tools
A Research Analyst that uses artificial-intelligence tools in its research services must disclose that use, and remains responsible for the output.
Particulars on the website
The website shows the registered name, SEBI registration number, RAASB enlistment number, address, contact details, and the compliance and grievance officers.
Investor Charter
The SEBI Investor Charter for Research Analysts is shown on the website and given to clients at onboarding.
Most Important Terms and Conditions
The standard MITC is shared with clients and forms part of the client agreement.
Fee cap per family
Fees from individual and HUF clients may not exceed ₹1,51,000 a year per family, excluding statutory charges.
Advance fees for at most one year
Fees may be collected in advance for at most one year.
Pro-rata refunds, no breakage fee
If the service ends early, the fee for the unexpired period is refunded pro rata, with no breakage fee.
No cash payments
Fees are paid only through banking channels, never in cash.
Monthly complaint data by the 7th
Complaint data for each month is published on the website, in SEBI's format, by the 7th of the following month, even when every figure is zero.
Grievances resolved within 21 days
Complaints are resolved within 21 days. Clients can escalate to SEBI SCORES and then to SMART ODR.
Warn about impersonators
BSE asks Research Analysts to name their official channels and warn investors about impersonators.
No selective dissemination
A research report may not be given to some clients ahead of others who are entitled to it.
Records kept for five years
Research reports, the rationale behind each recommendation, client agreements and communications are kept for at least five years.
Coming into force
Notified, with an effective date still ahead.
RA (Amendment) Regulations, 2026
Relaxes the call-recording requirement of Regulation 25(1) for institutional clients only. Nothing changes for research shared with individual clients.
Proposed, not yet in force
SEBI is considering these. They are not law until notified, and may change.
Common Advertisement Code (proposed)
Proposed, not yet law. RAASB prior approval would be replaced by reporting within 24 hours of publication (celebrity ads still need approval). Educational material with no promotional call to action, and reports to existing clients, would not be advertisements. PaRRVA ratings and rankings could be cited, and no others. There would still be no testimonials. Dark patterns are banned, vague words such as "high returns" are to be avoided, and short posts may link to full disclosures.
Replaced rules
- Master Circular for Research Analysts (2025) (27 June 2025): replaced by Master Circular for Research Analysts (2026).
- Advance fees for at most one quarter (17 February 2025): replaced by Advance fees for at most one year.
Questions
For how these rules apply to your subscription, see the Disclosures, the MITC and the Investor Charter. To raise a concern, use the complaints and escalation page.
Registration details
- Registered name
- Investology Quant Data Services Private Limited (Private Limited Company)
- SEBI registration
- Research Analyst, INH000029528
- Validity
- Aug 10, 2026 - Perpetual
- Registered office
- A-001, Ground Floor, Satsang-III Poonam Sagar Complex, Mira Road (East), Thane, Maharashtra 401107
- Correspondence address
- A-001, Ground Floor, Satsang-III Poonam Sagar Complex, Mira Road (East), Thane, Maharashtra 401107
- E-mail (as registered)
- pillai@investology.in
- Contact person (as registered)
- Anish Achuthan Pillai
- Telephone (as registered)
- +91 90290 26474
- Principal Officer
- pillai@investology.in
- Compliance Officer
- pillai@investology.in · +91 90290 26474
- Grievance Officer
- pillai@investology.in · +91 90290 26474
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