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The Securities & Exchange Board of India (SEBI) had formulated the SEBI (Research Analyst) Regulations, 2014 under the powers conferred on it under the SEBI Act, 1992. These regulations came into force with effect from 1st December 2014. Research analyst is required to follow the code formulated by us both in letter and spirit.



It is mandatory in terms of the Regulations for every Research Analyst to formulate a Code of Conduct. In order to comply with the mandatory requirements of the Regulations, it was necessary to formulate a specific Code of Conduct for me/us. Our policy is only to publish investment research/Recommendations that is impartial, independent, clear, fair and not misleading.


This Code of Conduct shall be called CODE OF CONDUCT FOR RESEARCH ANALYST (hereinafter referred to as ‘the Code of Conduct’). The Code of Conduct shall come into force with immediate effect.


This Code of Conduct is applicable to all RESEARCH ANALYSTS and ASSOCIATES, if any of the RESEARCH ANALYST.


“Research report” means any written or electronic communication that includes research analysis or research recommendation or an opinion concerning securities or public offer, providing a basis for investment decision except:-

comments on general trends in the securities market;

commentaries on economic, political or market conditions;

Periodic reports prepared for unit holders of mutual fund or alternative investment fund or clients of portfolio managers and investment advisers etc.

“Research analyst” means a person who is primarily responsible for:-

preparation or publication of the content of the research report or providing research report; or

making ‘buy/ sell/ hold’ recommendation or giving price target; or

offering an opinion concerning public offer,

Explanation.- The term also includes any associated person who reports directly or indirectly to such a research analyst in connection with activities provided above.

Any personnel appearing in public media and giving stock specific recommendation will be treated as research analyst and he/she has to follow all the applicable rules and regulations for the same.

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