SEBI issued the Investor Charter for Research Analysts in order to improve investor protection, transparency, and financial literacy.

This circular modifies the previous charter issued in 2021 and updates guidelines relating to:

• Online Dispute Resolution (ODR)
• SCORES 2.0 platform
• Updated investor grievance mechanism
• New complaint reporting format

The circular directs Research Analysts to disclose the updated Investor Charter on their websites and mobile apps, and provide it to all clients during onboarding.

This circular comes into immediate effect and replaces the earlier circular SEBI/HO/IMD/IMD-II CIS/P/CIR/2021/0685 dated December 13, 2021.

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in the right investment products based on their needs, access reports, and enjoy financial wellness.

• Publish research reports based on research activities.
• Provide independent and unbiased views on securities.
• Offer unbiased recommendations with disclosures.
• Provide research recommendations based on public information.
• Conduct annual audits.
• Ensure advertisements comply with the Advertisement Code.
• Maintain records of interactions with clients and prospects.

• Client onboarding & KYC (for fee-paying clients)
• Disclosure of material information and conflicts of interest
• Disclosure of use of Artificial Intelligence tools
• Distribution of research reports fairly and without discrimination
• Ensuring confidentiality until research is made public
• Maintaining client data privacy
• Providing service timelines and adhering to them
• Guidance for complex / high-risk products
• Treating all clients with honesty and integrity

1. Complaint to Research Analyst:

Research Analyst must resolve grievances within 21 days.

2. SCORES 2.0: https://scores.sebi.gov.in

• First Review — RAASB
• Second Review — SEBI

3. SMART ODR (Conciliation / Arbitration):

If investor is not satisfied with resolution, they may file on SMART-ODR platform.

Physical complaints:

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Bandra Kurla Complex, Mumbai – 400051

• Right to privacy and confidentiality
• Right to transparent practices
• Right to fair treatment
• Right to adequate information
• Right to regulatory disclosures
• Right to be heard & grievance redressal
• Right to exit from services as per agreed terms
• Right to caution notice for high-risk products
• Right to fair & true advertisements
• Right to accessibility for differently-abled investors

• Deal only with SEBI-registered Research Analysts.
• Verify RA registration certificate.
• Read disclosures before investing.
• Pay fees only through banking channels.
• Clarify doubts before following recommendations.
• Understand high-risk / complex products.
• Provide feedback for services received.

• Do not give money to the Research Analyst for investments.
• Do not fall for misleading advertisements.
• Do not share login credentials.
• Do not expect guaranteed returns.

Data for the month ending: 31 October 2025