INVESTOR CHARTER IN RESPECT OF RESEARCH ANALYSTS (RAs)
Vision
Invest with knowledge & safety.
Mission
Every investor should be able to invest in the right investment products based on their needs, manage and monitor them to meet their goals, access reports, and enjoy financial wellness.
Publish research reports based on the research activities of the RA.
Provide an independent, unbiased view on securities.
Offer unbiased recommendations, disclosing financial interests in recommended securities.
Provide research recommendations based on analysis of publicly available information and known observations.
Conduct an annual audit.
Ensure all advertisements adhere to the Advertisement Code for Research Analysts.
Maintain records of interactions with all clients, including prospective clients (prior to onboarding), where conversations related to research services have taken place.
Onboarding of Clients
Sharing of terms and conditions of research services.
Completing KYC of fee-paying clients.
Disclosure to Clients
Disclose information material for the client to make an informed decision, including details of business activity, disciplinary history, terms and conditions of research services, details of associates, risks, and conflicts of interest, if any.
Disclose the extent of use of Artificial Intelligence tools in providing research services.
Disclose, when distributing a third-party research report, any material conflict of interest of such third-party research provider or provide a web address directing recipients to the relevant disclosures.
Disclose any conflict of interest arising from research services vis-à-vis other activities of the research analyst.
Other Services
Distribute research reports and recommendations to clients without discrimination.
Maintain confidentiality regarding publication of research reports until made public.
Respect data privacy rights of clients and protect unauthorized use of their confidential information.
Disclose service timelines to clients and adhere to them.
Provide clear guidance and caution notices to clients when recommending complex and high-risk financial products/services.
Treat all clients with honesty and integrity.
Ensure confidentiality of information shared by clients, unless required for legal obligations or with the client's consent.
Filing a Complaint with the Research Analyst
Investors may approach the concerned Research Analyst, who shall strive to redress the grievance immediately, but not later than 21 days from receipt.
Filing a Complaint on SCORES or with RAASB
SCORES 2.0: Web-based centralized grievance redressal system of SEBI for time-bound resolution. SCORES Website
Complaints undergo two-level reviews:
First review by RAASB
Second review by SEBI
Email: Send complaints to the designated email ID of RAASB.
If Not Satisfied
File complaints on the SMARTODR platform for resolution through online conciliation or arbitration.
Physical Complaints
Address to:
Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051
Right to Privacy and Confidentiality
Right to Transparent Practices
Right to Fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure
Right to receive information about all statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness of Service Parameters and Turnaround Times
Right to be Informed of Service Timelines
Right to be Heard and Receive Satisfactory Grievance Redressal
Right to Timely Redressal
Right to Exit Financial Products or Services as per agreed terms
Right to Clear Guidance and Caution Notices for Complex or High-Risk Products
Additional Rights for Vulnerable Consumers: Access services in a suitable manner even if differently abled
Right to Provide Feedback on financial products and services
Right against Coercive, Unfair, or One-Sided Clauses in agreements
Do’s
Always deal with SEBI-registered Research Analysts.
Ensure the Research Analyst has a valid registration certificate.
Check for SEBI registration number. List of Registered Analysts
Pay attention to disclosures in research reports before investing.
Pay your Research Analyst via banking channels only, with signed receipts mentioning payment details. Use CeFCoM if applicable. (For fee-paying clients)
Verify research recommendations before buying/selling securities or applying in a public offer.
Ask questions and clear doubts with your Research Analyst before acting on recommendations.
Seek clarifications especially when dealing with complex or high-risk financial products and services.
Be aware of your right to discontinue services as per agreed terms.
Know your right to provide feedback on services.
Remember you are not bound by any clause contravening regulatory provisions.
Inform SEBI if a Research Analyst offers assured or guaranteed returns.
Don’ts
Do not provide funds for investment to the Research Analyst.
Don’t fall prey to luring advertisements or market rumors.
Do not be attracted to limited-period discounts or incentives offered by Research Analysts.
Do not share login credentials or passwords of your trading, demat, or bank accounts with the Research Analyst.
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