Investor Charter – Research Analyst (RA)
A. Vision and Mission Statements for Investors
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.
B. Business Activities of the Research Analyst
The Research Analyst undertakes the following activities for investors:
- Publishing research reports based on independent research activities
- Providing independent and unbiased views on securities
- Offering recommendations with full disclosure of financial interests, if any
- Issuing research recommendations based on publicly available information and known observations
- Conducting annual audits
- Ensuring all advertisements comply with the SEBI Advertisement Code for Research Analysts
- Maintaining records of all interactions with clients and prospective clients (prior to onboarding)
C. Details of Services Provided to Investors
(Indicative timelines not applicable)
Client Onboarding
- Sharing terms and conditions of research services
- Completing KYC of fee-paying clients
Disclosures to Clients
The Research Analyst shall disclose to clients:
- Material information necessary to make an informed decision, including:
- Business activities
- Disciplinary history
- Terms and conditions of services
- Details of associates
- Risks and conflicts of interest, if any
- Extent of use of Artificial Intelligence (AI) tools, if used
- Any material conflict of interest while distributing third-party research reports
- Conflicts arising between research services and other activities
- Timelines for services and adherence to such timelines
Service Standards
- Distribution of research reports without discrimination
- Maintaining confidentiality of research until public disclosure
- Protecting client data and privacy
- Providing clear guidance and caution for complex and high-risk products
- Treating all clients with honesty, integrity, and fairness
D. Grievance Redressal Mechanism
1. Complaint with Research Analyst
- Investors may approach the Research Analyst directly
- Grievances will be resolved within 21 days of receipt
2. Complaint through SCORES / RAASB
- SCORES 2.0 (SEBI): https://scores.sebi.gov.in
- Two-level review process:
- First review by RAASB
- Second review by SEBI
- Email complaints to the designated RAASB email ID
3. SMART ODR Platform
- If dissatisfied, investors may escalate to SMART ODR for online conciliation or arbitration
4. Physical Complaints
Office of Investor Assistance and Education
Securities and Exchange Board of India (SEBI)
SEBI Bhavan, Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051
E. Rights of Investors
Investors have the right to:
- Privacy and confidentiality
- Transparent and fair practices
- Adequate and timely information
- Initial and continuous statutory disclosures
- Fair and truthful advertisements
- Awareness of service timelines and parameters
- Be heard and receive timely grievance redressal
- Exit services as per agreed terms
- Clear guidance and caution for complex and high-risk products
- Accessible services for vulnerable or differently-abled investors
- Provide feedback on services
- Protection against coercive, unfair, or one-sided contractual clauses
F. Expectations from Investors (Responsibilities)
Do’s
- Deal only with SEBI-registered Research Analysts
- Verify SEBI registration number on the SEBI website
- Read disclosures carefully before investing
- Make payments only through banking channels
- Maintain proper payment receipts
- Seek clarification before acting on recommendations
- Understand risks in complex and high-risk products
- Provide feedback on services received
- Inform SEBI if assured or guaranteed returns are promised
Don’ts
- Do not provide funds to the Research Analyst for investment
- Do not fall for market rumours or misleading advertisements
- Do not get influenced by discounts, gifts, or incentives
- Do not share trading, demat, or bank login credentials