The Bombay Stock Exchange (BSE) on October 14, 2026, notified the Guidelines on Compliance and Reporting Requirements for Surrendering Research Analysts.
BSE has clarified, pursuant to SEBI directives under the SEBI (Research Analysts) Regulations, 2014, that submitting a surrender application to BSE/RAASB does not automatically terminate a Research Analyst’s (RA’s) statutory obligations. The Research Analyst remains registered with SEBI and must continue to comply with applicable regulatory requirements, including grievance redressal and periodic reporting, until SEBI formally approves and accepts the surrender application. Regulatory and Code of Conduct obligations cease only from the date of formal acceptance by SEBI, not from the date of application submission. Intermediaries shall therefore maintain active compliance mechanisms and submit all required regulatory returns while the surrender application is under review to avoid enforcement action for non-compliance.
[Notification No. - 20261014-13]
