The Securities and Exchange Board of India (SEBI) issued a circular amending its Master Circular for Research Analysts to clarify that members of the Institute of Cost Accountants of India are eligible to conduct the annual compliance audit required for registered Research Analysts (RAs). Under the revised provision, the annual audit verifying compliance with the SEBI (Research Analysts) Regulations, 2014 and related circulars may be carried out by a member of the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India, or the Institute of Cost Accountants of India. The audit must be completed within six months of the end of each financial year, and the compliance audit report must be submitted to the Research Analyst Administration and Supervisory Body (RAASB) or SEBI within one month of the audit report date, but no later than 31 October for the previous financial year. RAs and research entities must publish the status of the compliance audit report on their website, disclose any adverse audit findings and the actions taken, and provide the compliance audit report to clients. The changes apply from the date of issue of the circular.
Securities & Exchange Board of India 2026-03-25
Securities and Exchange Board of India clarifies Cost Accountants can perform annual compliance audits for Research Analysts
The Securities and Exchange Board of India (SEBI) amended its Master Circular for Research Analysts to include members of the Institute of Cost Accountants of India as eligible to conduct the annual compliance audit. The audit, verifying compliance with SEBI regulations, can now be performed by members of three professional institutes and must be completed within six months of the financial year-end. Research Analysts must publish the audit status on their websites and disclose any adverse findings.