SEBI Compliance Obligations
The Chartered Solutions (Legal: Anubhav Sharma), a SEBI-registered Research Analyst (RA No. INH000013703) adheres strictly to all SEBI compliance norms issued up to August 2025.
1. Qualification, Registration & Deposits
- Must hold valid NISM-Series-XV certification (renewal acceptable).
- Deposit requirement based on client count (₹1L to ₹10L): compliance deadline April 30 2025.
2. Compliance Officer & Infrastructure
- Non-individual RAs must appoint a Compliance Officer (CS/CA/CMA with NISM).
- Principal Officer must be designated and appropriately qualified.
- Maintain minimum prescribed infrastructure and “fit and proper” criteria.
3. Client Consent, Terms & Segregation
- Disclose standard MITC (Most Important Terms & Conditions) and obtain client consent by June 30 2025.
- Segregate research and distribution services at client level; existing rules effective June 30 2025.
4. Fees & Refunds
- Maximum fee ₹1.51 Lakh per year per family/HUF; non-individual clients exempt.
- Advance fees limited to one quarter; unused portion refundable.
5. KYC, Recordkeeping & Communication
- Perform KYC for all fee-paying clients; record PAN, interactions, consent, research rationale, communications (email/call/SMS).
- Retain records until resolution or as required by SEBI.
6. AI Usage Disclosure
- Disclose use of AI tools and ensure data security; existing clients informed by April 30 2025.
7. Website & Audit
- Maintain functional website with mandatory disclosure; confirm to SEBI/RAASB by June 30 2025.
- Undergo annual compliance audit; report submission within 1 month; publish audit results on website.
8. Trading Restrictions & Disclosures
- No front-running: Cannot trade securities covered in reports (30 days before, 5 days after).
- Disclose RA registration number and financial interests in every report.
9. Disclaimer & MITC
Disclaimer: The research services provided are for informational purposes only and are not intended to be investment advice. All clients must consider that:
- Investments based on our research are subject to market risks.
- Past performance does not guarantee future results.
- Clients should make their own judgment before acting on any research.
- We do not guarantee returns or profits.
Most Important Terms & Conditions (MITC):
As per SEBI Circular dated February 17, 2025, Research Analysts must disclose the following key terms and conditions to clients, and obtain their consent before providing services:
- The RA cannot execute trades on behalf of the client—clients should not authorize such transactions.
- Fee limit: Maximum ₹1,51,000 per annum per family (only for Individual/HUF clients). Not applicable to non-individual or accredited investors.
- Advance fee: If charged, it must not exceed one quarter. Clients ending services early must receive a pro-rata refund.
- No assured or guaranteed returns schemes allowed.
- Clients bear investment risks. Research outcomes are not assured.
- Payments only via approved methods (cheque, UPI, online transfer). Cash not permitted. Optional: CeFCoM mechanism.
- RA must disclose any conflicts of interest promptly to clients.
Existing clients must be informed of these MITC by June 30, 2025 via preservable mode (email/SMS). New clients must receive and consent immediately.
Summary Timeline
- April 30 2025: Deposit & AI disclosure deadlines
- June 30 2025: Website, MITC, KYC, segregation, recordkeeping, and audit publication