Disclaimers & disclosures every SEBI Research Analyst must get right
A surprisingly large part of staying compliant as a SEBI Research Analyst (RA) is simply getting your disclaimers and disclosures right — in your research reports, on your website, and in every ad or social-media post. Miss them, and an otherwise-honest recommendation can become a compliance problem. Here's the plain-English checklist.
1. The standard market-risk warning
The most basic one — and the most often forgotten. SEBI's standard warning is:
Use it prominently with your communications and recommendations. Always match the exact current wording SEBI specifies.
2. “Registration does not guarantee returns”
You must make clear that being registered doesn't mean guaranteed performance. A standard line reads:
3. What every research report must disclose
Under the SEBI (Research Analysts) Regulations and Master Circular, a research report should carry, among others:
- The words “Research Analyst” with your SEBI registration number (and your BSE/RAASB enlistment details).
- Any financial interest or shareholding in the subject company — held by you, your relatives or associates — and its nature.
- Whether you (or associates) received any compensation or other benefit from the subject company.
- Whether you acted as a market maker or managed a public offering for the company.
- Disciplinary history / material litigation, if any.
- Terms & conditions of your research services and details of associates.
- All material risks and conflicts of interest.
- The extent of use of AI tools in preparing the report (per the 2024 amendment) — see our AI-disclosure explainer.
- Clear definitions of any Buy / Sell / Hold ratings you use.
4. Website & client-onboarding disclosures
- Investor Charter published on your website.
- Investor-complaints (SCORES) data updated monthly — see the Compliance Calendar.
- Most Important Terms & Conditions (MITC) shared with clients.
- Terms of service, associates, conflicts and fee details at onboarding.
5. Ads & social media — same rules apply
SEBI's Advertisement Code for IAs and RAs covers all promotional content — website, WhatsApp, Telegram, X, Instagram, YouTube, everything.
- No assured or guaranteed returns, and nothing misleading or exaggerated.
- Carry the required disclaimers and registration details.
- Any past performance you show must comply with SEBI's verification framework — see our PaRRVA explainer.
- Get advertisements reviewed/submitted per the BSE process where applicable.
Common mistakes to avoid
- Posting “tips” on social media without your registration details and disclaimer.
- Showing screenshots of profits / “returns” with no verification and no risk warning.
- Forgetting the holdings / conflict disclosure when you cover a stock you own.
- Copying an old disclaimer with outdated wording — SEBI updates the standard text.
FAQs
More for SEBI Research Analysts
Post-Reg Compliance
The full 16-step checklist every SEBI RA must complete.
Open checklist →SEBI Circulars
Advertisement Code, Investor Charter, MITC & more.
Open circulars →AI-use disclosure
Using AI? SEBI says disclose it — and you own the output.
Read the guide →Join our Telegram
Free live SEBI alerts & updates for RAs and IAs.
Join now →RA Sahayak is free & ad-free. A small UPI tip keeps it maintained. 😊
Disclaimer
This post is a plain-English awareness summary, compiled with the help of AI. It is for general information only and is not legal, compliance, tax, or investment advice. The exact mandatory wordings and disclosures are prescribed by SEBI and updated from time to time.
Always use the current official text and confirm the requirements from the official sources (sebi.gov.in / bseindia.com), or consult a qualified professional, before publishing reports, ads or disclosures. RA Sahayak is a free, non-commercial resource and is not affiliated with SEBI, BSE, or any regulator.