Good news from SEBI: inspections of RAs & IAs are set to drop
SEBI is streamlining and rationalising the inspection of market intermediaries — which means fewer, smarter, risk-based inspections for Research Analysts (RAs) and Investment Advisers (IAs). Here's what the latest SEBI press release says, and an expert breakdown by CA Tarun Nagpal of Compliancify Consulting.
PR No.: 44/2026 · Date: 7 August 2026
Read the official press release on SEBI →
What SEBI announced — key highlights
- Fewer SEBI inspections overall. The total number of inspections is being reduced.
- No more routine annual inspections for compliant entities. If you are compliant, you are generally not subject to inspection.
- Risk-based targeting. New parameters trigger an inspection — repeated non-compliance, SCORES complaints, ODR issues, and market-intelligence (SEBI receiving information that someone is doing something wrong).
- Joint inspections for multi-registered entities. If you hold more than one registration — e.g. AP + RA, AP + IA, or IA + RA — a single joint inspection can be conducted instead of separate inspections by different regulatory teams.
By CA Tarun Nagpal — Legal Counsel & Compliance Consultant, Compliancify Consulting 🙏
This is genuinely good news. The number of inspections is set to drop, and SEBI is moving to a rational, risk-based model. In FY 2025-26, SEBI took up roughly one-third of the previous year's inspection volume — a significant reduction. Compliant entities are largely left alone; the focus shifts to those who repeatedly slip up or attract complaints.
The two primary drivers of an inspection today are market-intelligence complaints and SCORES. An important caution: even if a SCORES complaint is settled and the fee is refunded, the complaint still remains recorded against your name.
Compliancify's tips to stay inspection-safe
- Stay compliant. Get both your annual audit and your periodic filings/numbers right — accuracy in the routine reporting is what keeps you off the radar.
- Avoid complaints & alerts. Anyone can take a screenshot of your website or social media — or of content inside your Telegram — and report it to SEBI. This is a market-intelligence complaint: it does not come through SCORES or ODR, it arrives simply as information, and SEBI does act on it.
- Multiple registrations. If you are multi-registered, maintain proper segregation and records for each activity.
One more practical step: engage with your clients and make it clear that if they face any issue, they should come to you directly first. This single habit significantly reduces SCORES complaints and legal cases on ODR.
A new complaint channel every RA/IA should know: CPGRAM
A new way of complaining against RAs and IAs is emerging — at Compliancify we have already seen close to seven complaints through this channel. Complainants can directly approach the Department of Economic Affairs (DEA) and lodge a complaint against SEBI intermediaries; the complaint is then routed to SEBI.
You can see such complaints inside your SCORES portal — look for the CPGRAM link. I am sure many of you have never checked it. These complaints are treated the same as direct SCORES complaints and must be resolved within 21 days. So make it a habit to check the CPGRAM link regularly.
Bottom line: fewer inspections, but sharper targeting. Keep your audit & periodic compliance clean, watch your public content, build direct client relationships, and check the CPGRAM link in SCORES — and you sharply cut your inspection risk.
What this means for you — action points
- Keep your annual compliance audit & periodic filings accurate and on time.
- Review your website, social media and Telegram for anything that could be reported.
- Log in to SCORES and check the CPGRAM link — resolve anything within 21 days.
- If multi-registered, keep clean segregation of records.
- Encourage clients to raise issues with you directly, before they escalate.
FAQs
Need help with SEBI registration or compliance?
For free SEBI Research Analyst compliance updates, deadlines and every new circular the moment it's out, join the RA Sahayak community. For professional, personalised SEBI registration and compliance advisory, consult a qualified compliance professional such as CA Tarun Nagpal, Compliancify Consulting.
Post-Reg Compliance
The full 16-step checklist every SEBI RA must complete.
Open checklist →Compliance Calendar
Every recurring RA deadline — audit, filings & more.
Open calendar →SEBI Circulars & PRs
Auto-updated, RA-relevant circulars & press releases.
Open circulars →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
The commentary in this post is attributed to CA Tarun Nagpal (Compliancify Consulting) and reflects his own independent, personal and professional views. These views do not necessarily represent the views of RA Sahayak.
RA Sahayak and Mr. Tarun Nagpal / Compliancify Consulting are independent parties and are not associated, affiliated, or in any partnership with each other. The commentary has been shared and credited purely for the awareness and benefit of the Research Analyst community, and does not imply any endorsement, business relationship, or association between them.
This post is compiled with the help of AI and is for general information only — it is not legal, compliance, tax, or investment advice. RA Sahayak is a free, non-commercial resource and is not affiliated with SEBI, BSE, or any regulator. Always read the official SEBI press release/circular and verify the current position from the official sources (sebi.gov.in / bseindia.com), or consult a qualified professional, before acting.