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NISM Certifications · NISM-Series-XV: Research Analyst · Legal and Regulatory Environment (NISM XV)

A research analyst who is an individual, registered under the SEBI (Research Analysts) Regulations, 2014, wishes to publish a report on a listed company. Which of the following is a required disclosure in the research report?

The report must disclose whether the analyst or associates hold financial interest or beneficial ownership in the subject company when the report is published, along with other conflicts of interest. Tax returns, other clients' identities and complete portfolios are not required, and client names are confidential.

  1. AThe analyst's personal income tax returns
  2. BWhether the analyst or associates hold financial interest of the subject company at the time of publicationCorrect
  3. CThe names of all other clients of the analyst
  4. DThe analyst's entire portfolio holdings in all companies

Explanation

Regulations require disclosure of financial interest, beneficial ownership, and conflicts of interest relating to the subject company. Tax returns, other clients' names and the full portfolio are not required disclosures, and revealing client names would breach confidentiality.

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