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

A research analyst's registered entity has received a complaint, and the analyst wants to know about record-keeping. Under the SEBI (Research Analysts) Regulations, 2014, for how long must a research analyst maintain records of research reports, recommendations and public appearances?

Research analysts and research entities must keep records of reports, recommendations, rationale and public appearances for at least five years. Shorter periods such as one or two years do not meet the Research Analysts Regulations, and retention is not tied to annual reports.

  1. AFive yearsCorrect
  2. BOne year
  3. CTwo years
  4. DUntil the next annual report is published

Explanation

The regulations require research analysts and research entities to maintain records, including research reports, recommendations, rationale and communications, for a minimum of five years. One or two years is too short, and tying retention to an annual report has no basis in the rules.

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