NISM Certifications · NISM-Series-XV: Research Analyst · Legal and Regulatory Environment (NISM XV)
Under the Research Analyst Regulations, what is the position on a research analyst's record keeping?
A research analyst must maintain records of research reports, recommendations and supporting rationale for five years, as required by the SEBI regulations. The duty applies irrespective of whether the report was paid or free, or whether it led to losses.
- ARecords of research reports and recommendations must be maintained for the period specified by SEBI, currently five yearsCorrect
- BRecords need be kept only for one year
- CRecords are required only for reports that resulted in losses
- DNo records need be kept if the report was free
Explanation
Research analysts must maintain records of research reports, recommendations, rationale and communications with clients for five years. Shorter periods or conditional keeping are incorrect, and free reports are not exempt.
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