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

Under the SEBI (Research Analysts) Regulations, 2014, which of the following is an obligation relating to record keeping by a registered research analyst?

A registered research analyst must maintain records of research reports, recommendations and their rationale, along with client records, for the period the Regulations specify. Destroying records after publication, keeping them for one year only, or monthly submission to exchanges is not what the Regulations require.

  1. AMaintain records of research reports and recommendations, with their rationale, for the period specified by the RegulationsCorrect
  2. BDestroy all client records once a report is published
  3. CKeep records only for the current financial year
  4. DHand over all records to the stock exchange every month

Explanation

Research analysts must maintain records of research reports, recommendations and supporting rationale, along with client records, for the period specified in the Regulations (five years in the 2014 Regulations, subject to the latest amendments). Destroying or briefly keeping records or monthly submission to exchanges is not required.

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