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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 a correct statement about a person who wishes to act as a research analyst?

A person acting as a research analyst must be registered with SEBI and must hold the prescribed qualification, such as the NISM Research Analyst certification. The medium used and whether fees are charged do not remove the need, and registration comes from SEBI, not a stock exchange.

  1. ARegistration with SEBI is needed and an applicant must hold the NISM Research Analyst certification or an equivalent qualification as specifiedCorrect
  2. BRegistration is optional if the person publishes reports only on social media
  3. CRegistration is required only for those who charge fees from clients
  4. DRegistration is granted by the stock exchange where the analyst's employer is a member

Explanation

The Regulations require a person who provides research reports or recommendations on securities to be registered with SEBI, and registration requires the prescribed qualification, such as passing the NISM Research Analyst examination. Option B is wrong as the medium of publication does not remove the need. Option C is wrong as the requirement is not limited to fee-charging analysts. Option D is wrong as registration is by SEBI, not an exchange.

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