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NISM Certifications · NISM-Series-XV: Research Analyst · Introduction to Research Analyst Profession

Which of the following is a primary distinction between a research analyst and an investment adviser in India?

A research analyst prepares and publishes research reports or recommendations on securities under the Research Analysts Regulations, while an investment adviser gives personalised investment advice to clients for a fee under the separate Investment Advisers Regulations. Neither role involves managing client funds like a portfolio manager.

  1. AA research analyst publishes research reports or recommendations on securities, whereas an investment adviser gives personalised advice on investing to clients for a feeCorrect
  2. BA research analyst can manage client funds while an investment adviser cannot
  3. CA research analyst must be a stock exchange member while an investment adviser need not be
  4. DThere is no distinction; both are regulated by the same regulations

Explanation

Research analysts are regulated under the Research Analysts Regulations, 2014 and produce research reports or recommendations. Investment advisers are regulated under separate regulations and provide personalised advice. Managing client funds is portfolio management, not research.

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