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

Which of the following is a requirement for a research analyst under the SEBI (Research Analysts) Regulations, 2014 regarding disclosures in a research report?

The analyst must disclose any financial interest or other conflict of interest in the subject company, or state that none exists. This lets readers judge possible bias. Client lists, competitors' target prices and personal tax returns are not required disclosures.

  1. ADisclosing any financial interest in the subject company, or that none existsCorrect
  2. BDisclosing the client list of the research entity
  3. CDisclosing the target price of competing companies
  4. DDisclosing the personal tax returns of the analyst

Explanation

The regulations require disclosure of financial interest, beneficial ownership, material conflicts and compensation relating to the subject company so that readers can judge possible bias. Client lists, competitor targets and tax returns are not mandated disclosures.

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