(1) Research analyst or research entity including its director or employee shall disclose the registration status and details of financial interest in the subject company, ifhe makes public appearance.
(2) Ifany person including a director or employee of an investment adviser or credit rating agency or asset management company or fund manager, makes public appearance or makesa recommendation or offers an opinion concerning securities or public offers through public media, all the provisions of regulations 16 and 17 shall apply mutatis mutandis to him and he shall disclose his name, registration status and details of financial interest in the subject company at the time of, -
(i) makingsuch recommendation or offering such opinionin personal capacity;
(ii) responding to queries from audiences or journalistsin personal capacity;
(iii) communicating the research report or substance of the research report through the public media.
Distribution of researchreports.