(1) On and from the commencement of these regulations, no person shall act as a research analyst or research entity or hold itself out as a research analyst unless he has obtained a certificate of registration from the Board under these regulations:
Provided that any person acting as research analyst or research entity before the commencement of these regulations may continue to do so for a period of six months from such commencement or, if it has made an application for a certificate of registration under sub-regulation (2)within the said period of six months, till the disposal of such application:
Provided further that an investment adviser, credit rating agency, asset management companyorfund manager, who issues research report or circulates/distributes research report to public or its director or employee who makes public appearance, shall not be Page 7 of 35 required to seek registration under regulation 3, subject to compliance of Chapter III of these regulations.
(2) An application for grant of certificate of registration shall be made in Form A as specified in the First Schedule to these regulations and shall be accompanied by a nonrefundable application fee to be paid in the manner specified in Second Schedule.
Issuance of research report by a person located outside India.
4.Any person located outside India engaged in issuance of research report or research analysis in respect of securities listed or proposed to be listed on a stock exchange shall enter into an agreement with a research analyst or research entity registered under these regulations.
Furnishing of further information, clarification and personal representation.