What is the annual compliance certificate for a SEBI research analyst or investment adviser?
SEBI's regulations do not use the phrase. What a registered analyst or adviser owes each year is a compliance audit report from a member of ICAI, ICSI or ICMAI, plus a client level segregation certificate. Both are due within six months of the year end. The report goes to BSE within one month of its date, and any adverse findings by 31 October at the latest.
Want this checked against your own position? We handle the documentation and the filing.
We searched the consolidated Research Analysts Regulations (to 10 October 2026) and Investment Advisers Regulations (to 25 November 2025) for "compliance certificate". Neither contains it. People who use the phrase mean one of two documents.
| Document | Rule | Signed by | Due |
|---|---|---|---|
| Annual compliance audit report | Regulation 25(3) RA; regulation 19(3) IA | A member of ICAI, ICSI or ICMAI | Audit within six months of the year end; report to BSE and SEBI within one month of its date, and adverse findings by 31 October |
| Client level segregation certificate | Regulation 26C RA; regulation 22 IA, with the master circulars | A member of ICAI, ICSI or ICMAI, or the auditor | Within six months of the year end, filed as part of the audit |
The audit report
The audit tests compliance with the whole of the regulations and SEBI's circulars, and the report has to name each provision it reports on. Its status, with any adverse findings and the action taken, goes on your website, and clients receive the report. A member of ICAI, ICSI or ICMAI can sign it. The detail is in the annual compliance audit, and the 31 October rule in adverse findings.
The segregation certificate
This one confirms a single rule: no client takes your advice or research and also takes distribution from you or your family. The segregation certificate page covers what the certifier checks.
Note
If BSE, a bank or a client has asked you for an "annual compliance certificate", ask which of the two they mean before you pay anyone. Often the answer is the audit report, with the segregation certificate attached.
- 1.SEBI (Research Analysts) Regulations, 2014, consolidated text as amended up to 10 October 2026 (latest amendment notification SEBI/LAD-NRO/GN/2026/321)
- 2.SEBI (Investment Advisers) Regulations, 2013, consolidated text as amended up to 25 November 2025 (latest amendment notification SEBI/LAD-NRO/GN/2025/278)
- 3.SEBI Master Circular for Research Analysts, HO/38/12/11(1)2026-MIRSD-PoD/I/4360/2026 dated 6 February 2026
- 4.SEBI Master Circular for Investment Advisers dated 6 February 2026
We handle the documentation and filing: Annual compliance audit
Sources read on 28 October 2026. SEBI revises these requirements, so we re-confirm every figure against the current circular before it goes into an application.
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