What disclaimer must a SEBI research analyst use? The standard warning and research report disclosures
Want to register as a SEBI research analyst or investment adviser? We prepare the application and the documents behind it.
A SEBI research analyst uses two fixed texts. Every advertisement carries the standard warning: "Investment in securities market are subject to market risks. Read all the related documents carefully before investing." Advertisements and client correspondence also carry: "Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors." Both come from paragraph 11 of SEBI's Master Circular for Research Analysts of 6 February 2026, which has applied since 1 May 2023. Research reports carry a further set of disclosures under regulations 19 and 20 of the RA Regulations.
The standard warning
Standard warning in legible fonts (minimum 10 font size) which states "Investment in securities market are subject to market risks. Read all the related documents carefully before investing.". No addition or deletion of words shall be made to/from the standard warning.
Copy it exactly, including SEBI's "are". Correcting the grammar is an edit to the warning, and para 11.1(b)(iii) forbids adding or deleting words. In a video ad the warning must be both shown and spoken; SEBI's example is a visual and voice-over of 20 words running for at least 10 seconds (para 11.1(b)(iv)). An ad in Hindi or any other language carries an accurate translation (para 11.1(b)(v)).
The registration disclaimer, and its two wordings
The master circular gives this disclaimer twice, with slightly different words. You need both, in different places.
| Where | Text | Clause |
|---|
From the blog
Prefer to skip the paperwork?
BuildWright can handle this for you and get it right the first time.
Get new templates and compliance updates by email.