The Securities and Exchange Board of India (Sebi) has
new analyst regulations, concluding months of consultation.
They will have a marked effect on India’s capital
The new regulations were released on September 1 and will
take effect 90 days later. The rules are a first for India, and
follow a flurry of negative reports from foreign research
analysts that have resulted in large financial losses.
Their introduction also brings India inline with
The regulations are largely modeled on the US Financial
Industry Regulatory Authority’s (Finra) rules on
the separation of businesses, which requires disclosure of
conflicts. "That’s quite revolutionary from an
Indian perspective," said Ajay Vaidya, chief legal and
compliance officer at Kotak Mahindra...