✅ Correct Answer: Both 1 and 2 (D)
Marks: 1
📘 Explanation
The Securities and Exchange Board of India (Research Analyst) Regulations, 2014 are specifically designed to regulate research analysts who prepare and publish research reports or provide research recommendations on securities.
These regulations do NOT apply to:
1.Investment Advisers
- They are governed separately under the SEBI (Investment Advisers) Regulations, 2013.
- Their role is to provide personalized investment advice, not research reports.
- They manage portfolios or funds (like mutual funds or PMS).
- They fall under regulations applicable to mutual funds, AIFs, or portfolio managers, not research analysts.
❌ Who are covered under RA Regulations?
- Research analysts working with brokerage houses
- Individuals or entities issuing research reports or stock recommendations
🧠 Key Takeaway (Exam-Oriented)
SEBI (Research Analyst) Regulations, 2014 apply only to research analysts — not to investment advisers or fund managers.
So, the correct choice is:
👉 Both 1 and 2 (Option D)
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