Research Analyst Talent Hunt

ANALYST COMPLIANCE & REPORT SUBMISSION DOCUMENTATION

Executive Summary

This comprehensive documentation provides analysts with mandatory compliance requirements, submission guidelines, and best practices for research report preparation in adherence to SEBI regulations and industry standards.

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MANDATORY DISCLOSURE REQUIREMENTS

SEBI Registration Requirements

Requirement	Status	Action Required
SEBI Registration Number (INH0000XXXXX)	❌ MISSING	IMMEDIATE: Include SEBI RA registration number
Research Analyst License Verification	❌ MISSING	IMMEDIATE: Display valid RA license details
Registration Certificate Display	❌ MISSING	IMMEDIATE: Link to SEBI registration certificate

Template Required:

SEBI Registration: INH000022400
Research Analyst License: Valid until [Date]
Certificate Link: [SEBI Registration Certificate URL]
The insights, recommendations, research content, and outputs derived from proprietary machine learning models are provided for informational and educational purposes only. These do not constitute investment advice, solicitation, or an offer to buy/sell any financial instruments.

✅ Conflict of Interest Disclosures

Requirement	Status	Action Required
Personal Holdings Disclosure	❌ MISSING	IMMEDIATE: Declare all personal holdings
Financial Interest Declaration	❌ MISSING	IMMEDIATE: Disclose any financial relationships
Compensation Relationships	❌ MISSING	IMMEDIATE: Declare compensation sources
Related Party Transactions	❌ MISSING	IMMEDIATE: Disclose related party interests

Template Required:

CONFLICT OF INTEREST DISCLOSURE:
□ Analyst holds shares in recommended company: YES/NO [Quantity if YES]
□ Analyst family members hold shares: YES/NO [Relationship & Quantity]
□ Firm has business relationship with company: YES/NO [Nature of relationship]
□ Compensation received from company: YES/NO [Amount & Nature]
□ Investment banking relationship: YES/NO [Details]

✅ Shareholding Disclosure Requirements

Requirement	Status	Action Required
Analyst Personal Holdings	❌ MISSING	IMMEDIATE: Disclose all equity positions
Firm Holdings Declaration	❌ MISSING	IMMEDIATE: Declare firm's investment positions
Associated Entity Holdings	❌ MISSING	IMMEDIATE: Disclose related entity positions
Derivative Positions	❌ MISSING	IMMEDIATE: Declare all derivative exposures

✅ Compensation Disclosure Requirements

Requirement	Status	Action Required
Direct Compensation Sources	❌ MISSING	IMMEDIATE: Disclose all payment sources
Indirect Benefits Declaration	❌ MISSING	IMMEDIATE: Declare indirect compensations
Performance-Based Incentives	❌ MISSING	IMMEDIATE: Disclose performance incentives
Third-Party Payments	❌ MISSING	IMMEDIATE: Declare third-party compensations

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🔬 RESEARCH METHODOLOGY REQUIREMENTS

✅ Research Methodology Disclosure

Component	Status	Action Required
Valuation Methodology	❌ MISSING	IMMEDIATE: Detail valuation approach
Data Sources Documentation	❌ MISSING	IMMEDIATE: List all data sources
Analysis Framework	❌ MISSING	IMMEDIATE: Explain analytical framework
Assumptions Documentation	❌ MISSING	IMMEDIATE: Detail key assumptions

Required Template:

RESEARCH METHODOLOGY:
1. Valuation Method: [DCF/Relative/Asset-based/Hybrid]
2. Key Assumptions:
   - Revenue Growth: X% (based on [source])
   - Margin Assumptions: X% (based on [rationale])
   - Terminal Value: X% (justification)
3. Data Sources:
   - Primary: [Company reports, management calls]
   - Secondary: [Bloomberg, Reuters, industry reports]
4. Peer Comparison Methodology
5. Sensitivity Analysis Parameters

✅ Price Target Methodology

Requirement	Status	Action Required
Valuation Model Selection	❌ MISSING	IMMEDIATE: Specify valuation model used
Multiple-Based Justification	❌ MISSING	IMMEDIATE: Justify P/E, EV/EBITDA ratios
Target Timeline Specification	❌ MISSING	IMMEDIATE: Define target achievement period
Scenario Analysis	❌ MISSING	IMMEDIATE: Include bull/base/bear scenarios

Required Template:

PRICE TARGET METHODOLOGY:
1. Target Price: ₹XXX (12-month horizon)
2. Valuation Method: [Specify primary method]
3. Key Multiples Used:
   - P/E: X.X times (vs sector avg Y.Y)
   - EV/EBITDA: X.X times (vs sector avg Y.Y)
4. Scenario Analysis:
   - Bull Case: ₹XXX (+X% upside scenario)
   - Base Case: ₹XXX (our target)
   - Bear Case: ₹XXX (downside scenario)
5. Key Triggers for Target Achievement

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⚠️ RISK DISCLOSURE REQUIREMENTS

✅ Market Risk Disclosures

Risk Category	Status	Action Required
Systematic Market Risk	❌ MISSING	IMMEDIATE: Detail market volatility risks
Sector-Specific Risks	❌ MISSING	IMMEDIATE: Identify sector vulnerabilities
Economic Cycle Risks	❌ MISSING	IMMEDIATE: Explain economic sensitivity
Interest Rate Sensitivity	❌ MISSING	IMMEDIATE: Detail rate impact analysis

✅ Liquidity Risk Disclosures

Risk Factor	Status	Action Required
Trading Volume Analysis	❌ MISSING	IMMEDIATE: Assess daily trading volumes
Market Depth Assessment	❌ MISSING	IMMEDIATE: Evaluate bid-ask spreads
Exit Strategy Complexity	❌ MISSING	IMMEDIATE: Detail position exit challenges
Lock-in Period Risks	❌ MISSING	IMMEDIATE: Identify liquidity constraints

✅ Credit Risk Disclosures

Risk Component	Status	Action Required
Counterparty Credit Risk	❌ MISSING	IMMEDIATE: Assess counterparty strength
Default Probability	❌ MISSING	IMMEDIATE: Evaluate default likelihood
Credit Rating Changes	❌ MISSING	IMMEDIATE: Monitor rating vulnerabilities
Recovery Rate Assumptions	❌ MISSING	IMMEDIATE: Estimate recovery scenarios

✅ Operational Risk Disclosures

Risk Area	Status	Action Required
Management Quality Risk	❌ MISSING	IMMEDIATE: Assess management capabilities
Business Model Risks	❌ MISSING	IMMEDIATE: Evaluate business sustainability
Technology Risks	❌ MISSING	IMMEDIATE: Identify tech vulnerabilities
Execution Risk Assessment	❌ MISSING	IMMEDIATE: Evaluate execution capabilities

✅ Regulatory Risk Disclosures

Regulatory Factor	Status	Action Required
Policy Change Impact	❌ MISSING	IMMEDIATE: Assess policy sensitivity
Compliance Risk Assessment	❌ MISSING	IMMEDIATE: Evaluate compliance costs
Regulatory Environment	❌ MISSING	IMMEDIATE: Monitor regulatory changes
Government Policy Risks	❌ MISSING	IMMEDIATE: Assess policy impact

✅ Concentration Risk Disclosures

Concentration Area	Status	Action Required
Geographic Concentration	❌ MISSING	IMMEDIATE: Assess geographic exposure
Customer Concentration	❌ MISSING	IMMEDIATE: Evaluate customer dependency
Product Concentration	❌ MISSING	IMMEDIATE: Assess product line risks
Supplier Concentration	❌ MISSING	IMMEDIATE: Evaluate supplier dependency

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📋 ACTION ITEMS REQUIRED - IMMEDIATE IMPLEMENTATION

🚨 CRITICAL PRIORITY (Complete within 24 hours)

1. SEBI Registration Compliance

• Action: Display SEBI registration number (INH0000XXXXX) prominently

• Location: Header/Footer of all reports

• Responsible: Compliance Team

• Template: SEBI Registered Research Analyst: INH0000XXXXX

2. Conflict of Interest Declaration

• Action: Implement mandatory COI checklist

• Location: Beginning of every report

• Responsible: Research Analyst + Legal Review

• Template: Complete COI disclosure form

3. Risk Warning Standardization

• Action: Add comprehensive risk warnings

• Location: Prominent placement in executive summary

• Responsible: Risk Management Team

• Template: Standardized risk disclosure language

🔥 HIGH PRIORITY (Complete within 1 week)

4. Methodology Documentation

• Action: Document detailed research methodology

• Components: Valuation models, data sources, assumptions

• Responsible: Research Team + Quantitative Analysis

• Review: Methodology committee approval required

5. Price Target Justification

• Action: Provide detailed price target calculations

• Components: Multiple scenarios, sensitivity analysis

• Responsible: Valuation Team

• Validation: Back-testing historical accuracy

6. Compensation Disclosure Framework

• Action: Implement compensation disclosure system

• Scope: All direct/indirect compensation sources

• Responsible: HR + Compliance

• Frequency: Quarterly updates required

📊 MEDIUM PRIORITY (Complete within 2 weeks)

7. Enhanced Risk Disclosure Matrix

• Action: Implement comprehensive risk assessment

• Coverage: All six risk categories (Market, Liquidity, Credit, Operational, Regulatory, Concentration)

• Responsible: Risk Management + Research Teams

• Format: Standardized risk assessment template

8. Data Source Verification

• Action: Implement data source verification process

• Requirements: All data sources must be documented and verified

• Responsible: Data Management Team

• Audit: Monthly data source audits

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📖 ANALYST SUBMISSION GUIDELINES

✅ DO's for Report Submission

Research Quality

• ✅ Use multiple credible data sources (minimum 3 sources)

• ✅ Include historical performance verification

• ✅ Provide detailed assumptions with rationale

• ✅ Cross-verify all numerical data and calculations

• ✅ Include peer comparison analysis

• ✅ Document methodology clearly and transparently

Compliance Adherence

• ✅ Complete all mandatory disclosure checklists

• ✅ Include SEBI registration details in header/footer

• ✅ Declare all conflicts of interest explicitly

• ✅ Provide comprehensive risk warnings

• ✅ Include investment timeline specifications

• ✅ Add appropriate disclaimers and limitations

Documentation Standards

• ✅ Use standardized report templates

• ✅ Include executive summary (max 200 words)

• ✅ Provide clear recommendation with rationale

• ✅ Include price target with 12-month horizon

• ✅ Add scenario analysis (bull/base/bear cases)

• ✅ Document all assumptions and limitations

❌ DON'ts for Report Submission

Content Restrictions

• ❌ Never submit reports without mandatory disclosures

• ❌ Don't provide price targets without methodology

• ❌ Avoid using unverified or single-source data

• ❌ Don't ignore potential conflicts of interest

• ❌ Never bypass risk disclosure requirements

• ❌ Don't use ambiguous or unclear language

Compliance Violations

• ❌ Don't submit without SEBI registration display

• ❌ Never omit conflict of interest declarations

• ❌ Don't provide investment advice without disclaimers

• ❌ Avoid incomplete risk disclosure statements

• ❌ Don't submit without legal/compliance review

• ❌ Never ignore regulatory requirement updates

Quality Issues

• ❌ Don't submit reports with calculation errors

• ❌ Avoid unsupported claims or assumptions

• ❌ Don't use outdated or stale information

• ❌ Never submit without peer review process

• ❌ Don't ignore system validation warnings

• ❌ Avoid submitting incomplete analysis

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🔄 REPORT SUBMISSION WORKFLOW

Step 1: Pre-Submission Checklist

□ SEBI registration number included
□ Conflict of interest declaration completed
□ All risk categories addressed
□ Methodology documented
□ Price target justified
□ Data sources verified
□ Peer review completed
□ Compliance sign-off obtained

Step 2: System Validation

□ Automated compliance check passed
□ Risk disclosure validation completed
□ Methodology verification successful
□ Data integrity check passed
□ Template compliance verified
□ Calculation validation completed

Step 3: Final Review Process

□ Senior analyst review
□ Compliance team approval
□ Legal review (if required)
□ Risk management sign-off
□ Final quality assurance check
□ Publication approval

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📊 COMPLIANCE MONITORING & SCORING

Real-Time Compliance Dashboard

• Overall Compliance Score: Target >85%

• Mandatory Disclosures: 100% completion required

• Risk Coverage: All 6 categories must be addressed

• Methodology Score: Minimum 80% required

• Data Quality: 95% accuracy threshold

Performance Metrics

• Report Accuracy: Historical vs actual performance

• Compliance Rate: % of compliant submissions

• Timeliness: Submission deadline adherence

• Quality Score: Peer review ratings

• Stakeholder Satisfaction: Client feedback scores

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🆘 ESCALATION PROCEDURES

Critical Issues (Immediate Escalation)

• SEBI compliance violations

• Material conflicts of interest

• Significant calculation errors

• Missing mandatory disclosures

• Regulatory requirement violations

Escalation Contacts

• Compliance Issues: [e-mail]

• Technical Problems: [e-mail]

• Regulatory Questions: [e-mail]

• Quality Concerns: [e-mail]

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📝 TEMPLATES & CHECKLISTS

Mandatory Disclosure Template

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SEBI REGISTERED RESEARCH ANALYST DISCLOSURE
===============================================

SEBI Registration: INH0000XXXXX
Analyst Name: [Name]
Qualification: [CFA/MBA/Other]
Experience: [Years in equity research]

CONFLICT OF INTEREST DISCLOSURE:
□ Personal Holdings: [YES/NO - Details if YES]
□ Family Holdings: [YES/NO - Details if YES]  
□ Firm Holdings: [YES/NO - Details if YES]
□ Compensation from Company: [YES/NO - Details if YES]

RISK DISCLOSURE:
This report contains analysis based on available information
and involves inherent risks including but not limited to:
• Market volatility and systematic risks
• Company-specific operational risks  
• Liquidity and concentration risks
• Regulatory and policy change risks

DISCLAIMER:
This report is for informational purposes only and should
not be construed as personalized investment advice.
Past performance does not guarantee future results.
Please consult your financial advisor before making investment decisions.

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Risk Assessment Checklist

COMPREHENSIVE RISK ASSESSMENT CHECKLIST

□ MARKET RISKS
  □ Systematic market volatility
  □ Sector rotation risks
  □ Economic cycle sensitivity
  □ Interest rate sensitivity

□ LIQUIDITY RISKS  
  □ Daily trading volume analysis
  □ Market depth assessment
  □ Bid-ask spread evaluation
  □ Exit strategy complexity

□ CREDIT RISKS
  □ Counterparty assessment
  □ Default probability analysis
  □ Credit rating stability
  □ Recovery rate assumptions

□ OPERATIONAL RISKS
  □ Management quality assessment
  □ Business model sustainability
  □ Technology & execution risks
  □ Key person dependencies

□ REGULATORY RISKS
  □ Policy change sensitivity
  □ Compliance cost implications
  □ Regulatory environment changes
  □ Government policy impacts

□ CONCENTRATION RISKS
  □ Geographic concentration
  □ Customer dependency analysis
  □ Product line concentration
  □ Supplier dependency risks

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📞 SUPPORT & RESOURCES

Training Resources

• SEBI Compliance Training: Monthly mandatory sessions

• Research Methodology Workshops: Quarterly updates

• Risk Assessment Training: Bi-annual certification

• System Training: On-demand video tutorials

Documentation Access

• SEBI Regulations: https://www.sebi.gov.in/legal/regulations/aug-2021/securities-and-exchange-board-of-india-research-analysts-regulations-2014-last-amended-on-august-03-2021-_34615.html

• Company Policies: click here

Emergency Contacts

• Technical Emergency: [e-mail]

• Regulatory Emergencies: [e-mail]

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Document Version: 1.0 Last Updated: September 10, 2025 Next Review: October 10, 2025 Document Owner: Compliance & Risk Management Team

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⚠️ CRITICAL REMINDER: This documentation must be reviewed and updated monthly to reflect changing regulatory requirements and industry best practices. All analysts must acknowledge receipt and understanding of these guidelines before submitting any research reports.