Maintaining Integrity: Mastering the Chinese Wall and Need-to-Know Principle

Imagine you are an analyst covering the pharmaceutical sector. You are currently deep in the weeds of a valuation model for a large-cap company, while your colleague in the investment banking division is simultaneously...

Navigating Disclosure Requirements for Research Analyst Personal Holdings

You have spent the last three weeks meticulously constructing a discounted cash flow model for a prominent Indian FMCG firm. As you prepare the final research report, you recall that you hold a small personal equity...

Understanding the High Cost of PFUTP Violations in Research

Imagine you are drafting an earnings preview for a volatile small-cap firm. A colleague suggests including 'aggressive growth targets' that aren't based on management guidance but rather on a series of wash trades you...

Navigating Corporate Distress: The Role of the Interim Resolution Professional

Imagine you are tracking a mid-cap infrastructure firm that has recently defaulted on its debt obligations. You notice that an application has been admitted by the National Company Law Tribunal (NCLT) under the...

Navigating the Eligibility Thresholds for SEBI Research Analyst Registration

Imagine you have just left a high-pressure role at a boutique investment bank to start your own independent research firm. You have a handful of loyal clients waiting for your first report, and you are ready to register...

Navigating the Gray Zones: Managing Cross-the-Wall Situations

Imagine you are an equity research analyst at a mid-sized brokerage. Your firm is simultaneously advising a conglomerate on a potential acquisition and preparing a 'Buy' report on the target company. One morning, you are...

Beyond Insider Trading: Mastering the Principles of Fair Disclosure

Imagine you are conducting a channel check for a large pharmaceutical firm. During a site visit, the CFO casually mentions that the company has received a major regulatory approval that will likely double their earnings...

Understanding SEBI’s Investigative and Enforcement Powers

Imagine you are reviewing a mid-cap company and notice a recurring pattern of suspicious circular trading volume just days before major corporate announcements. You suspect market manipulation, but as an analyst, you are...

Mastering Mandatory Disclosures in SEBI-Compliant Research Reports

Imagine you are finalizing a comprehensive valuation model for a large-cap FMCG firm. You have meticulously adjusted your WACC [^1] and projected healthy terminal growth rates, leading to a strong 'Buy' rating. Before...

Navigating Conflicts: SEBI Disclosure Protocols for Research Analysts

Imagine you have spent weeks building a DCF model for a prominent steel manufacturer, and your valuation suggests a significant upside. During this process, you learn that your firm’s investment banking division is...