Every SEBI registered research analyst and investment adviser must publish complaint data on its website and app by the 7th of each month for the previous month. The format comes from SEBI circulars dated 2 June 2025. IAs must place the table on the home page, visible without scrolling, in a font of 12 or more, while grievances themselves must be resolved within 21 calendar days.
The rule in one paragraph
By the 7th of each month, publish the previous month's complaint data in the SEBI format on your website and app, together with the monthly and annual trend tables. For RAs the rule sits in para 7.3 and Annexure E of the RA Master Circular. For IAs it sits in paras 2.4 and 7.5 and Annexure C of the IA Master Circular. Both draw on circulars 2025/80 and 2025/81 dated 2 June 2025.
What the table covers
The SEBI format reports complaints for the month ending, where they were received from (such as directly from investors or through SEBI SCORES), how many were pending at the end of the month and the average resolution time. Two further tables show the trend of monthly disposal and the trend of annual disposal.
Use the Annexure format exactly as given. A home-made summary, a single total or a link to a PDF that is hard to find does not meet the rule. Archive earlier months on the same page so that the trend tables can be checked.
Where to publish it
The placement rules differ slightly between RAs and IAs, so check which column applies to you. IAs carry an extra layout duty on the home page, which may need a design change rather than a new page, so plan it with whoever maintains the website.
| Requirement | Research analyst | Investment adviser |
|---|---|---|
| Deadline | By the 7th, for the previous month | By the 7th, for the previous month |
| Where | Website and app | Home page of website and app |
| Placement | SEBI format with trend tables | Visible without scrolling |
| Font | As per format | 12 or more |
| Source | RA Master Circular para 7.3, Annexure E | IA Master Circular paras 2.4 and 7.5, Annexure C |
What to publish when there were no complaints
The duty is to publish the data every month, so a month with no complaints still needs a table, with zeros where they apply and the trend tables updated. Leaving the page unchanged from the month before makes it look as though the deadline was missed. Date each table clearly with the month it refers to.
How the 21 day grievance rule links in
The complaint table reports what happened to grievances, so it depends on your grievance process. RAs and IAs must resolve each grievance within 21 calendar days of receipt, under RA Regulations 26A and 26B and IA Regulation 21. Complaints filed on SCORES go first to BSE for review and then to SEBI.
Publish an escalation matrix with named contacts that refers clients to SEBI SCORES (scores.sebi.gov.in) and the SMART ODR portal (smartodr.in). Matching the office notice to the website version avoids confusion for clients. Show the grievance officer's contact details on the same page.
The investor charter sits next to it
The same circulars of 2 June 2025 updated the investor charter. The current charter must appear on the website and app, be displayed in the office, and be given to clients at onboarding and by email or letter. Placing the charter link next to the complaint table keeps both easy to find.
A monthly routine that works
Set a reminder near the start of each month and close the previous month's complaint log before the table is built. Use the same person and the same steps every month, so the table is produced the same way each time and can be checked against the log.
- Close the complaint log for the previous month
- Count received, resolved and pending complaints by source
- Calculate the average resolution time
- Update the monthly and annual trend tables
- Publish on website and app by the 7th, and archive the old table
Closing the loop
Monthly tasks come round quickly, so they are easy to miss. Keep the evidence of each publication date for the annual audit. For help keeping monthly checks like this on track, XDQ Labs offers XDQ xAgents for RAs and IAs (/product/xfintech-agents/). This guide is general information, not legal or investment advice. Confirm with your compliance officer.
Frequently asked questions
By when must an RA publish complaints data?
By the 7th of each month for the previous month, on the website and app, in the SEBI format with the monthly and annual trend tables. The rule is in para 7.3 and Annexure E of the RA Master Circular dated 6 February 2026.
Where should an investment adviser show complaints data?
On the home page of its website and app, visible without scrolling, in a font of 12 or more. The data must be updated by the 7th of each month for the previous month.
How long does an RA or IA have to resolve a complaint?
21 calendar days from receipt. Complaints filed on SEBI SCORES go first to BSE for review and then to SEBI. Clients can also use the SMART ODR portal. Publish the escalation matrix on your website.
Do I need to publish complaint data if I had no complaints?
Yes. The table must be published every month by the 7th. A month with no complaints should still show the table with zeros where they apply and updated trend tables.
Sources
- Master Circular for Research Analysts, 6 February 2026, SEBI, 2026
- Master Circular for Investment Advisers, 6 February 2026, SEBI, 2026
- SEBI (Research Analysts) Regulations, 2014, amended up to 10 October 2026, SEBI, 2026
- SEBI (Investment Advisers) Regulations, 2013, amended up to 25 November 2025, SEBI, 2025
- RAASB and IAASB enlistment portal, BSE Limited, 2026
