Under Regulation 19 of SEBI (Research Analysts) Regulations, 2014, which of the following must be mandatorily disclosed in every published Research Report?

[ A ]The personal home address of the research analyst.

[ B ]Whether the RA/entity holds 1% or more financial interest in the subject company, any material conflict of interest, receipt of investment banking compensation in the past 12 months, and whether the RA served as an officer/director.[ CORRECT ]

[ C ]The personal bank account passwords of company promoters.

[ D ]A list of nearby restaurants near the research office.

Takeaway

Option B is correct: Whether the RA/entity holds 1% or more financial interest in the subject company, any material conflict of interest, receipt of investment banking compensation in the past 12 months, and whether the RA served as an officer/director.

Derivation

Regulation 19's disclosure requirements exist so a reader can independently judge whether the analyst's recommendation might be colored by an undisclosed financial stake or business relationship with the company covered. The report must state whether the RA or their associated entity holds 1% or more financial interest, since even a modest stake could bias the analysis. It must also disclose any material conflict of interest, whether the entity received investment banking compensation from that company in the past 12 months, and whether the RA served as an officer or director — each a distinct channel through which objectivity could be compromised unseen.

Why the others fail

A — The personal home address of the research analyst.

Regulation 19 mandates disclosure of financial interests and conflicts of interest relevant to research objectivity, not the analyst's personal home address.

C — The personal bank account passwords of company promoters.

SEBI disclosure rules concern financial conflicts of interest and compensation relationships, not confidential banking credentials of company promoters.

D — A list of nearby restaurants near the research office.

A list of nearby restaurants has no connection to the financial interest, conflict of interest, or compensation disclosures Regulation 19 actually requires.