Research service terms: what to check before joining
The short answer. A research analyst must disclose the service terms and obtain the client’s consent. SEBI says no research service may be given, and no fee charged, until the client has consented to those terms. The terms must include the Most Important Terms and Conditions, shortened to MITC.
Published 10 November 2026 · Potoos Research Services
Start with the written terms
Section 1.12 of the SEBI Master Circular sets out disclosure and consent. MITC is the standard set of key conditions included in the service terms. Read both before deciding whether the service fits your needs.
Service details to locate
- The analyst's identity and registration details.
- What the service provides and the stated delivery timelines.
- The risk statement and conflict disclosures.
- The named contact for service problems and their email address.
These checks draw on Annexure B and the Investor Charter. The charter says service timelines must be disclosed and followed. This page focuses on service scope, consent and records.
Keep the agreed version
Save the terms you accept and the consent confirmation. Under regulation 25, the analyst must retain the disclosed terms and the client's consent as records.
A SEBI circular dated 23 October 2026, in effect from 8 November 2026, restates what the analyst must keep: records of every conversation about its services, with all clients, including prospective clients before they join. The listed forms are a record written and signed by the client, call recordings, emails from the registered email ID, text messages and other legally verifiable records. The records run from the first conversation to the end of the service and are kept for five years. The circular's main change is that call recordings of conversations with institutional investors are no longer mandatory.
Read the current record-keeping circular if you want to understand how a conversation about joining a service fits within those records.
Use the terms to compare services
Place the service description beside the terms. Mark anything unclear about delivery, access or support. Seek a written clarification and save it with the agreed version. You can also read about Potoos and what the service includes before deciding.
Sources
- SEBI Master Circular for Research Analysts. 2026-02-06. Pages 16-17, section 1.12; pages 57-59, Annexure B, items 4, 6, 7 and 9.
- SEBI Investor Charter for Research Analysts. 2025-06-02. Page 4, Annexure A, section C, service timelines.
- SEBI Research Analysts Regulations, amended up to 10 October 2026. 2026-10-10. Page 21, regulation 25(1)(viii), terms and consent records.
- SEBI circular on records of research-service interactions. 2026-10-23. Page 2, paragraph 4.1(b)(i)-(ii); page 3, paragraph 4.1(b)(iii) and paragraph 6.
Sources checked on 9 November 2026. Information cutoff: 9 November 2026, 13:40 IST
Common questions
What does MITC stand for?
Most Important Terms and Conditions. SEBI requires these key conditions to be included in the terms disclosed for research services.
Can a conversation before joining be part of the records?
Yes. The current SEBI circular includes prospective clients when a conversation relates to the research service.
Must the service state its delivery timelines?
Yes. The Investor Charter says the analyst must disclose service timelines and follow them.
Potoos Research, SEBI-registered Research Analyst. Registration number INH000027380. SEBI is the Securities and Exchange Board of India.
What the research service includes · About Potoos and the analyst.