SECP revamps Research Analyst Regulations to enhance confidence, transparency

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Research Analyst Regulations, 2015 (Regulations), reaffirming its commitment to strengthening governance practices and upholding market integrity.

The amended regulatory framework is expected to enable investors to make informed investment decisions, increase transparency, and enhance investor confidence in the capital market.

These amendments mark a significant improvement from the earlier framework, establishing a robust and systematic process for regulating research analysts. The previous Regulations were limited to providing a guiding framework and did not prescribe any mechanism for registration.

The amendments now mandate SECP registration for research analysts. Furthermore, in light of the social media revolution, where individuals increasingly perform functions comparable to those of research analysts, specific compliance mechanisms have been introduced to ensure strict adherence to regulatory obligations.

Additionally, the amended regulations broaden the scope of research reports, extend the blackout period, enhance disclosures related to target prices and dates, provide clarity regarding white-labelling service providers, and introduce a code of conduct for research analysts.

These amendments have been finalized after extensive consultations with key stakeholders, including research analysts, brokerage houses, asset managers, and industry associations. The SECP published a consultation paper to solicit feedback, held multiple consultation sessions, and subsequently issued draft amendments for public comment.

In response to market feedback, several key reforms were incorporated to enhance clarity and effectiveness. The notification is available on the SECP website.

Copyright Business Recorder, 2026