ICAI’s Big Reform: Practicing CAs Can Now Offer SEBI-Registered Research Analyst Services

The Institute of Chartered Accountants of India (ICAI) has announced a major reform that creates new opportunities for practicing Chartered Accountants. Under the proposed Code of Ethics 2025, Chartered Accountants in practice will now be allowed to offer Research Analyst services, once registered with the Securities and Exchange Board of India (SEBI).

This change has been included in the Exposure Draft of the ICAI Code of Ethics, Volume III (2025). It expands the definition of Management Consultancy and Other Services (MCS) to include “Research Analyst recognized by a Regulator (SEBI).”

If amended, practicing CAs can officially provide research and analysis services related to financial markets while continuing their regular practice.For many years, members of the profession had requested this reform.

Earlier, Research Analyst services were not clearly listed as part of the consultancy work that a CA could perform. Now, CAs who meet SEBI’s registration and qualification requirements will be able to prepare research reports, give investment-related opinions, and offer financial analysis to clients and institutions.

Professionals have welcomed this move as a progressive step that aligns the CA profession with India’s growing capital markets. It allows professionals to expand their skills into new areas such as equity research, market analysis, and investment advisory. It also helps bring more transparency and trust to the financial research field through the involvement of regulated professionals.

Members have expressed gratitude to ICAI President CA. C. J. S. Nanda and the Council for taking this forward-looking initiative. Once the proposed amendment is approved, practicing CAs registered as SEBI-Recognized Research Analysts will officially be able to provide such services as part of Management Consultancy.

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