Monthly complaint data for Research Analysts: the Annexure E format and a free template

The monthly complaint data every Research Analyst must publish

Every SEBI-registered Research Analyst must publish a table of investor complaints on its website, and on its mobile app if it has one, every month. Most RAs already do it, but many use an outdated version of the table, publish late, or skip months with no complaints. This page gives the current format from Annexure E of the SEBI Master Circular for Research Analysts (6 February 2026), explains each column, and provides an HTML template you can copy onto your site.

The rule

• Who: all Research Analysts, individual and non-individual.
• Where: on your website and on your mobile application, if any (para 7.3).
• When: latest by the 7th of the following month. The table for October is due by 7 November.
• What: complaints received against you, or about issues dealt with by you, and how they were resolved, in the Annexure E format.
• Zero months count. If you had no complaints, publish the table with zeros. A missing month looks like a missed obligation to an auditor.

Para 7 also requires you to display the investor charter on your website and app. Most RAs place the complaint table on the same page. See our investor charter guide.

Table 1: complaints for the month

Data for the month ending ____________

Number of complaints received during the month against the RA due to impersonation by some other entity: ____

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.
^ Average Resolution time is the sum total of time taken to resolve each complaint, in days, in the current month divided by total number of complaints resolved in the current month.

How to fill each column

Complaints caused by impersonation

If someone impersonates you, for example a fake Telegram channel using your name, and investors complain about it to you or through SCORES, Annexure E lets you take those complaints out of the received and resolved numbers in the table. Report their count separately on the impersonation line. You must still close each one through the process SEBI and RAASB specify.

Table 2: trend of monthly disposal

This table shows the current financial year month by month, from April to March.

* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.

Table 3: trend of annual disposal

This table shows one row per financial year, from 2021-22 onwards, or from your registration year if later.

* Inclusive of complaints of previous years resolved in the current year.
# Inclusive of complaints pending as on the last day of the year.

A worked example

Illustration only, with made-up numbers. Suppose at the end of September an RA had 1 complaint pending that came directly from an investor. In October it receives 2 more directly and 1 through SCORES. It resolves the September complaint after 12 days and one of the new direct complaints after 4 days. The SCORES complaint is resolved after 8 days. The October row for "Directly from Investors" then reads: pending at end of last month 1, received 2, resolved 2, total pending 1, pending over 3 months 0, average resolution time (12 + 4) ÷ 2 = 8 days. The SCORES row reads 0, 1, 1, 0, 0, 8. The grand total reads 1, 3, 3, 1, 0, and an average of (12 + 4 + 8) ÷ 3 = 8 days.

Copy-paste HTML template

Paste this into your website's complaints page and replace the zeros and dates each month. It uses plain HTML so it works on most website builders. Keep earlier months' tables available too, or at least keep the monthly and annual trend tables complete.

<h3>Investor complaints data for the month ending DD-MM-YYYY</h3>
<table border="1" cellpadding="6" style="border-collapse:collapse;">
  <tr><th>Sr. No.</th><th>Received from</th><th>Pending at the end of last month</th><th>Received</th><th>Resolved*</th><th>Total Pending#</th><th>Pending complaints &gt; 3 months</th><th>Average Resolution time^ (in days)</th></tr>
  <tr><td>1</td><td>Directly from Investors</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>2</td><td>SEBI (SCORES)</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>3</td><td>Other Sources (if any)</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td></td><td><strong>Grand Total</strong></td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
</table>
<p>Number of complaints received during the month against the RA due to impersonation by some other entity: 0</p>
<p>* Inclusive of complaints of previous months resolved in the current month.<br>
# Inclusive of complaints pending as on the last day of the month.<br>
^ Average Resolution time is the sum total of time taken to resolve each complaint, in days, in the current month divided by total number of complaints resolved in the current month.</p>

<h3>Trend of monthly disposal of complaints</h3>
<table border="1" cellpadding="6" style="border-collapse:collapse;">
  <tr><th>Sr. No.</th><th>Month</th><th>Carried forward from previous month</th><th>Received</th><th>Resolved*</th><th>Pending#</th></tr>
  <tr><td>1</td><td>April, YYYY</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>2</td><td>May, YYYY</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>3</td><td>June, YYYY</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>…</td><td>…</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>12</td><td>March, YYYY</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td></td><td><strong>Grand Total</strong></td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
</table>
<p>* Inclusive of complaints of previous months resolved in the current month.<br>
# Inclusive of complaints pending as on the last day of the month.</p>

<h3>Trend of annual disposal of complaints</h3>
<table border="1" cellpadding="6" style="border-collapse:collapse;">
  <tr><th>Sr. No.</th><th>Year</th><th>Carried forward from previous year</th><th>Received</th><th>Resolved*</th><th>Pending#</th></tr>
  <tr><td>1</td><td>2021-22</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>2</td><td>2022-23</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>3</td><td>2023-24</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td>…</td><td>20XX-XX</td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
  <tr><td></td><td><strong>Grand Total</strong></td><td>0</td><td>0</td><td>0</td><td>0</td></tr>
</table>
<p>* Inclusive of complaints of previous years resolved in the current year.<br>
# Inclusive of complaints pending as on the last day of the year.</p>

Common mistakes

• Using an old format with a "Stock Exchanges (if relevant)" row or without the impersonation line. Use the Annexure E version above.
• Publishing late. The 7th is the latest date. Put it in your calendar with the other RA compliance deadlines.
• Skipping zero months. Publish zeros.
• Pending figures that do not reconcile with last month's table. Each month's opening figure must equal the previous month's closing figure.
• Publishing on the website only when you also have an app. Para 7.3 covers both.
• Counting Telegram DMs and calls as "not complaints". A grievance is a grievance, whatever channel it arrives on. Log it and count it as "Directly from Investors".

Where the numbers come from

The table is only as good as your complaint register. Log every grievance with the date received, source, issue, action taken and date resolved. Resolve grievances quickly: the investor charter says no later than 21 days, and the model terms ask for 7 business working days for service issues. Our SCORES complaints guide covers handling. Fewer complaints start with clear terms before payment, timely delivery and access that matches what the client paid for. AlphaQuark's RA platform handles KYC and MITC before payment, subscription access and dated recommendation records.