“Research Analyst” means a person, who is primarily who is responsible for,

1. preparation or publication of the content of the research report;or
2. providing research report, or
3. making ‘buy/sell/hold’ recommendation; or
4. giving price target; or
5. offering an opinion concerning public offer,

with respect to securities that are listed or to be listed in a stock exchange, whether or not any such person has the job title of ‘research analyst’ and includes any other entities engaged in issuance of research report or research analysis.