Write notes on the following: Compensation of Research Analysts.

Regulation 17 of the SEBI (Research Analysts) Regulations, 2014, deals with the Compensation of Research Analysts: No Link to Specific Transactions: A research entity shall not pay any bonus, salary or other form of compensation to any individual employed as a research analyst that is determined or based on any specific merchant banking or investment banking or brokerage services transaction. Annual Review and Approval: The compensation of all individuals employed as research analysts shall be reviewed, documented and approved annually by the Board of Directors/Committee appointed by the Board of Directors of the research entity, which does not consist of representation from its merchant banking or investment banking or brokerage services divisions. No Consideration of Investment Banking Contribution: The Board of Directors/Committee appointed by the Board of Directors of the research entity approving or reviewing the compensation of individual employed as a research analyst shall not take into account such individual's contribution to the research entity's investment banking or merchant banking or brokerage services business. Independence from Investment Banking Supervision: An individual employed as a research analyst by a research entity shall not be subject to the supervision or control of any employee of the merchant banking or investment banking or brokerage services divisions of that research entity.