The Securities and Exchange Board of India issued a circular dated April 13, 2026, specifying certification requirements for Social Impact Assessors under Regulation 292A(f) of the ICDR Regulations, 2018. It mandates that such assessors must qualify the ‘NISM Series XXIII – Social Impact Assessors Certification Examination’ conducted by the National Institute of Securities Markets and hold a valid certificate. For renewal, assessors are required either to reappear for the same certification examination or complete the ‘NISM Series XXIII – Social Impact Assessors Certification eCPE Program’. The circular has been issued under Section 11(1) of the SEBI Act, 1992 with the objective of protecting investor interests and regulating the securities market. It comes into immediate effect and applies to all relevant institutions and individuals, including social auditor bodies and social impact assessors. The circular is publicly accessible on SEBI’s official website.
Securities and Exchange Board of India
Circular No. HO/49/14/11(12)2026-CFD-POD1/I/8806/2026 Dated: April 13, 2026
To
The Institute of Social Auditors of India
The ICSI Institute of Social Auditors
The ICMAI Social Auditors Organization
Social Impact Assessors
Dear Sir / Madam,
Subject: NISM Certification for Social Impact Assessors
1. In terms of Regulation 292A (f) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (‘ICDR Regulations’), a Social Impact Assessor, inter-alia, is required to qualify the certification program conducted by National Institute of Securities Market (NISM) and holds a valid certificate.
2. It is hereby specified that the Social Impact Assessor shall obtain the following certification of the National Institute of Securities Market –
‘NISM Series XXIII – Social Impact Assessors Certification Examination’.
3. For renewal of the certification, the Social Impact Assessor shall, either again obtain the ‘NISM Series XXIII – Social Impact Assessors Certification Examination’ certification or successfully complete the ‘NISM Series XXIII – Social Impact Assessors Certification eCPE Program’ of NISM.
4. This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 292A(f) of the ICDR Regulations to protect the interests of investors and to promote the development of, and to regulate the securities market and shall come into effect immediately.
5. A copy of this circular is available on SEBI website at sebi.gov.in under the categories “Legal → Circulars”.
Yours faithfully,
Vimal Bhatter
Deputy General Manager
Corporation Finance Department
Tel. No.: +91 22 4045 9386
Email id: vimalb@sebi.gov.in
