SEBI Certification: Key Changes for Securities Market Personnel
The Securities and Exchange Board of India (SEBI) has published the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2025. These new regulations, effective from their publication date, introduce changes to the existing 2007 framework regarding the certification of individuals working within the Indian securities market. The amendments primarily focus on updating and clarifying the requirements for associated persons to obtain necessary certifications to operate in the industry.
A significant change in the 2025 amendment is the revision of Regulation 3(1). The updated regulation states that SEBI now has broader authority to specify the categories of associated persons who need to obtain certifications, the types of intermediaries they work with, and the timeframe within which these certifications must be acquired. This effectively centralizes the power to define certification requirements with SEBI. Importantly, any prior notifications issued by SEBI under the old Regulation 3(1) will remain in effect until explicitly rescinded. Furthermore, Regulation 3(2), which previously outlined certain provisions, has been omitted entirely. Consequential amendments have also been made to Regulation 3(4) and Regulation 4(3) to align with these changes, refining the language concerning the scope and specification of certification requirements. The amendments also reinforce that individuals engaged in specific activities outlined in Regulation 3(4)(a) to (f) must possess a valid certificate as mandated by SEBI under Regulation 3(1) to continue their engagement.
This amendment is a continuation of SEBI’s efforts to regulate and standardize professional conduct within the securities market, building upon the original 2007 regulations which have been subject to prior amendments, including in 2014. The updated regulations aim to provide clearer guidelines and greater flexibility for SEBI to adapt certification requirements to the evolving landscape of the financial markets, ensuring that associated persons meet the necessary standards for engagement.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 14th July, 2025
SECURITIES AND EXCHANGE BOARD OF INDIA (CERTIFICATION OF ASSOCIATED PERSONS IN
THE SECURITIES MARKETS) (AMENDMENT) REGULATIONS, 2025
F. No. SEBI/LAD-NRO/GN/2025/251.—In exercise of the powers conferred by section 30 read with sections 11, 12 and 19 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, namely, –
1. These regulations may be called the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, –
I. in regulation 3, –
a. sub-regulation (1) along with the proviso thereto shall be substituted with the following, namely,-
“(1) The Board may specify such categories of associated persons to obtain the requisite certificate for engagement or employment with such classes of intermediaries, and within such time as may be specified by the Board:
Provided that any notification previously issued by the Board under this sub-regulation prior to the coming into force of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2025 shall continue to remain in force till such time the notification is rescinded.”;
b. sub-regulation (2) shall be omitted;
c. in sub-regulation (4), the words, symbols and numbers “purpose of issuing notification under sub regulations (1) and (2) shall” shall be substituted with the words, symbols and number, namely, “purposes of sub-regulation (1) may”.
II. in regulation 4, in sub-regulation (3), the words “specified in the notification issued” shall be substituted with the words “as may be specified by the Board”.
III. regulation 6 shall be substituted with the following, namely, –
“6. No associated person engaged in any of the activities mentioned in clauses (a) to (f) of sub-regulation (4) of regulation 3 shall continue to be so engaged unless such a person holds a valid certificate as specified by the Board under sub regulation (1) of regulation 3.”.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./243/2025-26]
Footnotes:
1. The Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 was published in the Gazette of India on October 17, 2007 vide F. No. 11/LC/GN/ 2007/4567.
2. The Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 was subsequently amended on –
(a) January 7, 2014 by the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 vide No. LAD-NRO/GN/2013-14/36/12.
