Securities and Exchange Board of India (SEBI) has issued a notification under the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, concerning the certification of research analysts. According to the new notification, individuals registered as research analysts, principal officers of non-individual research analysts, employees, and others associated with research services must obtain certification from the National Institute of Securities Markets (NISM). This certification must be maintained by passing the “NISM-Series-XV: Research Analyst Certification Examination.” Furthermore, to ensure continued compliance, individuals must pass the “NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination” before their existing certification expires. The new certification requirements will take effect on March 1, 2025, and the previous notification from March 24, 2015, will be rescinded on the same date. This notification aims to standardize and regulate the qualifications of professionals involved in providing research services in the securities market.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 14th February 2025
Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007
No. SEBI/LAD-NRO/GN/2025/231 – In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (hereinafter referred to as “the CAPSM Regulations, 2007”), the Board may require, by notification, any category of associated persons as defined in the CAPSM Regulations, 2007 to obtain requisite certification(s).
2. In terms of Regulation 7 of Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (hereinafter referred to as “the RA Regulations, 2014”), the Board vide Notification No. SEBI/LAD-NRO/GN/2014-15/26/540, dated March 24, 2015 had inter alia notified that any person acting or desirous of acting as research analyst under the RA Regulations, 2014, shall obtain certification from the National Institute of Securities Markets (NISM) by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015.
3. Now, in terms of Regulation 3 of the CAPSM Regulations, 2007 read with sub-regulation (3) of Regulation 7 of the RA Regulations, 2014, the Board hereby notifies, that an individual registered as research analyst under the RA Regulations, 2014, a principal officer of a non-individual research analyst, individuals employed as research analysts, persons associated with research services, and in case of the research analyst being a partnership firm, the partners thereof if any, who are engaged in providing research services:
(i) shall obtain certification(s) from NISM by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015.
(ii) shall, in order to ensure continuity in compliance with the certification requirements, before expiry of the validity of the existing certification as specified in clause (i), obtain certification from NISM by passing the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination as mentioned in the NISM communiqué No. NISM/Certification/ NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025.
4. This notification shall come into force from March 1, 2025.
5. The Notification No. SEBI/LAD-NRO/GN/2014-15/26/540, dated March 24, 2015, except for anything done or omitted to be done under the said notification, shall stand rescinded with effect from March 1, 2025.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./981/2024-25]
