The Securities and Exchange Board of India (SEBI), through a circular dated 11 March 2026, introduced a relaxation in certification requirements for Persons Associated with Research Services (PARS) who perform sales and other non-core functions. Under Regulation 7 of the SEBI (Research Analysts) Regulations, 2014, PARS are required to obtain certification from the National Institute of Securities Markets (NISM). Previously, PARS had to pass the NISM Series-XV Research Analyst Certification Examination. Based on feedback from market participants and as part of SEBI’s ease of doing business initiative, a lighter certification module has now been introduced for individuals engaged in sales, relationship management, or other non-core services that involve client interaction but not research activities. Such personnel must now pass the NISM Series-XXV-A certification examination. PARS directly involved in research functions must continue to obtain the NISM Series-XV certification. Those who already hold the Series-XV certification are not required to take the new examination until their current certification expires.
Securities and Exchange Board of India
PR No. 16/2026
Ease of doing business – Roll out of NISM certification module for Persons Associated with Research Services – Sales and other non-core services
In terms of Regulation 7 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, Persons Associated with Research Services (PARS), are required to obtain relevant certification from National Institute of Securities Market (NISM).
Vide Gazette Notification dated February 14, 2025, under the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, it was specified that PARS shall obtain certification from NISM by passing the “NISM Series-XV: Research Analyst Certification Examination”.
In order to ease compliance requirements, a lighter NISM certification module has been developed for PARS, such as sales staff, relationship managers and other staff, who perform sales and other non-core services, have client contact but are not directly associated or involved in research related aspects.
Key highlights:
- Going forward, PARS engaged in sales and other non-core services, shall obtain certification from NISM by passing the “NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination”. The PARS who have already obtained NISM Series-XV certification shall not be required to undertake NISM Series-XXV-A certification at this stage. Such PARS shall obtain NISM series-XXV-A certification only after expiry of the validity of their NISM Series-XV certification.
- PARS, other than those who perform sales and other non-core services, shall continue to obtain certification from NISM by passing the “NISM Series-XV: Research Analyst Certification Examination”.
The said reform aligns with the objective of ensuring ease of doing business and fostering greater participation in research related activities while upholding the interest of investors.
Mumbai
March 11, 2026
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Securities and Exchange Board of India
Circular No. HO/38/12/(5)2026-MIRSD-POD/I/6703/2026 | Dated: March 11, 2026
To,
All registered Research Analysts,
Research Analyst Administration and Supervisory Body (RAASB)
Madam/ Sir,
Sub: Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Research Services (PARS) – Sales and other non-core services
1. In terms of Regulation 7 of Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (“RA Regulations”), Persons Associated with Research Services (PARS), shall, inter-alia, obtain relevant certification from National Institute of Securities Market (NISM).
2. Vide Gazette Notification dated February 14, 2025 under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, it was, inter-alia, specified that PARS shall obtain certification from NISM by passing the “NISM Series-XV: Research Analyst Certification Examination”.
3. Based on the feedback from market participants and as a step towards ease of doing business, it has been decided to specify a lighter NISM certification module for PARS, such as sales staff, relationship managers and other staff, who perform sales and other non-core services, have client contact but are not directly associated or involved in research related aspects.
4. Accordingly, the following is being specified:
4.1. PARS, who perform sales and other non-core services, shall obtain certification from NISM by passing the “NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination”, as mentioned in the NISM Communique No. NISM/ Certification/ NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination/ 2026/ 01 dated January 30, 2026.
4.2. PARS, other than those who perform sales and other non-core services, shall continue to obtain certification from NISM by passing the “NISM Series-XV: Research Analyst Certification Examination”.
5. The PARS (as referred at paragraph 4.1 above) who have already obtained NISM Series-XV certification, as on the date of this circular, shall not be required to undertake NISM Series-XXV-A certification at this stage. Such PARS shall obtain NISM Series-XXV-A certification only after expiry of the validity of their NISM Series-XV certification.
6. The provisions of this circular shall come into force with immediate effect.
7. The Research Analyst Administration and Supervisory Body, is advised to:
7.1. make necessary amendments to the relevant bye-laws and rules, for the implementation of this circular; and
7.2. bring the provisions of this circular to the notice of the registered Research Analysts and also disseminate the same on its website.
8. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 7 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Regulation 3(1) of SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
9. This circular is issued with the approval of the competent authority.
10. This circular is available on SEBI website at sebi.gov.in under the category: ‘Legal → Circulars’.
Yours faithfully,
Divya Hamirbasia
Deputy General Manager
022 26449293
divyah@sebi.gov.in
