SEBI Tightens Rules for Research Analysts in 2025

Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025.

The Securities and Exchange Board of India (SEBI) issued the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, amending the 2014 Research Analysts Regulations. The amendments expand the definition of persons required to comply with research analyst regulations to include individuals “associated with research services.” Qualification requirements were updated to include graduate or postgraduate degrees in relevant fields, CFA Charter holders, and NISM-certified programs, with mandatory renewal of NISM certifications every three years or upon expiry. Form A in the First Schedule was revised to streamline documentation, including details of associated persons, compliance officers, and necessary infrastructure declarations. The amendments aim to enhance regulatory compliance, ensure the competency of research analysts, and strengthen oversight of entities providing research services. These regulations come into force upon publication in the Official Gazette and reflect SEBI’s ongoing updates to safeguard investor interests and maintain professional standards in research analysis.

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 25th November, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS)
(SECOND AMENDMENT) REGULATIONS, 2025

F. No. SEBI/LAD-NRO/GN/2025/277.— In exercise of the powers conferred by sub­section (1) of section 30 read with clause (b) of sub-section (2) of section 11 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 (Research Analysts) Regulations, 2014, namely: —

1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (Second 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 (Research Analysts) Regulations, 2014 –

I. In Regulation 7,

i) in sub-regulation (1),

a. after the words “engaged in research services” and before the words “shall have the following”, the words “or persons associated with research services” shall be inserted;

b. clause (i) and (ii) shall be substituted with following, namely-

“(a) A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organisation or institution accredited by NISM; or

(b) A Post Graduate Program in the Securities Market (Research Analysis) from NISM or any other program of NISM as may be specified by the Board.”

ii) sub-regulation (2) shall be omitted.

iii) sub-regulation (3) shall be substituted with the following, namely –

“ (3) An individual registered as research analyst under these regulations, a principal officer of a non-individual research analyst, individuals employed as research analyst, person 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, shall obtain a fresh relevant NISM certification as specified by the Board from time to time before expiry of the validity of the existing certification or within three years from the date of registration certificate, as the case may be, to ensure continuity in compliance with certification requirements.”

II. In First Schedule, in Form A,

i) in Instruction 2, –

a. after the words “supporting documents” and before the words “to the Board”, the words “to the body or body corporate recognised by the Board for the purpose of administration and supervision of research analysts or” shall be inserted;

b. the words “at its head office at Mumbai” shall be substituted with the words and symbols “, if no such body or body corporate is recognized”.

ii) in item 1,

a. in clause (a), the words and symbols “fax number(s),” shall be omitted;

b. in clause (d), the words and symbols “and e-mail of the contact persons(s)”, shall be substituted with the words and symbols “and e-mail of the contact persons(s), compliance officer and principal officer.”

iii) in item 2,

a. in clause (b), the words “address proof” shall be substituted with “details of address”;

b. clause (d) shall be substituted with the following, namely – “(d) Number of persons associated with research services (Provide details thereof, including self-certified copies of supporting documents in respect of qualification for such persons associated with research services).”;

c) clause (g) and clause (h) shall be omitted.

iv) item 4 shall be substituted with the following, namely –

“4. DECLARATION OF NECESSARY INFRASTRUCTURE

Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of a research analyst.”

AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./502/2025-26]

Footnotes:

1. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414.

2. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently amended on, –

a. 8^th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2016-17/023.

b. 17^th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.

c. 16^th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09.

d. 3^rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.

e. 17^th January 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide notification No.   SEBI/LAD- NRO/GN/2023/115.

f. n7^th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 videnotification No. SEBI/LAD-NRO/GN/2023/121.

g. 3^rd July 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137.

h. 17^th August 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/146.

i. 26^th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide  notification No. SEBI/LAD-NRO/GN/2024/170.

j. 19^th August, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199.

k. 16^th December, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 videnotification No. SEBI/LAD-NRO/GN/2024/220.

l. 6^th August, 2025 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025 vide notification No. SEBI/LAD-NRO/GN/2025/252.