SEBI eases some non-core investment professionals' certification

India’s market regulator, the Securities and Exchange Board of India (SEBI), has introduced a revised certification framework for non-core investment professionals involved in research services. The move aims to reduce compliance burdens for individuals who interact with clients but are not directly engaged in producing research reports. Under the new guidelines, such professionals—classified as Persons Associated with Research Services (PARS)—can now qualify through lighter certification module NISM, the NISM Series-XXV-A, instead of the more comprehensive Series-XV Research Analyst exam.

The updated framework, effective immediately, applies to roles such as sales staff, relationship managers, and support teams who facilitate client communication around research. These individuals will no longer be required to pass an exam that includes financial modeling and valuation, which are more relevant to those directly involved in research creation.

SEBI has clarified that professionals already certified under the Series-XV exam will not need to transition to the new certification until their current certification expires. Meanwhile, those directly engaged in research activities will continue to require the Series-XV certification. The change reflects SEBI’s broader effort to align certification requirements with the actual responsibilities of different roles, thereby streamlining compliance without compromising investor protection standards.