On 14th February 2025, the Securities and Exchange Board of India (SEBI) made notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007.
The Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (henceforth referred to as “the CAPSM Regulations, 2007”), sub-regulation (1), permits the Board to require any category of associated persons as defined in the CAPSM Regulations, 2007 to obtain the necessary certification(s) through notification No. SEBI/LAD-NRO/GN/2025/231.
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In accordance with Regulation 7 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (also known as “the RA Regulations, 2014”), the Board notified, among other things, in Notification No. SEBI/LADNRO/GN/2014-15/26/540, dated March 24, 2015, that anyone acting or wishing to act as a research analyst under the RA Regulations, 2014, must receive certification from the National Institute of Securities Markets (NISM) by passing the “NISM-Series-XV: Research Analyst Certification Examination,” as stated in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01, dated February 16, 2015.
The Board hereby notifies, in accordance with Regulation 3 of the CAPSM Regulations, 2007 read with sub-regulation (3) of Regulation 7 of the RA Regulations, 2014, that a principal officer of a non-individual research analyst, individuals employed as research analysts, individuals connected to research services, and that a research analyst is a partnership firm.
According to the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015, its partners, if any, who are involved in providing research services must pass the “NISM-Series-XV: Research Analyst Certification Examination” in order to receive certification from NISM. Additionally, as stated in the NISM communiqué No. NISM/Certification/NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025, they must pass the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination in order to obtain certification from NISM before the validity of the current certification expires, as specified in clause (i). This will ensure continuity in compliance with the certification requirements.
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The notification shall come into force from March 1, 2025. It was also stated that 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.
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