In exercise of the powers conferred by sub section 1 of section 30 read with clause b of sub section 2 of section 11 of the Securities and Exchange Board of India Act

## Report on Securities and Exchange Board of India Research Analysts Amendment Regulations, 2021 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Research Analysts Amendment Regulations, 2021, as published in the Gazette of India on March 16, 2021. This amendment modifies the Securities and Exchange Board of India Research Analysts Regulations, 2014. The key change introduces an additional qualification pathway for individuals seeking to become research analysts, by including completion of a Post Graduate Program in the Securities Market Research Analysis from the National Institute of Securities Markets (NISM). This report details the amendment, its rationale, and potential impact on the qualifications of research analysts. **2. Introduction:** This report aims to provide a comprehensive overview of the Securities and Exchange Board of India Research Analysts Amendment Regulations, 2021. The analysis is based solely on the text of the official notification published by SEBI. It intends to inform stakeholders about the changes implemented and their potential implications. **3. Policy Overview:** * This document amends the Securities and Exchange Board of India Research Analysts Regulations, 2014. * The core objective of the amendment, as inferred from the text, is to broaden the acceptable qualifications for individuals to be registered as research analysts by recognizing an additional educational program. **4. Background and Rationale:** The amendment seems designed to expand the pool of potentially qualified research analysts by recognizing the NISM's Post Graduate Program in the Securities Market Research Analysis. The text suggests that previously, the regulations might have limited the pathways to qualification, and this amendment seeks to address that by introducing an alternative, structured educational route through NISM. This likely aims to improve the quality and availability of research analysis in the securities market. **5. Key Provisions / Changes:** This amendment specifically alters subregulation 1 of regulation 7 of the Securities and Exchange Board of India Research Analysts Regulations, 2014. * **Specific Part Changed:** Subregulation 1 of regulation 7. * **New Rule/Provision:** The amendment inserts a new clause (iii) before the renumbered clause (iv). The new clause (iii) states that a professional qualification can be achieved by "completing a Post Graduate Program in the Securities Market Research Analysis from NISM of a duration not less than one year." * **Difference/Effect:** This addition introduces a new, specific educational pathway for qualifying as a research analyst. Previously, the regulations may have lacked a specific mention of this NISM program. The effect of this change is to formally recognize and accept the NISM program as a valid qualification, thereby potentially increasing the number of eligible individuals. It essentially provides an additional means of satisfying the qualification requirements. **6. Target Audience and Stakeholders:** The primary target audience includes: * Individuals aspiring to become research analysts. * The National Institute of Securities Markets (NISM). * Securities and Exchange Board of India (SEBI). * Registered Research Analysts. * The Securities Industry. **7. Implementation Aspects (Inferred):** * **Responsible Agency:** The Securities and Exchange Board of India (SEBI) is the responsible agency, as it issued the notification. NISM will also play a role in implementation, as it is the provider of the newly recognized program. * **Timelines/Procedures:** The amendment came into force on the date of its publication in the Official Gazette, which was March 16, 2021. Specific procedures related to how this new qualification will be assessed during the registration process are not detailed in this text, but it is implied that SEBI will adapt its registration procedures accordingly. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of this amendment is to: * Increase the number of qualified research analysts by recognizing a new educational pathway. * Potentially improve the quality of research analysis by incorporating the NISM program as a valid qualification. * Provide individuals with a clear and structured route to becoming research analysts through a recognized program. * Streamline the process for qualifying as a research analyst, providing more clarity for candidates. **9. Conclusion:** The Securities and Exchange Board of India Research Analysts Amendment Regulations, 2021, represents a significant update to the qualification requirements for research analysts. By explicitly recognizing the NISM's Post Graduate Program in the Securities Market Research Analysis, SEBI aims to broaden the pool of qualified professionals and potentially improve the overall quality of research within the securities market. This amendment offers an alternative pathway to qualification and is likely to have a positive impact on the industry.

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