Home› India› Securities and Exchange Board of India› In terms of sub regulation 1 of regulation 3 of the Securiti...
Date: 14-Feb-2025 Category: Extra Ordinary State: Union Government Country: India

In terms of sub regulation 1 of regulation 3 of the Securities and Exchange Board of India

Issued by Securities and Exchange Board of India · Not Applicable

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • SEBI has issued a notification regarding the certification requirements for associated persons in the securities markets, specifically focusing on Research Analysts.
  • The notification mandates that certain categories of research analysts must obtain and maintain valid certifications from the National Institute of Securities Markets (NISM) by passing specified examinations.

Key Changes

  • Research analysts, including individual analysts, principal officers of non-individual analysts, employed analysts, persons associated with research services, and partners in firms providing research services, are required to obtain NISM certification by passing the “NISM-Series-XV: Research Analyst Certification Examination”.
  • To maintain continuous compliance, research analysts must pass the “NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination” before the expiry of their existing certification.
  • The notification rescinds the earlier notification No. SEBI/LAD-NRO/GN/2014-15/26/540, dated March 24, 2015, with effect from March 1, 2025, except for actions already taken or omitted under that notification.
  • The new notification is effective from March 1, 2025.
  • The NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015 specifies the “NISM-Series-XV: Research Analyst Certification Examination”.
  • The NISM communiqué No. NISM/Certification/NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025 specifies the “NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination”.

Impact Analysis

Research Analysts

  • Action Item: Research Analysts should register for and pass the NISM Series XV and Series XV-B exams.

Research Firms

  • Action Item: Firms should track the certification status of their research staff and ensure timely renewal of certifications.

NISM

  • Action Item: NISM should continue to offer and administer the certification exams.

Investors

  • Action Item: Investors can check for the certification of research analysts when evaluating research reports.

Key Entities Referenced

SEBI: Securities and Exchange Board of India, the regulatory authority issuing the notification. NISM: National Institute of Securities Markets, the institution responsible for conducting the certification examinations. Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007: The regulations under which SEBI is authorized to require certification of associated persons in the securities markets. Securities and Exchange Board of India (Research Analysts) Regulations, 2014: The regulations governing research analysts, which are referenced in the notification. NISM-Series-XV: Research Analyst Certification Examination: The initial certification examination for research analysts. NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination: The renewal certification examination for research analysts.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-17022025-261088 xxxGIDHxxx CG-MH-E-17022025-261088 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 124] िई किल्ली, ि क्रिार, फरिरी 14, 2025/माघ 25, 1946 No. 124] NEW DELHI, FRIDAY, FEBRUARY 14, 2025/MAGHA 25, 1946 भारतीय प्रजतभजू त और जिजिमय बोडड अजधसचू िा म ंबई, 14 फ़रिरी, 2025 भारतीय प्रजतभजू त और जिजिमय बोडड (प्रजतभजू त बािारों म ेंसहयक्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 के तहत अजधसचू िा स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/231 - भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत बािारों म ें सहय क्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 के जिजियम 3 के उप-जिजियम (1) के अि सार, बोड,ड अजधसूचिा िारी करके, ककसी भी प्रिग ड के सहय क्त व्यजक्तयों [िैसा भारतीय प्रजतभूजत और जिजिमय बोड ड (प्रजतभूजत बािारों म ें सहयक्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 म ें पररभाजित ककया गया है] स े यह कह सकेगा कक ि े िरूरी प्रमाणपत्र प्राप्त करें । 2. भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेिक) जिजियम, 2014 के जिजियम 7 के अि सार, बोड ड िे तारीख 24 माचड, 2015 की अजधसूचिा सं. एल.ए.डी.-एि.आर.ओ./िी.एि./2014-15/26/540 िारी करके यह कहा था कक भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लेिक) जिजियम, 2014 के तहत अि संधाि जिश्लेिक के रूप म ें काय ड करिे िाला या कायड करिे की इच्छा रखिे िाला कोई व्यजक्त राष्ट्रीय प्रजतभूजत बािार सस्ट्ं थाि (एि.आई.एस.एम.) की 1196 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] तारीख 16 फरिरी, 2015 की जिज्ञजप्त स.ं एिआईएसएम/सर्टडकफकेिि/सीरीज़-XV: ररसच ड एिेजलस्ट्ट/2015/01 म ें बताई गई “रा.प्र.बा.स.ं -श्रंखला-XV: अि संधाि जिश्लेिक प्रमाणीकरण परीक्षा” उत्तीण ड करके एि.आई.एस.एम. का प्रमाणपत्र हाजसल करेगा । 3. अब, बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड (अि संधाि जिश्लेिक) जिजियम, 2014 के जिजियम 7 के उप-जिजियम (3) के साथ परित भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत बािारों में सहय क्त व्यजक्तयों का प्रमाणीकरण) जिजियम, 2007 के जिजियम 3 के अि सार, एतद्द्वारा यह अजधसूजचत करता ह ै कक भारतीय प्रजतभूजत और जिजिमय बोड ड (अि संधाि जिश्लिे क) जिजियम, 2014 के तहत एक एकल (इंजडजिि अल) अि संधाि जिश्लेिक के तौर पर रजिस्ट्टर अि संधाि जिश्लेिक, ‘एकल की श्ेणी म ें ि आिे िाल े (िॉि-इंजडजिि अल) अि संधाि जिश्लेिक’ का म ख्य अजधकारी, अि संधाि जिश्लेिकों के तौर पर कायड करिे के जलए जिय क्त व्यजक्त (इंजडजिि अल), अि संधाि (ररसचड) सेिाओं से ि ड े व्यजक्त, और यकि अि संधाि जिश्लेिक एक भागीिार फमड (पाटडिरजिप फमड) हो तो उसके भागीिार (पाटडिर) (िो अि संधाि सेिाए ँ िेिे म ेंि टे हुए हों): (i) एि.आई.एस.एम. की तारीख 16 फरिरी, 2015 की जिज्ञजप्त सं. एिआईएसएम/सर्टडकफकेिि/सीरीज़-XV: ररसच ड एिेजलस्ट्ट/2015/01 म ें बताई गई “रा.प्र.बा.स.ं -श्रंखला-XV: अि संधाि जिश्लेिक प्रमाणीकरण परीक्षा” उत्तीण ड करके एि.आई.एस.एम. का (के) प्रमाणपत्र हाजसल करेगा (करेंगे) । (ii) खंड (i) म ें बताए गए मौिूिा प्रमाणपत्र (प्रमाणीकरण / सर्टडकफकेिि) की मान्यता की अिजध समाप्त होि े से पहले ही, एि.आई.एस.एम. की तारीख 6 िििरी, 2025 की जिज्ञजप्त सं. एिआईएसएम/सर्टडकफकेिि/एिआईएसएम- सीरीज़-XV-बी: अि संधाि जिश्लेिक प्रमाणीकरण (प िरीक्षण) परीक्षा/2024/01 म ें बताई गई “रा.प्र.बा.स.ं - श्रंखला-XV-बी: अि संधाि जिश्लेिक प्रमाणीकरण (प िरीक्षण) परीक्षा” उत्तीण ड करके एि.आई.एस.एम. का प्रमाणपत्र हाजसल करेगा (करेंग)े , ताकक प्रमाणपत्र से संबंजधत अपेक्षाओं का सिैि पालि स जिजित होता रह े। 4. यह अजधसूचिा 1 माचड, 2025 से लागू होगी । 5. तारीख 24 माचड, 2015 की अजधसूचिा सं. एल.ए.डी.-एि.आर.ओ./िी.एि./2014-15/26/540 1 माचड, 2025 स े जिरस्ट्त हो िाएगी (ककंत उस अजधसूचिा के जिरस्ट्त होिे से पहले िो क छ भी ककया गया हो या ि ककया गया हो, उस पर कोई असर िहीं पडेगा) । बबीता राय डू, कायडपालक जिििे क [जिज्ञापि-III/4/असा./981/2024-25] SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14th February 2025 Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 No. SEBI/LAD-NRO/GN/2025/231 - In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (hereinafter referred to as “the CAPSM Regulations, 2007”), the Board may require, by notification, any category of associated persons as defined in the CAPSM Regulations, 2007 to obtain requisite certification(s).[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 2. In terms of Regulation 7 of Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (hereinafter referred to as “the RA Regulations, 2014”), the Board vide Notification No. SEBI/LAD- NRO/GN/2014-15/26/540, dated March 24, 2015 had inter alia notified that any person acting or desirous of acting as research analyst under the RA Regulations, 2014, shall obtain certification from the National Institute of Securities Markets (NISM) by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015. 3. Now, in terms of Regulation 3 of the CAPSM Regulations, 2007 read with sub-regulation (3) of Regulation 7 of the RA Regulations, 2014, the Board hereby notifies, that an individual registered as research analyst under the RA Regulations, 2014, a principal officer of a non-individual research analyst, individuals employed as research analysts, persons 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: (i) shall obtain certification(s) from NISM by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015. (ii) shall, in order to ensure continuity in compliance with the certification requirements, before expiry of the validity of the existing certification as specified in clause (i), obtain certification from NISM by passing the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination as mentioned in the NISM communiqué No. NISM/Certification/ NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025. 4. This notification shall come into force from March 1, 2025. 5. 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. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./981/2024-25] Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research

Related Documents from Securities and Exchange Board of India