On 11 March 2026, the Securities and Exchange Board of India (SEBI) introduced a revamped certification framework for Persons Associated with Research Services (PARS) to enhance the ease of doing business in the securities market.
Recognising the diverse roles within research entities, SEBI has moved away from a "one-size-fits-all" mandate by launching a new, lighter certification module, NISM Series-XXV-A, specifically for personnel in sales, relationship management, and other non-core services. While those directly involved in core research activities must still maintain the high-fidelity NISM Series-XV certification, this reform acts as a primary mechanic for reducing the compliance burden on support staff who interact with clients but do not generate research. The policy serves as a functional prerequisite for promoting broader participation in research-related activities while ensuring that investor interests remain protected through role-specific competency standards.
Key Pillars of the Revised Certification Framework
Role-Specific Modules: Introduction of the "NISM Series-XXV-A" for PARS engaged in sales and non-core services involving client contact.
Core Research Continuity: Mandating that any personnel directly involved in research activities must continue to obtain the "NISM Series-XV: Research Analyst Certification".
Transition Exemptions: Providing an exemption for existing certified PARS, allowing them to bypass the new module until their current "Series-XV" certification expires.
Compliance Easing: Reducing the technical barrier for entry for relationship managers, thereby improving operational efficiency for Research Analysts (RAs).
Investor Protection: Ensuring that even non-core staff possess a certified baseline of market knowledge before interacting with investors.
Regulatory Alignment: Updating the SEBI (Research Analysts) Regulations, 2014, to reflect these differentiated service categories.
What is the "NISM Series-XXV-A" Certification? The NISM Series-XXV-A is a specialised, lighter certification module designed for persons associated with research services who perform "Sales and Other Non-Core" functions. It operates on the mechanical theory of proportionate regulation; since these individuals are not drafting research reports, they do not require the same depth of technical analytical training as a Lead Analyst. This certification acts as a primary mechanic for ensuring that sales and relationship staff understand the regulatory boundaries and ethical requirements of the Research Analyst Regulations. Completing this module is a functional prerequisite for any non-research staff who have client-facing roles, ensuring they can communicate research findings accurately without overstepping into unauthorized advisory or analytical territory.
Policy Relevance: Improving Market Participation
Operationalising "Ease of Doing Business": The reform serves as a primary mechanic for SEBI to lower the cost and time of onboarding support staff for registered Research Analysts.
Internalising Professional Standards: Differentiating between "core" and "non-core" roles provides a functional framework for RAs to scale their business operations more efficiently.
Bypassing Talent Bottlenecks: A lighter certification for sales staff is a prerequisite for attracting relationship management talent who might otherwise be deterred by the rigorous Research Analyst exam.
Link to Financial Literacy: Ensuring all client-facing staff are certified, even at a "lighter" level, is a foundational step in maintaining the high-fidelity of information shared with retail investors.
Follow the Full Circular Here: SEBI: Certification Requirements for Persons Associated with Research Services
