The Securities and Exchange Board of India has relaxed certification requirements for certain staff associated with research services in a move aimed at reducing compliance burdens and improving ease of doing business in the financial sector.

Under the revised framework, Persons Associated with Research Services (PARS) who perform sales-related and other non-core roles—such as sales staff and relationship managers—will now be allowed to qualify through a lighter certification module. The change comes after feedback from market participants indicating that these employees are not directly involved in research-related functions.

According to the regulator, such personnel will now need to obtain certification from the National Institute of Securities Markets by passing the NISM Series-XXV-A examination. The regulator clarified that these employees typically have client interactions but do not participate in research analysis or the preparation of research reports.

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However, PARS who are directly engaged in research-related activities will still be required to clear the NISM Series-XV: Research Analyst Certification Examination, which remains the standard qualification for professionals involved in research analysis.

SEBI also clarified that staff who have already passed the existing Series-XV certification will not be required to immediately take the new Series-XXV-A examination. Instead, they will only need to obtain the updated certification once the validity of their current qualification expires.

The regulator said the revised rules take effect immediately and are intended to streamline regulatory requirements while ensuring appropriate standards for professionals involved in the securities research ecosystem.

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