In terms of Gazette Notification dated February 14, 2025 under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, it was, inter-alia, specified that PARS shall obtain certification from NISM by passing the “NISM Series – XV: Research Analyst Certification Examination”. Based on the feedback from market participants and as a step towards ease of doing business, SEBI vide its Circular No. HO/38/12/(5)2026-MIRSD-POD/I/6703/2026 dated March 11, 2026, has specified as under:
PARS, who perform sales and other non-core services, shall obtain certification from NISM by passing the “NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination”, as mentioned in the NISM Communique No. NISM/Certification/NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination/2026/01 dated January 30, 2026.
PARS, other than those who perform sales and other non-core services, shall continue to obtain certification from NISM by passing the “NISM Series-XV: Research Analyst Certification Examination”.
The PARS who have already obtained NISM Series-XV certification, as on the date of this circular, shall not be required to undertake NISM Series-XXV-A certification at this stage. Such PARS shall obtain NISM Series-XXV-A certification only after expiry of the validity of their NISM Series-XV certification
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