Full Text
REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-17022025-261088
EXTRAORDINARY
PART III-Section 4
PUBLISHED BY AUTHORITY
No. 124]
NEW DELHI, FRIDAY, FEBRUARY 14, 2025/MAGHA 25, 1946
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).
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]
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