SEBI circular on -Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Research Services (PARS) – Sales and other non-core services

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Date of Issue: 11-03-2026  
         
Issuer: SEBI

Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Research Services (PARS) – Sales and other non-core services

Highlights of  SEBI notice dated March -11 -2026

• As per SEBI Research Analysts Regulations, 2014, Persons Associated with Research Services (PARS) must obtain certification from NISM.

• Earlier, PARS were required to pass the NISM Series-XV: Research Analyst Certification Examination.

• Based on industry feedback and to support ease of doing business, SEBI has introduced a lighter certification module for certain PARS.

• Sales staff, relationship managers, and other non-core staff who interact with clients but are not directly involved in research activities must now pass NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.

• PARS directly involved in research activities will continue to require the NISM Series-XV certification.

• PARS who already hold NISM Series-XV certification do not need to take Series-XXV-A immediately; they can obtain it after the current certification expires.

• The circular is effective immediately.

• The Research Analyst Administration and Supervisory Body must update its bye-laws/rules and inform registered Research Analysts about the changes.

• Issued under powers of the SEBI Act, 1992 to protect investor interests and regulate the securities market.