Sebi introduces a simpler NISM certification for research services

The Securities and Exchange Board of India (Sebi) has announced a streamlined certification process for employees involved in research services, aiming to enhance the ease of doing business in the securities market. As of Wednesday, staff in sales and non-core roles related to research will be eligible for a new, less rigorous certification module offered by the National Institute of Securities Markets (NISM). This initiative replaces the previously mandatory NISM Series-XV Research Analyst Certification Examination, which was designed for professionals directly engaged in research activities. The new NISM Series-XXV-A certification will cater specifically to those who interact with clients but do not create research reports. Existing certificate holders are not required to switch immediately but must obtain the new certification once their current one expires. Meanwhile, professionals actively involved in research will still need to adhere to the original certification requirements. This reform introduces two distinct qualification paths, thereby alleviating unnecessary compliance burdens for those not directly involved in research while ensuring regulatory oversight remains in place. Sebi believes this update will encourage broader participation in research activities while safeguarding investor interests, particularly benefiting firms where client-facing staff often engage with research outputs without being part of the research process itself.