SEBI eases certification norms for non-core advisory staff
India’s markets regulator has made life simpler for many people who work at research and advisory firms. SEBI has eased certification norms for non-core advisory staff. SEBI is the Securities and Exchange Board of India. It is the body that makes the rules for the stock market. The change means support staff, like sales and relationship teams, no longer need the same hard exam that lead analysts take. Instead, they can pass a new, lighter exam built just for their kind of work.
This is a big relief for firms that sell research to investors. It cuts the study load for staff who talk to clients but do not write research reports. We explain the new rule in plain words below.
What did SEBI change?
SEBI created a new exam called NISM Series-XXV-A. NISM is the National Institute of Securities Markets. It is SEBI’s training and exam arm. This new exam is for “Persons Associated with Research Services”, or PARS. In simple words, PARS are people who work at a research firm but may not write the actual research.
The new exam is meant for staff in “sales and other non-core” jobs. Think of the person who calls you to explain a research report, or who manages your account. These staff face clients. But they do not build the research themselves. So SEBI says they should not have to pass the same heavy exam as the analyst who writes the report.
An “advisory” firm gives advice on shares and investments. A “research analyst” studies companies and stocks, then writes reports with buy or sell views. Until now, many of these support staff were pushed toward the harder analyst exam. The new module fixes that gap.
Two exams, two roles
SEBI now splits the exams by the job a person does. People who do the core research work must still pass the older, tougher exam, NISM Series-XV. This is the deep exam for research analysts. It tests how to study companies and write reports.
People in sales and support roles can take the new, lighter NISM Series-XXV-A exam instead. It teaches the rules, ethics, and limits of their work. The idea is simple. A salesperson must know what they can and cannot say to a client. They must share research findings correctly. But they do not need the full, heavy training of a lead analyst.
SEBI calls this “ease of doing business”. It means cutting needless paperwork and study so firms can work faster. The rule follows the idea that the exam should match the job. Heavier work, heavier exam. Lighter work, lighter exam.
Key facts
| Item | Detail |
|---|---|
| New exam | NISM Series-XXV-A |
| Who it is for | Sales and other non-core research staff (PARS) |
| Core research staff exam | NISM Series-XV (still required) |
| New exam circular date | 11 March 2026 |
| Original rules circular | 23 July 2025 |
| Deadline to get certified | 23 July 2026 |
Graduates from any field can now apply
SEBI has also opened the door wider for who can become an investment adviser or research analyst. Earlier, you mostly needed a degree in a money-linked field. That meant finance, commerce, economics, business management, or capital markets.
Now, graduates from any stream can apply. That includes engineering and law graduates. They still must pass the required NISM exam. But the degree subject no longer blocks them. This brings fresh talent into the advice business. For a deeper look at SEBI’s recent investor-friendly moves, see our explainer on how SEBI made inheritance of shares less of a legal hassle.
FAQ
What is the new NISM Series-XXV-A exam?
It is a lighter SEBI exam for research-firm staff in sales and support roles. They face clients but do not write research reports. It teaches the rules and limits of their job.
Do research analysts still need the old exam?
Yes. People who do the core research work must still pass NISM Series-XV. That is the deeper exam for analysts who study companies and write reports.
By when must staff get certified?
The compliance deadline is one year from SEBI’s original circular dated 23 July 2025. So staff must get the right NISM certificate by 23 July 2026.
Why it matters (especially for India / founders)
India has a fast-growing crowd of small investors. Many of them lean on research firms and advisers for help. These firms employ thousands of sales and support staff. Forcing all of them through the hardest exam was costly and slow.
For founders running fintech and advisory startups, this is good news. Hiring becomes easier. You can bring in a salesperson and get them certified with a focused, lighter exam. You do not need every client-facing hire to train like a deep analyst. That lowers cost and speeds up growth. When markets move, demand for advice rises fast, as seen when bank stocks led a market rebound. Firms need staff ready quickly, and this rule helps.
It also keeps a safety net. Client-facing staff still must learn the rules and ethics. So investors are still protected. The change is about smarter rules, not weaker ones.
The takeaway
SEBI has matched the exam to the job. Core analysts keep the deep NISM Series-XV exam. Sales and support staff get the lighter NISM Series-XXV-A exam. Graduates from any field can now join too. The result is less paperwork, easier hiring, and a faster path to work, while investor safety stays in place.
Sources
- Financial Express — SEBI eases certification norms for non-core advisory staffers
- NISM — SEBI circular for NISM Series-XXV-A (Sales and Other Non-Core Services), 11 March 2026
- Outlook Money — SEBI eases eligibility norms for investment advisers, research analysts
