What qualification and NISM certification do I need?
In force
You need a graduate degree in finance-related fields (commerce, economics, capital markets, etc. — a graduate degree in any discipline is enough for support-level associated persons) plus the relevant NISM Research Analyst Certification.
This applies to persons *associated with research services* — analysts, sales staff, client relationship managers, service relationship managers — but not to purely clerical/back-office staff who have no client contact and no connection to the research function.
Persons associated with research services had to get the relevant NISM certification within one year of July 23, 2025 (the FAQ circular) or such further timeline SEBI specifies.
What SEBI says, word for word
FAQ Circular, Q32“all client and public facing persons such as analysts, sales staff, service relationship managers, client relationship managers, etc.... shall be deemed to be persons associated with research services, but shall not include persons who discharge clerical or office administrative functions if... they have no client contact [or] no connection with research services.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗
FAQ Circular, ¶4(i)“Persons associated with research services shall obtain the relevant certification from NISM as specified by SEBI within one year from the date of this circular.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗
More on Registration & Deposit
- What deposit do I need to maintain with RAASB?
- Do all my employees who work as analysts need their own SEBI registration?
- What are the SEBI registration and renewal fees?
- Can I be registered as both an Investment Adviser and a Research Analyst?
- What happens to my registration if I die, sell the practice, or change its structure?
- How do I surrender my registration, and what survives it?
- If I hire sales or support staff, which NISM exam do they need?
- If my address, email or circumstances change, must I tell SEBI?