You must now obtain a fresh NISM certification before your existing one expires or within three years of registration to ensure continuous compliance.
SEBI amended the Research Analyst regulations on November 25, 2025. These changes are in force from the date of their publication in the Official Gazette.
You must now obtain a fresh NISM certification before your current certification expires. If you are a newly registered individual analyst, you must obtain this fresh certification within three years from your registration date. This requirement also applies to principal officers, employed analysts, partners, and other persons associated with your research services.
The qualification requirements for analysts and associated persons have changed. You must hold a graduate degree from a recognized Indian or foreign university, or a CFA Charter from the CFA Institute. You also need a relevant certification from NISM or an NISM-accredited institution. Alternatively, you can complete a Post Graduate Program in the Securities Market from NISM.
You must now submit your registration application and supporting documents to the body recognized by SEBI for the administration and supervision of research analysts. If SEBI has not recognized such a body, you must submit your application to SEBI's head office in Mumbai.
The application form, Form A, has been simplified. You no longer need to provide a fax number. You must now provide the email addresses of your contact person, compliance officer, and principal officer. The requirement for address proof is replaced by a requirement to provide details of your address.
You must declare the number of persons associated with your research services. You must submit their details and self-certified copies of their qualifications. Finally, you must provide a declaration stating that you have the necessary infrastructure to effectively conduct your research analyst activities.
“They shall come into force on the date of their publication in the Official Gazette.”
Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, Regulation 2
The document
Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025 on sebi.gov.in.
This summary is prepared from the SEBI document linked above. Read the original before you act on it.