The Securities and Exchange Board of India on November 25, 2025, issued the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2025, to further amend the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.
The following amendments have been stated:
• In Regulation 4, in clause (g), the words “or sub-broker” and “and Sub-Broker” shall be omitted.
• In Regulation 7, in sub-regulation (1), after the words “under these regulations” and before the words and symbol “, shall have the following”, the words “or persons associated with investment advice” shall be inserted;
• In Regulation 7, sub-regulation (2) shall be substituted with the following, namely –
o “(2) An individual investment adviser or principal officer of a non-individual investment adviser, registered under these regulations, persons associated with investment advice, and in case of investment adviser being a partnership firm, the partners thereof who are engaged in providing investment advice, shall obtain a fresh relevant NISM certification as specified by the Board from time to time before expiry of the validity of the existing certification or within three years from the date of registration certificate, as the case may be, to ensure continuity in compliance with certification requirements.”
[Notification F. No. SEBI/LAD-NRO/GN/2025/278]
