The Securities and Exchange Board of India (SEBI) on November 25, 2025, notified the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025, further amending the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
The following has been stated: -
•SEBI has amended the Research Analysts Regulations, 2014, to expand eligibility by including persons associated with research services and revising educational and certification requirements.
•It removes sub-regulation (2) and mandates fresh NISM certification every three years for all individuals involved in research activities.
•Changes to Form A allow submissions via a SEBI-recognised supervisory body and update required details, including information on persons associated with research services.
•Obsolete items like fax details and certain disclosures are removed, and a simpler declaration of necessary infrastructure is introduced.
They shall come into force on November 25, 2025.
The detailed notification is given in the document below.
[Notification No.:F.No.SEBI/LAD-NRO/GN/2025/277]
