The Securities and Exchange Board of India (SEBI) on March 11, 2026, issued the notification regarding the Ease of Doing Business–Relaxation in certification requirement for Persons Associated with Research Services (PARS)–Sales and other non-core services.
The following has been stated namely: -
• Securities and Exchange Board of India (SEBI) requires Persons Associated with Research Services (PARS) to obtain certification from National Institute of Securities Markets (NISM) under the Research Analysts Regulations, 2014.
• PARS were required to pass the NISM Series-XV: Research Analyst Certification Examination.
• Based on feedback and to promote ease of doing business, SEBI introduced a lighter certification module for PARS involved only in sales, relationship management, or other non-core services who interact with clients but are not directly involved in research activities.
• Such personnel must now pass NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination, while those involved in research must continue with Series-XV certification.
• PARS who already hold Series-XV certification are not required to immediately take Series-XXV-A; they must obtain it only after their current certification expires.
The circular shall come to force from March 11, 2026.
[Notification No. HO/38/12/(5)2026-MIRSD-POD/I/6703/2026]
