SEBI relaxes certification norms for non-core investment advice personnel
This story was originally published at 18:40 IST on 24 June 2026
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MUMBAI – The Securities and Exchange Board of India Wednesday relaxed certification requirements for persons associated with investment advice who work in sales and other non-core services. The markets regulator said a lighter National Institute of Securities Market certification module for such staff would increase the ease of doing business.
"These (sales and non-core) staff have contact with the client but are not directly associated or involved in investment advice related aspects," SEBI said in a circular. Consequently, persons who perform only sales and other non-core services need to obtain certification from National Institute of Securities Market by passing the NISM Series–XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services) certification examination. Other personnel, performing core tasks, will continue to get certification from the institute by passing the NISM Series-X-A: Investment Adviser (Level 1) certification examination and the NISM Series-X-B: Investment Adviser (Level 2) certification examination, SEBI said.
Personnel working in non-core services who have already obtained the NISM Series-X-A and NISM Series-X-B certifications will not be required to undertake the new certification exam. Such personnel will get NISM Series-XXV-B certification only before expiry of the validity of their existing certifications, SEBI said.
The provisions of the circular will come into force with immediate effect, SEBI said. The investment adviser administration and the supervisory body are advised to make necessary amendments to the relevant bye-laws and rules for the implementation of the circular, SEBI said. End
Reported by Eshitva Prakash
Edited by Rajeev Pai
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