SEBI Introduces Lighter NISM Certification for PARS

Press Release No.16/2026, Dated 11.03.2026

The Securities and Exchange Board of India (SEBI) has introduced a lighter certification requirement for Persons Associated with Research Services (PARS) who are engaged in sales and other non-core activities related to research services.

The revised framework aims to ease compliance requirements while ensuring that such personnel possess a basic understanding of regulatory obligations.

1. New Certification Requirement

Under the revised framework, PARS engaged in sales or other non-core research services must obtain certification by passing the NISM Series-XXV-A examination.

This certification module is designed to be simplified and more relevant for individuals whose roles do not involve core research activities such as preparing or issuing research reports.

2. Transition for Existing Certification Holders

SEBI has also provided a transitional relaxation for individuals who already hold the NISM Series-XV certification.

Such PARS are not required to obtain the new certification immediately. Instead, they may obtain the NISM Series-XXV-A certification upon expiry of the validity of their existing Series-XV certification.

3. Objective of the Revised Framework

The introduction of the lighter certification module aims to:

• Reduce regulatory burden for personnel involved in non-core research-related activities
• Ensure appropriate skill and knowledge standards through a simplified certification
• Align certification requirements with the nature of roles performed by PARS
• Promote ease of compliance while maintaining regulatory oversight in research services.

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