SEBI Mandates NISM Series XXIII for Social Impact Assessors

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  • Last Updated on 15 April, 2026

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NISM Series XXIII

Circular No.HO/49/14/11(12)2026-CFD-POD1/I/8806/2026, Dated 13.04.2026

The Securities and Exchange Board of India (SEBI) has specified the mandatory certification requirement for Social Impact Assessors (SIAs) under Regulation 292A(f) of the SEBI (ICDR) Regulations, 2018.

1. Mandatory Certification Requirement

SEBI has clarified that:

  • A Social Impact Assessor must qualify a certification programme conducted by the National Institute of Securities Markets (NISM)
  • The assessor must hold a valid certification at all times

2. Prescribed Certification Examination

  • SIAs are required to obtain ‘NISM Series XXIII – Social Impact Assessors Certification Examination’

This ensures that assessors possess the necessary expertise and regulatory understanding.

3. Renewal of Certification

For maintaining validity of certification, SIAs must either:

  • Reappear for the certification examination, or
  • Successfully complete ‘NISM Series XXIII – Social Impact Assessors Certification eCPE Programme’ conducted by NISM

4. Regulatory Basis

The Circular has been issued under:

  • Section 11(1) of the SEBI Act, 1992, and
  • Regulation 292A(f) of the ICDR Regulations

The objective is to:

  • Protect investor interests
  • Promote the development and regulation of the securities market

5. Effective Date

  • The Circular is effective immediately

6. Conclusion

This requirement strengthens the credibility and standardisation of social impact assessments, ensuring that qualified professionals conduct evaluations in alignment with SEBI’s regulatory framework.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied