SEBI Mandates NISM Series XXIII for Social Impact Assessors

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.

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