SEBI Proposes Wider Definition of ‘Associated Persons’ in Securities Markets

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  • Last Updated on 10 November, 2025

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Associated Persons definition

Consultation Paper; Dated: 06.11.2025

1. Background

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing amendments to the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007. These regulations govern the certification requirements for individuals associated with intermediaries and entities operating in the securities markets.

2. Key Proposals in the Consultation Paper

2.1 Review or Expansion of ‘Associated Persons’

SEBI has proposed revisiting the definition of “Associated Persons” to include additional categories of individuals engaged in securities market activities. The objective is to ensure that all relevant personnel meet prescribed competency standards.

2.2 Manner of Obtaining Certificates

The paper outlines revised procedures for obtaining certification, which may involve:

  • updated eligibility guidelines,
  • streamlined application processes, and
  • revised validity norms for certificates.

These measures aim to strengthen the skill and knowledge requirements for market participants.

2.3 Electronic Mode for Continuing Professional Education (CPE)

A major proposal is permitting online/electronic participation in CPE programs. This would offer greater flexibility and access, particularly for professionals across different locations, while maintaining quality standards.

3. Public Consultation

SEBI has invited comments from market intermediaries, professionals, investors, and the general public.

Last date for submitting comments – November 27, 2025

4. Objective of the Proposed Amendments

The amendments aim to:

  • Enhance investor protection,
  • Improve professional competency in the securities markets, and
  • Enable wider and more efficient participation in mandatory certification processes.
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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