SEBI Revises Minimum Qualification Requirements for Research Analysts

Notification F. No. SEBI/LAD-NRO/GN/2025/277, Dated 25.11.2025

1. Overview

The Securities and Exchange Board of India (SEBI) has notified amendments to Regulation 7 of the SEBI (Research Analyst) Regulations, 2014, revising the minimum educational qualifications required to act as a Research Analyst (RA).

The amendment replaces the earlier finance-focused qualification criteria with a more flexible and structured framework aligned with current market standards.

2. Earlier Qualification Requirement (Now Substituted)

Previously, individuals seeking to register as Research Analysts were required to possess any one of the following:

• A graduate or postgraduate degree in finance, accountancy, business management, commerce, economics, capital market, financial services, or related fields, or
• A Post Graduate Programme in Securities Markets (PGPSM) from NISM with a focus on Research Analysis, or
• A CFA Charter from the CFA Institute.

These conditions have now been replaced in entirety.

3. Revised Qualification Framework Under the Amended Regulation 7

Under the amended regulation, a Research Analyst must now possess any one of the following:

3.1 Graduate or Equivalent Qualification + Relevant NISM Certification

A person with any graduate degree or equivalent qualification (not restricted to finance-related fields) together with the relevant NISM certification prescribed for Research Analysts.

3.2 CFA Charter + Relevant NISM Certification

A CFA Charterholder is eligible to register as an RA, provided they also hold the relevant NISM certification.

3.3 PGP in Securities Markets (Research Analysis) from NISM

Completion of the Post Graduate Programme in Securities Markets (RA Track) offered by NISM will independently qualify a person to act as a Research Analyst.

4. Impact of the Amendment

The revised framework:

• Broadens the entry pathway by allowing graduates from any discipline,
• Ensures uniform baseline competence through mandatory NISM certification,
• Recognises advanced securities market training through NISM’s PGP programme,
• Enhances professional standards by aligning RAs with structured academic and certification-based requirements.

5. Significance

These amendments are intended to:

• Improve the quality and credibility of research analysis in the securities market,
• Ensure all RAs possess specialised securities-market knowledge,
• Bring consistency in skill and competency standards across the research community, and
• Support SEBI’s broader agenda of strengthening investor protection and market integrity.

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