SEBI Relaxes NISM Certification Requirement for PARS in Sales and Non-Core Services

SEBI Relaxes NISM Certification Requirement for PARS in Sales and Non-Core Services. The Securities and Exchange Board of India has taken another important step towards ease of doing business by relaxing the certification requirement for certain Persons Associated with Research Services, SEBI circular dated 11 March 2026, SEBI has introduced a separate and lighter NISM certification module for Persons Associated with Research Services who are engaged only in sales, relationship management, client servicing, marketing or other non-core functions.
This relaxation is especially relevant for SEBI-registered Research Analyst entities, as it creates a clear distinction between persons involved in core research activities and persons who are only supporting sales or client-facing functions.
Background of the SEBI Circular
Under the SEBI Research Analysts Regulations, 2014, Persons Associated with Research Services are required to obtain certification from the National Institute of Securities Markets.
Earlier, the same certification requirement was largely applicable to all persons associated with research services, even if they were not directly involved in preparing research reports, making research recommendations or carrying out analysis.
This created a practical compliance challenge for SEBI Research Analyst entities, as sales staff, relationship managers and client servicing teams were also required to obtain a technical certification meant primarily for research professionals.
To address this concern and based on feedback from market participants, SEBI has now introduced a separate certification route for sales and other non-core service roles.
Who are Persons Associated with Research Services?
Persons Associated with Research Services, commonly referred to as PARS, are individuals associated with a Research Analyst entity and involved in activities connected with research services.
They may include:
Research analysts, research associates, sales executives, relationship managers, client servicing staff, marketing personnel and other employees connected with the research services business.
However, not all such persons perform the same function. Some may be directly involved in research and analysis, while others may only interact with clients, explain services, assist with onboarding or support business development activities.
The SEBI relaxation is mainly meant for the second category, namely persons performing sales and other non-core services.
What Has Changed?
SEBI has now specified that PARS who perform only sales and other non-core services shall obtain certification by passing:
NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination
This new certification module is designed for persons who may interact with clients but are not directly involved in research-related activities.
On the other hand, PARS who are involved in core research functions will continue to obtain the existing Research Analyst certification.
Earlier Certification vs New Certification Requirement

Category of Person

Earlier Requirement

Requirement After SEBI Circular

PARS performing sales and non-core services

NISM Series XV – Research Analyst Certification Examination

NISM Series XXV-A – Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination

PARS involved in research activities

NISM Series XV – Research Analyst Certification Examination

NISM Series XV continues

Existing PARS already holding Series XV certification

Series XV valid till expiry

Series XXV-A required only after expiry, if role is limited to sales/non-core services

Meaning of Sales and Other Non-Core Services
For the purpose of this relaxation, sales and other non-core services may generally include roles such as client acquisition, relationship management, marketing, client servicing, onboarding support, service explanation, renewal coordination and other support functions.
Such persons may have client interaction, but they should not be directly involved in preparation of research reports, research recommendations, investment analysis, valuation, target price determination or any other core research function.
Therefore, Research Analyst entities must carefully classify each employee based on the actual nature of work performed by them.
Certification Requirement for Core Research Staff
SEBI has not diluted the certification requirement for persons who are directly involved in research activities. Accordingly, persons who are preparing research reports, making recommendations, analysing securities, preparing financial models, assisting in research opinions or performing any other research-related function must continue to obtain:
NISM Series XV – Research Analyst Certification Examination
This ensures that investor protection, quality of research and professional competence remain intact.
Transitional Relaxation for Existing Certified Persons
SEBI has also provided a practical transition benefit for existing certified professionals.
If a person performing sales or non-core services has already obtained the NISM Series XV certification, such person is not required to immediately appear for the new NISM Series XXV-A examination.
They may continue with their existing certification until its validity expires.
Upon expiry, if their role remains limited to sales and other non-core services, they may obtain the NISM Series XXV-A certification instead of renewing the full Research Analyst certification.
Why This SEBI Relaxation Matters
This circular is important because it introduces role-based certification instead of applying the same technical certification to all employees.
The key benefits include:
Reduced compliance burden for Research Analyst entities.
Simplified hiring of sales, marketing and relationship management staff.
Better distinction between research and non-research roles.
Lower entry barrier for non-core support teams.
Continued investor protection through mandatory certification.
More practical compliance framework for small and growing research businesses.
Compliance Checklist for Research Analyst Entities
SEBI-registered Research Analyst entities should now review their internal compliance framework and take the following steps:

Prepare a list of all Persons Associated with Research Services.

Classify each person into core research role or sales/non-core role.

Review existing NISM certification status and validity.

Ensure that sales and non-core staff obtain NISM Series XXV-A certification, wherever applicable.

Ensure that research staff continue to maintain NISM Series XV certification.

Update HR records, job descriptions and internal compliance trackers.

Maintain documentary proof of certification for audit and inspection purposes.

Ensure that sales/non-core staff do not perform research-related activities unless they hold the required certification.

Impact on Research Analyst Firms
The SEBI circular will help Research Analyst entities manage compliance in a more practical manner.
Earlier, even sales or client support staff were often required to clear a technical certification meant for research professionals. This made hiring and onboarding difficult, especially for smaller firms.
With the introduction of NISM Series XXV-A, firms can now onboard client-facing support staff with a certification that is more aligned with their role.
At the same time, SEBI has ensured that persons involved in actual research work continue to meet the higher certification standard.
Key Takeaway
The SEBI circular dated 11 March 2026 is a balanced reform. It reduces unnecessary compliance burden for non-core roles while preserving the certification requirement for research professionals.
Research Analyst entities should not treat this relaxation as a blanket exemption. The benefit is available only where the person is performing sales or other non-core services and is not directly involved in research activities.
A proper role-mapping exercise is therefore essential before applying the relaxed certification requirement.
Frequently Asked Questions
Q1. What is the SEBI relaxation for PARS certification?
Ans. SEBI has introduced a lighter certification requirement for Persons Associated with Research Services who perform only sales and other non-core services. Such persons may now obtain NISM Series XXV-A certification instead of the full Research Analyst certification.
Q2. Who is covered under this relaxation?
Ans. The relaxation applies to PARS such as sales staff, relationship managers, client servicing executives, marketing personnel and other support staff who are not directly involved in research activities.
Q3. Which certification is required for sales and non-core PARS?
Ans. Such persons are required to obtain the NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.
Q4. Do research analysts still need NISM Series XV certification?
Ans. Yes. Persons involved in research activities must continue to obtain and maintain the NISM Series XV – Research Analyst Certification Examination.
Q5. What happens if a sales staff member already has NISM Series XV certification?
Ans. If such person already holds valid NISM Series XV certification, they are not required to immediately appear for NISM Series XXV-A. They may obtain Series XXV-A before expiry of their existing certification, provided their role remains limited to sales and non-core services.
Q6. Is this relaxation applicable to all employees of a Research Analyst entity?
Ans. No. It applies only to persons performing sales and other non-core services. Persons involved in research, analysis, preparation of reports or recommendations must continue with the Research Analyst certification.
Q7. What should Research Analyst entities do now?
Ans. They should classify employee roles, check existing certification status, update compliance records, ensure applicable certification is obtained and maintain proof of certification for regulatory review.
Learn more about the compliances post SEBI RA Registrations certification

The Securities and Exchange Board of India has taken another important step towards ease of doing business by relaxing the certification requirement for certain Persons Associated with Research Services, SEBI circular dated 11 March 2026, SEBI has introduced a separate and lighter NISM certification module for Persons Associated with Research Services who are engaged only in sales, relationship management, client servicing, marketing or other non-core functions.

This relaxation is especially relevant for SEBI-registered Research Analyst entities, as it creates a clear distinction between persons involved in core research activities and persons who are only supporting sales or client-facing functions.

Background of the SEBI Circular

Under the SEBI Research Analysts Regulations, 2014, Persons Associated with Research Services are required to obtain certification from the National Institute of Securities Markets.

Earlier, the same certification requirement was largely applicable to all persons associated with research services, even if they were not directly involved in preparing research reports, making research recommendations or carrying out analysis.

This created a practical compliance challenge for SEBI Research Analyst entities, as sales staff, relationship managers and client servicing teams were also required to obtain a technical certification meant primarily for research professionals.

To address this concern and based on feedback from market participants, SEBI has now introduced a separate certification route for sales and other non-core service roles.

Who are Persons Associated with Research Services?

Persons Associated with Research Services, commonly referred to as PARS, are individuals associated with a Research Analyst entity and involved in activities connected with research services.

They may include:

Research analysts, research associates, sales executives, relationship managers, client servicing staff, marketing personnel and other employees connected with the research services business.

However, not all such persons perform the same function. Some may be directly involved in research and analysis, while others may only interact with clients, explain services, assist with onboarding or support business development activities.

The SEBI relaxation is mainly meant for the second category, namely persons performing sales and other non-core services.

What Has Changed?

SEBI has now specified that PARS who perform only sales and other non-core services shall obtain certification by passing:

NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination

This new certification module is designed for persons who may interact with clients but are not directly involved in research-related activities.

On the other hand, PARS who are involved in core research functions will continue to obtain the existing Research Analyst certification.

Earlier Certification vs New Certification Requirement

Category of Person	Earlier Requirement	Requirement After SEBI Circular
PARS performing sales and non-core services	NISM Series XV – Research Analyst Certification Examination	NISM Series XXV-A – Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination
PARS involved in research activities	NISM Series XV – Research Analyst Certification Examination	NISM Series XV continues
Existing PARS already holding Series XV certification	Series XV valid till expiry	Series XXV-A required only after expiry, if role is limited to sales/non-core services

Meaning of Sales and Other Non-Core Services

For the purpose of this relaxation, sales and other non-core services may generally include roles such as client acquisition, relationship management, marketing, client servicing, onboarding support, service explanation, renewal coordination and other support functions.

Such persons may have client interaction, but they should not be directly involved in preparation of research reports, research recommendations, investment analysis, valuation, target price determination or any other core research function.

Therefore, Research Analyst entities must carefully classify each employee based on the actual nature of work performed by them.

Certification Requirement for Core Research Staff

SEBI has not diluted the certification requirement for persons who are directly involved in research activities. Accordingly, persons who are preparing research reports, making recommendations, analysing securities, preparing financial models, assisting in research opinions or performing any other research-related function must continue to obtain:

NISM Series XV – Research Analyst Certification Examination

This ensures that investor protection, quality of research and professional competence remain intact.

Transitional Relaxation for Existing Certified Persons

SEBI has also provided a practical transition benefit for existing certified professionals.

If a person performing sales or non-core services has already obtained the NISM Series XV certification, such person is not required to immediately appear for the new NISM Series XXV-A examination.

They may continue with their existing certification until its validity expires.

Upon expiry, if their role remains limited to sales and other non-core services, they may obtain the NISM Series XXV-A certification instead of renewing the full Research Analyst certification.

Why This SEBI Relaxation Matters

This circular is important because it introduces role-based certification instead of applying the same technical certification to all employees.

The key benefits include:

Reduced compliance burden for Research Analyst entities.

Simplified hiring of sales, marketing and relationship management staff.

Better distinction between research and non-research roles.

Lower entry barrier for non-core support teams.

Continued investor protection through mandatory certification.

More practical compliance framework for small and growing research businesses.

Compliance Checklist for Research Analyst Entities

SEBI-registered Research Analyst entities should now review their internal compliance framework and take the following steps:

Prepare a list of all Persons Associated with Research Services.
Classify each person into core research role or sales/non-core role.
Review existing NISM certification status and validity.
Ensure that sales and non-core staff obtain NISM Series XXV-A certification, wherever applicable.
Ensure that research staff continue to maintain NISM Series XV certification.
Update HR records, job descriptions and internal compliance trackers.
Maintain documentary proof of certification for audit and inspection purposes.
Ensure that sales/non-core staff do not perform research-related activities unless they hold the required certification.

Impact on Research Analyst Firms

The SEBI circular will help Research Analyst entities manage compliance in a more practical manner.

Earlier, even sales or client support staff were often required to clear a technical certification meant for research professionals. This made hiring and onboarding difficult, especially for smaller firms.

With the introduction of NISM Series XXV-A, firms can now onboard client-facing support staff with a certification that is more aligned with their role.

At the same time, SEBI has ensured that persons involved in actual research work continue to meet the higher certification standard.

Key Takeaway

The SEBI circular dated 11 March 2026 is a balanced reform. It reduces unnecessary compliance burden for non-core roles while preserving the certification requirement for research professionals.

Research Analyst entities should not treat this relaxation as a blanket exemption. The benefit is available only where the person is performing sales or other non-core services and is not directly involved in research activities.

A proper role-mapping exercise is therefore essential before applying the relaxed certification requirement.

Frequently Asked Questions

Q1. What is the SEBI relaxation for PARS certification?

Ans. SEBI has introduced a lighter certification requirement for Persons Associated with Research Services who perform only sales and other non-core services. Such persons may now obtain NISM Series XXV-A certification instead of the full Research Analyst certification.

Q2. Who is covered under this relaxation?

Ans. The relaxation applies to PARS such as sales staff, relationship managers, client servicing executives, marketing personnel and other support staff who are not directly involved in research activities.

Q3. Which certification is required for sales and non-core PARS?

Ans. Such persons are required to obtain the NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination.

Q4. Do research analysts still need NISM Series XV certification?

Ans. Yes. Persons involved in research activities must continue to obtain and maintain the NISM Series XV – Research Analyst Certification Examination.

Q5. What happens if a sales staff member already has NISM Series XV certification?

Ans. If such person already holds valid NISM Series XV certification, they are not required to immediately appear for NISM Series XXV-A. They may obtain Series XXV-A before expiry of their existing certification, provided their role remains limited to sales and non-core services.

Q6. Is this relaxation applicable to all employees of a Research Analyst entity?

Ans. No. It applies only to persons performing sales and other non-core services. Persons involved in research, analysis, preparation of reports or recommendations must continue with the Research Analyst certification.

Q7. What should Research Analyst entities do now?

Ans. They should classify employee roles, check existing certification status, update compliance records, ensure applicable certification is obtained and maintain proof of certification for regulatory review.

Learn more about the compliances post SEBI RA Registrations certification