The Securities and Exchange Board of India (SEBI) has issued a circular easing the certification requirement for Persons Associated with Research Services (PARS) who perform sales and other non-core services for research analysts. These staff, including sales staff and relationship managers with client contact but not involved in research activities, will be able to meet the requirement through a lighter National Institute of Securities Markets (NISM) certification. Under the revised approach, PARS performing sales and other non-core services must pass the “NISM Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification Examination”, aligned with an NISM communique dated January 30, 2026. PARS other than this category must continue to pass the “NISM Series-XV: Research Analyst Certification Examination”, which had been specified for PARS via a Gazette Notification dated February 14, 2025. PARS in the sales and non-core category who already hold Series-XV certification as of the circular date do not need to take Series-XXV-A until their Series-XV certification expires. The circular takes effect immediately, and the Research Analyst Administration and Supervisory Body has been advised to amend relevant bye-laws and rules and to communicate the changes to registered research analysts and publish them on its website.

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