The Securities and Exchange Board of India has relaxed certification requirements for certain Persons Associated with Investment Advice at registered investment advisers by introducing a lighter National Institute of Securities Markets examination for staff who only handle sales and other non-core services. The change applies to employees such as sales staff and relationship managers who interact with clients but are not directly associated with investment advice. Those staff must now obtain the NISM Series-XXV-B certification for persons associated with investment advice in sales and other non-core services. All other Persons Associated with Investment Advice must continue to pass the existing NISM Series-X-A Investment Adviser Level 1 and Series-X-B Investment Adviser Level 2 examinations. Individuals in the newly covered category who already hold the Series-X-A and Series-X-B certifications do not need to take Series-XXV-B immediately and must do so only before their current certifications expire. The circular takes effect immediately. The Investment Adviser Administration and Supervisory Body has been directed to amend its relevant bye-laws and rules and inform registered investment advisers of the change.

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