Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2026

No. 605] NEW DELHI, THURSDAY, OCTOBER 8, 2026/ASVINA 16, 1948 s 1947

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 7th October, 2026

SECURITIES AND EXCHANGE BOARD OF INDIA (CERTIFICATION OF ASSOCIATED PERSONS IN THE SECURITIES MARKETS) (AMENDMENT) REGULATIONS, 2026

F.No. SEBI/LAD-DOP/2026/319.— In exercise of the powers conferred by section 30 read with sections 11, 12 and 19 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, namely, -

1. These regulations may be called the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2026.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007, -

I. The words “associated person”, “an associated person” and “associated persons” wherever they appear, including in the title of the regulations, except in the proviso to regulation 3(1), shall be substituted with the words “specified person”, “a specified person” and “specified persons” respectively.

II. In regulation 2(1),
(i) clause (c) shall be omitted;
(ii) in clause (l), the symbol “.” shall be substituted with the symbol “;”; (iii) after clause (l), the following new clause shall be inserted, namely – “(m) “specified person” means a principal or employee of an intermediary or an agent or distributor or other natural person engaged in the securities market business and includes an employee of a foreign portfolio investor or a foreign venture capital investor working in India.”.

III. In regulation 2 (2), the words, symbols and numbers “the Companies Act, 1956 (1 of 1956)” shall be substituted with the words, symbols and numbers, “the Companies Act, 2013 (18 of 2013)”.

IV. In regulation 4(1),
(i) in clause (c), the symbol “.” shall be substituted with the words and symbols “; or”; (ii) after clause (c), the following new clause shall be inserted, namely – “(d) by passing a course or programme as may be specified by NISM in consultation with the Board from time to time.”

V. In regulation 4(2), after the words and symbols “clause (c)” and before the words and symbols “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.

VI. In regulation 4(3), the words, symbols and numbers “as may be specified by the Board under sub regulation (1) of regulation 3” shall be substituted with the words and symbols, “of appearing for examination or date of obtaining CPE or date of enrolment in course or programme as may be specified by NISM in consultation with the Board, as the case may be”.

VII. In regulation 4(3), after the words and symbols “clause (b)” and before the words and symbols “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.

VIII. In regulation 4(4), after the words and symbols “in clause (a)” and before the words, symbols and numbers “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.

IX. In regulation 5(1), after the words “for a period of three years” and before the words “from the date of the grant”, the words “or for such other extended period as may be specified by the Board” shall be inserted.

X. In regulation 5(2),
(i) before the words “Upon expiry” the words and symbols “Unless otherwise provided by the Board,” shall be inserted; (ii) after the words “for a period of three years” and before the words “at a time,” the words “or for such other extended period as may be specified by the Board” shall be inserted.

XI. After regulation 11, the following new regulation shall be inserted, namely –
“Amendment to other regulations.
12. The regulations specified in the Schedule to these regulations shall be amended in the manner and to the extent stated therein.”

XII. After regulation 12, the following new Schedule shall be inserted, namely –
“SCHEDULE
[See Regulation 12]

1. Amendment to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.
   In regulation 17A(4), the words “Associated Persons” shall be substituted with the words “Specified Persons”.
2. Amendment to the Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004.
   (i) In regulation 2(1)(ea), the words “Associated Persons” shall be substituted with the words “Specified Persons”.
   (ii) In regulation 2(1)(ha), the words “Associated Persons” shall be substituted with the words “Specified Persons”. ”

AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./374/2026-27]

Note: The Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 was published in the Gazette of India on October 17, 2007 vide F. No. 11/LC/GN/2007/4567(b) and was last amended by the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/251.

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SARVESH KUMAR SRIVASTAVA
Digitally signed by SARVESH KUMAR SRIVASTAVA
Date: 2026.10.09 22:32:07 +05'30'