Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 25th November, 2025

SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) (SECOND AMENDMENT) REGULATIONS, 2025

F. No. SEBI/LAD-NRO/GN/2025/277.— In exercise of the powers conferred by sub-section (1) of section 30 read with clause (b) of sub-section (2) of section 11 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 (Research Analysts) Regulations, 2014, namely: —

1. These regulations may be called the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2025.

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 (Research Analysts) Regulations, 2014 –

I. In Regulation 7,

i) in sub-regulation (1),

a. after the words “engaged in research services” and before the words “shall have the following”, the words “or persons associated with research services” shall be inserted;

b. clause (i) and (ii) shall be substituted with following, namely-

“(a) A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organisation or institution accredited by NISM; or

(b) A Post Graduate Program in the Securities Market (Research Analysis) from NISM or any other program of NISM as may be specified by the Board.”

ii) sub-regulation (2) shall be omitted.

iii) sub-regulation (3) shall be substituted with the following, namely –

“ (3) An individual registered as research analyst under these regulations, a principal officer of a non-individual research analyst, individuals employed as research analyst, person associated with research services and in case of the research analyst being a partnership firm, the partners thereof if any, who are engaged in providing research services, shall obtain a fresh relevant NISM certification as specified by the Board from time to time before expiry of the validity of the existing certification or within three years from the date of registration certificate, as the case may be, to ensure continuity in compliance with certification requirements.”

II. In First Schedule, in Form A,

i) in Instruction 2, -

a. after the words “supporting documents” and before the words “to the Board”, the words “to the body or body corporate recognised by the Board for the purpose of administration and supervision of research analysts or” shall be inserted;

b. the words “at its head office at Mumbai” shall be substituted with the words and symbols “, if no such body or body corporate is recognized”.

ii) in item 1,

a) in clause (a), the words and symbols “fax number(s),” shall be omitted;

b) in clause (d), the words and symbols “and e-mail of the contact persons(s)”, shall be substituted with the words and symbols “and e-mail of the contact persons(s), compliance officer and principal officer.”

iii) in item 2,

a) in clause (b), the words “address proof” shall be substituted with “details of address”;

b) clause (d) shall be substituted with the following, namely –

“(d) Number of persons associated with research services (Provide details thereof, including self-certified copies of supporting documents in respect of qualification for such persons associated with research services).”;

c) clause (g) and clause (h) shall be omitted.

iv) item 4 shall be substituted with the following, namely -

“4. DECLARATION OF NECESSARY INFRASTRUCTURE
Declaration that the applicant has the necessary infrastructure to effectively discharge the activities of a research analyst.”

AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./502/2025-26]

Footnotes:

1. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014, were published in the Gazette of India on September 01, 2014 vide No. SEBI/LAD-NRO/GN/2014-15/07/1414.

2. The Securities and Exchange Board of India (Research Analysts) Regulations, 2014 were subsequently amended on, –

a. 8th December, 2016 by the Securities and Exchange Board of India (Change in Conditions of Registration of Certain) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2016-17/023.

b. 17th April, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.

c. 16th March, 2021 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/09.

d. 3rd August, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification No. SEBI/LAD-NRO/GN/2021/30.

e. 17th January 2023, by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/115.

f. 7th February, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/121.

g. 3rd July 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI–LAD-NRO/GN/2023/137.

h. 17th August 2023 by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI-LAD-NRO/GN/2023/146.

i. 26th April 2024 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/170.

j. 19th August, 2024 by the Securities and Exchange Board of India (Research Analysts) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/199.

k. 16th December, 2024 by the Securities and Exchange Board of India (Research Analysts) (Third Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/220.

l. 6th August, 2025 by the Securities and Exchange Board of India (Research Analysts) (Amendment) Regulations, 2025 vide notification No. SEBI/LAD-NRO/GN/2025/252.