SEBI's Nov 2025 Rules for Research Analysts: What You Need to Know!

The Securities and Exchange Board of India (SEBI) has amended the regulations for Research Analysts (RAs). These new rules, published in the Gazette of India on November 25, 2025, aim to tighten up the requirements for people providing stock market research. Here are the key changes in simple, easy-to-understand points:

1. Changes to Required Qualifications (Regulation 7)

Who is included now?

The new rules specifically include "persons associated with research services" along with the RAs and their partners. This means more people involved in the research process need to meet the qualification standards.

New Qualification Options: The specific educational and certification requirements have been updated. You must now have one of the following:

• A graduate degree (or equivalent) from a recognised Indian or foreign university/institution OR a CFA Charter from the CFA Institute.
• AND a relevant certification from the National Institute of Securities Market (NISM) or an NISM-accredited body.
• OR a Post Graduate Program in Securities Market (Research Analysis) from NISM, or another program specified by SEBI.
• Removal of Old Rule: An old sub-regulation (2) related to qualifications has been completely removed.

2. Certification Renewal Requirement (Regulation 7)

• Mandatory Recertification: Individual RAs, Principal Officers of non-individual RAs, employees working as RAs, persons associated with research services, and partners of RA firms (who provide research services) must re-obtain the relevant NISM certification.
• When to Renew: This recertification must be done either:
• Before the existing certificate expires.
• OR within three years from the date the registration certificate was granted.
• Goal: Ensure continuous compliance with the certification requirements.