In terms of Regulation 7 of Securities and Exchange Board of India (Research Analysts) Regulations, 2014 (hereinafter referred to as “the RA Regulations, 2014”), SEBI vide Notification No. SEBI/LADNRO/GN/2014-15/26/540, dated March 24, 2015 had inter alia notified that any person acting or desirous of acting as research analyst under the RA Regulations, 2014, shall obtain certification from the National Institute of Securities Markets (NISM) by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015
In terms of sub-regulation (3) of Regulation 7 of the RA Regulations, 2014, SEBI has notified, that an individual registered as research analyst under the RA Regulations, 2014, a principal officer of a non-individual research analyst, individuals employed as research analysts, persons 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:
(i) shall obtain certification(s) from NISM by passing the “NISM-Series-XV: Research Analyst Certification Examination”, as mentioned in the NISM communique No. NISM/Certification/Series-XV: Research Analyst/2015/01 dated February 16, 2015.
(ii) shall, in order to ensure continuity in compliance with the certification requirements, before expiry of the validity of the existing certification as specified in clause (i), obtain certification from NISM by passing the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination as mentioned in the NISM communiqué No. NISM/Certification/ NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination/2024/01 dated January 06, 2025.
Research Analyst are advised to take note of the same and ensure compliance.
For and on behalf of BSE Ltd.
Meghana Kulkarni Neeky Subramaniam
Dy. General Manager Associate Manager
Membership Operations & Membership Operations &
Membership Compliance Membership Compliance |