SEBI amends Research Analysts and Investment Advisors Regulations

SEBI has amended the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 and Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

SEBI (Investment Advisers) (Second Amendment) Regulations, 2025 mandates that individuals registered as investment advisers whose number of clients exceed three hundred at any point of time or the fee collected during the financial year exceeds three crore rupees, whichever is earlier shall –

1. Immediately intimate the Administration and Supervisory Body and initiate the process of transition from individual to non-individual investment adviser; and
2. Apply for grant of in-principle approval for registration as non-individual investment adviser within 3 months from the date on which the threshold is reached

SEBI Research Analysts) (Second Amendment) Regulations, 2025 mandates that 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.