Certification requirement for research analysts mandates NISM research analyst initial and renewal exams to maintain compliance. SEBI mandates that individuals and officers engaged in providing research services-including registered research analysts, principal officers of non-individual research analysts, employed research analysts, associated persons providing research services, and partners of partnership-firm research analysts-must pass the NISM-Series-XV: Research Analyst Certification Examination and, before current certification expires, pass the NISM-Series-XV-B: Research Analyst Certification (Renewal) Examination to maintain compliance.