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of <h1>SEBI 2025 Second Amendment tightens research analyst qualifications, certification timelines and expands coverage to persons associated with research services</h1> The 2025 Second Amendment to the SEBI (Research Analysts) Regulations expands coverage to 'persons associated with research services' and revises qualification requirements. It permits either a graduate degree with NISM-accredited certification (including CFA Charter with relevant certification) or specified NISM postgraduate programs. Mandatory fresh NISM certification is required for individual research analysts, principal officers, employed analysts, associated persons, and relevant partners before expiry of existing certification or within three years of registration. Application Form A is amended to route documents via SEBI-recognised supervisory bodies where applicable, update contact and address information requirements, capture details of persons associated with research services, and require a declaration of necessary infrastructure.
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