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<h1>New SEBI Investment Advisers Second Amendment 2025 tightens NISM certification, client thresholds, and compliance officer requirements</h1> Securities regulator issues the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2025, effective upon publication in the Official Gazette. The amendments refine eligibility and certification requirements for investment advisers and persons associated with investment advice, mandating updated NISM certifications within specified timelines. Thresholds for mandatory transition from individual to non-individual adviser status are set at more than 300 clients or fees exceeding INR 3 crore in a financial year, with defined timelines, transition validity, and surrender of individual registration. The regulations also update Form A, including address details, roles of compliance officers, routing of applications through a recognised administration and supervisory body, infrastructure declaration, and related procedural clarifications.