SEBI tightens investment adviser norms under 2025 amendment; stricter qualifications, NISM renewals, client thresholds, revised Form A

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....The Securities and Exchange Board of India issues the Investment Advisers (Second Amendment) Regulations, 2025, effective upon publication in the Official Gazette, amending the 2013 framework. Key changes remove references to sub-brokers, expand educational and certification requirements (including CFA Charter and specified NISM programs) for investment advisers and persons associated with investment advice, and mandate periodic renewal of NISM certifications. Individuals exceeding specified client (300) or fee (Rs.3 crore annually) thresholds must transition to non-individual registration within defined timelines, with a limited transition period. The amendments also revise Form A filing requirements, including documentation, contact details, infrastructure declaration, and coordination with an Administration and Supervisory Body.....