Sebi Opens Doors to Wider Pool of Investment Professionals, Loosens Education Requirements
Mumbai, November 26, 2025 – In a move to broaden the talent base within the financial advisory sector, the Securities and Exchange Board of India (Sebi) has significantly relaxed the educational qualifications required for individuals seeking registration as Investment Advisers (IAs) and Research Analysts (RAs). The revised rules, announced Tuesday, now allow graduates from any discipline to apply, a departure from the previous requirement of degrees specifically in finance-related fields.
Previously,aspiring IAs and RAs needed a graduate or postgraduate degree in areas like finance,Business Management,Commerce,Economics,or Capital Markets. Under the new framework,individuals with degrees in fields such as law and engineering are now eligible.
Though, Sebi emphasized that demonstrating competency remains crucial. Passing the National Institute of Securities Markets (NISM) certification exam will continue to be mandatory for all applicants. This ensures a baseline level of domain knowledge and professional preparedness, according to Sebi’s notifications.
The updated eligibility criteria now stipulate applicants must possess “a graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any state Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute and relevant certification from NISM or from any other organisation or institution accredited by NISM.”
In a separate move,Sebi also eased the process for individual IAs transitioning to a corporate structure. Advisers exceeding 300 clients or generating Rs 3 crore in fees are now required to notify Sebi and begin the transition process, with six months total – three months for in-principle approval and another three to complete the conversion. Previously, the entire transition was mandated within just three months of reaching the threshold. During the transition period, IAs can continue onboarding new clients and collecting fees.
These changes, implemented through amendments to the norms for investment advisers and research analysts, aim to foster growth and accessibility within the financial advisory landscape, while maintaining investor protection through continued emphasis on professional certification.
