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SEBI specifies lighter NISM Series-XXV-B certification for investment-adviser sales and non-core staff

Investment advisers must certify sales and non-core associated persons through the lighter NISM Series-XXV-B exam instead of the full adviser exams

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On 24 June 2026, the Securities and Exchange Board of India (SEBI) specified that Persons Associated with Investment Advice (PAIA) performing only sales and other non-core services obtain the NISM Series-XXV-B certification instead of the Series-X-A (Level 1) and Series-X-B (Level 2) Investment Adviser examinations, with immediate effect.
Why it matters
PAIA who perform only sales and non-core services — sales staff and relationship managers with client contact but no direct role in investment advice — obtain the NISM Series-XXV-B certification; PAIA involved in investment advice continue to pass Series-X-A and Series-X-B. Sales and non-core PAIA who already hold Series-X-A and Series-X-B as on the circular date need not take Series-XXV-B now, and obtain it only before their existing certifications expire. The circular takes immediate effect and the IAASB must amend its bye-laws and rules to implement it.
Implications
  • — Registered investment advisers' compliance teams must classify which associated persons perform only sales and non-core services and certify them through NISM Series-XXV-B rather than Series-X-A and Series-X-B — certifying advice-giving associated persons under the lighter module breaches the IA Regulations.
  • — Registered investment advisers must ensure sales and non-core associated persons who currently hold Series-X-A and Series-X-B obtain Series-XXV-B before their existing certifications expire — an expired certification without the replacement leaves the associated person uncertified to perform the function.
  • — The Investment Adviser Administration and Supervisory Body (IAASB) must amend its bye-laws and rules to implement the circular and disseminate it to registered investment advisers — an unamended supervisory framework is misaligned with the binding SEBI circular.
Who is affected
  • — Registered investment advisers' compliance teams
  • — Persons Associated with Investment Advice performing sales and non-core services
  • — Investment Adviser Administration and Supervisory Body (IAASB)

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