SEBI Update - Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Investment Advice (PAIA) – Sales and other noncore services

SEBI has introduced an ease-of-doing-business measure by relaxing the certification requirements for Persons Associated with Investment Advice (PAIA) who are engaged only in sales and other non-core services. Such personnel, including sales staff and relationship managers who interact with clients but are not directly involved in providing investment advice, will now be required to obtain the lighter NISM Series-XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services) Certification Examination instead of the existing NISM Series-X-A and X-B Investment Adviser certifications. However, PAIAs involved in investment advice functions must continue to obtain the NISM Series-X-A (Level 1) and Series-X-B (Level 2) certifications. Further, personnel who already hold the Series X-A and X-B certifications as on the date of the circular are exempt from obtaining the Series XXV-B certification until the validity of their existing certifications expires. The circular has come into force with immediate effect.