In a move aimed at easing compliance requirements, markets regulator Sebi on Wednesday relaxed certification norms for Persons Associated with Research Services (PARS), allowing sales staff, relationship managers and other non-research personnel to qualify through a lighter certification module.
The framework, effective immediately, has been eased as such staff members are not directly associated with or involved in research related aspects.
“Based on the feedback from market participants and as a step towards ease of doing business, it has been decided to specify a lighter NISM certification module for PARS,such as sales staff, relationship managers and other staff, who perform sales and other non-core services, have client contact but are not directly associated or involved in research related aspects,” Sebi said in its circular.
Accordingly, PARS, who perform sales and other non-core services, will be required to obtain certification from NISM by passing the ‘NISM Series-XXV-A’
“The PARS who have already obtained NISM SeriesXV certification, as on the date of this circular, shall not be required to undertake NISM Series-XXV-A certification at this stage. Such PARS shall obtain NISM Series-XXV-A certification only after expiry of the validity of their NISM Series-XV certification,” Sebi said.
PARS, excluding those who perform sales and other non-core services, will continue to obtain certification from NISM by passing the ‘NISM Series-XV: Research Analyst Certification Examination’.
