New Delhi, March 11 In a move aimed at easing compliance requirements, the market regulator, Sebi, relaxed certification norms for Persons Associated with Research Services (PARS) on Wednesday, 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 these staff members are not directly involved in or associated with research-related aspects.
"Based on 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'.
"PARS who have already obtained NISM Series-XV 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 the 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'.