Kamal Ghorui
In a move aimed at reducing regulatory burden and improving ease of doing business, markets regulator Sebi on Wednesday eased certification requirements for Persons Associated with Research Services (PARS), allowing sales personnel, relationship managers and other non-research staff to qualify through a simplified certification module, PTI reported.The revised framework, which comes into effect immediately, recognises that such employees have client interaction roles but are not directly involved in research activities. “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 a circular.Under the new norms, PARS engaged in sales and other non-core functions will now need to obtain certification by passing the ‘NISM Series-XXV-A’ examination. However, the regulator clarified that PARS who have already secured the ‘NISM Series-XV’ certification as on the date of the circular will not be required to immediately take the new module. “Such PARS shall obtain NISM Series-XXV-A certification only after expiry of the validity of their NISM Series-XV certification,” Sebi said.Employees directly involved in research functions will continue to be required to obtain certification by passing the ‘NISM Series-XV: Research Analyst Certification Examination’, the circular added.
