NISM certification tracking
Your registration rests on NISM certificates, and so does the work of your compliance officer and the people associated with your research or advice. Each one has its own validity. We keep a register and remind you before any of them lapses.
Research Analysts and Investment Advisers.
To see when this and your other duties fall due, use the free compliance calendar.
- Research Analysts need NISM Series XV at registration and NISM Series XV-B before the validity period ends.
- A non-individual Research Analyst's compliance officer needs NISM Series III-A.
- Persons associated with research services had to obtain the relevant NISM certification within one year of 23 July 2025. Purely clerical staff are exempt.
- Investment Advisers need NISM Series X-A (Level 1) or X-B (Level 2) to register, and X-C for renewal.
- A compliance officer of an Investment Adviser needs NISM Series III-A.
- List every person who needs a certificate and which one.
- Record each validity date and send a reminder well ahead of it.
- Tell you which certificate a new hire needs before they start on research or advice.
- Keep the certificate copies in your compliance file for the audit.
- Names and roles of your principal officer, compliance officer and associated persons.
- Copies of each person's current NISM certificates with validity dates.
Quoted on a call
We scope it against your registration, client count and financial year end, and give you a written price before you pay.
Which certificate do Research Analysts renew?
NISM Series XV-B, before the validity period ends.
And Investment Advisers?
NISM Series X-C for renewal. X-A or X-B is needed to register.
Does the compliance officer need a certificate?
Yes. A non-individual Research Analyst or Investment Adviser's compliance officer needs NISM Series III-A.
Do we sit the exams for you?
No. We track the dates and the requirement. The person concerned sits the exam, and the NISM fee is paid at actuals.
Want this taken off your list?
Tell us your registration type and financial year end. We will tell you what we would handle and what we need from you.
Sources: SEBI circular 2025/105 of 23 July 2025 (FAQs for Research Analysts); SEBI circular 2025/004 of 8 January 2025 (Guidelines for Research Analysts); SEBI FAQs for Registered Investment Advisers, 13 August 2025; SEBI circular 2025/003 of 8 January 2025 (Guidelines for Investment Advisers).