SEBI amends Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 substitutes ‘associated person’ with ‘specified person’

The Securities and Exchange Board of India (“SEBI”) has issued the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) (Amendment) Regulations, 2026 to amend the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (The “Regulation 2007”).

Key Highlights:

1. The words “Associated Person” has been substituted with the words “Specified Person”.

2. Specified Person means a principal or employee of an intermediary or an agent, or distributor or other natural person engaged in the securities market business and includes an employee of a foreign portfolio investor or a foreign venture capital investor working in India.
3. Accordingly associated person now specified person may obtain Certificate under Regulation 4 of the Regulation 2007 by passing a course or programme as may be specified by NISM in consultation with the Board from time to time.

4. A Specified Person, other than a principal, who has attained the age of fifty years or who has at least ten years’ experience in the securities markets in the activities mentioned in sub regulation(4) of regulation 3 of the as on the date of appearing for examination or date of obtaining CPE or date of enrolment in course or programme as may be specified by NISM in consultation with the Board, as the case may be.
5. The validity of the certificate granted under Regulation 3 can be extended for a period of more than 3 years as specified by the Board.

Source: SEBI