Regulation 7 - Qualification and certification requirement - Securities and Exchange Board of India (Investment Advisers) Regulations 2013

1 [ Qualification and certification requirement. 7(1) An individual investment adviser or a principal officer of a non-individual investment adviser registered as an investment adviser under these regulations, shall have the following minimum qualification, at all times - 2 [ (a) A professional qualification or 7 [ graduate degree or ] post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science 8 [ or other financial services as may be specified ] from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or a professional qualification by completing a Post Graduate Program in the Securities Market (Investment Advisory) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA Charter from the CFA Institute; ] 9 [ **** ] 10 [ (c) Persons associated with investment advice shall, at all times, have a minimum qualification of graduate degree in any discipline from a university or institution recognized by the Central Government or any State Government or a recognized foreign university or institution: ] Provided that 3 [ the ] investment advisers registered under these regulations as on the date of commencement of these regulations shall ensure that the individual investment adviser or principal officer of a non-individual investment adviser registered under these regulations and persons associated with investment advice 4 [ shall ] comply with 5 [ the ] qualification and experience requirements within 6 [ such time as may be specified by the Board ] : Provided further that the requirements at clauses (a) 11 [ **** ] shall not apply to such existing individual investment advisers as may be specified by the Board. 12 [ (2) An individual investment adviser or principal officer of a non-individual investment adviser, registered under these regulations, persons associated with investment advice, and in case of investment adviser being a partnership firm, the partners thereof who are engaged in providing investment advice, shall have at all times relevant NISM certification as specified by the Board from time to time: Provided that a fresh relevant NISM certification as specified by the Board from time to time shall be obtained before expiry of the validity of the existing certification to ensure continuity in compliance with certification requirements. ] ************* NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/22 dated 03-07-2020 before it was read as, Qualification and certification requirement. 7. (1) An individual registered as an investment adviser under these regulations and partners and representatives of an investment adviser registered under these regulations offering investment advice shall have the following minimum qualifications, at all times: (a) A professional qualification or post-graduate degree or post graduate diploma in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognized by the central government or any state government or a recognised foreign university or institution or association; or (b) A graduate in any discipline with an experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management. (2) An individual registered as an investment adviser and partners and representatives of investment advisers registered under these regulations offering investment advice shall have, at all times, a certification on financial planning or fund or asset or portfolio management or investment advisory services: (a) from NISM; or (b) from any other organization or institution including Financial Planning Standards Board India or any recognized stock exchange in India provided that such certification is accredited by NISM.: Provided that the existing investment advisers seeking registration under these regulations shall ensure that their partners and representatives obtain such certification within two years from the date of commencement of these regulations: Provided further that fresh certification must be obtained before expiry of the validity of the existing certification to ensure continuity in compliance with certification requirements. 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/11 dated 16-03-2021 before it was read as (a) A professional qualification or post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or a CFA Charter from the CFA Institute; 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/154 dated 09-10-2023 w.e.f. 30-09-2023 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/154 dated 09-10-2023 w.e.f. 30-09-2023 5. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/154 dated 09-10-2023 w.e.f. 30-09-2023 before it was read as, such 6. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/154 dated 09-10-2023 w.e.f. 30-09-2023 before it was read as, three years 7. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 8. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 9. Omitted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 before it was read as, (b) An experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management; 10. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 before it was read as, (c) Persons associated with investment advice shall meet the following minimum qualifications, at all times - (i) a professional qualification as provided in clause (a) of sub-regulation (1) of regulation 7; and (ii) an experience of at least two years in activities relating to advice in financial products or securities or fund or asset or portfolio management: 11. Omitted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 before it was read as, and (b) 12. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/219 dated 16-12-2024 before it was read as, (2) An individual investment adviser or principal officer of a non-individual investment adviser, registered under these regulations and persons associated with investment advice shall have, at all times a certification on financial planning or fund or asset or portfolio management or investment advisory services - (a) from NISM; or (b) from any other organization or institution including Financial Planning Standards Board of India or any recognized stock exchange in India provided such certification is accredited by NISM: Provided that fresh certification must be obtained before expiry of the validity of the existing certification to ensure continuity in compliance with certification requirements: Provided further that fresh certification before expiry of the validity of the existing certification shall not be obtained through a CPE program. ]