SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007
Summary
This part contains Chapters I and II of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 as amended up to July 15, 2025. It defines key terms including associated person, intermediary, principal, NISM and certificate and sets out the obligation for specified categories of associated persons to obtain certification. It prescribes manners of obtaining the certificate, validity for three years and revalidation through continuing professional education. This part comprises Regulations 6 to 11 under Chapters III to V of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 as amended in 2025. It prescribes that associated persons in specified activities must hold a valid certificate, defines NISM's powers to implement certification, conduct examinations and lay down standards, and authorizes NISM to accredit organizations and charge fees. It establishes continuing professional education requirements within three years of certification, obligates intermediaries and associated persons to ensure participation, and makes compliance a factor for grant or renewal of intermediary registration.
Text
These regulations may be called the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007. They shall come into force on the date of their publication in the Official Gazette.
"agent" means any person who is engaged in the activity of sale or distribution of securities on behalf of an issuer or a distributor for a commission or any other consideration;
"associated person" means a principal or employee of an intermediary or an agent or distributor or other natural person engaged in the securities business and includes an employee of a foreign portfolio investor or a foreign venture capital investor working in India;
"Board" means the Securities and Exchange Board of India established under section 3 of the Act;
"certificate" means the certificate granted by NISM in accordance with these regulations;
"Continuing Professional Education" (CPE) means any course, programme, training programme, activity, conference, seminar that has been accredited or approved by NISM to enhance the knowledge, skills and professional competency of associated persons in the areas of securities, governance and ethics;
"distributor" means any person engaged by an intermediary or an issuer for the purpose of sale or distribution of securities;
"intermediary" means an entity registered under sections 11 or 12 of the Act and includes any person required to obtain any membership or approval from a stock exchange or a self-regulatory organization;
"issuer" means a company or a mutual fund or a collective investment scheme which has issued or proposes to issue securities to the public in accordance with the relevant regulations or guidelines made by the Board and also includes a venture capital fund registered under the relevant regulations or guidelines made by the Board;
"NISM" means the National Institute of Securities Markets established by the Board;
"principal" means persons who are actively engaged in the management of the intermediary's securities business including supervision, solicitation, conduct of business, and includes: (1) Sole Proprietors (2) Managing Partners and (3) Whole Time Directors
"securities" means securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).
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Source: SecMarx — SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.