NEW DELHI: Market regulator Securities and Exchanges Board of India (SEBI) on Thursday notified new regulations for portfolio managers, investment advisers and research analysts that significantly increase required qualifications for the crucial, retail-investor facing market sector.
In three separate notifications issued on Tuesday, SEBI said that the amended regulations for portfolio managers, investment advisers and research analysts will help recognise “the post graduate programme in securities market of not less than one year offered by NISM” as eligible qualification for portfolio managers, investment advisers and research analysts.
With regard to the new qualification required for portfolio managers operating in the Indian stock markets and investment firms, SEBIsaid that a portfolio manager will now need to have a professional qualification in finance, law, accountancy or business management from a university or an institution recognised by a recognised university or a professional qualification by completing a Post Graduate Program in the Securities Market (Portfolio Management) from the NISM (National Institute of Securities Markets).
The post graduate programme from NISM should not be less than one year duration. The NISM is an Indian public trust and the statutory professional body for financial market dealers in India. The regulator also amended the PMS (Portfolio Management Services) regulations with respect to the NISM certification requirements.