Graduates From Any Discipline Can Now Become An Investment Advisor Or Research Analyst As Sebi Eases Eligibility Norms

The Securities and Exchange Board of India (Sebi) has relaxed the educational qualification norms for Investment Advisers (IAs) and Research Analysts (RAs), opening the door for graduates from any discipline to apply for registration, the regulator said through two separate notifications dated November 25.

Earlier, only candidates with degrees in finance-related fields such as finance, business management, commerce, economics or capital markets were eligible. Under the new framework, graduates from other streams, including engineering and law, can also apply. However, passing the NISM certification exam will remain mandatory to ensure domain knowledge and professional preparedness.

Sebi said applicants should have “a graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organisation or institution accredited by NISM.”

The regulator had first floated these changes in a consultation paper released on August 7, 2025. In the draft paper, the regulator had argued that "there may be certain applicants with inclination and skill to undertake the profession of IA/RA but they may not be having graduate or postgraduate qualification in specified fields.

Sebi has also eased norms around the corporatisation of individual investment advisers as their client base expands.

Once an adviser crosses 300 clients or earns more than Rs 3 crore in fees, they must notify Sebi and begin transitioning to a non-individual entity. The adviser will get three months to seek in-principle approval and another three months to complete the conversion. Importantly, Sebi has allowed advisers to continue onboarding new clients and collecting fees during this period.

Previously, individual advisers had to complete the entire corporatisation process within three months of breaching the threshold, with no clarity on whether they could expand business during the transition.