SEBI's amendment regulations, in force from 8 October 2026, replace the term “associated person” with “specified person” in its certification rules. They also add a NISM course or programme as a new way to obtain certification. The reference to the Companies Act, 1956 now points to the Companies Act, 2013.
- “Associated person” becomes “specified person” throughout the certification regulations, including their title.
- “Specified person” covers principals, employees, agents, distributors and other natural persons in the securities market business, plus FPI and FVCI employees working in India.
- A course or programme specified by NISM, in consultation with SEBI, becomes a new route to certification: regulation 4(1)(d).
- The three-year certificate validity can be varied: the Board may specify another extended period.
- In force from 8 October 2026, the date of publication in the Official Gazette.
What changes
- The term “associated person” is replaced by “specified person” wherever it appears in the Certification of Associated Persons in the Securities Markets Regulations, 2007, including the title. The proviso to regulation 3(1) keeps the old term.
- Clause (c) of regulation 2(1) is omitted. A new clause (m) defines “specified person”.
- Regulation 4(1) gets a new clause (d): certification by passing a course or programme specified by NISM in consultation with SEBI.
- Regulations 4(2), 4(3) and 4(4) are changed so that the new clause (d) route applies to principals and other specified persons.
- Regulation 5 allows a certificate validity, and a renewal period, other than three years, if the Board specifies it.
- The reference to the Companies Act, 1956 in regulation 2(2) becomes a reference to the Companies Act, 2013.
- A new regulation 12 and a Schedule make the same term change in the SEBI (Debenture Trustees) Regulations, 1993 (regulation 17A(4)) and the SEBI (Self Regulatory Organizations) Regulations, 2004 (regulations 2(1)(ea) and 2(1)(ha)).
Who it applies to
The new definition covers a principal or employee of an intermediary, an agent, a distributor or any other natural person engaged in the securities market business. It also includes an employee of a foreign portfolio investor or foreign venture capital investor working in India. Companies and LLPs that are intermediaries, or that employ or appoint such persons, should check their records.
From when
The regulations were notified on 7 October 2026 and published in the Gazette of India (Extraordinary) on 8 October 2026. They are in force from that date.
Context and background
Until now the 2007 regulations used the label “associated person” and offered three routes to certification in regulation 4(1), clauses (a) to (c). The certificate was valid for three years from grant or renewal. The old Companies Act, 1956 was still cited in regulation 2(2). The amendment brings the terminology and the cross-reference up to date and gives SEBI room to change validity periods by order.
Effect in practice
- Firms should update internal policies, HR records and agreements that use “associated person” to “specified person”, except where the proviso to regulation 3(1) applies.
- Certification through a NISM course or programme is possible only once NISM specifies it with SEBI. Watch for NISM and SEBI notices.
- The date from which regulation 4(3) is counted is now the date of the examination, of obtaining CPE, or of enrolling in the NISM course or programme, as applicable.
- Do not assume the three-year validity or renewal period is fixed. The Board may specify another period, and may provide otherwise on expiry of a certificate.
| Provision | Before | Now | What it means |
|---|---|---|---|
| Whole regulations (except proviso to regulation 3(1)) | associated person / associated persons | specified person / specified persons | The regulations, including their title, now use the term “specified person”. |
| Regulation 2(1)(c) | Clause (c) in force | Omitted | Clause (c) is removed from the definitions. |
| Regulation 2(1)(l) and new (m) | Clause (l) ended with “.” | Clause (l) ends with “;” and new clause (m) defines “specified person” | Principals, employees, agents, distributors, other natural persons in the securities market business, and FPI/FVCI employees working in India are covered. |
| Regulation 2(2) | the Companies Act, 1956 (1 of 1956) | the Companies Act, 2013 (18 of 2013) | The reference now points to the current Companies Act. |
| Regulation 4(1)(c) and new (d) | Three routes, clauses (a) to (c) | New clause (d): passing a course or programme specified by NISM in consultation with the Board | A NISM course or programme becomes a further route to certification. |
| Regulation 4(2) | Clauses (a), (b) or (c) | Clauses (a), (b), (c) or (d) | A principal who is a specified person may also certify through the new clause (d) route. |
| Regulation 4(3) | Date as may be specified by the Board under regulation 3(1) | Date of appearing for examination, obtaining CPE or enrolment in the NISM course or programme, as the case may be; clause (d) added | The relevant date depends on the route taken. |
| Regulation 4(4) | Clause (a) of regulation 4(1) | Clause (a) or clause (d) | Other specified persons may also certify through the clause (d) route. |
| Regulation 5(1) | Valid for three years from the date of grant | Three years, or such other extended period as the Board specifies | The Board may vary the validity period. |
| Regulation 5(2) | Renewal for three years at a time | “Unless otherwise provided by the Board,” and three years or such other extended period as the Board specifies | The Board may change the renewal period or the treatment on expiry. |
| New regulation 12 and Schedule | No such provision | Term changed in Debenture Trustees Regulations, 1993 (17A(4)) and SRO Regulations, 2004 (2(1)(ea), 2(1)(ha)) | “Associated Persons” becomes “Specified Persons” in those regulations too. |
The words “associated person”, “an associated person” and “associated persons” wherever they appear, including in the title of the regulations, except in the proviso to regulation 3(1), shall be substituted with the words “specified person”, “a specified person” and “specified persons” respectively.
In regulation 2(1), (i) clause (c) shall be omitted; (ii) in clause (l), the symbol “.” shall be substituted with the symbol “;”; (iii) after clause (l), the following new clause shall be inserted, namely – “(m) “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.”.
In regulation 2 (2), the words, symbols and numbers “the Companies Act, 1956 (1 of 1956)” shall be substituted with the words, symbols and numbers, “the Companies Act, 2013 (18 of 2013)”.
In regulation 4(1), (i) in clause (c), the symbol “.” shall be substituted with the words and symbols “; or”; (ii) after clause (c), the following new clause shall be inserted, namely – “(d) by passing a course or programme as may be specified by NISM in consultation with the Board from time to time.”
In regulation 4(2), after the words and symbols “clause (c)” and before the words and symbols “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.
In regulation 4(3), the words, symbols and numbers “as may be specified by the Board under sub regulation (1) of regulation 3” shall be substituted with the words and symbols, “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”.
In regulation 4(3), after the words and symbols “clause (b)” and before the words and symbols “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.
In regulation 4(4), after the words and symbols “in clause (a)” and before the words, symbols and numbers “of sub regulation (1)”, the words and symbols “or clause (d)” shall be inserted.
In regulation 5(1), after the words “for a period of three years” and before the words “from the date of the grant”, the words “or for such other extended period as may be specified by the Board” shall be inserted.
In regulation 5(2), (i) before the words “Upon expiry” the words and symbols “Unless otherwise provided by the Board,” shall be inserted; (ii) after the words “for a period of three years” and before the words “at a time,” the words “or for such other extended period as may be specified by the Board” shall be inserted.
After regulation 11, the following new regulation shall be inserted, namely – “Amendment to other regulations. 12. The regulations specified in the Schedule to these regulations shall be amended in the manner and to the extent stated therein.”
After regulation 12, the following new Schedule shall be inserted, namely – “SCHEDULE [See Regulation 12] 1. Amendment to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993. In regulation 17A(4), the words “Associated Persons” shall be substituted with the words “Specified Persons”. 2. Amendment to the Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004. (i) In regulation 2(1)(ea), the words “Associated Persons” shall be substituted with the words “Specified Persons”. (ii) In regulation 2(1)(ha), the words “Associated Persons” shall be substituted with the words “Specified Persons”.”
- Specified person
- The new term for “associated person”: a principal or employee of an intermediary, an agent, a distributor or another natural person in the securities market business, including FPI and FVCI employees working in India.
- NISM
- National Institute of Securities Markets, which runs SEBI-linked certification examinations and courses.
- CPE
- Continuing professional education, which a certified person completes to keep the certificate valid.
- Official Gazette
- The Government's official publication; rules usually take effect from their publication in it.
This update summarises an official document for general information. It is not legal advice; please consult us before acting on it.