Markets regulator Sebi on Thursday suggested relaxing the educational qualification norms for Investment Advisers (IAs) and Research Analysts (RAs), proposing that graduates from any academic discipline be allowed to apply for registration.

Despite the proposed change, Sebi clarified in its consultation paper that clearing the NISM certification exam will remain compulsory to ensure adequate domain knowledge and professional competence.

At present, only candidates with a graduate or postgraduate degree in finance-related subjects—such as Finance, Business Management, Commerce, Economics, or Capital Markets—are eligible to register.