SEBI Opens Advisory Careers to All Graduates Under New Rules

India’s markets regulator, the Securities and Exchange Board of India (SEBI), has widened the gateway to the advisory and research profession. Under newly notified rules, any graduate from any discipline can now register as an Investment Adviser (IA) or Research Analyst (RA), provided they clear the prescribed certification exams such as those of NISM. The earlier restriction that required finance-linked degrees has been removed, in a move aimed at “democratising” entry into regulated advisory roles. 

What Has SEBI Changed in IA & RA Rules?

Previously, only candidates with graduate or postgraduate degrees in fields like finance, business management, commerce, economics or capital markets were eligible to become investment advisers or research analysts. Now, SEBI has amended both the SEBI (Investment Advisers) Regulations, 2013 and the SEBI (Research Analysts) Regulations, 2014 to say that:

• Graduates from any stream — including engineering, law, arts, science and others — can apply for IA/RA registration.
• Candidates must still hold the relevant NISM certification (or certification from an organisation accredited by NISM), or a CFA Charter plus the prescribed certification.
• The revised educational framework applies to both primary applicants and persons associated with investment advice or research within an entity. 

In short, SEBI has decoupled advisory careers from compulsory finance degrees — but it has not diluted the requirement for domain knowledge and exams.

Who Can Become an Investment Adviser or Research Analyst Now?

Under the updated framework, an individual can register as an IA or RA if they meet one of the following combinations: 

• Any graduate degree (or equivalent) from a recognised Indian or foreign university, plus the relevant NISM certification.
• CFA Charter from the CFA Institute, along with relevant NISM certification.
• Completion of certain NISM Post Graduate Programmes (like Investment Advisory or Financial Planning), which themselves qualify for registration in specified cases. :contentReference[oaicite:0]{index=0}

This means a B.Tech engineer, BA in History, B.Sc in Physics or LLB graduate can all aspire to become regulated advisers and analysts — as long as they invest in the required certifications and comply with SEBI norms.

Why SEBI Has Relaxed Qualification Norms

SEBI’s stated intent is to expand the talent pool in India’s advisory and research ecosystem. With retail participation in markets rising and more investors seeking professional help, the regulator wants more qualified individuals entering the space, not fewer. By allowing non-finance graduates while keeping the certification bar intact, SEBI is trying to strike a balance between:

• Inclusivity – opening doors for capable professionals from diverse backgrounds.
• Competence – ensuring everyone passes rigorous NISM (or equivalent) exams.
• Investor protection – maintaining minimum standards for those who advise on money and risk. :contentReference[oaicite:1]{index=1}

The change also aligns India with global practice, where multiple routes — including certifications like CFA and structured training — are often used to qualify professionals beyond traditional university degrees.

Corporatisation: More Time for Growing Individual Advisers

SEBI has also made the corporatisation journey easier for individual investment advisers. Until now, an individual IA who crossed the threshold of 300 clients or ₹3 crore in advisory fees had just three months to convert into a corporate or non-individual entity. Under the revised norms: 

• The adviser must intimate SEBI as soon as they cross the threshold.
• They get three months to apply for in-principle approval to convert.
• They get another three months to complete the conversion into a non-individual entity.
• During this six-month window, they can continue onboarding new clients and charging fees.

This staggered timeline provides breathing room for serious practitioners to scale up their structure without abruptly disrupting their client relationships.

Impact on Aspirants: Easier Entry, Not “Easy Money”

For students and young professionals, this is a big signal: advisory and research are now open professions, not reserved only for finance grads. But the opportunity comes with clear expectations:

• You must still clear NISM exams and keep certifications updated.
• SEBI regulations on fees, disclosures, risk profiling, and suitability continue to apply.
• Mis-selling, unrealistic return promises or non-compliance can still attract strict enforcement.

In practice, this shift is likely to:

• Bring in talent from engineering, law, data science, behavioural sciences and technology.
• Encourage cross-disciplinary advisory models — for example, tech-driven research, quant-based advisory, or legally-aware wealth planning.
• Increase competition in the IA/RA space, pushing existing players to up their game in both quality and transparency. 

What It Means for Investors

For investors, SEBI’s move doesn’t mean “anyone can advise without checks.” Every SEBI-registered IA or RA is still bound by:

• Fit & proper criteria and background checks during registration.
• Code of conduct, documentation and conflict-of-interest rules.
• Mandatory risk profiling, suitability assessment and written agreements.
• Ongoing regulatory supervision and potential inspections.

However, investors may now see:

• More choice in types of advisory models and specialisations.
• Better geographic spread as non-metro professionals also enter the field.
• More independent research voices, not just broker-linked or distribution-led advice.

As always, investors should verify SEBI registration numbers, check NISM certification, and review disclosures before engaging an adviser or analyst.

Shunyatax View: Opportunity with Responsibility

For aspiring advisers and analysts, SEBI’s change is a structural opportunity to build a regulated, long-term career — irrespective of whether your degree is in commerce, coding, or constitutional law. But regulation is clear: advisory is not a casual side-gig; it is a fiduciary responsibility.

At Shunyatax Global, we see this as the right time for serious professionals to formalise their practice, invest in training, understand SEBI’s rulebook in depth, and build investor-centric models based on transparency, suitability and long-term trust.

For more updates on SEBI regulations, advisory careers, and compliance-first market practices, keep following Accounting firms in India — where complex rules are explained in plain language.