Description

SEBI mandates that Social Impact Assessors obtain the NISM Series XXIII – Social Impact Assessors Certification Examination, effective immediately, as required under Regulation 292A(f) of ICDR Regulations 2018.

Summary

SEBI has issued a circular specifying the mandatory NISM certification requirement for Social Impact Assessors under Regulation 292A(f) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The circular, effective immediately, designates the ‘NISM Series XXIII – Social Impact Assessors Certification Examination’ as the qualifying certification for this role.

Key Points

  • Social Impact Assessors must hold a valid ‘NISM Series XXIII – Social Impact Assessors Certification Examination’ certificate.
  • The requirement is mandated under Regulation 292A(f) of the SEBI ICDR Regulations, 2018.
  • The circular is addressed to the Institute of Social Auditors of India, ICSI Institute of Social Auditors, ICMAI Social Auditors Organization, and Social Impact Assessors.
  • Renewal of certification can be achieved either by re-appearing for the NISM Series XXIII examination or by completing the ‘NISM Series XXIII - Social Impact Assessors Certification eCPE Program’.
  • The circular comes into effect immediately upon issuance (April 13, 2026).

Regulatory Changes

This circular formally specifies the certification examination that Social Impact Assessors must qualify, fulfilling the requirement laid down in Regulation 292A(f) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The designated certification is:

  • Initial Certification: NISM Series XXIII – Social Impact Assessors Certification Examination
  • Renewal Option 1: Re-obtain the NISM Series XXIII certification
  • Renewal Option 2: Successfully complete the NISM Series XXIII - Social Impact Assessors Certification eCPE Program

Compliance Requirements

  • Social Impact Assessors must obtain and maintain a valid ‘NISM Series XXIII – Social Impact Assessors Certification Examination’ certificate.
  • Social Audit Institutions (Institute of Social Auditors of India, ICSI Institute of Social Auditors, ICMAI Social Auditors Organization) must ensure their member assessors comply with this certification requirement.
  • Assessors must complete renewal through either re-examination or the eCPE Program before their existing certificate expires.

Important Dates

  • Effective Date: April 13, 2026 (immediate effect upon issuance of the circular)
  • No grace period or transition timeline is mentioned; compliance is expected immediately.

Impact Assessment

This circular has a targeted impact on the community of Social Impact Assessors and the organizations that govern them. The direct effect on broader securities markets or listed companies is limited. However, for entities required to conduct Social Impact Assessments under the ICDR framework, this introduces a clear and enforceable professional qualification standard. Social Impact Assessors who do not currently hold the NISM Series XXIII certification will need to appear for and pass the examination. The availability of an eCPE renewal path reduces the burden of periodic re-certification.

Impact Justification

This circular affects a specific group of professionals (Social Impact Assessors) by mandating a specific NISM certification. It has limited direct market or investor impact but is significant for entities engaged in social audit activities under ICDR Regulations.