SEBI Specifies NISM Certification for Social Impact Assessors

On April 13, 2026, the Securities and Exchange Board of India (SEBI) mandated NISM-Series-XXIII: Social Impact Assessors Certification Examination for a Social Impact Assessor to be considered qualified, marking a significant step towards formalising the regulatory framework governing social impact assessment in India.

The circular was addressed to the Institute of Social Auditors of India, the ICSI Institute of Social Auditors, the ICMAI Social Auditors Organization and Social Impact Assessors. 

The requirement aligns with Regulation 292A(f) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which defines a “Social Impact Assessor” as an individual registered with a self-regulatory organisation and who has qualified a certification programme conducted by NISM and holds a valid certificate.

The prescribed certification “NISM-Series-XXIII: Social Impact Assessors Certification Examination” aims to create a pool of qualified professionals responsible for assessing the impact of social interventions undertaken by social enterprises raising funds through the Social Stock Exchange platform.

The examination carries a total of 100 marks and is designed to ensure that the candidate acquires proficiency in (i) social impact assessment concepts (ii) the Social stock exchange framework and (iii) reporting and regulatory requirements

It has further been clarified that the Certification must be periodically renewed, either by retaking the examination or by completing the ‘NISM Series XXIII- Social Impact Assessors Certification eCPE Program’. It is an online continuing professional education course for Social Impact Assessors, prescribed by SEBI for renewal of certification under the ICDR Regulations. Upon completion of the program, assessors are allowed to revalidate their certification for three years without retaking the examination.