New Delhi, Nov. 7 -- The Securities and Exchange Board of India (Sebi) has proposed an overhaul of its certification framework for market intermediaries, aiming to bring more professionals under its ambit, introduce long-term courses as an alternative qualification path, and phase out existing exemptions granted to senior market executives.

In a consultation paper released on Thursday, the market regulator proposed amendments to the Sebi (Certification of Associated Persons in the Securities Markets) Regulations, 2007, which govern the qualification and certification requirements for individuals working in the securities industry.

The move seeks to modernize a framework that has stayed largely unchanged for over a decade, even as India'...