New Delhi, Feb. 17 -- Recent changes by the Securities and Exchange Board of India (Sebi) to the regulatory framework governing research analysts (RAs) reflect a mix of progressive and regressive measures.

One of the notable changes is the relaxation of eligibility criteria, which may seem like a welcome step. However, the new framework imposes burdensome obligations that could hinder RAs' ability to operate effectively.

The minimum qualification requirement for an individual RA or a principal officer of a non-individual RA has been reduced to a graduate degree in a finance-related field. Additionally, the previous requirement of five years of experience in securities-related activities has been completely removed. While this change low...