The Securities and Exchange Board of India (SEBI)-backed National Institute of Securities Markets (NISM) and the Indian Institute of Corporate Affairs (IICA) signed a Memorandum of Understanding (MoU) in Mumbai on 21 May 2025 to jointly advance training in governance, ESG, and capital markets. The agreement, announced by the Ministry of Corporate Affairs, lays out a long-term framework for capacity building, certification courses, and policy support across India's securities and corporate sectors.

What the MoU Covers

Under the agreement, NISM and IICA will jointly design and deliver capacity building programmes, executive education modules, and certification courses — including specialised training for SEBI officers and officials from other regulatory and financial sector institutions. The collaboration will span securities markets, sustainability, ESG reporting, and Business Responsibility and Sustainability Reporting (BRSR).

Additional areas covered include insolvency, investor education, valuation, responsible investing, sustainable finance, board governance, market integrity, MSME financing, and emerging regulatory frameworks, according to the ministry.

Key Voices at the Signing

SEBI Chairman Tuhin Kanta Pandey attended the signing ceremony and stressed the importance of building a performance-driven corporate governance framework. He highlighted enabling MSME access to capital markets, strengthening sustainability disclosures, and promoting evidence-based research in emerging regulatory domains as central priorities.

The collaboration was envisaged by IICA Director General and CEO Gyaneshwar Kumar Singh, who has been steering strategic initiatives in corporate governance, ESG, and responsible business conduct aligned with India's national development agenda. The MoU was formally signed by NISM Registrar Yogita Jadhav on behalf of NISM and Dr Garima Dadhich, Head of the School of Business Environment at IICA, on behalf of IICA.

Research, Curriculum and Institutional Collaboration

Beyond training, both institutions will collaborate on research studies, curriculum development, dissemination of best practices, faculty exchange programmes, publications, and the joint organisation of conferences and seminars. This positions the partnership as an ongoing knowledge-exchange platform rather than a one-time training arrangement.

Notably, the focus on BRSR and ESG disclosures aligns with SEBI's recent regulatory push requiring listed companies to meet stricter sustainability reporting standards — making trained professionals a pressing need across the financial ecosystem.

Why This Partnership Matters

India's capital markets are deepening rapidly, with retail participation at record highs and MSME listings gaining regulatory momentum. Yet a persistent gap in governance literacy and ESG expertise among market participants and regulators alike has been flagged by industry bodies. This collaboration directly targets that gap by pooling NISM's securities market expertise with IICA's corporate affairs mandate.

The two institutions together cover the principal regulatory and governance knowledge architecture of India's financial system. Whether the partnership translates into measurable improvements in governance standards will depend on programme uptake and the quality of certification outcomes in the months ahead.