New Delhi, Aug. 7 -- Graduates from any discipline, including engineering and law, could become investment advisers and research analysts as India's capital market regulator unveiled sweeping proposals to slash red tape and widen entry for such professionals.

The Securities and Exchange Board of India's consultation paper released on Thursday proposes to drop subject restrictions for new entrants. The only mandatory hurdle is clearing the relevant National Institute of Securities Markets (NISM) exams or an accredited equivalent.

The paper seeks to overhaul compliance, registration, and data disclosure requirements for such investment advisers (IAs) or research analysts (RAs). It aims to "facilitate ease of doing business and address pra...