SEBI Announces “Certified Course” For All Market Participants
A recent SEBI proposal makes it obligatory for all market participants to clear an exam conducted by the National Institute of Securities Markets (NISM).
The certificate will be granted after passing an examination, and would be valid for 3 years.
According to the SEBI notification, all persons engaged in handling investors’ money, assets, complaints, dealing with operational risks, attending to compliance and persons responsible for management of intermediaries will have to demonstrate minimum proficiency standards in order to maintain their registration with SEBI.
M Damodaran, SEBI chairman announced this statement, during a workshop for market participants in Mumbai.
A P Kurian, Chairman, Association of Mutual funds in India (AMFI) said, “All those whose examinations are currently recognized by SEBI would be accepted. So, an AMFI certification would be accepted. However, if we want to introduce a new course, we would have to get it recognized by SEBI.”
We have already worked out the syllabus for certification of the Registrar and Share Transfer Agents, which is the smallest lot (around 500 people) amongst all intermediaries. This has to be approved by SEBI, said G Sethu, Special duty incharge of National Institute of Securities Market (NISM).
SEBI proposal is expected to result in the creation of a group of qualified workforce in the Indian securities industry.