Background

National Institute of Securities Markets (NISM) performs two functions delegated to it under the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) SEBI (CAPSM) Regulations, 2007. They are:

· Offering mandatory Certification Examinations for associated persons in the securities market intermediaries

· Offering Continuing Professional Education (CPE) Programs for associated persons in the securities market intermediaries

NISM-Series-IX: Merchant Banking CPE

In exercise of the powers conferred by Sub-regulation (1) of Regulation (9) of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations 2007, NISM specifies the CPE Program for ‘NISM-Series-IX: Merchant Banking Certification Examination’, for the purpose of revalidation of the certificate.

(Refer SEBI Notification No. LAD-NRO/GN/2013-14/15/6319 – dated August 2, 2013)

Accordingly, any person holding any of the following certificates:

(a) NISM Series-IX: Merchant Banking Certification Examination(after August 2, 2013)

(b) NISM Series-IX: Merchant Banking Continuing Professional Education

and the validity of which has not expired, can re-validate his / her certificate for a period of three years from its date of expiry by successfully completing NISM Series-IX: Merchant Banking Continuing Professional Education Program as specified by NISM during 12 months preceding the date of expiry of the certificate.

Also, Associated Person belonging to the Principal* or the Grandfather** Category can obtain a Certificate for the first time by successfully completing NISM Series IX: Merchant Banking Continuing Professional Education Program as specified by NISM.

Note: Associated Person not belonging to either the Principal or the Grandfather Category, whose Certificate has expired, will have to pass the NISM-Series-IX: Merchant Banking Certification Examination to obtain a new Certificate.

 

Design of the CPE Program

· The CPE Programs shall be delivered in a classroom format.

· A test shall be conducted at the end of the program.

· After verifying those candidates have successfully completed the CPE Program, NISM shall issue a new certificate for a period of three years from the date of the program or revalidate an existing certificate for a period of three years from its date of expiry.

Note: The content and duration of the CPE Programs shall be specified from time to time, by NISM for each CPE Program specific to each Certification Examination.


* Principal: Any person who is actively engaged in the management of an Intermediary’s securities business including supervision, solicitation, conduct of business, and is a

· Proprietor / Sole Proprietor

· Partner / Managing Partner

· Chairman

· Director / Executive Director

· Whole Time Director / Director

· Chief Executive Officer,

can be classified under the Principal Category.

**Grandfather: Any associated person, other than Principal, who has completed the age of 50 years as on August 02, 2013 or who has an experience of 10 years or more as an approved user and sales personnel of the Trading Members of an Merchant Banker, as on August 02, 2013, can be classified under the Grandfather Category.