PGDM 311017

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CSL311017

Refer to SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13, 2012, NISM now specifies the one day CPE Programme for the NISM-Series-V-B: Mutual Fund Foundation Certification Examination for “a new cadre of distributors including, postal agents, retired government and semi-government officials (class III and above or equivalent) with a service of at least 10 years, retired teachers with a service of at least 10 years, retired bank officers with a service of at least 10 years, and other similar persons (such as Bank correspondents) as may be notified by AMFI/AMC from time to time, allowed to sell units of simple and performing mutual fund schemes”.

In this regard attention is also drawn to  NISM/Certification/CPE General/2011/1 dated December 21, 2011 and NISM/Certification/ CPE General/2011/2 dated January 23, 2012, issued by NISM in exercise of the powers conferred by sub-regulation (1) of Regulation (9) of SEBI (Certification of Associated Persons in Securities Markets) Regulations, 2007.

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. These are:

1. Offering mandatory certification examinations for associated persons of securities market intermediaries.
2. Offering Continuing Professional Education (CPE) Programme for associated persons of market intermediaries who are holding valid certificates.

Certification Requirements

To obtain a certificate for the first time, associated persons, who are Principals and Grandfathered Persons, will have the following options:

(a)   Passing the NISM-Series-V-B: Mutual Fund Foundation Certification Examination, as specified by NISM.
(b)   Successfully completing a one day NISM Mutual Fund Foundation CPE Programme, as specified by NISM.

The certificates for the certification examination as well as CPE shall be valid for a period of three years from the date of the grant of the certificate or revalidation thereof as the case may be.

Certificate Revalidation

On or before expiry of the validity of the certificate possessed by an associated person, the associated person needs to either successfully complete the programme of continuing professional education specified by NISM during 12 months preceding the date of expiry of the certificate, or pass the relevant NISM Certification Examination before the expiry of the existing certificate, so as to have the certificate revalidated for a further period of three years.

Certification and Continuing Professional Education Requirements for grandfathered person for obtaining a certificate for the first time / revalidating an existing certificate

Grandfathered person

A person other than a Principal, who has attained 50 years of age or who has 10 years of experience, may obtain the certificate by any of the following methods:

(a) Passing the NISM-Series-V-B: Mutual Fund Foundation Certification Examination, as may be specified by NISM.
(b) Successfully completing a one day NISM Mutual Fund Foundation CPE Programme, as may be specified by NISM.

Here, the term “experience” will be construed as experience as per Section E (2) of SEBI CIR/IMD/DF/21/2012 dated September 13, 2012.

For operational convenience and in reference to the Section E (2) of the SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012, the following verification process will be followed in the case of the MFF CPE program:

The Compliance Officer of the AMC shall issue a certificate to NISM, stating that

“__________ (Name of person) is more than 50 years of age as on _____ or has experience of atleast 10 years as on _______, and is eligible to attend the NISM-Series-V-B: Mutual Fund Foundation CPE Programme” as per sub-regulation (4) of regulation 3 of SEBI (CAPSM) Regulations, 2007and SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012. 

 

Launch Date

The CPE Programme is now available and Mutual Funds may approach NISM and Accredited CPE Providers.

The CPE Programme details are available at www.nism.ac.in

 

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G P Garg
Registrar
National Institute of Securities Markets

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