PGDM 311017

PGDQF3110117

pgpsm final

CSL311017

National Institute of Securities Markets
Communiqué/Press Release

 

NISM-Series-II-B:
Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination
NISM/Certification/RTACPE/2012/2 dated April 27, 2012

Further to NISM/Certification/CPE General/2011/1 dated December 21, 2011 and NISM/Certification/ CPE General/2011/2 dated January 23, 2012, in exercise of the powers conferred by sub-regulation (1) of Regulation (9) of SEBI (Certification of Associated Persons in Securities Markets) Regulations, 2007, pursuant to Continuing Professional Education (CPE)  requirements for all associated persons employed or engaged or to be employed or engaged by Registrars to an Issue and Share Transfer Agents for performing any of the activities specified in SEBI Notification No.LAD-NRO/GN/ 2009-10/18/175577dated September 04, 2009 for mutual funds;NISM now specifies the CPE Program for “NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination”.

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) programmes for associated persons of market intermediaries who are holding valid certificates. 

CPE Requirements

The CPE structure has been specified vide communiqué NISM/Certification/CPE General/2011/1 dated December 21, 2011.

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.

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

(a)    Passing the relevant certificate examination, as specified by NISM.
(b)   Successfully completing a related 2 day CPE Program, as specified by NISM.

The mandated two day NISM CPE Programme can be successfully completed by a candidate by either attending the relevant CPE Programme on two consecutive days or with a gap. However, both the days of CPE Programme must be completed during 12 months preceding the date of expiry of the certificate. Attending only one day of the relevant CPE Programme during 12 months preceding the date of expiry of the certificate shall not be considered as successful completion.

The fees for the program will be as below:

  1. Rs. 1800/- (Rupees Eighteen Hundred only) per day/per candidate/per program in case candidate opts for a single day training (i.e. candidate chooses to complete training for only day at a time out of two days of CPE Program).
  2. Rs. 1700/- (Rupees Seventeen Hundred only) per day/per candidate/per program in case candidate chooses to complete both days training on two consecutive days of two days CPE Program.

The certificate will be revalidated for a period of 3 years from the date of expiry of the existing certificate.

Launch Date

The CPE Programme will be available from May 2, 2012.

The Programme details will be made available at www.nism.ac.in


1The following certificates will be considered as a valid certificate:

  1. Examination / CPE Certificate for NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents- Mutual Fund Certification Examination where the validity period of the certificate is not over.

 

---sd----
M. L. Soneji
Registrar
National Institute of Securities Markets
 
Copy to:
  1. Executive Director, MIRSD, SEBI
  2. Registrars Association of India


Annexure –I
National Institute of Securities Markets
Communiqué/Press Release
 
NISM Continuing Professional Education Requirements
NISM/Certification/ CPE General/2011/1 dated December 21, 2011
 
NISM Continuing Professional Education Program
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) programs for associated persons of market intermediaries who are holding valid certificates.

Certification and Continuing Professional Education Requirements 

Obtaining a certificate for the first time 

Regulation 4 of SEBI (CAPSM) Regulations, 2007 specifies the manner of obtaining the certificate the first time. These are further detailed below:

Principal1

A Principal may obtain the certificate by any of the following manners:-

  1. Passing the relevant certificate examination, as may be specified by NISM.
  2. Successfully completing a related 2 day CPE Program, as may be specified by NISM.
  3. Delivering at least four sessions in specific 2 day CPE program, as may be specified by NISM.

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:

  1. Passing the relevant certificate examination, as may be specified by NISM.
  2. Successfully completing a related 2 day CPE Program, as may be specified by NISM.

Others

All other persons may obtain the certificate by the following method:

(a) Passing the relevant certificate examination, as may be specified by NISM.

According to Regulation 5 of SEBI (CAPSM) Regulations, 2007, the certificate granted is valid for three years from the date of the grant of the certificate or revalidation thereof, as the case may be. 

Continuing Professional Education Requirements for Revalidating the Certificate 

Upon expiry of the validity of the certificate possessed by an associated person, the certificate may get revalidated, provided the associated person successfully completes a programme of continuing professional education, as may be specified by NISM during 12 months preceding the date of expiry of the certificate, or by passing the relevant NISM Certification Examination before the expiry of the existing certificate.

The certificate will be revalidated for a period of three years from the date of expiry of the existing certificate.

Different categories of persons may get their certificate revalidated through different methods as follows:

Principal1

A Principal may get his/her certificate revalidated by any of the following ways:

  1. Passing the relevant certificate examination, as may be specified by NISM.
  2. Successfully completing a related 2 day CPE Program, as may be specified by NISM.
  3. Delivering at least four sessions in specific 2 day CPE program, as may be specified by NISM.

Grandfathered person

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

  1. Passing the relevant certificate examination, as may be specified by NISM.
  2. Successfully completing a related 2 day CPE Program, as may be specified by NISM.

Other persons

All other persons may get their certificate revalidated by any of the following methods:

  1. Passing the relevant certificate examination, as may be specified by NISM.
  2. Successfully completing a related 2 day CPE Program, as may be specified by NISM.

Registration for CPE 

 Registration with NISM 

  • Candidate can do a onetime online/offline registration with NISM for attending CPE Program and obtain a unique identification number.
  • NISM will specify details including effective date for each CPE Program specific to each Certification Examination from time to time.

Enrolment for attending CPE Program 

  • For each CPE program, candidate shall approach CPE Providers, as may be accredited by NISM.
  • Candidate shall use the unique identification (registration) number obtained from NISM for enrolling for a CPE program with CPE Provider, as may be accredited by NISM.
  • CPE Program can be successfully completed by a candidate by either attending the relevant CPE Program on two consecutive days or with a gap. However, both the days of CPE Program must be completed during 12 months preceding the date of expiry of the certificate. Attending only one day of the relevant CPE Program during 12 months preceding the date of expiry of the certificate shall not be considered as successful completion.
  • NISM may fix appropriate cost for the candidate for CPE Program which shall not exceed Rs 2000/- per program, per day, per candidate.

Design of CPE programs 

  • CPE programs will be developed specific to each NISM certification.
  • NISM will issue broad guidelines for the conduct of NISM CPE programs.
  • NISM will provide broad guidelines for development of each specific CPE program and also develop the program outline listing out the learning objectives in consultation with the industry and subject matter experts. CPE program content may include recap of knowledge tested in the certification examination; incremental changes in regulations, market procedures and products as well as other relevant issues.
  • Accredited CPE Provider/s shall be required to obtain prior approval of NISM for each CPE program developed by accredited CPE provider/s which meet the guidelines and the structure as above.
  • NISM may also develop its own CPE programs and may provide to CPE providers for delivery.
  • The CPE programs conducted by CPE providers shall be approximately of 12-hour duration to be conducted over 2 training days or as may be specified by NISM.
  • At the end of the second day of the CPE Program, a test shall be conducted by the CPE Provider. (The details related to the CPE programs content, duration and test shall be specified by NISM for each CPE program specific to each certification examination, from time to time).

Delivery of CPE programs 

  • CPE programs may be delivered in class room format.
  • NISM has accredited CPE Providers for the delivery of NISM CPE Programs. The list of the accredited providers will be made available on www.nism.ac.in.
  • In addition to the accredited CPE Providers, NISM may also provide class room delivery of CPE Program specific to each certification examination.
  • After verifying that candidates have successfully completed the relevant CPE Program, the certificate will be revalidated by NISM.

 

----sd----
M. L. Soneji
Registrar
National Institute of Securities Markets

 

Annexure –II 
National Institute of Securities Markets
Addendum
 
NISM Continuing Professional Education Requirements
NISM/Certification/ CPE General/2011/2 dated January 23, 2012

Further to NISM Communiqué/Press Release on “NISM Continuing Professional Education Requirements” - NISM/Certification/ CPE General/2011/1 dated December 21, 2011, NISM hereby issues the following clarification pertaining to the ‘experience’ as referred to in the section on Certification and Continuing Professional Education Requirements for grandfathered person for (a) obtaining a certificate for the first time and (b) for revalidating the certificate:

Certification and Continuing Professional Education Requirements for grandfathered person for obtaining a certificate for the first time

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 relevant certificate examination, as may be specified by NISM.
(b) Successfully completing a related 2 day CPE Program, as may be specified by NISM. 

Certification and Continuing Professional Education Requirements for grandfathered person for revalidating the certificate

Grandfathered person

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

(a) Passing the relevant certificate examination, as may be specified by NISM.
(b) Successfully completing a related 2 day CPE Program, as may be specified by NISM. 

In both of the above cases, the term “experience” will be construed as experience in the securities markets in the activities as specified in sub-regulation (4) of regulation 3 of SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007. [SEBI (CAPSM) Regulations, 2007 ]

Where the sub-regulation (4) of regulation 3 of SEBI (CAPSM) Regulations, 2007 states the following activities:

(a) whether the associated person as part of his work or operation deals or interacts with the investors, issuers or clients of intermediaries;
(b) whether the associated person deals with assets or funds of investor or clients;
(c) whether the associated person handles redressal of investor grievances;
(d) whether the associated person is responsible for internal control or risk management;
(e) whether the associated person is responsible for compliance of any rules or regulations;
(f) whether the associated person is engaged in activities that have a bearing on operational risk of the intermediary.

 

----sd----
M. L. Soneji
Registrar
National Institute of Securities Markets 


1A Principal is a person who is actively engaged in the management of the intermediary’s securities business including supervision, solicitation, conduct of business, and includes: a) Sole Proprietors, b) Managing Partners and c) Whole Time Directors

NISM Events

Go to top