PGDM 311017

PGDQF3110117

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CSL311017

National Institute of Securities Markets
Communiqué/Press Release

 

NISM-Series-V-A: Mutual Fund DistributorsCertification Examination
NISM/Certification/MFD CPE/2012/1 dated February 15th, 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, further to NISM/Certification/ CPE General/2011/1 dated December 21, 2011, NISM specifies the following CPE Requirements for all associated persons, including distributors, agents, brokers, sub-brokers or called by any other name, engaged in the selling and/or distributing of mutual fund products, who hold a valid certificate 1 [Effective from June 1, 2012]. 

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.

As per SEBI Notification Cir/IMD/DF/5/2010, since June 1, 2010, NISM Continuing Professional Education (CPE) Programme has replaced the AMFI Refresher Course programme for the purpose of revalidation of NISM/ AMFI certificates. 

Current CPE Requirements

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 specified by NISM during 6 months preceding the date of expiry of the certificate, or by passing the relevant NISM Certification Examination before the expiry of the existing certificate.

A candidate with a valid NISM/ AMFI certificate is required to complete the mandated one day NISM CPE Programme within a period of 6 months preceding the date of the expiry of the said certificate.

The fee for the above programme is Rs 1500/- per day per candidate.

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

Revised CPE Requirements

The CPE structure has been revised vide communiqué NISM/Certification/ CPE General/2011/1 dated December 21, 2011. Further to the same, NISM announces the effective date for the start of the revised CPE structure for NISM-Series-V-A: MFD as June 1, 2012.

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 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.

A candidate with a valid NISM/ AMFI certificate is required to complete the mandated two day NISM CPE Programme within a period of 12 months preceding the date of the expiry of the said certificate.

As per the revised CPE requirements, 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 fee for this programme will be as below:

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

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

Effective Date

The new CPE requirements will be applicable with effect from June 1, 2012.

Transition

To provide a smooth transition, NISM will continue to offer the current CPE Programme till May 31, 2012. An associated person holding a certificate whose validity will lapse on or before November 30, 2012 may undergo the current programme till May 31, 2012. Such a person holding a valid certificate whose validity will lapse between June 1, 2012 and November 30, 2012, and who has not undergone the above programme, may attend the NISM MFD CPE as per the revised requirements from June 1, 2012 onwards, within the validity period of the said certificate.

An associated person holding a certificate whose validity will expire on or after December 1, 2012 must undergo the NISM MFD CPE as per the revised requirements from June 1, 2012 onwards.

Any person failing to comply with the complete CPE requirements within the applicable period must appear for NISM-Series-V-A: Mutual Fund Distributors Certification Examination for the purpose of obtaining a new certificate.

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


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

  1. Examination/ Refresher Course Certificate for AMFI Mutual Fund (Advisors) Module(till 31.05.2010)offered by Association of Mutual Funds in India, where the validity period of the certificate is not over.
  2. Examination/ Refresher Course Certificate for NISM-Series-V-A: Mutual Fund DistributorsCertification Examination offered by National Institute of Securities Markets(from 01.06.2010), where the validity period of the certificate is not over.
Explanation
In case the validity period is not mentioned on the AMFI Refresher Course certificate, the validity period will be considered as 5 years from the date of the programme.

 

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M. L. Soneji
Registrar
National Institute of Securities Markets
 

Copy to:

  1. Executive Director, IMD, SEBI
  2. Chairman, AMFI

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