The School for Regulatory Studies and Supervision, of National Institute of Securities Markets (NISM) had conducted an Online Programme on “Overview of Securities Markets” for the Officers of NPS Trust during January 6 – 7, 2022. The programme was aimed at familiarizing the NPS trust officers with securities markets and give an overview of primary and secondary markets, derivatives and mutual funds.

Mr. M Krishnamoorthy, Programme Director & Member of Faculty, NISM welcomed the dignitaries and the participants to the programme.

In his inaugural address, Dr. V. R. Narasimhan, Dean, NISM stated that NPS Trust works in similar fashion as mutual funds where the investor has the option to choose among equity or bond or government securities or a combination of them. He also thanked NPS trust management to give NISM an opportunity to train their officers.

Dr. V. R. Narasimhan also addressed the officers on Capital Market Eco System and gave a 360 degree view of securities markets including market infrastructure institution and its major aspects, SEBI’s regulatory approach, global linkages, impact of technology on securities markets and also how all these factors are inter-related.

Mr. M Krishnamoorthy, Member of Faculty, NISM took a session on Overview of Secondary Markets and Equity Trading. He elaborated all the financial instruments like equity, debt, mutual fund, alternative investment funds and derivatives traded in secondary market as well all the market intermediaries. He also explained the entire trading process which formed the basis for the next session of clearing and settlement.

Mr. Sijo Eluvathingal, Associate Vice President, NSE Clearing Limited took the session on Clearing & Settlement and Risk Management at Exchanges whereas he explained the structure, intricacies, products and major functions of the Stock Exchange and also the role played by the Exchanges in making the secondary market trading robust.

On the second day, Mr. M Krishnamoorthy, Member of Faculty, NISM addressed the NPS Trust officers on Disclosure Requirements for Listed Companies which provided a good understanding of the recent changes in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. He discussed the principles governing disclosures and obligations like principal vs. agent, various disclosures and obligations, rights of shareholders, roles of stakeholders, responsibility of board of directors and the need for corporate governance.

Mr. Susanta Kumar Das, General Manager, NISM took a session on Basics of Derivatives. He explained various aspects of derivatives like its evolution and history, types as well as futures and options contracts.

Dr. Rachana Baid, Professor and In-charge SSE, NISM took as session on Overview of Mutual Fund Industry in India wherein she explained in detail the concept of mutual fund, its evolution over the years, benefits, regulatory protection, structure, registration, types of risk and risk reduction, scheme categorization etc.

Mr. Vinod V, Chief Operating Officer, PGIM India Asset Management Pvt. Ltd took the session on Regulatory Principles and Valuation of Securities with respect to Mutual Funds. He explained the Asset Management Eco-system with some industry statistics, The “Why” of Valuation, Three Investors Theory, Overarching principles for valuation of securities etc.

The programme was attended by around 15 NPS Trust officers and it was well-received by one and all. The participants enjoyed as well as benefitted from the deliberations.

The programme concluded with a vote of thanks by Mr M Krishnamoorthy, Programme Director & Member of Faculty, NISM.