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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 CPE for Equity Derivatives

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-VIII: Equity Derivatives Certification Examination’, for the purpose of revalidation of the certificate.

(Refer SEBI Notification No. LAD-NRO/GN/2012-13/30/5474dated January 11, 2013)

Accordingly, an Associated Person (approved users and sales personnel of the trading members of an Equity Derivatives Exchange or of the Equity Derivatives Segment of recognized stock exchange) holding any of the following Certificates:

   (a)  NISM Series VIII: Equity Derivatives Certification Examination (after January 11, 2013)

   (b)  NISM Series VIII: Equity Derivatives Continuing Professional Education

   (c) Certificate on Derivatives Exchange of Bombay Stock Exchange Limited (before January 11, 2013)

   (d) NCFM – Derivative Market (Dealers) Module of National Stock Exchange of India Limited (before January 11, 2013)

and the  validity of which has not expired, can revalidate his/her Certificate for a period of three years from its date of expiry, by successfully completing NISM Series VIII: Equity Derivatives 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 VIII: Equity Derivatives 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-VIII: Equity Derivatives Certification Examination to obtain a new Certificate.

 

Design of the CPE Program

  • The CPE Programs shall be delivered in a class-room format.
  • NISM has Accredited CPE Providers for the delivery of the NISM CPE Programs.
  • All NISM CPE Programs are of one day duration (approximately six hours).
  • A test shall be conducted at the end of the Program.
  • After verifying that 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.

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*Principal: Any person who isactively engaged in the management of an Intermediary’s Securities business including supervision, solicitation, conduct of business, and is a Proprietor / Proprietor / Partner / Managing Partner / Chairman / Director / Executive Director / Whole Time 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 January 11, 2013 or who has an experience of 10 years or more as an approved user and sales personnel of the Trading Members of an Equity Derivatives Exchange or of the Equity Derivatives Segment of recognized Stock Exchange, as on January 11, 2013,can be classified under the Grandfather Category.

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