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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 Interest Rate 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-IV: Interest Rate Derivatives Certification Examination’, for the purpose of revalidation of the certificate.

(Refer SEBI Notification No.LAD-NRO/GN/2010-11/12/10230 – dated 29 June 2010)

Accordingly, an Associated Person (approved users and sales personnel of the trading members who are registered as such in the currency derivatives segment of a recognized  stock exchange and trading in interest rate derivatives) holding a certificate for NISM-Series-IV: Interest Rate Derivatives Certification Examination’ can revalidate his/her certificate for a period of three years from the date of expiry of the existing certificate by successfully completing the one day Interest Rate 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 Grandfathered** category can obtain a Certificate for the first time by successfully completing the one day Interest Rate Derivatives Continuing Professional Education Program as specified by NISM.

Note: Associated Person not belonging to either the Principal or the Grandfathered category, whose certificate has expired, will have to pass the NISM-Series-IV: Interest Rate 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 relevant CPE Program, NISM shall issue a new certificate or revalidate an existing certificate for a period of three years from the date of expiry of the existing certificate.

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 associated person who is actively engaged in the management of the intermediary’s securities business including supervision, solicitation, conduct of business, and includes: a) Proprietor / Sole Proprietor, b) Partner / Managing Partner, c) Chairman, d) Whole Time Directors, e) Executive Director / Director, f) Chief Executive Officer can be classified under the Principal category. Such persons belonging to the Principal category, whether holding or not holding NISM-Series-IV: Interest Rate Derivatives Certification Examination certificates may appear for NISM’s CPE Program for Interest Rate Derivatives under the Principal category, on submission of the required documents.

**Grandfathered: Any associated person, other than Principal, who has completed the age of 50 years as on June 29, 2010 .

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