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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 Mutual Fund Distributors

In exercise of the powers conferred by sub-regulation (1) of Regulation (9) of SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007, NISM specifies the Continuing Professional Education Program for Associated Person holding a valid certificate of either the AMFI Mutual Fund (Advisors) Module (till May 31, 2010) offered by Association of Mutual Funds in India or the ‘NISM-Series-V (a): Mutual Fund Distributors Certification Examination.

(Refer SEBI Notification No. LAD-NRO/GN/2010-11/09/6422dated May 31, 2010) 

Accordingly, an Associated Person (distributors, agents or any persons employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products) holding any of the following:

(a) NISM Series-V-A: Mutual Fund Distributors Certification Examination

(b) NISM Series-V-A: Mutual Fund Distributors Continuing Professional Education

(c) AMFI Mutual Fund (Advisors) Module

(d) IICM: Refresher Course on Mutual Funds

(e) CIEL: Refresher Course on Mutual Funds

 

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 V (a): Mutual Fund Distributors Continuing Professional Education Program as specified by NISM during 12 months preceding the date of expiry of the Certificate.

An Associated Person holding a valid ARN Card can obtain the NISM Series V (a) Mutual Fund Distributors Continuing Professional Education Certificate for the first time by successfully completing NISM Series V (a): Mutual Fund Distributors Continuing Professional Education Program as specified by NISM, during 12 months preceding the date of expiry of the ARN Card.

Also, Associated Person belonging to the Grandfather* Category can obtain the NISM Series V (a) Mutual Fund Distributors Continuing Professional Education Certificate for the first time by successfully completing NISM Series V (a) Mutual Fund Distributors Continuing Professional Education Program as specified by NISM.

Note: Associated Person not belonging to the Grandfather category, whose Certificate and ARN have expired, will have to pass the NISM-Series-V-A: Mutual Fund Distributors 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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*Grandfather: Any associated person, other than Principal, who has completed the age of 50 years as on May 31, 2010 or who has an experience of 10 years or more as a distributor, agent or any person employed or engaged in the sale and/or distribution of Mutual Fund products, as on May 31, 2010,can be classified under the Grandfather Category.

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