MANDATORY EXAM PLANNED FOR ALL MARKET INTERMEDIARIES

The Securities & Exchange Board of India (SEBI) is proposing to make it mandatory for all market intermediaries to pass an examination and obtain requisite certificate for employment in the equity market. The regulator has issued a draft note and sought public comments on the same. The certification process is to be handled by National Institute of Securities Market (NISM). Also, those who have attained the age of 50 years or have at least 10 years experience in securities market as on the specified date can also avail of exemption. Such persons would be awarded the certificate upon completing a continuing professional education course specified by SEBI within one year from the specified date. Finally, certification of persons will be looked upon as a pre-condition for registration of intermediaries.