Notification under regulation 3 of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007 – Obtainment of requisite certification(s) from NISM by certain associated persons

NOTIFICATION NO. LAD-NRO/GN/2010-11/21/29390, DATED 10-12-2010

In terms of sub-regulation (1) of regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 (the Regulations), the Board is empowered to require, by notification, any category of associated persons as defined in the Regulations to obtain requisite certification(s).

2. Accordingly, it is notified that with effect from the date of this notification, the following category of associated persons, i.e., persons associated with a registered stock-broker / trading member / clearing member in recognised stock exchanges, who are involved in, or deal with, any of the following, namely:-

(a)  assets or funds of investors or clients,

(b)  redressal of investor grievances,

(c)  internal control or risk management, and

(d)  activities having a bearing on operational risk,

shall be required to have a valid certification from the National Institute of Securities Markets (NISM) by passing the NISM-Series-VII: Securities Operations and Risk Management Certification Examination as mentioned in the NISM communiqué/Press Release NISM/Certification/Series-VII: SORM/2010/01 dated November 11, 2010, read with Annexures-I and II thereto :

Provided that the stock-broker/trading member/clearing member shall ensure that all persons associated with it and carrying on any activity specified in this paragraph as on the date of this notification obtain valid certification within two years from the said date of notification :

Provided further that a stock-broker/trading member/clearing member who employs any associated persons specified in this paragraph after the date of this notification shall ensure that the said associated persons obtain valid certification within one year from the date of their employment.

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