SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 7th September, 2021
Notification under Securities and Exchange Board of India (Certification of Associated Persons in
the Securities Markets) Regulations, 2007.
No. SEBI/LAD-NRO/GN/2021/49.—In terms of Regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 read with sub-regulation (2) of regulation 7 of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, the Board hereby issues the following notification:
1. The associated persons functioning as principal officer of a Portfolio Manager or employee(s) of the Portfolio Manager having decision making authority related to fund management, shall obtain certification from the National Institute of Securities Markets by passing the NISM-Series-XXI-B: Portfolio Managers Certification Examination as mentioned in the communiqué No. NISM/ Certification/Series-XXI-B: Portfolio Managers (PM) Certification/2021/01 dated June 15, 2021 issued by the National Institute of Securities Markets.
2. The Portfolio Managers shall ensure that all such associated persons who are principal officers or employees having decision making authority related to fund management as on the date of this notification obtain the certification by passing the NISM-Series-XXI-B: Portfolio Managers Certification Examination within two years from the date of this notification:
Provided that a Portfolio Manager, who engages or employs any such associated person who is a principal officer or an employee having decision making authority related to fund management, after the date of this notification, shall ensure that such person obtains certification by passing the NISM-Series-XXI-B: Portfolio Managers Certification Examination within one year from the date of their employment.
3. This notification shall come into force on the date of its publication in the Official Gazette.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./245/2021-22]
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SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 7th September, 2021
Notification under Securities and Exchange Board of India (Certification of Associated Persons in
the Securities Markets) Regulations, 2007.
No. SEBI/LAD-NRO/GN/2021/48.—In terms of Regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 read with sub-regulation (11) of regulation 23 of the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, the Board hereby issues the following notification:
1. The associated persons, engaged by a Portfolio Manager as a distributor of the Portfolio Management Services, shall obtain certification from the National Institute of Securities Markets by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination as mentioned in the communiqué No. NISM/Certification/Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination/2021/01 dated February 16, 2021 issued by the National Institute of Securities Markets.
2. The portfolio managers shall ensure that that all such associated persons who are distributors of the Portfolio Management Services as on the date of this notification obtain the certification by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination within two years from the date of this notification:
Provided that a portfolio manager, who engages or employs any such associated person who is a distributor of the Portfolio Management Services, after the date of this notification, shall ensure that such person obtains certification by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination within one year from the date of their employment:
Provided further that an associated person, who being a distributor of the Portfolio Management Services, has obtained any of the following registration/ certification as on the date of this notification-
a) a valid AMFI Registration Number (ARN)
b) NISM Series-V-A exam certification
shall be exempted from the requirement of obtaining certification by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination till the validity of the said registration/ certification.
3. This notification shall come into force on the date of its publication in the Official Gazette.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./244/2021-22]
