June 29, 1998.
Dr. R.H. Patil
Managing Director.
The National Stock Exchange of India Limited,
Mahindra Towers,
Worli, Bombay 400 018.

Dear Dr. Patil,

This is in reference to your application for recognition of the National Stock Exchange’s Certification in Financial Markets (NCFM) for derivative broker/dealers and salespersons submitted vide letter No.: NSE/F&O/6810 dated April 21, 1998. The Certification Committee set up by SEBI had considered the application and decided to grant recognition to the NCFM subject to fulfillment of the following conditions.

The curriculum of the NCFM should be in conformity with that as decided by the Committee. Any additional material that NSE may like to include in the certification programme would not carry any weightage in the overall assessment of the candidate.
NSE would conduct the examination in all cities where it has its regional centres, and subsequently it will expand its examination centers to provide wider access to the participants.
The Committee would inspect the question bank of the NCFM to satisfy itself about the quality and level of questions on a random basis.
The approval to NCFM is granted subject to your abiding by all directives issued by SEBI from time to time and the guidelines for conduct of certification examination as enclosed. The NSE may start certification for broker/dealers and salespersons in the derivative market on fulfillment of the conditions as laid down.

With regards,

Yours sincerely,
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