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Notification under regulation 3 of the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007

THE GAZETTE OF INDIA

EXTRAORDINARY

PART – III – SECTION 4

PUBLISHED BY AUTHORITY

NEW DELHI,  JANUARY  27, 2014

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the  27th  day of January, 2014

Notification under  regulation  3  of  the  Securities  and  Exchange  Board  of  India (Certification of Associated Persons in the Securities Markets) Regulations, 2007.

No. LAD-NRO/GN/201-14/42/118.- 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 (hereinafter referred to as “the Regulations”), the Board may require, by notification, any category of associated persons as defined in the Regulations to obtain requisite certification(s).

2. Vide notification dated 19th June, 2013,   it was   notified that Investment Advisers and their associated persons, including their partners and representatives, offering investment advice, shall obtain certification from the National Institute of Securities Markets (hereinafter referred to as “NISM”) by passing the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination (hereinafter referred to as “IACE-1”)   as mentioned in the NISM communiqué No. NISM/Certification/Series-X-A: IA-L1/2013/01 dated May 21, 2013 or NISM Certified Personal Financial Advisor examination. It was also mentioned that such associated person shall also obtain certification  for  the  purpose  of  sub-regulation (2)  of  regulation 7  of  the  SEBI (Investment Advisers) Regulations, 2013 by passing NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination, as and when notified by the Board.

3. Accordingly, it is notified that Investment Advisers and their associated persons, including their partners and representatives, offering investment advice, shall obtain certification from NISM by passing the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination (hereinafter referred to as “IACE-2”) as mentioned in the NISM communiqué No. NISM/Certification/Series-X-B: IA-L2/2013/01 dated November 26, 2013:

Provided that  if such an associated person has obtained certification by passing Certified Financial Planner certification from the Financial Planning Standards Board India (hereinafter referred to as “FPSB India”) as on date of this notification or obtains the Certified Financial Planner certification from FPSB India within thirty days from the date of this notification, he shall not be required to obtain certification by passing the IACE-1 or IACE-2.

4. Notwithstanding anything contained in this notification,  such associated person, may, in alternative, also obtain certification from organizations and institutions accredited by NISM, for purpose of sub-regulation (2) of regulation 7 of the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.

U.K.SINHA

CHAIRMAN

SECURITIES AND EXCHANGE BOARD OF INDIA

Tags: BoardCertified Financial PlannerFinancial Planning Standards Board IndiaIndiaMumbaiNational Institute of Securities MarketsRegulationSecurities & Exchange Board of India

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