Capital markets regulator Sebi has set up confirmation necessities for related people drew in by portfolio managers as distributors or employees having decision-making authority identified with fund management. These people need to get accreditation from the National Institute of Securities Markets (NISM), the controller said in two separate notifications dated September 7.
The related people, engaged by a portfolio manager as a distributor of the PMS, and related people working as principal officers of a portfolio manager or an employee having decision-making authority related to fund management, should get affirmation from the NISM by passing the certification examination.
The portfolio managers should guarantee that that all related people who are merchants of the portfolio management services (PMS) and who are principal officers having decision-making authority related to fund management, as of September 7, 2021, acquire the certification within two years, Sebi said.
It further said a portfolio manager, who engage or employ such related individual after September 7, 2021, should guarantee that such individual acquires certification within one year from the date of their employment. Nonetheless, a related individual, who being a wholesaler of the PMS has acquired a valid AMFI Registration Number (ARN) or NISM certification, will be absolved from the necessity of getting such certification.
Prior in March, the Securities and Exchange Board of India (Sebi) told new guidelines for portfolio managers about their qualifications. The move was relied upon to help perceive “the postgraduate programme in the securities market of not less than one year offered by NISM” as a qualified qualification for portfolio managers.
Concerning capability for the portfolio manager, Sebi had said a portfolio manager necessities to have a professional qualification in finance, law, accountancy or business management from a university or an institution perceived by a perceived university or a professional qualification by finishing a postgraduate program in the securities market (portfolio management) from NISM.
The postgraduate program from NISM ought not be not exactly a one-year duration.
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