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Sebi plans database of market participants
 
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December 19, 2007 16:47 IST
The Securities and Exchange Board of India (SEBI) will create a database of all participants in the bourses, a move that will help the regulator keep a watch on traders, investors and intermediaries operating in the market.

Besides, the National Institute of Securities Market (NISM) will co-ordinate certification in the country's securities markets and would engage agencies to administer computer-based tests across the country, a Sebi release said.

NISM, established by Sebi, would also put in place a comprehensive continuing professional education framework involving reputed institutions, the release said.

Sebi had, on Wednesday, organised a workshop for market participants on `Certification of Associated Persons in the Securities Markets' wherein its chairman, M Damodaran, and other officials interacted with market participants.

Certification has been mandated in the US, UK and Singapore among other countries. In India, certification has been mandated for distributors of mutual funds, traders in derivatives segment and depository participants. The new regulations, introduced earlier this year, enlarge the scope of mandated certification to a number of new segments of intermediaries and their associated persons.

All persons handling investors' money, investor complaints, dealing with operational risk, attending to compliance and persons responsible for management of intermediates will have to demonstrate minimum proficiency standards in order to maintain their registration with Sebi.

The certificate is to be obtained by passing an examination approved by Sebi and would be valid for three years. Subsequently, such persons would be required to complete an approved programme of Continuing Professional Education to maintain the validity of certificate.


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