Relaxed NISM certification for non-core investment advice staff, with lighter exam and transition for existing holders.

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Full Text of the Document

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....PAIA performing only sales and other non-core services, such as sales staff and relationship managers who are not directly involved in investment advice, must obtain a lighter NISM certification by passing the NISM Series-XXV-B examination. PAIA other than those performing only sales and other non-core services must continue to pass the existing NISM Series-X-A and Series-X-B examinations. PAIA who already hold the Series-X-A and Series-X-B certifications are not required to take Series-XXV-B immediately and may do so only before expiry of the existing certifications. The circular takes immediate effect and requires IAASB to amend relevant bye-laws and rules for implementation.....