Q.41: Pursuant to SEBI notification, each distributor of PMS has to complete NISM-series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination. Kindly help us know whether this has to be done by RIA too.

Response:

According to Section 7(2) of the IA Regulations, Certification requirements shall be complied by Individual IA or Principal Officer of Non-Individual IA or PAIA,, at all times, a certification on financial planning or fund or asset or portfolio management or investment advisory services from:

1. a) National Institute of Securities Markets (NISM) or
2. b) Any other organization or institution including Financial Planning Standards Board of India (FPSB) or any recognized stock exchange in India, provided such certification is accredited by NISM.

Note: The applicable exams for RIAs are NISM Series X-A and X-B certification examinations.