AMFI Mutual Fund Certification Program Discontinued

AMFI(Association Of Mutual Funds India) discontinued the AMFI Certification Program effective from June 1,2010. Test for AMFI Mutual Fund (Basic)Module and AMFI Mutual Fund (Advisors) Module will not be conducted from June 1, 2010.

National Institute of Securities Markets (NISM) would be conducting Mutual Fund Distributors Certification Examination from June 1, 2010 onwards.

What is NISM?

National Institute of Securities Markets (NISM) is a public trust, established by the Securities and Exchange Board of India (SEBI), the regulator for securities markets in India. It is located in Navi Mumbai, India. NISM seeks to add to market quality through educational initiatives. It is an autonomous body governed by its Board of Governors. An international Advisory Council provides strategic guidance to NISM.

NISM consists of six different schools as follows:

1. School for Investor Education and Financial Literacy (SIEFL)
2. School for Certification of Intermediaries (SCI)
3. School for Securities Information and Research (SSIR)
4. School for Regulatory Studies and Supervision (SRSS)
5. School for Corporate Governance (SCG) School for Securities Education (SSE)

For further details please log on to NISM

SEBI says new ULIPs must seek regulatory nod

MUMBAI (Reuters) – The Securities and Exchange Board of India (SEBI) on Tuesday barred the launch of new unit linked insurance plans (Ulips) by 14 life insurance firms until they seek permission from the capital markets regulator.

The order will not apply to existing Ulips, SEBI said in a notice posted on its website.

Late last Friday, SEBI barred 14 life insurance companies from selling ULIPs without its approval, saying they needed to register with the regulator.

On Monday, SEBI and the insurance regulator agreed to maintain the current status on ULIPs after intervention from the Finance Ministry.

SEBI and the Insurance Regulatory Development Authority (IRDA) have locked horns on who should regulate Ulips, given the product combines insurance and investments.

ULIPs are similar to mutual funds with an added life cover.

(Reporting by Nishant Kumar; editing by Malini Menon)