Shri D. R. Mehta Chairman SEBI, today launched the countries’ first certification programme for mutual fund distributors and employees – a programme formulated by AMFI in association with NSE.

The Need For A Certification Programme For Distributors And Employees

Welcoming Shri D. R. Mehta and other dignitaries, A. P. Kurian, Chairman AMFI mentioned that conceptually and operationally mutual funds are different from other investment vehicles. The investor needs to understand the working of mutual funds and the risk-return profile of various mutual fund schemes. Such an understanding will enhance confidence among investors and protect the investors interest. Distributors or agents not only canvass and motivate the investors, but they are also the link between investors and the mutual funds, providing advise and assistance. It is therefore essential that the distributors should have complete knowledge and understanding of the working of mutual fund in its totality..

AMFI Committee Formulates The Certification Programme In Association With NSE

AMFI is committed to build a cadre of trained and tested distributors and to introduce a system of certification as is prevalent in most countries.

Towards this end AMFI formed a special committee with Shri Ajai Kaul of Alliance as the Chairman and Shri Ajay Srinivasan of Prudential ICICI, Shri D. C. Anjaria and a nominee from National Stock Exchange as members. This committee has now finalised a self study and testing programme.

A Comprehensive Workbook On Mutual Funds

Presenting the details of the testing programme, Ajai Kaul, Chairman of the committee said that in India today we have neither a standard text book nor a working manual on mutual funds. The committee therefore took up firstly the task of preparing a comprehensive workbook with the help of Shri D. C. Anjaria, a consultant. The work book contains a detailed presentation of all the relevant subjects such as fund structure, accounting, valuation etc. in a text book manner with necessary supportive documents like the mutual funds regulations, standard offer document etc. The work book is both a text book and a working manual

Nature Of The Testing Programme

AMFI mutual fund testing is a module of the NSE’s Certification in Financial Market (NCFM).This is an automated on line examination conducted on computers with multiple options for each question. The duration of the test is two hours. The test papers are set for each candidate separately and corrected on the spot. Initially this testing will be conducted by the NSE testing centres at New Delhi, Mumbai, Ahemedabad, Hyderabad, Calcutta, Chennai and Pune. It is proposed to add further centres in different States in due course.

The programme is offered purely on a voluntary basis and AMFI has requested SEBI to make it mandatory over a period of time as in many other countries.

Conventional Written Examination To Be Organised Through Indian Institute Of Bankers (IIB)

While the automated computerised testing system will be continued in different cities. AMFI with the active involvement of Indian Institute of Bankers will also organise the conventional written examination. AMFI will be working closely with IIB in introducing such a written examination and the details in this regard will be announced later.

Releasing The Workbook and Presenting The Certificates

Shri D. R. Mehta, Chairman, SEBI launched the programme by releasing the workbook and presented certificates to the first batch of distributors who have successfully passed the test. The first batch of 20 consisted of 4 independent distributors, 8 executives from different distribution companies, 7 executives from different banks and one marketing executive from a mutual fund.

Prof. J. R. Varma,Member, SEBI Board,
Shri Ashok Kacker, Executive Director, SEBI,
Shri P. S. Subramanyam, Chairman, Unit Trust of India,
Shri Dr. R. H. Patil, Managing Director and Shri Ravi Narain, Deputy Managing Director, National Stock Exchange spoke on the occasion

It Is An Ongoing Programme Available From Now Onwards

Distributors, employees and others interested to take the test may contact AMFI office or NSE centres in the following cities and get themselves registered. The test could be taken on anyday Monday to Friday between 10.00 A.M and 4.00 P.M

	NAME OF THE TEST CENTRE	TELEPHONE AND FAX NUMBERS
	National Stock Exchange of India Ltd Mahindra Towers, ‘A’ Wing 1st floor, RBC, Worli,Mumbai – 400 018	Tel: (022) 4960525 Fax: (022) 4935631
	National Stock Exchange of India Ltd “Thapar House”, Western Wing, Mezzanine Floor, Janpath Lane 124, Janpath New Delhi – 110 001	Tel: (011) 3344313-27 Fax: (011) 3366658
	National Stock Exchange of India Ltd Ideal Plaza, 11/1 Sarat Bose Road, Calcutta – 700 020	Tel: (033) 2801205 Fax: (033) 2409783
	National Stock Exchange of India Ltd Lakshmineela Ritechoice Chamber, 5, Bazullah Road, T. Nagar Chennai – 600 017	Tel: (044) 8225200 Fax: (044) 8241721
	National Stock Exchange of India Ltd 8-2-677/A/3/1, Road No. 12 Banjara Hills Hyderabad – 500 034	Tel: (040) 3324880 Fax: (040) 3324632
	406 Sakar II Near Ellis Bridge Ahmedabad – 380 006	Tel: (079) 6580212 Fax: (079) 6576123
	National Stock Exchange of India Ltd 3rd Floor, Mantri Centre 928, F.C. Road Pune – 411 004	Tel: (020) 5672184/87 Fax: (020) 5671551