SEBI Notification No. LAD-NRO/GN/2010-11/21/29390, dated 10-12-2010.

Changes relating to Company
Law for the period 15th Dcember, 2010 to 15th January, 2011.

SEBI vide Notification No.
LAD-NRO/GN/2010-11/21/29390, dated 10-12-2010 has in terms of sub-regulation (1)
of Regulation 3 of the Securities and Exchange Board of India (Certification of
Associated Persons in the Securities Markets) Regulations, 2007 (the
Regulations) notified that the Board is empowered to require, by Notification,
any category of associated persons as defined in the Regulations to obtain
requisite certification(s).

2. Accordingly, it is
notified that with effect from the date of this Notification, the following
category of associated persons, i.e., persons associated with a registered
stock-broker/trading member/clearing member in recognised stock exchanges, who
are involved in, or deal with, any of the following, namely :

(a) assets or funds of
investors or clients,

(b) redressal of investor
grievances,

(c) internal control or
risk management, and

(d) activities having a
bearing on operational risk,

shall be required to have a
valid certification from the National Institute of Securities Markets (NISM) by
passing the NISM-Series-VII : Securities Operations and Risk Management
Certification Examination as mentioned in the NISM communiqué/Press Release NISM/Certification/Series-VII
: SORM/2010/01, dated November 11, 2010, read with Annexures-I and II thereto.

It is provided that the
stock-broker/trading member/clearing member shall ensure that all persons
associated with it and carrying on any activity specified in this paragraph as
on the date of this Notification obtain valid certification within two years
from the said date of Notification.

Provided further that a
stock-broker/trading member/clearing member who employs any associated persons
specified in this paragraph after the date of this Notification shall ensure
that the said associated persons obtain valid certification within one year from
the date of their employment.