Certification Test Must For Bourses Surveillance Officials

This is part of the market regulator's multi-pronged efforts to strengthen the surveillance mechanism at the bourses. Sebi officials said, ''We will soon ask the stock exchanges to compulsorily get officials in the surveillance department to pass a certification programme. This way we are trying to make surveillance in stock exchanges more effective."

Sources said, Sebi is trying to ensure that the personnel have necessary skills and expertise in handling investigations and tackling manipulations.

Sources said that Sebi has asked the National Stock Exchange (NSE) to prepare a certification programme, which would involve testing and certifications of these officials.

NSE Certification in Financial Markets (NCFM) has already prepared a testing and certification module. The NSE will offer this programme on-line and will allow people to take tests from various centres across the country. This is the first time Sebi is making it compulsory for stock exchange officials to pass a certification programme for functioning in a certain department.

 

It had earlier made it mandatory for participants in derivative trading to pass a certification programme for trading in the segment. NSE had recently organised a training programme for officials of the surveillance departments of various bourses. Sources said that around 45 officials from 10 stock exchanges in the country had attended the programme. The function was also attended by top Sebi officials including senior executive director in charge of surveillance L K Singhvi.

At the meeting, the officials discussed ways to tackle frauds and better coordination between exchanges for checking manipulations. They also discussed various tools including on-line and off-line surveillance mechanisms.