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Capital market regulator SEBI has notified certification requirements for the distributor and employees of portfolio management services.

As per the regulator, "the associated persons, engaged by a portfolio manager as a distributor of the portfolio management services, shall obtain certification from the National Institute of Securities Markets by passing the NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination".

The portfolio managers will ensure that that all such associated persons who are distributors of the Portfolio Management Services as on the date of this notification obtain the certification by passing the Portfolio Management Services (PMS) Distributors Certification Examination within two years from the date of the notification.

The recent SEBI notification said that portfolio manager, who engages or employs any such associated person who is a distributor of the Portfolio Management Services, after the date of the notification, shall ensure that such person obtains certification by passing the Portfolio Management Services (PMS) Distributors Certification Examination within one year from the date of their employment.

Another notification said that the associated persons functioning as principal officer of a Portfolio Manager or employees of the Portfolio Manager having decision making authority related to fund management, shall obtain certification from the National Institute of Securities Markets by passing the "NISM-Series-XXI-B: Portfolio Managers Certification Examination".