Aadhar Card mandatory
National Institute of Securities Market (NISM) today issued a press release mentioning that Aadhar Card Number as well as Aadhar Card Scanned Image will be mandatory for registering on its Online Certification Portal. So far, Permanent Account Number (PAN Card) was the only mandatory document required for registering for NISM Certification Examinations and Continuing Professional Education (CPE) Programmes.
In addition to making Aadhar Card mandatory, NISM has also rolled out other changes on its Certification Portal. All fresh registrations made on NISM Certification Portal will now be manually approved by NISM by verifying details provided by candidates. This is in line with SEBI’s push for KYC and eKYC in the capital markets. NISM further clarified on its website that such manual approvals will be performed in a time-bound manner with an upper limit of 3 working days. This would translate to a one-time waiting period of maximum 3 days before anyone could schedule their NISM Exam or CPE.
However, it appears that existing users who are already registered on NISM Certification Portal do not have upload their Aadhar details immediately. NISM has clarified that existing users will continue to have access to the certification portal and can schedule exams and CPE programmes, make online payments, download study material and so on. The existing users will however still have to comply by uploading their Aadhar Card scanned image and Aadhar number by editing their profile. NISM also clarified that existing set of users who would not provide their Aadhar details will not be issued NISM Certificates which is required to doing business in capital market.
It is unclear why NISM suddenly adopted above changes, especially those related to Aadhar Card. PrepCafe tried to find out more information through NISM’s Certification Helpdesk but received no additional information other than that disclosed on its website.
It remains to be seen whether NISM will fully adopt the latest KYC regulations including eKYC processes in the near future. While performing detailed KYC of Exam / CPE participants is a welcome step, making Aadhar Card mandatory at this stage may not be the best move considering that Supreme Court bench ruling in 2015 which clarified that “the Aadhaar card Scheme is purely voluntary and it cannot be made mandatory till the matter is finally decided by this Court one way or the other”.
NISM Certifications are mandatory for all capital market participants as per SEBI (CAPSM) Regulations, 2007. NISM has since launched various Certification Examinations and CPEs in the area of Currency Derivatives, Equity Derivatives, Mutual Fund Distributors, Registrar and Transfer Agents, Investment Advisers, Retirement Advisers, Securities Operations and Risk Management, Merchant Banking and so on.
PrepCafe is an online study portal providing Free and Premium NISM Mock Tests, NISM Study Material, NISM Workbooks and other preparatory tools for assisting candidates in passing NISM Certification Examinations.
PrepCafe studied the above changes and has prepared Frequently Asked Questions (FAQs) for candidates.
I do not have an Aadhar Card. How can I register for NISM Certification Exam?
Sorry. You will not be able to register and take any NISM Certification Exam or participate in NISM Continuing Professional Education (CPE) Programmes.
I had registered with NISM few years back. Can I continue to access NISM Portal?
Yes. You will be able to continue your access, schedule exams and CPEs and also take exams. However, you will not receive NISM Certificate if you have not uploaded your Aadhar Card.
How do I know if my NISM Registration is approved or not?
On approval or disapproval of you NISM Account, NISM will send you an email and SMS notifying the status of your registration within 3 working days.
How can I upload Aadhar Card to my NISM Account?
If you are a new user, you will have to register at NISM Certification Portal at https://certifications.nism.ac.in and upload your Aadhar Card during registration.
If you are an old user, you will have to login to NISM Certification Portal at https://certifications.nism.ac.in and upload your Aadhar Card by visiting “Edit Profile”.
I am unable to upload my Aadhar Card to my NISM Certification Account. What should I do?
You should seek assistance from NISM Certification Helpdesk at +91-8080806476. This service is available from Monday to Fridays 09:30 am to 05:30 pm.
Can I submit my Aadhar Card details at NISM Test Centre in my city?
No. You will have to upload your Aadhar Details online through NISM Certification Portal at https://certifications.nism.ac.in
I have uploaded Aadhar Card and PAN Card to NISM Account. But I have not received NISM Certificate. What should I do?
You should contact NISM Certifications Helpdesk at +91-8080806476