It switched to European style options in October 2010. Similarly, in the Derivatives Market module for dealers, the stock options used by the NSE is mentioned as American-style. For anyone to pass the module, including the Sebi official, they would have to answer the questions as per the outdated regulations. The NCFM modules, which have been in existence since 1998, are a means of certification and testing used by many as an industry standard for the financial sector.
However, these norms had been replaced by the regulator with a new set of guidelines which were released in 2009, called the Issue of Capital and Disclosure Requirements (ICDR) Regulations. One of the sections dealt with Disclosure and Investor Protection guidelines, a set of norms that Sebi itself had come out with in 1992. The course material offered by NCFM (National Stock Exchange’s Certification in Financial Markets) does not reflect the few regulatory changes that have been incorporated by the market regulator in the last few years.Ī SEBI official, who periodically gave the NCFM exams to keep himself updated, was confused when he had a look at the syllabus for one of the modules on surveillance in stock exchanges.
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