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Only certified agents to sell MF products from Today

Market regulator the Securities and Exchange Board of India (SEBI) has said that starting Tuesday, mutual fund distributors and agents will need a National Institute of Securities Market (NISM) certificate to sell policies.

india Updated: May 31, 2010 22:43 IST

Market regulator the Securities and Exchange Board of India (SEBI) has said that starting Tuesday, mutual fund distributors and agents will need a National Institute of Securities Market (NISM) certificate to sell policies.

“With effect from June 1... associated person, i.e. distributors, agents, or any person engaged in the sale of MF products, shall be required to have a valid certification from NISM,” the market regulator said in a notification on Monday.

Experts said the move is intended to give quality service to investors and bring the unorganised segment under its loop so as to curb them from mis-selling products.

“SEBI wants to ensure that the customers receive quality service from investors. SEBI feels certified agents and distributors would provide investors with good suggestions,” said Jagannadham Thunuguntla, equity head, SMC Capitals.