The Securities and Exchange Commission (SEC) has decided to allow those who’ve passed the ‘equity module’ of the Certificate in Capital Markets (CCM) examination conducted by the SEC’s training arm, the Financial Services Academy to be employed as investment advisors, SEC officials said.
“The market has grown six times its size during the past few months, but the personnel (in tandem) have not grown. With seven new brokers in the market, the situation has aggravated, which is the reason that we took such a decision to grant the stockbrokering firms some breathing space,” Malik Cader, Director General SEC told the Business Times.
Earlier, certain share market players were alleging that the entry of new stock brokering firms has put price pressure on labour resources of the existing brokers. Mr. Cader said with this part qualification these investment advisors/stockbrokers are granted a year to complete the other two modules of CCM.
He said that the part qualified personnel will be given a rigorous one day session on the two modules comprising debt, regulation and ethics. “With this initiative, the industry now has 176 new recruits available,” he said. |
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