EXAMINATION PLAN & CERTIFICATION Securities and Exchange Board of India (SEBI) has made it mandatory for all brokers/dealers and sales persons desirous of trading in the derivatives market to get themselves certified from an institution approved by SEBI. BSE Certification on Derivatives Exchange (BCDE) is a SEBI-approved on-line testing process for this purpose. BTI conducts a test of 100 marks consisting of 60 questions. The questions are objective type having multiple choices, with a provision of negative marks for wrong answers. BCDE is awarded to only those candidates who obtain a minimum of 60% marks. There is no minimum eligibility criterion for taking the test.
Persons interested in taking the test in Mumbai may approach the BTI with 4 passport size colour photographs and a DD of Rs. 843.00 drawn in favour of "Bombay Stock Exchange, Limited" payable at Mumbai. Persons interested in taking the test at any of the following centres other than Mumbai may approach the respective centres with 4 passport size colour photographs and a DD of Rs.843.00 drawn in favour of "Bombay Stock Exchange, Ltd." and payable at the respective centre. Click here to view the list of Test centres OBJECTIVES OF THE TEST To educate about the functioning of derivatives markets, the features of various products, the classification of products, the regulatory framework and the margining mechanism. TEST SYLLABUS Nature of financial derivatives including futures and options Characteristics of derivatives, Underlying assets (Equity Bonds/loans, Foreign Currency, and Commodity) Need for derivatives, Types of derivatives and comparison between them, Forwards/ Futures/ Options, Participants in derivatives market (Hedgers, Speculators, Arbitrageurs). Principles of trading and hedging with Index Futures
Terminology - Spot, future price, contract specifications, contract cycle, expiry date, settlement date, basis, mark to market, Contract specification for BSE Sensex, Tick size, Types of orders, Trading strategies, Hedging Strategies, Initial, Maintenance Margins, Executing and Clearing, Execution, Matching confirmation, Clearing Mechanism, Settlement, Settlement price, Settlement cycle, Cash Vs. Physical delivery, "Open interest" and "Trading volumes". Principles of trading and hedging with Options Terminology - call, put, writer, buyer, premium, intrinsic value, time value, expiry date, settlement date, strike price, ATM, OTM & ITM, The Greeks - (Delta, Gamma, Theta, Vega). Risk management systems and procedures Types of risks (Counter-party or credit risks, Market or price risks, Liquidity risks, Legal and regulatory risks, Operating risks), Risk identification and measurement, Methods of risk control (Position limits, VAR, Margins, Operating Procedures and systems etc.), Separation of trading, settlement, accounting and risk control functions, Internal control structure and Management Information System, Regulatory and external reporting. Regulatory aspects, Accounting and taxation SCRA/Regulatory changes made and required, SEBI Act, LC. Gupta Committee report, Bye laws and special regulatory requirements of the derivatives market, Rights and obligations in broker-client relationships, Accounting of derivatives (Treatment of margins, Valuation and accounting of closing position), Taxation of derivatives. TARGET AUDIENCE Derivatives Dealers, Stock Brokers, High Net Worth Investors, Custodians, Mutual Funds, Portfolio Managers, Insurance Companies, Banks, Financial Institutions and Management Students DURATION & TIME 120 minutes FEES
FOR APPEARING AT MUMBAI CENTER
Rs. 843.00 payable through DD in favour of "Bombay Stock Exchange, Limited" payable at Mumbai per participant per attempt inclusive of test workbook, Service Tax and Education Cess.
FOR APPEARING AT REGIONAL / BSE INVESTOR SERVICE CENTERS AT NEW DELHI, AHMEDABAD, RAJKOT, KOLKATTA, CHENNAI AND COCHIN.
Rs. 843.00 payable through DD in favour of "Bombay Stock Exchange, Limited" payable at the respective center as stated above per participant per attempt inclusive of test workbook, Service Tax and Education Cess.
EXAMINATION COORDINATOR Meera Kittur
E-mail: meera.kittur@bseindia.com
Phone: 22721233 / 34 extn. 8199 / 8856. Certification Examination (outside Mumbai) for 75 or more candidates: For conducting Certification Examination for 75 or more candidates, contact:
Piyush Shelat
E-mail: piyush.shelat@bseindia.com
Phone: 22721233 / 34 extn. 8197, 8199. For further details, contact:
E-mail: training@bseindia.com
Phone: 22721126 / 27, 22721233 / 34 Ext.: 8199 / 8856 / 8197 / 8464
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