EXAMINATION PLANS & CERTIFICATION: - The Securities and Exchange Board of India (SEBI) made it mandatory for all brokers/dealers and salespersons desirous of trading in the derivatives market to get themselves certified from an Institution approved by SEBI. BSE's Certification on Derivatives Exchange (BCDE) is a SEBI approved on-line testing process for this purpose.
- The passing of this examination shall entitle the candidate to get BSE's Certification on Derivatives Exchange. (BCDE)
- The institute shall conduct test of 100 marks consisting of 60 questions. The questions would be of objective type having multiple choices with a system of negative mark for wrong answers.
- BCDE shall be awarded to only those participants who obtain 60% or more marks.
- There is no minimum eligibility criterion for taking the test.
- An examination fee of Rs. 843/- (Rs. Eight Hundred and forty three only) per participant per attempt is payable (inclusive of service tax and education cess).
- vii. Any person interested in taking the test at Mumbai may please approach the Institute with his/her four passport size photographs and a DD of Rs. 843 /- in favour of "Bombay Stock Exchange, Limited". A person interested in taking tests at the following centres may approach them with four passport size colour photographs and a DD of Rs.843/- in favour of “ BOMBAY STOCK EXCHANGE LIMITED '' and payable at MUMBAI .
Click here to view the list of ZedCA centres
OBJECTIVES OF THE TEST: To educate the investor about the functioning of derivatives markets, the features of various products, the classification of products, the regulatory framework and the margining mechanism. 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 mins. 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.
FEES: The test fee shall be Rs. 843/- (Rs. Eight hundred and forty three only) in favour of “BOMBAY STOCK EXCHANGE LIMITED’’ and payable at MUMBAI. per participant per attempt inclusive of Test Workbook, service tax and education cess etc,. Programme Coordination: For registration of tests: Ms. Meera Kittur meera.kittur@bseindia.com Tel: 22721233 / 34 extn. 8199.
For further details : training@bseindia.com Tel 22721126 / 27, 22721233 / 34, Ext: 8246, 8464. Inquiry for Conducting Certification Examination(Outside Mumbai) for 75 or more Candidates: For Conducting Certification Examination for 75 or More Candidates kindly contact
Mr.Piyush Shelat,Piyush.shelat@bseindia.com Tel: 22721233 / 34 extn. 8197, 8199.
For further details : training@bseindia.com Tel 22721126 / 27, 22721233 / 34.
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