Associated Person not belonging to either the Principal or the Grandfather Category, whose Certificate has expired, will have to pass the NISM-Series-VI: Depository Operations Certification Examination to obtain a new Certificate
Principal
Any person who is actively engaged in the management of an Intermediary’s Securities business including supervision, solicitation, conduct of business, and is a Proprietor / Sole Proprietor / Partner / Managing Partner / Chairman / Director / Executive Director / Whole Time Director / Chief Executive Officer, can be classified under the Principal Category.
Grandfather
Any associated person, other than Principal, who has completed the age of 50 years as on March 29, 2011 or who has been engaged or employed by a registered Depository Participant: in dealing or interacting with clients / dealing with securities of clients / handling redressal of investor grievances / internal control or risk management / activities having a bearing on the operational risk / maintenance of books and records pertaining to the above activities for 10 years or more, as on March 29, 2011, can be classified under the Grandfathered Category.