NISM Series 12 Securities Markets Foundation Certification Exam Notes

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  • Innovation Sandbox: SEBI’s Innovation Sandbox allows FinTech firms to test solutions offline.
  • Regulatory Sandbox: SEBI’s Regulatory Sandbox enables live testing of FinTech innovations under supervision.
  • Sandbox Eligibility: Only SEBI-registered entities with genuine innovations can participate in the Regulatory Sandbox.
  • Sandbox Restrictions: No exemptions are granted for investor protection, KYC, or AML rules in the Sandbox.
  • Historical Context: Securities markets evolved from unorganized street trading to structured electronic systems.

NISM 12 Securities Markets Foundation

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