Over 1,000 such brokers have so far cleared the test. In view of the overwhelming response that this certification programme has received since its initiation, NSE has decided to open up this programme to the public to enable larger participation and help more people gain skills in the field of derivative trading.

NSE has also granted accreditation to seven institutes to conduct training for NCFM. According to an NSE release, the total cost for taking the test would be Rs 700 of which Rs 500 would go for the test while Rs 200 would be for registration.

The centres where the tests will be conducted are Mumbai, New Delhi, Calcutta, Hyderabad and Chennai. NSE has also decided to expand this list andinclude Pune and Ahmedabad where NSE has its offices.

The NCFM programme is in line with the Securities and Exchange Board of India's (Sebi) emphasis on training for the derivatives participants `with a view to provide an interactive user-interface, nationwide access and highest level of security', the release says. The certification programme has been conceived as part of the recommendations by the L C Gupta Committee on the introduction of derivatives trading in India.

According to the release, NCFM is designed purely as a testing process. The programme is tailored to test practical knowledge and skills required to operate in the financial markets and award certificates based on relative merit. In the process, this will ensure that the calibre of persons entering this field is kept high in the best interest of the market.

The methodology for testing has been built in collaboration with Spacenet Consulting and incorporates the best of the testing practices followed worldwide, like GMAT and DeutscheTermin Bourse. The course content of the NCFM programme responds quickly to the changes in the environment ensuring that candidates passing out are equipped with the latest skills required in the industry.

The seven NSE accredited institutions which can conduct training for NCFM programme include, among others, XLRI in Jamshedpur, UTI Institute of Capital Markets and SP Jain Institute of Management in Mumbai and T A Pai Management Institute at Manipal.