Earlier

Amended

Every individual whose name is so included in the data bank under sub-rule (1) shall pass an online proficiency self-assessment test conducted by the institute within a period of one year from the date of inclusion of his name in the data bank, failing which, his name shall stand removed from the databank of the institute.

Every individual whose name is so included in the data bank under sub-rule (1) shall pass an online proficiency self-assessment test conducted by the institute within a period of two year from the date of inclusion of his name in the data bank, failing which, his name shall stand removed from the databank of the institute

Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the databank, in one or more of the following, namely:-

(a) listed public company; or

(b) unlisted public company having a paid-up share capital of rupees ten crore or more; or

(c) body corporate listed on a recognized stock exchange:]

Provided further that for the purpose of calculation of the period of ten years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more ⁴[companies or bodies corporate] at the same time shall be counted only once.

Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served for a total period of not less than three years, as on the date of inclusion of his name in the databank,

A) As a Director or Key Managerial Personnel  on the date of inclusion of his name in the databank  in one or more of the following, namely:-

(a) listed public company; or

(b) unlisted public company having a paid-up share capital of rupees ten crore or more; or

(c) body corporate listed on a recognized stock exchange or in a country which is a member state of the financial Task Force on Money Laundering and the regulator of the securities market in such member state is a member of the International Organization of Securities Commissions; or

d) bodies corporate incorporated outside India having a paid-up share capital of $ 2 million or more; or

e) statutory corporations set up under Act of Parliament or an state Legislature carrying on commercial activities; or

B) in the pay scale of Director or above in the Ministry of Corporate Affairs or the Ministry of Finance or Commerce and Industry or the Ministry of Heavy Industries and Public Enterprises and having experience in handling the matters relating to corporate laws or securities laws or economic laws; or

C) in the pay scale of Chief General Manager or above in the SEBI or RBI or IRDAI & having experience in handling the matters relating to corporate laws or securities laws or economic laws :

Provided further that for the purpose of calculation of the period of three years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more companies or bodies corporate or statutory corporations at the same time shall be counted only once.

IN EXPLANATION PART OF THE RULE ITEM no. b

(b) an individual who has obtained a score of not less than sixty percent in aggregate in the online proficiency self-assessment test shall be deemed to have passed such test

(b) an individual who has obtained a score of not less than fifty percent in aggregate in the online proficiency self-assessment test shall be deemed to have passed such test