The last fifteen years have seen a rapid growth in size, quality and sophistication of Indian capital markets, because of changes in the policy and regulatory environment, the entrepreneurial initiatives of individuals and institutions, and the availability of trained manpower. The continuing growth of capital markets is further adding to the demand for well-trained professionals.

The Indian Institute of Capital Markets (IICM, formerly the UTI Institute of Capital Markets) has had a pioneering role in meeting the demand for trained manpower. It was India's first specialized institution devoted to the training of manpower for capital markets. It has provided high-quality training for all types of capital market participants investors, brokers, mutual funds, investment banks, regulatory officials, policy makers and tax officers.

Based on this experience, and as part of its mission to support the development of capital markets, IICM mounted the long-duration Securities Markets Programme (SMP) in 2004. SMP achieved quick recognition among capital market firms and professionals as a valuable programme.

The SMP of IICM is now regarded as a high-level qualification for entry into capital market firms and for mid-career development. Successful SMP participants are sought after by leading firms in the capital market such as JM Financial, UTI Mutual Fund, Bank of Baroda, UBS Securities, HDFC Bank, Kotak Mahindra, SBI Funds Management, Sundaram PNB Paribas, Dawnay Day, L&T Capital and others.

IICM is now in the process of merging with the National Institute of Securities Markets (NISM), promoted by the Securities and Exchange Board of India (SEBI). This will add to IICM's faculty and other resources, further strengthening SMP's position, as the country's premier programme in securities management.

I am sure the 2007-08 batch of SMPians will get an even more enthusiastic response than in the previous years from capital market intermediaries.