Examination Overview - NISM Series III-A: Securities Intermediaries Compliance (Non Fund) Certification Mock Test
The examination is designed to establish a minimum knowledge benchmark for professionals working in or aspiring to enter the Indian securities market, with a specific focus on understanding the regulatory and compliance framework governing market intermediaries.
The certification provides a comprehensive understanding of the financial system in India, the structure of securities markets, and the role of regulatory bodies such as the Securities and Exchange Board of India (SEBI). It covers key regulations applicable to various intermediaries including stock brokers, merchant bankers, depository participants, underwriters, debenture trustees, and credit rating agencies, ensuring that candidates are well-versed with the legal and compliance requirements of the industry.
By strengthening conceptual clarity around compliance functions, regulatory obligations, and the consequences of non-compliance, the examination promotes ethical practices, transparency, and adherence to regulatory standards. It equips candidates with the knowledge required to operate effectively within the regulatory environment and contributes to improved governance and investor protection in the Indian securities market.
Examination Objectives
This examination is broadly categorised into two parts. Part ‘A’ is generic in the sense that it gives the candidates a sense of the Financial and Regulatory Structure in India, the different regulations which intermediaries should be aware of. Part ‘B’ specifically deals with the rules and regulations governing Stock Brokers, Depository Participants, Merchant Bankers, Underwriters, Bankers to the Issue, Debenture Trustees and Credit Rating Agencies.
On successful completion of the examination, the candidate should:
Understand the financial structure in India and the role of financial intermediaries along with the types of products available in the Indian market.
Understand the regulatory framework and the role of various regulators in the financial system.
Understand the importance of compliance activities and the scope and role of the compliance officer in the Indian securities market.
Understand the various regulations and rules governing the Indian securities market.
Understand the importance of compliance with rules and regulations and the penal actions applicable in case of default or failure.
Assessment Structure
| Component |
Details |
| Mode of Exam |
Online (Computer-Based Test) |
| Type of Questions |
Multiple Choice Questions |
| Language Options |
English |
| Number of Questions |
100 |
| Total Marks |
100 |
| Marks per Question |
1 mark |
| Passing Criteria |
60% |
| Negative Marking |
25% of the marks assigned to the question |
| Exam Duration |
2 Hours (120 Minutes) |
| Exam Fee |
Rs. 1,500 (inclusive of GST) + payment gateway charges extra |
| Result Declaration |
Immediately after exam completion |
| Certificate Validity |
3 Years from the date of passing |
| PAN Requirement |
PAN must be updated in your profile to apply |
| Exam Delivery Modes |
At 150+ NISM test centers across India |
Syllabus Outline – Securities Intermediaries Compliance (Non Fund) Certification Examination
| Chapter No. |
Chapter Name |
Weightage (%) |
|
Part A: Understanding the Securities Market and Securities Markets Regulatory Structure in India
|
| Chapter 1 |
Introduction to the Financial System |
5 |
| Chapter 2 |
Regulatory Framework - General View |
9 |
| Chapter 3 |
Introduction to Compliance |
4 |
| Chapter 4 |
Securities and Exchange Board of India Act, 1992 |
7 |
| Chapter 5 |
Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957 |
4 |
| Chapter 6 |
SEBI (Intermediaries) Regulations, 2008 |
6 |
| Chapter 7 |
SEBI (Prohibition of Insider Trading) Regulations, 2015 |
6 |
| Chapter 8 |
SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 |
6 |
| Chapter 9 |
Prevention of Money Laundering Act, 2002 |
7 |
| Chapter 10 |
SEBI (KYC Registration Agency) Regulations, 2011 |
2 |
|
Part B: Understanding Intermediary Specific Regulations
|
| Chapter 11 |
SEBI (Foreign Portfolio Investors) Regulations, 2019 |
3 |
| Chapter 12 |
SEBI (Stock Brokers) Regulations, 1992 |
6 |
| Chapter 13 |
SEBI (Merchant Bankers) Regulations 1992, SEBI (SAST) Regulations, 2011 & SEBI (Bankers to an Issue) Regulations, 1994 |
6 |
| Chapter 14 |
SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 |
6 |
| Chapter 15 |
Depositories Act 1996 |
2 |
| Chapter 16 |
SEBI (Depositories and Participants) Regulations 2018 |
3 |
| Chapter 17 |
SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 1993 |
3 |
| Chapter 18 |
SEBI (Research Analyst) Regulations, 2014 |
2 |
| Chapter 19 |
SEBI (Investment Advisers) Regulations, 2013 |
2 |
| Chapter 20 |
SEBI (Debenture Trustees) Regulations, 1993 |
3 |
| Chapter 21 |
SEBI (Credit Rating Agencies) Regulations, 1999 |
3 |
| Chapter 22 |
SEBI (Custodian) Regulations, 1996 |
3 |
| Chapter 23 |
Proxy Advisors |
2 |
| Total |
Total Weightage |
100 |
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Frequently Asked Questions - NISM Series III-A: Securities Intermediaries Compliance (Non Fund) Certification
The NISM Series III-A examination is designed to establish a minimum knowledge benchmark for professionals working in or aspiring to enter the Indian securities market. It focuses specifically on the regulatory and compliance framework governing market intermediaries like stock brokers, merchant bankers, and depository participants.
The NISM Series III-A examination is an online, computer-based test (CBT) consisting of 100 Multiple Choice Questions (MCQs). Each question carries 1 mark, making the total exam worth 100 marks.
Yes, the examination enforces a strict negative marking policy. For every incorrect answer, 25% of the marks assigned to that question (i.e., 0.25 marks) will be deducted. Practising with our mock tests is highly recommended to build accuracy and avoid negative marking penalties.
Candidates must secure a minimum of 60% (60 marks out of 100) to successfully clear the NISM Series III-A examination.
Candidates are given exactly 2 hours (120 minutes) to complete the 100 questions. Time management is crucial for reading and comprehending complex regulatory questions.
The official examination fee charged by NISM is Rs. 1,500 (inclusive of GST). Please note that additional payment gateway charges may apply during the registration process.
The syllabus is broadly categorised into two parts. Part ‘A’ covers the generic financial and regulatory structure in India (including SEBI Act, SCRA, Insider Trading, and PMLA). Part ‘B’ deals specifically with rules governing individual intermediaries such as Stock Brokers, Merchant Bankers, Depository Participants, and Credit Rating Agencies.
Upon successful completion, your NISM Series III-A certification remains valid for a period of 3 years from the date of passing the examination.
The results are declared immediately after the completion and submission of your online computer-based test at the examination centre.
To successfully apply and register for the NISM Series III-A examination, it is mandatory to have your Permanent Account Number (PAN) updated and verified within your NISM candidate profile.
If you are serious about clearing the exam on your first attempt, you cannot rely on outdated notes or guesswork. NISMExams.in provides a structured, mock-driven preparation platform featuring 600 exam-focused questions strictly aligned with the latest NISM syllabus to train you exactly the way the real exam tests you.
Our comprehensive NISM Series III-A mock test package is highly affordable, priced at just Rs. 599 (inclusive of GST). This ensures you get premium, expert-curated study resources at a fraction of the cost of an exam retake.
When you subscribe to our Rs. 599 package, you receive 15 test attempts per set. This allows you to practice extensively, identify your weak areas in compliance regulations, and track your progress over multiple simulated sessions.
The premium mock test package grants you 15 days of uninterrupted access. This provides ample time for focused, intensive preparation and revision right before your scheduled examination date.
No, the official exam is an online, computer-based test that must be delivered in person at one of the 150+ designated NISM test centres located across India.