NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Practice Exam

The NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination assesses your understanding of the regulatory framework governing financial markets in India, with a specific focus on compliance requirements for non-fund based intermediaries. Earning this certification demonstrates your commitment to upholding ethical practices and ensuring adherence to regulations within the securities industry.

Who Should Take This Exam?

This NISM Series-III-A exam is ideal for individuals working or aspiring to work in compliance roles with non-fund based intermediaries, such as:

• Stock brokers (compliance officers)
• Depository participants (compliance officers)
• Merchant bankers (compliance officers)
• Underwriters (compliance officers)
• Bankers to the issue (compliance officers)
• Debenture trustees (compliance officers)
• Credit rating agencies (compliance officers)

Are There Prerequisites?

There are no formal prerequisites to take the NISM Series-III-A exam. However, a foundational understanding of the Indian financial system and securities markets is recommended for success.

Roles and Responsibilities

• Compliance Officer: Developing, implementing, and monitoring compliance programs to ensure adherence to SEBI regulations and internal policies.
• Risk Management Officer: Identifying, assessing, and mitigating risks associated with non-compliance within the organization.
• Internal Auditor: Conducting internal audits to evaluate the effectiveness of compliance controls and identify potential areas of improvement.

Exam Details 

• Duration: 3 hours
• Negative Marking: No negative marking for incorrect answers.
• Passing Score: 50%
• Validity: The certificate has no expiration date

Course Outline

On successful completion of the examination the candidate should:

• Understand the structure of financial and securities markets in India; financial intermediaries and the types of products available in the Indian market.
• Understand the regulatory framework and the role of the various regulators in the financial system.
• Understand the Importance of Compliance function and the scope and role of the compliance officer in the Indian securities market.
• Understand the various regulations and rules of the Indian securities market as related to the defined group of intermediaries.
• Understand the importance of compliance of the rules and regulations and the penal actions initiated in case of any default or failure.