NISM Series-III-B: Issuers Compliance Certification Examination

The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question.

This is a computer-based examination with multiple choice questions.

Exam Fee Rs. 1770 plus additional taxes

Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

Syllabus Outline with Weights

Unit No. Unit Name Weightages %
Unit 1 Overview of Alternative Investments 5%
Unit 2 Alternative Investment Funds in India 5%
Unit 3 Concepts in Alternative Investment Funds Industry 5%
Unit 4 Regulatory Framework – Indian Context 10%
Unit 5 Alternative Investment Fund Structuring 10%
Unit 6 Risk and Return - Investor and Fund Perspective 10%
Unit 7 Investment Process and Governance of Funds 10%
Unit 8 Fund Due Diligence - Investor Perspective 15%
Unit 9 Legal Documents and Negotiations – Investor Perspective 10%
Unit 10 Fund Monitoring, Reporting and Exit 5%
Unit 11 Valuation 5%
Unit 12 Taxation - India specific 5%
Unit 13 Good Practices 5%

Syllabus

I. Introduction to Indian Capital Market

  • A. Understand the Capital Market Structure in India and Role of Capital Market
  • B. Discuss the Regulatory Framework in India

II. Understand the Capital Market Regulations

  • A. Know the SEBI Act, 1992
  • B. Know the Companies Act 1956
  • C. Know the Securities Contracts (Regulation) Act, 1956
  • D. Know the Listing Agreement
  • E. Know the Foreign Exchange Management Act, 1999 (FEMA)
  • F. Know the Prevention of Money Laundering Act, 2002 (PMLA)
  • G. Know the Competition Act, 2002
  • H. Know the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (SEBI(ICDR))
  • I. Know the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • J. Know the SEBI (Buy-Back of Securities) Regulations, 1998
  • K. Know the SEBI (Prohibition of Insider Trading) Regulations, 1992
  • L. Know the SEBI (Intermediaries) Regulations, 2008
  • M. Know the SEBI (Delisting of Equity Shares), Regulations, 2009
  • N. Know the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999
  • O. Know the Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules)
  • P. Know the SEBI (Issue of Sweat Equity) Regulations, 2002

III. Discuss the role of Compliance Officer

  • A. Understand the appointment of Compliance Officer
  • B. Know the Role of Compliance Officer
  • C. Learn about the Responsibilities of a Compliance Officer
  • D. Discuss the Reporting requirements

IV. Understand how to Raise Capital from the market

  • A. Why raise money from the market
  • B. Learn about the Evolution of Public Issues
  • C. Know the ways of Raising money

V. Understand the Role of Compliance Officer in IPO

  • A. Planning an IPO
  • B. General Obligations during Public Issue
  • C. Marketing the Issue
  • D. Application Supported by Blocked Amount (ASBA)
  • E. Allotment of Shares
  • F. Listing with Stock Exchanges
  • G. Post Issue Compliances

VI. Understand the Role of Compliance Officer in other public Issues

  • A. Further Public Offer
  • B. Rights Issue
  • C. Bonus Issue
  • D. Employee Stock Option Plan (ESOP)
  • E. Sweat Equity
  • F. Private Placement
  • G. Indian Depository Receipts (IDR)

VII. Know about the ways to Raise money from foreign market

  • A. Learn about American Depository Receipt (ADR) / Global Depository Receipt (GDR)
  • B. Learn about Foreign Currency Convertible Bonds (FCCB)

VIII. Understand about Corporate Actions

  • A. Know the Related laws and process

IX. Know about the Ongoing Compliance Requirements

  • A. Reports to be submitted as per Listing Agreements
  • B. Compliances under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • C. Compliances under the SEBI ( Prohibition of Insider Trading) Regulations, 1992
  • D. Appellate Tribunal
  • E. Scores system for investor grievance

X. Additional Read: SAT Cases