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%


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

Issuers Compliance

NISM Series-III-B: Issuers Compliance Certification Examination