NISM Series 3A Securities Intermediaries Compliance (Non-Fund) Mock test
NISM 3A Examination Specifications
This is a computer-based examination with multiple choice questions.- The examination consists of 100 questions of 1 mark each adding to 100 marks.
- The examination should be completed in 2 hours.
- There shall be negative marking of 25% of the marks assigned to the question for each wrong
answer.
- The passing score for the examination is 60 marks.
- Exam fee Rs. 1500/- + Payment gateway charges extra.
- Passing Certificate will be issued only to those candidates who have furnished/ updated their
Income Tax Permanent Account Number (PAN) in their registration details.
Link for
NISM Exams Schedule
Expert Insights: Cracking NISM Series 3A
"Compliance (NISM 3A) requires a deep understanding of SEBI Regulations. Focus on the SEBI (Intermediaries) Regulations and the Prevention of Money Laundering Act (PMLA). These two units are critical for the exam."
SEBI Regulations
PMLA Act
Where can I get NISM IIIA Securities Intermediaries Compliance (Non-Fund) Study Material?
Click here for NISM 3A Study materialNISM 3A Exam - Syllabus Outline with Weightages
| Unit No. | Unit Name | Weightages% |
|---|---|---|
| Part A: Understanding the Financial and Regulatory Structure in India (60 marks) | ||
| Unit 1 | Introduction to Financial System | 5% |
| Unit 2 | Regulatory Framework: General View | 10% |
| Unit 3 | Introduction to Compliance | 4% |
| Unit 4 | SEBI Act, 1992 | 7% |
| Unit 5 | Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957 | 6% |
| Unit 6 | SEBI (Intermediaries) Regulations, 2008 | 6% |
| Unit 7 | SEBI (Prohibition of Insider Trading) Regulations, 1992 | 6% |
| Unit 8 | SEBI (Fraudulent and Unfair Trade Practices Relating to Securities Markets) Regulations, 2003 | 6% |
| Unit 9 | The Prevention of Money Laundering Act, 2002 | 7% |
| Unit 10 | SEBI (KYC Registration Agency) Regulations, 2011 | 3% |
| Part B: Understanding Intermediary Specific Regulations (40 marks) | ||
| Unit 11 | SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992 | 8% |
| Unit 12 | SEBI (Merchant Bankers) Regulations, 1992, Listing Agreement & SEBI (Delisting of Securities) Guidelines, 2003, SEBI Takeover Code & SEBI (Buyback of Securities) Regulations, 2006 | 6% |
| Unit 13 | SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 | 5% |
| Unit 14 | Depositories Act, 1996 | 3% |
| Unit 15 | SEBI (Depositories and Participants) Regulations, 1996 | 3% |
| Unit 16 | SEBI (Bankers to an Issue) Regulations, 1994 | 3% |
| Unit 17 | SEBI (Underwriters) Regulations, 1993 | 3% |
| Unit 18 | SEBI (Debenture Trustees) Regulations, 1993 | 3% |
| Unit 19 | SEBI (Credit Rating Agencies) Regulations, 1999 | 3% |
| Unit 20 | SEBI (Custodian of Securities) Regulations, 1996 | 3% |
Syllabus - NISM Series III A : Securities Intermediaries Compliance (Non-Fund) Exam
Part A – Understanding the Financial and Regulatory Structure in India
1. Introduction to the Financial System
Understand the
Indian Financial System- Know about the
Financial Market Intermediaries
- Know the
various types of Financial Securities
- Regulatory
Framework - General View
- Know the
Regulatory System in India
- Know the role
of the Financial Market Regulators
- Understand the
role of other regulators in the financial market: ROC, EOW, FIU-I, Police
Authorities
- Know the role
of Appellate Authority
- Know the
Legislative Framework Governing the Financial market
- Introduction to
Compliance
- Understand the
need for Compliance
- Know the Role
and Reporting Structure of Compliance Officers (CO)
- Understand the
Responsibilities of COs towards Stakeholders
- Know the
Compliance requirements under the SEBI (CAPSM) Regulations, 2007
- SEBI Act, 1992
- Understand the
SEBI Act, 1992
- Securities
Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules,
1957
- Understand the
sections of the SC(R)A, 1956 pertaining to
- Call for
Periodical Returns
- Contracts and
options in securities
- Penalties and
Procedures
2. Understand the following Rules of the SC(R)R 1957
- Eligibility
criteria for membership of a recognized stock exchange
- Contracts
between members
- Audit of
accounts of members
- Books of
account
3. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations 2012
SEBI (Intermediaries) Regulations, 1992
- Understand the
SEBI (Intermediaries) Regulations.
- Know the
General Obligations of the Intermediaries.
- Know the
obligation of the intermediaries on Inspection and Disciplinary Proceedings
- Understand the
action in case of default and Manner of Suspension and Cancellation of
Certificate
- Know the Code
of Conduct for intermediaries. SEBI (Prohibition of Insider Trading)
Regulations, 1992
- Understand the
SEBI (Prohibition of Insider Trading) Regulations, 2015
- Discuss the
Code of conduct for prevention of insider trading.
- SEBI
(Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market)
Regulations, 2015
- Understand the
Regulation w.r.t. the prohibition of certain dealings in securities.
- Know the
various prohibitions related to manipulative, fraudulent and unfair trade
practices.
- Know the
procedure for Investigation.
- Prevention of
Money Laundering Act 2002
- Understand the
Prevention of Money Laundering Act, 2002.
- Know the
highlights of PMLA, 2002
- Know the
general obligations keeping in mind the AML guidelines issued by SEBI.
- Know the
provisions as stated in the SEBI (Foreign Portfolio Investors) Regulations,
2014.
- Unit 10: SEBI
(KYC Registration Agency) Regulations, 2011
- Understand the
registration process
- Know the
obligations while surrendering the certificate of registration.
- Understand the
Functions and Obligations of KRA and Intermediary.
- Know the
obligations of the KRA on inspection by SEBI.
Part B - Understanding Intermediary Specific Regulations
1. SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, Listing Agreement and SEBI (Delisting of Securities) Guidelines, 2003
- Registration of
Stock Brokers
- Registration of
Sub-Brokers
- Registration of
trading and clearing member
- General
obligations and responsibilities
- Procedure for
Inspection
- Procedure for
action in case of default
- Code of conduct
for Stock brokers
- Code of conduct
for Sub brokers
- Regulation of
transactions between clients and brokers
- Transactions
between clients and brokers
- Unique Client
Code
- Capital
Adequacy norms for brokers
- Maintenance of
books of account and other documents in the manner sought by the
enforcement agencies
- Inspection of
brokers by Stock exchanges
- Direct Market
Access – operational specifications, risk management, broker to be liable
for DMA trades
- Fees payable by
Stock Brokers
2. Understand the SEBI (Alternate Investment Funds) Regulation, 2012 w.r.t
- Registration as
an AIF
- Eligibility
Criteria
- Investment
conditions and restriction
- General
obligations of AIF
SEBI (Merchant Bankers) Regulations, 1992 & others
- Definition of a
merchant banker.
- Procedure for
registration as a merchant banker.
- Eligibility
criteria for grant of certificate.
- Capital
adequacy requirement.
3. SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011
4. SEBI (Delisting of Equity Shares) Regulations, 2009
5. SEBI (Buyback of Securities) Regulations, 2018
SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009
- Introduction of
SEBI ICDR Regulations, 2009
- Know the
Allocation of Responsibilities
- Know the role
of merchant bankers as advisors to the issuer company.
- Know the Due
Diligence and Compliances.
- Understand the
Role as an Underwriter.
- Know the
General Obligations of Merchant Bankers with respect to Public and Rights Issue.
SEBI (Depositories) Regulations, 1996
- Understand the
SEBI (Depositories) Regulations, 1996.
- Know the Rights
and Obligations of the Depositories.
- Know the
enquiry and inspection procedure followed by SEBI and the penalties.
- Know the
Miscellaneous issues.
SEBI (Depositories and Participants) Regulations, 2018
- Understand the
procedure of registration of a depository participant.
- Know the rights
and obligations of the depository participant.
- Know the Action
in case of any Default.
- Know the Code
of conduct for participants.
SEBI (Bankers to an Issue) Regulations, 1994
- Know the
procedure of application and registration as a Banker to an Issue.
- Understand the
general obligations and responsibilities of Banker to an Issue.
- Know the Code
of conduct for the Bankers to an Issue.
- List the
obligations of a banker to an issue in case of inspection by.
SEBI (Underwriters) Regulations, 1993
- Know the
procedure of application and registration as a Underwriter
- List the
general obligations and responsibilities as an Underwriter.
- Know the Code
of conduct for the Underwriters.
SEBI (Debenture Trustees) Regulations, 1993
- Understand the
procedure of application and registration as Debenture Trustees.
- Know the
Capital Adequacy requirements as Debenture Trustees.
- Understand the
following general obligations and responsibilities.
- Know the Code
of conduct for the Debenture Trustees.
- Know the
Obligations of the Debenture Trustees on Inspection by SEBI.
- Understand the
process of dissemination of Information by Debenture Trustees.
SEBI (Credit Rating Agencies) Regulations, 1999
- Know the
Registration process for Credit Rating Agencies.
- Know the
General Obligations of Credit Rating Agencies.
- Understand the
Restrictions on Rating w.r.t:
Securities issued
by Promoters- Securities issued
by entities connected with Promoter etc
- Securities already
rated
- Know Code of
conduct of the Credit Rating Agencies.
- List out the
Guidelines issued by SEBI for Credit Rating Agencies.
SEBI (Custodian of Securities) Regulations, 1996
- Understand the
different Custodial Services.
- Know the
eligibility criteria and the registration process.
- Highlight the
General Obligations and Responsibilities of Custodians.
- Know the Code
of Conduct.