NISM Series III C : Securities Intermediaries Compliance (Fund) Examination - Mock Test
NISM Series 3C : Securities Intermediaries Compliance (Fund)
Frequently Asked Questions
It is series 3C. 'III' is the Roman Numeral for 3.
The official name of the exam is NISM Series III-C : Securities Intermediaries Compliance (Fund) Certification Examination
However, candidates also refer to this exam by other names such as NISM 3C, NISM III-C, NISM Compliance Fund Exam, and NISM Series 3C Securities Intermediaries Compliance Fund Exam.
It is a regulatory certification offered by the National Institute of Securities Markets (NISM). Its
purpose is to ensure that people working in compliance functions with SEBI-registered fund-related
intermediaries possess the minimum required knowledge of: the Indian financial system, SEBI Acts and
Regulations, compliance requirements for Mutual Funds (MFs), compliance requirements for Alternative
Investment Funds (AIFs), compliance requirements for REITs and InvITs, Prevention of Money Laundering
(PMLA), insider trading regulations, fraudulent and unfair trade practices, KYC and KRA norms, FEMA
provisions related to securities markets, and other compliance obligations applicable to SEBI-registered
fund intermediaries.
This exam should be passed by compliance officers and staff working with Mutual Funds, AIFs, REITs,
InvITs, and other SEBI-regulated fund intermediaries.
MODELEXAM offers NISM Series
3C : Securities Intermediaries Compliance Fund Exam Practice Tests based on the latest NISM syllabus,
helping candidates prepare effectively with updated questions.
NISM Exam Dates
Exam Registration
Procedure
Assessment Structure
| Total Marks | 100 |
| Total Questions | Multiple Choice Questions [100 questions of 1 mark each] |
| Total Duration | 2 hours |
| Passing Score | 60% (60 marks) |
| Negative Marking | 25% (0.25 mark) for each wrong answer |
Weightage - NISM Series 3C Exam
| Chapter No. | Chapter Name | Weightages (%) |
|---|---|---|
| Part A: Understanding the Securities Markets and the Securities Markets regulatory structure in India | ||
| Chapter 1 | Introduction to the Financial System | 5 |
| Chapter 2 | Regulatory Framework - General View | 6 |
| Chapter 3 | Introduction to Compliance | 4 |
| Chapter 4 | SEBI Act 1992 | 7 |
| Chapter 5 | SCRA 1956 and SCRR, 1957 | 4 |
| Chapter 6 | SEBI Intermediaries Regulations 2008 | 6 |
| Chapter 7 | SEBI (Prohibition of Insider Trading) Regulations, 2019 | 6 |
| Chapter 8 | SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulation, 2003 | 6 |
| Chapter 9 | Prevention of Money Laundering Act, 2002 | 7 |
| Chapter 10 | SEBI (KYC Registration Agency) Regulations, 2011 | 2 |
| Chapter 11 | SEBI (Foreign Portfolio Investors) Regulations, 2019 | 3 |
| Chapter 12 | Foreign Exchange Management Act | 4 |
| Chapter 13 | SEBI Depositories Act, 1996 | 3 |
| Part B: Understanding Intermediary Specific Regulations | ||
| Chapter 14 | SEBI (Mutual Fund) Regulations, 1996 | 11 |
| Chapter 15 | SEBI (AIF) Regulations, 2012 | 10 |
| Chapter 16 | SEBI (InvIT) Regulations, 2014 | 8 |
| Chapter 17 | SEBI (REITs) Regulation, 2014 | 8 |
| Total Weightages | 100 | |
Syllabus - NISM 3C : Securities Intermediaries Compliance
Part A – Understanding the Securities Markets
Chapter 1: Introduction to the Financial System
Securities Market Intermediaries
- Define and understand types of
Securities
Chapter 2: Regulatory Framework – General View
- Securities Market Regulations in
India
- Financial Market Regulators and
understand their role
- Key Agencies: ROC, EOW, FIU-I,
NCLT, SFIO, Police
Chapter 3: Introduction to Compliance
- Compliance Function Overview
- Roles, Responsibilities, and
Reporting Structure
- Governance and Fiduciary Duties
Chapter 4: SEBI Act, 1992
Chapter 5: SCRA, 1956 and SCRR, 1957
Chapter 6: SEBI (Intermediaries) Regulations, 2008
- General Obligations of
Intermediaries
- Importance of the ‘Fit and
Proper’ Criteria
- Obligations During Inspection
- Code of Conduct for
Intermediaries
Chapter 7: SEBI (Prohibition of Insider Trading) Regulations, 2019
Chapter 8: SEBI (FUTP) Regulations, 2003
Chapter 9: Prevention of Money Laundering Act 2002
- Role and Importance of AML
Measures
- Overview of SEBI Circulars on
AML/CFT
Chapter 10: SEBI (KYC Registration Agency) Regulations, 2011
- Functions and Obligations
Regarding KRA and CKYC
- Guidelines for Intermediaries,
KRAs & In-Person Verification
- Understanding FATCA Guidelines
Chapter 11: SEBI (FPI) Regulations, 2019
Chapter 12: Foreign Exchange Management Act
- Introduction to FEMA and
Securities Markets
- Foreign Direct Investment in
India
- RBI Master Direction 2022
Chapter 13: SEBI (Depositories) Act, 1996
Part B – Understanding Intermediary Specific Regulations
Chapter 14: SEBI (Mutual Fund) Regulations
- Mutual Fund Structure and Key
Features
- Role of stakeholders in a Mutual
Fund
- Schemes of Mutual Fund
- Redemption and Reporting
Redemptions
- Investment Objectives of a
Mutual Fund
- Scheme Related Disclosure /
Portfolio Disclosures
- Overview of Board and Committees
- Norms for Shareholding in Mutual
Funds
- Stewardship Code – Public Listed
Companies
- Risk Management Framework
- Overview of Mutual Fund Reports
- SEBI Prohibition of Insider
Trading Regulations
- General Obligation and
Investment Rights
Chapter 15: SEBI (AIF) Regulations
- Introduction to SEBI AIF
Regulations and Key Terminologies
- Classification of AIFs
- Investment Strategy
- Overview of Compliance and
Obligations
Chapter 16: SEBI (InvIT) Regulations
- Introduction to Infrastructure
Investment Trusts (InvITs)
- Definition and Structure of
InvITs
- Rights and Responsibilities of
Trustees, Investment Managers, etc.
- Fundraising and Issuance of Debt
Securities by InvITs
- InvIT Units: Offer, Listing, and
Delisting
- Valuation of Assets / Investment
Conditions / Dividend Policy
- Inspections Conducted by SEBI
Chapter 17: SEBI (REITs) Regulation
- Overview of SEBI REIT
Regulations, Structure, and Definitions
- Roles and Duties of Trustees,
Managers, Sponsors, Valuers, and Auditors
- Fundraising and Issuance of Debt
Securities by REIT
- REIT Units: Issue, Listing, and
Delisting
- Investment Conditions / Dividend
Policy
- Continuous Disclosures to Stock
Exchanges
- Inspections Conducted by SEBI