NISM Series III-A Securities Intermediaries Compliance (Non-Fund): pattern, syllabus and full mock tests
NISM Series III-A is the certification for compliance staff of SEBI-registered non-fund intermediaries: stock brokers, depository participants, merchant bankers, underwriters, bankers to an issue, debenture trustees and credit rating agencies.
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Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series III-A is the certification for compliance staff of SEBI-registered non-fund intermediaries: stock brokers, depository participants, merchant bankers, underwriters, bankers to an issue, debenture trustees and credit rating agencies.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published.
Exam Pattern
NISM Series III-A is a single computer-based exam of 100 questions for 100 marks, in 2 hours. The passing score is 60% (60 marks), with negative marking of 25% of a question's marks for each wrong answer. The certificate is valid for 3 years. Chapter weightages are from NISM's workbook, version March 2026.
NISM Series III-A Certification Exam
Computer-based120 min| Section | Questions | Marks |
|---|---|---|
| Introduction to the Financial System | 5 | 5 |
| Regulatory Framework: General View | 9 | 9 |
| Introduction to Compliance | 4 | 4 |
| Securities and Exchange Board of India Act, 1992 | 7 | 7 |
| Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957 | 4 | 4 |
| SEBI (Intermediaries) Regulations, 2008 | 6 | 6 |
| SEBI (Prohibition of Insider Trading) Regulations, 2015 | 6 | 6 |
| SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 | 6 | 6 |
| Prevention of Money Laundering Act, 2002 | 7 | 7 |
| SEBI (KYC Registration Agency) Regulations, 2011 | 2 | 2 |
| SEBI (Foreign Portfolio Investors) Regulations, 2019 | 3 | 3 |
| SEBI (Stock Brokers) Regulations, 2025 | 6 | 6 |
| SEBI (Merchant Bankers) Regulations, 2025, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Bankers to an Issue) Regulations, 1994 | 6 | 6 |
| SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 | 6 | 6 |
| Depositories Act, 1996 | 2 | 2 |
| SEBI (Depositories and Participants) Regulations, 2018 | 3 | 3 |
| SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 2025 | 3 | 3 |
| SEBI (Research Analyst) Regulations, 2014 | 2 | 2 |
| SEBI (Investment Advisers) Regulations, 2013 | 2 | 2 |
| SEBI (Debenture Trustees) Regulations, 1993 | 3 | 3 |
| SEBI (Credit Rating Agencies) Regulations, 1999 | 3 | 3 |
| SEBI (Custodian) Regulations, 1996 | 3 | 3 |
| Proxy Advisors | 2 | 2 |
Key Topics & Syllabus
1. Introduction to the Financial System (5 marks)
- check_circleFinancial system and financial markets (money, capital, forex, credit and insurance markets; primary and secondary)
- check_circleFinancial Market Infrastructure Institutions (MIIs): depositories, stock exchanges and clearing corporations
- check_circleFinancial intermediaries
2. Regulatory Framework: General View (9 marks)
- check_circleRegulatory system and financial market regulators (SEBI, RBI, IRDAI, PFRDA, MCA)
- check_circleOther agencies in the financial market
- check_circleAppellate authority: Securities Appellate Tribunal
3. Introduction to Compliance (4 marks)
- check_circleMeaning and importance of the compliance function
- check_circleCompliance officer: appointment, scope and role in the Indian securities market
- check_circleIndependence and reporting responsibility of compliance officers
4. Securities and Exchange Board of India Act, 1992 (7 marks)
- check_circleSalient features of the SEBI Act, 1992
- check_circlePowers and functions of SEBI
- check_circlePenalties and adjudication
5. Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957 (4 marks)
- check_circleSecurities Contracts (Regulation) Act: call for periodical returns and contracts as principal
- check_circlePenalties and procedures under the SCRA
- check_circleEligibility criteria for membership of a recognised stock exchange
6. SEBI (Intermediaries) Regulations, 2008 (6 marks)
- check_circleIntroduction and general obligations of intermediaries
- check_circleInspection and disciplinary proceedings
- check_circleAction in case of default; suspension and cancellation of certificate
7. SEBI (Prohibition of Insider Trading) Regulations, 2015 (6 marks)
- check_circleIntroduction to the insider trading regulations: insiders, UPSI and connected persons
- check_circleRestrictions on communication and trading by insiders; trading plans
- check_circleDisclosures of trading by insiders
8. SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 (6 marks)
- check_circleIntroduction and definitions of fraud
- check_circleProhibition of fraudulent and unfair trade practices and manipulative practices
- check_circleInvestigation by SEBI and powers of the investigating authority
9. Prevention of Money Laundering Act, 2002 (7 marks)
- check_circleIntroduction to money laundering
- check_circleHighlights of PMLA, 2002: offences, obligations of reporting entities and record keeping
- check_circleSEBI Master Circular on AML and CFT: client due diligence and risk-based approach
10. SEBI (KYC Registration Agency) Regulations, 2011 (2 marks)
- check_circleIntroduction and registration as a KYC Registration Agency (KRA)
- check_circleObligations on surrendering the certificate of registration
- check_circleFunctions and obligations of KRAs and intermediaries
11. SEBI (Foreign Portfolio Investors) Regulations, 2019 (3 marks)
- check_circleEligibility criteria and categories of Foreign Portfolio Investors
- check_circleDesignated depository participants
- check_circleInvestment conditions and restrictions
12. SEBI (Stock Brokers) Regulations, 2025 (6 marks)
- check_circleIntroduction to the SEBI (Stock Brokers) Regulations, 2025
- check_circleDirect Market Access (DMA)
- check_circleAlgorithmic trading
13. SEBI (Merchant Bankers) Regulations, 2025, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Bankers to an Issue) Regulations, 1994 (6 marks)
- check_circleSEBI (Merchant Bankers) Regulations, 2025
- check_circleSEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
- check_circleSEBI (Bankers to an Issue) Regulations, 1994
14. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (6 marks)
- check_circleApplicability of ICDR Regulations
- check_circleInitial public offers and rights issues
- check_circleRole of merchant bankers as advisors and underwriters
15. Depositories Act, 1996 (2 marks)
- check_circleIntroduction to the Depositories Act, 1996
- check_circleRights and obligations of depositories
- check_circleEnquiry and inspection
16. SEBI (Depositories and Participants) Regulations, 2018 (3 marks)
- check_circleRegistration of a depository participant
- check_circleRights and obligations
- check_circleAction in case of default
17. SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 2025 (3 marks)
- check_circleWho is a registrar to an issue and share transfer agent
- check_circleGeneral obligations and responsibilities of RTAs
- check_circleCode of conduct for RTAs
18. SEBI (Research Analyst) Regulations, 2014 (2 marks)
- check_circleIntroduction to the Research Analyst Regulations
- check_circleManagement of conflict of interest and disclosure requirements
- check_circleGeneral responsibility and maintenance of records
19. SEBI (Investment Advisers) Regulations, 2013 (2 marks)
- check_circleIntroduction and general responsibilities of investment advisers
- check_circleRisk profiling and suitability of clients
- check_circleDisclosures and client-level segregation of advisory and distribution activities
20. SEBI (Debenture Trustees) Regulations, 1993 (3 marks)
- check_circleRegistration as a debenture trustee and capital adequacy requirements
- check_circleResponsibilities and obligations of debenture trustees
- check_circleCode of conduct for debenture trustees
21. SEBI (Credit Rating Agencies) Regulations, 1999 (3 marks)
- check_circleRegistration as a credit rating agency
- check_circleGeneral obligations of CRAs, compliance officer and auditor's report
- check_circleConfidentiality and the rating process
22. SEBI (Custodian) Regulations, 1996 (3 marks)
- check_circleCustodian and custodial services
- check_circleRegistration and eligibility
- check_circleGeneral obligations and responsibilities of custodians
23. Proxy Advisors (2 marks)
- check_circleIntroduction to proxy advisors and their impact on corporate governance
- check_circleInternal controls and disclosures under the Research Analyst Regulations, 2014
- check_circleProcedural guidelines for proxy advisors
Inside NISM Series III-A Premium
Full-length mock tests
Timed 120-minute papers in the NISM III-A pattern, scored against the 60% pass mark.
Chapter-wise question bank
Practise each of the 23 workbook chapters as a separate drill.
AI study plan
Tells you which chapter to drill next, based on where you're losing marks.
Every answer explained
A worked explanation on every question, so a wrong answer becomes a fixed gap.
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile.
Select the exam and pay the fee
Choose NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Schedule the exam on any available date.
Study the official workbook
NISM's workbook (version March 2026) is the syllabus, and its weightage table sets the paper.
Take and pass the exam
100 questions in 2 hours. Score at least 60%, with 25% negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
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Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series III-A pattern.
NISM Series III-A guides
- SyllabusFull NISM Series III-A (Securities Intermediaries Compliance (Non-Fund)) syllabus: all 23 chapters with exam weightage, plus free practice on the current workbook.
- Exam PatternNISM Series III-A exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 60 out of 100 (60%). Verify with NISM.
- EligibilityWho must hold NISM Series III-A (Securities Intermediaries Compliance (Non-Fund)), who can take it, and what SEBI actually requires. There is no minimum qualification, so here is the real answer.
- Registration & DatesHow to register for NISM Series III-A: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series III-A study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- PreparationA realistic NISM Series III-A study plan: how long it takes and chapter order by weightage. No pass rate has been published yet for this certification.
- FAQsCommon NISM Series III-A questions answered: fee ₹1,500, 3-year validity, 0.25 negative marking, re-attempts and CPE renewal.
- Negative markingHow negative marking works on the NISM Series III-A paper: 0.25 marks off per wrong answer against 100 total, what that means for guessing, and when to skip.
NISM Series III-A FAQ
Is NISM 3A the same as NISM Series III-A?
Yes. NISM 3A and NISM Series III-A are the same Securities Intermediaries Compliance (Non-Fund) certification exam.
Who needs NISM Series III-A?
NISM Series III-A is the certification for compliance staff of SEBI-registered non-fund intermediaries: stock brokers, depository participants, merchant bankers, underwriters, bankers to an issue, debenture trustees and credit rating agencies.
What is the passing mark?
60%, that is 60 marks out of 100.
Is there negative marking?
Yes. Each wrong answer costs 25% of that question's marks.
What is the exam fee?
₹1,500 plus payment gateway charges, paid directly to NISM.
How long is the certificate valid?
3 years.
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