NISM Series III-A Eligibility: Who Needs It?
NISM certifications have no degree requirement. What matters is the role you hold. Here is who Series III-A is mandatory for.
NISM Series III-A is for people who work in compliance at a SEBI-registered intermediary that does not run a fund. The workbook describes it as the common minimum knowledge benchmark for persons engaged in the compliance function at stock brokers, depository participants, merchant bankers, underwriters, bankers to the issue, debenture trustees and credit rating agencies.
Anyone else may also take it. NISM publishes no minimum educational qualification for the exam.
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What SEBI actually requires
NISM runs its certifications under the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007. Under these regulations SEBI can require categories of associated persons to hold a certificate, and one of the functions it names is being responsible for compliance with any rules or regulations.
The workbook's list of SEBI mandated NISM certifications puts Series III-A against the compliance officers and other persons engaged in the compliance function at intermediaries registered as stock brokers, sub-brokers, depository participants, merchant bankers, underwriters, bankers to the issue, debenture trustees and credit rating agencies. A person doing that work must hold a valid certificate to continue in it.
The intermediaries Series III-A covers
If you work in compliance at any of these, Series III-A is the certification written for your role:
- checkStock brokers
- checkDepository participants
- checkMerchant bankers and underwriters
- checkBankers to the issue
- checkDebenture trustees
- checkCredit rating agencies
Who it fits, by reader
| You are | Does Series III-A fit? |
|---|---|
| Compliance officer at a stock broker or DP | Yes. You are named in SEBI's mandate for this certification |
| Compliance staff at a merchant banker, debenture trustee or credit rating agency | Yes. These intermediaries are named in the workbook and in the mandate |
| Compliance staff at a mutual fund, AIF, REIT or InvIT | Series III-C (Securities Intermediaries Compliance, Fund) is the certification written for fund intermediaries |
| Operations or risk staff at a stock broker | Series VII (Securities Operations and Risk Management) is the certification written for that role |
| A lawyer, company secretary or student aiming at securities compliance | You may take it. No qualification is required |
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If you are unsure
The requirement follows the function you perform, not your job title or degree. If you are not sure whether your role needs Series III-A, ask your firm's compliance team. They decide which staff must hold which NISM certification.
What you need
- check_circleA registration on NISM's certification portal
- check_circleThe exam fee of ₹1,500 plus payment gateway charges
- check_circleNo minimum educational qualification, as NISM publishes none
Keeping the certificate
Under the CAPSM Regulations the certificate is valid for 3 years. To stay certified you either pass the exam again before it expires or complete a Continuing Professional Education programme specified by NISM, and the certificate is then revalidated for another 3 years. Check NISM's CPE options for Series III-A well before your expiry date.
FAQs
What is the eligibility for NISM Series III-A?expand_more
NISM publishes no minimum educational qualification. Anyone can register on NISM's certification portal and book the exam.
Who needs NISM Series III-A?expand_more
Compliance officers and other persons in the compliance function at stock brokers, depository participants, merchant bankers, underwriters, bankers to the issue, debenture trustees and credit rating agencies.
Is NISM Series III-A mandatory for compliance officers?expand_more
For compliance staff at the non-fund intermediaries named above, yes. It is listed among the SEBI mandated NISM certifications under the CAPSM Regulations, 2007. Your firm's compliance team can confirm it for your role.
Do I need Series III-A or III-C?expand_more
III-A if your employer is a non-fund intermediary such as a stock broker, DP or merchant banker. III-C if it is a mutual fund, AIF, REIT or InvIT.
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