How to Prepare for NISM Series III-A
Chapter order, time needed, and where marks are actually lost on the Securities Intermediaries Compliance (Non-Fund) paper.
NISM Series III-A is a paper about regulations. It covers 23 of them, from the SEBI Act to the rules for proxy advisors, and the questions test what each one requires, who it applies to and what happens on a default. If you already work in compliance at a broker or DP, the regulations for your own firm will be familiar, but the paper covers every non-fund intermediary, so plan to read every chapter.
NISM has not published a pass rate for Series III-A, so this page does not quote one. What it can tell you is where the marks are: 56 of the 100 sit in Part A, the general framework that applies to all intermediaries.
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Chapter order by weightage
Weightage from the March 2026 workbook, in marks.
1
Chapters
2. Regulatory Framework: General View
Marks each
9
Total
9
2
Chapters
4. SEBI Act; 9. PMLA
Marks each
7
Total
14
3
Chapters
6. Intermediaries; 7. Insider Trading; 8. FUTP; 12. Stock Brokers; 13. Merchant Bankers, SAST and Bankers to an Issue; 14. ICDR
Marks each
6
Total
36
4
Chapters
1. Introduction to the Financial System
Marks each
5
Total
5
5
Chapters
3. Introduction to Compliance; 5. SCRA and SCRR
Marks each
4
Total
8
6
Chapters
11. FPI; 16. Depositories and Participants; 17. RTA; 20. Debenture Trustees; 21. CRAs; 22. Custodian
Marks each
3
Total
18
7
Chapters
10. KRA; 15. Depositories Act; 18. Research Analyst; 19. Investment Advisers; 23. Proxy Advisors
Marks each
2
Total
10
| Priority | Chapters | Marks each | Total |
|---|---|---|---|
| 1 | 2. Regulatory Framework: General View | 9 | 9 |
| 2 | 4. SEBI Act; 9. PMLA | 7 | 14 |
| 3 | 6. Intermediaries; 7. Insider Trading; 8. FUTP; 12. Stock Brokers; 13. Merchant Bankers, SAST and Bankers to an Issue; 14. ICDR | 6 | 36 |
| 4 | 1. Introduction to the Financial System | 5 | 5 |
| 5 | 3. Introduction to Compliance; 5. SCRA and SCRR | 4 | 8 |
| 6 | 11. FPI; 16. Depositories and Participants; 17. RTA; 20. Debenture Trustees; 21. CRAs; 22. Custodian | 3 | 18 |
| 7 | 10. KRA; 15. Depositories Act; 18. Research Analyst; 19. Investment Advisers; 23. Proxy Advisors | 2 | 10 |
A suggested five-week plan
Adjust the pace to your hours. The order matters more than the length.
- 1
Week 1: chapters 1 to 5 (29 marks)
The financial system, the regulators, the compliance function, the SEBI Act and the SCRA. Make a one-page map of which regulator administers which law.
- 2
Week 2: chapters 6 to 10 (27 marks)
Intermediaries Regulations, insider trading, FUTP, PMLA and KRAs. These apply to every intermediary, so they are worth reading slowly. For PMLA, learn the reporting obligations and the principal officer's role.
- 3
Week 3: chapters 11 to 14 (21 marks)
FPIs, stock brokers, merchant bankers with SAST and bankers to an issue, then ICDR. Chapters 12 to 14 carry 6 marks each, and chapters 12 and 13 cover regulations replaced in 2025, so use only the March 2026 workbook here.
- 4
Week 4: chapters 15 to 23 (23 marks)
Nine shorter chapters. For each one, note who registers, the main obligations, the code of conduct and the compliance officer's duties, in the same format every time.
- 5
Week 5: revision and timed practice
Sit timed papers with negative marking on, then go back to the chapters where you lose marks rather than re-reading everything.
Where marks are lost
The traps on this paper come from detail, not difficulty:
- check_circleAttributing a provision to the wrong regulation, when several Part B regulations have similar codes of conduct and compliance officer duties
- check_circleCiting an old regulation for stock brokers, merchant bankers or RTAs instead of the 2025 versions
- check_circleMixing up the definitions in the insider trading and FUTP Regulations
- check_circleSkipping the 2 and 3 mark chapters: together the chapters worth 2 or 3 marks carry 28 marks
- check_circleConfident wrong answers, each costing 1.25 marks against a right answer because of the 0.25 deduction
Free account, this exam preselected.
The pass mark is 60 out of 100
It is a net score, after 0.25 is deducted for each wrong answer. If you attempt all 100 questions you need 68 right. With the marks spread over 23 chapters and no chapter above 9, you cannot pass by mastering a few chapters and skipping the rest.
Practise under exam conditions
Reading the workbook builds recognition. The exam asks you to recall a provision in about a minute. Before you book, sit at least one full timed paper of 100 questions in 120 minutes with negative marking on, then spend your last days on the chapters it shows you are weakest in.
FAQs
Is NISM Series III-A difficult?expand_more
It is wide rather than deep. The paper covers 23 chapters of regulation, the pass mark is 60%, and wrong answers cost 0.25 each.
How many days do I need to prepare for NISM Series III-A?expand_more
It depends on your background and hours. A plan of about five weeks, four weeks of reading in chapter order and a fifth for revision and timed practice, covers the workbook.
Which chapters should I study first?expand_more
Chapter 2 (9 marks), then the SEBI Act and PMLA (7 marks each), then the six chapters worth 6 marks each.
What is the pass rate for NISM Series III-A?expand_more
NISM has not published one.
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