NISM Series III-A Syllabus: Securities Intermediaries Compliance (Non-Fund)
All 23 chapters of the Securities Intermediaries Compliance (Non-Fund) workbook, with the weightage each carries in the exam.
The NISM Series III-A workbook has 23 chapters in two parts. Part A (chapters 1 to 10) covers the financial system, the regulators and the laws every intermediary must follow. Part B (chapters 11 to 23) covers the regulations written for specific intermediaries: stock brokers, merchant bankers, depository participants, registrars, research analysts, investment advisers, debenture trustees, credit rating agencies and custodians.
NISM publishes a weightage for every chapter. The exam has 100 questions of 1 mark each, so each chapter's weightage is also the number of marks it carries. Part A carries 56 marks and Part B carries 44.
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Part A: the common framework (56 marks)
Chapter names and weightage as in the March 2026 workbook.
1. Introduction to the Financial System
Marks
5
What it covers
Money, capital, forex, credit and insurance markets; market infrastructure institutions (depositories, stock exchanges, clearing corporations); financial intermediaries and securities
2. Regulatory Framework: General View
Marks
9
What it covers
SEBI, RBI, IRDAI, PFRDA and MCA; other agencies; the Securities Appellate Tribunal; the laws governing the market; IFSC and IFSCA
3. Introduction to Compliance
Marks
4
What it covers
The compliance function, the compliance officer's role, independence and reporting; certification and CPE under the SEBI (CAPSM) Regulations, 2007
4. Securities and Exchange Board of India Act, 1992
Marks
7
What it covers
SEBI's powers and functions, penalties and adjudication, appeals to SAT, registration of intermediaries, prohibition of manipulative devices and insider trading
5. Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957
Marks
4
What it covers
Periodical returns, contracts as principal, penalties, eligibility for stock exchange membership, contracts between members and audit of members' accounts
6. SEBI (Intermediaries) Regulations, 2008
Marks
6
What it covers
General obligations, inspection, action in case of default, code of conduct, online dispute resolution, cyber security and resilience, AI and ML compliance
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
Marks
6
What it covers
Insiders, UPSI and connected persons; trading plans; disclosures; the code of conduct; the compliance officer's role
8. SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003
Marks
6
What it covers
What counts as fraud, prohibited and manipulative practices, investigation by SEBI
9. Prevention of Money Laundering Act, 2002
Marks
7
What it covers
PMLA offences and reporting entity obligations, SEBI's AML and CFT master circular, client due diligence, suspicious transaction reporting to FIU-IND, the principal officer
10. SEBI (KYC Registration Agency) Regulations, 2011
Marks
2
What it covers
Registration and obligations of KRAs and intermediaries, code of conduct, in-person verification
| Chapter | Marks | What it covers |
|---|---|---|
| 1. Introduction to the Financial System | 5 | Money, capital, forex, credit and insurance markets; market infrastructure institutions (depositories, stock exchanges, clearing corporations); financial intermediaries and securities |
| 2. Regulatory Framework: General View | 9 | SEBI, RBI, IRDAI, PFRDA and MCA; other agencies; the Securities Appellate Tribunal; the laws governing the market; IFSC and IFSCA |
| 3. Introduction to Compliance | 4 | The compliance function, the compliance officer's role, independence and reporting; certification and CPE under the SEBI (CAPSM) Regulations, 2007 |
| 4. Securities and Exchange Board of India Act, 1992 | 7 | SEBI's powers and functions, penalties and adjudication, appeals to SAT, registration of intermediaries, prohibition of manipulative devices and insider trading |
| 5. Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957 | 4 | Periodical returns, contracts as principal, penalties, eligibility for stock exchange membership, contracts between members and audit of members' accounts |
| 6. SEBI (Intermediaries) Regulations, 2008 | 6 | General obligations, inspection, action in case of default, code of conduct, online dispute resolution, cyber security and resilience, AI and ML compliance |
| 7. SEBI (Prohibition of Insider Trading) Regulations, 2015 | 6 | Insiders, UPSI and connected persons; trading plans; disclosures; the code of conduct; the compliance officer's role |
| 8. SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003 | 6 | What counts as fraud, prohibited and manipulative practices, investigation by SEBI |
| 9. Prevention of Money Laundering Act, 2002 | 7 | PMLA offences and reporting entity obligations, SEBI's AML and CFT master circular, client due diligence, suspicious transaction reporting to FIU-IND, the principal officer |
| 10. SEBI (KYC Registration Agency) Regulations, 2011 | 2 | Registration and obligations of KRAs and intermediaries, code of conduct, in-person verification |
Part B: intermediary-specific regulations (44 marks)
11. SEBI (Foreign Portfolio Investors) Regulations, 2019
Marks
3
What it covers
FPI eligibility and categories, designated depository participants, investment conditions, offshore derivative instruments, code of conduct
12. SEBI (Stock Brokers) Regulations, 2025
Marks
6
What it covers
The 2025 Regulations, direct market access, algorithmic trading, margin trading, authorised persons, underwriting by stockbrokers, the Portfolio Managers Regulations, 2020
13. SEBI (Merchant Bankers) Regulations, 2025, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Bankers to an Issue) Regulations, 1994
Marks
6
What it covers
Three regulations in one chapter: merchant bankers, takeovers and bankers to an issue
14. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Marks
6
What it covers
IPOs and rights issues, merchant bankers as advisors and underwriters, due diligence, the rights issue circular
15. Depositories Act, 1996
Marks
2
What it covers
Rights and obligations of depositories, enquiry and inspection
16. SEBI (Depositories and Participants) Regulations, 2018
Marks
3
What it covers
Registration of a DP, rights and obligations, action in case of default, code of conduct
17. SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 2025
Marks
3
What it covers
Who an RTA is, general obligations, code of conduct, investor charter
18. SEBI (Research Analyst) Regulations, 2014
Marks
2
What it covers
Conflicts of interest and disclosures, records, the compliance officer
19. SEBI (Investment Advisers) Regulations, 2013
Marks
2
What it covers
Risk profiling and suitability, segregation of advice and distribution, records, code of conduct, advisers in IFSC
20. SEBI (Debenture Trustees) Regulations, 1993
Marks
3
What it covers
Registration and capital adequacy, responsibilities, code of conduct, monitoring and disclosure
21. SEBI (Credit Rating Agencies) Regulations, 1999
Marks
3
What it covers
Registration, general obligations, the rating process, restrictions on rating promoters' securities, ESG rating providers
22. SEBI (Custodian) Regulations, 1996
Marks
3
What it covers
Custodial services, registration, obligations, code of conduct and investor charter
23. Proxy Advisors
Marks
2
What it covers
Proxy advisors and corporate governance, controls and disclosures under the RA Regulations, procedural guidelines, grievance redressal
| Chapter | Marks | What it covers |
|---|---|---|
| 11. SEBI (Foreign Portfolio Investors) Regulations, 2019 | 3 | FPI eligibility and categories, designated depository participants, investment conditions, offshore derivative instruments, code of conduct |
| 12. SEBI (Stock Brokers) Regulations, 2025 | 6 | The 2025 Regulations, direct market access, algorithmic trading, margin trading, authorised persons, underwriting by stockbrokers, the Portfolio Managers Regulations, 2020 |
| 13. SEBI (Merchant Bankers) Regulations, 2025, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Bankers to an Issue) Regulations, 1994 | 6 | Three regulations in one chapter: merchant bankers, takeovers and bankers to an issue |
| 14. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 | 6 | IPOs and rights issues, merchant bankers as advisors and underwriters, due diligence, the rights issue circular |
| 15. Depositories Act, 1996 | 2 | Rights and obligations of depositories, enquiry and inspection |
| 16. SEBI (Depositories and Participants) Regulations, 2018 | 3 | Registration of a DP, rights and obligations, action in case of default, code of conduct |
| 17. SEBI (Registrar to an Issue and Share Transfer Agents) Regulations, 2025 | 3 | Who an RTA is, general obligations, code of conduct, investor charter |
| 18. SEBI (Research Analyst) Regulations, 2014 | 2 | Conflicts of interest and disclosures, records, the compliance officer |
| 19. SEBI (Investment Advisers) Regulations, 2013 | 2 | Risk profiling and suitability, segregation of advice and distribution, records, code of conduct, advisers in IFSC |
| 20. SEBI (Debenture Trustees) Regulations, 1993 | 3 | Registration and capital adequacy, responsibilities, code of conduct, monitoring and disclosure |
| 21. SEBI (Credit Rating Agencies) Regulations, 1999 | 3 | Registration, general obligations, the rating process, restrictions on rating promoters' securities, ESG rating providers |
| 22. SEBI (Custodian) Regulations, 1996 | 3 | Custodial services, registration, obligations, code of conduct and investor charter |
| 23. Proxy Advisors | 2 | Proxy advisors and corporate governance, controls and disclosures under the RA Regulations, procedural guidelines, grievance redressal |
Part A: the laws every intermediary follows
Part A is where most of the marks are. Chapter 2 (9 marks) maps the regulators and the laws they administer. Chapters 4 and 9 (7 marks each) cover the SEBI Act and the Prevention of Money Laundering Act, the two pieces of law a compliance officer meets most often. Chapters 6, 7 and 8 (6 marks each) cover the Intermediaries, Insider Trading and FUTP Regulations.
Chapter 3 is short at 4 marks, but it is the one about your own job: what the compliance function is, how independent the compliance officer must be, and how NISM certification and its renewal work under the SEBI (CAPSM) Regulations, 2007.
Free account, this exam preselected.
Part B: one regulation per intermediary
Part B has 13 chapters carrying 2 to 6 marks each. Each chapter takes one type of intermediary and its regulation: registration, obligations, code of conduct and, for most, the compliance officer's duties. The structure repeats, which helps, but it also makes the chapters easy to mix up.
Three of the regulations here are new: the Stock Brokers Regulations, 2025, the Merchant Bankers Regulations, 2025 and the RTA Regulations, 2025. Chapters 12, 13 and 14 carry 6 marks each, so they are worth more time than the 2 and 3 mark chapters around them.
Use the March 2026 workbook
NISM's note in the March 2026 workbook says it applies to candidates sitting Series III-A on or after April 30, 2026, and that the updates are highlighted in yellow. Several regulations in Part B were replaced in 2025, so notes written for an older edition will cite the wrong regulation for stock brokers, merchant bankers and RTAs.
FAQs
How many chapters are there in NISM Series III-A?expand_more
23, in two parts. Part A (chapters 1 to 10) covers the general framework and Part B (chapters 11 to 23) covers intermediary-specific regulations.
Which chapter has the highest weightage in NISM Series III-A?expand_more
Chapter 2, Regulatory Framework: General View, at 9 marks. Chapters 4 (SEBI Act) and 9 (PMLA) follow at 7 marks each.
How are the marks split between Part A and Part B?expand_more
Part A carries 56 marks and Part B carries 44.
What is the difference between Series III-A and III-C?expand_more
Series III-A is for compliance staff at non-fund intermediaries such as stock brokers, DPs, merchant bankers, debenture trustees and credit rating agencies. Series III-C is for compliance staff at mutual funds, AIFs, REITs and InvITs.
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