Securities Intermediaries Compliance (Non -fund) Certification Examination Overview

Compliance function is used as a generic reference to refer to the range of roles and responsibilities for carrying out specific compliance activities and responsibilities.


What are the course objectives?
  • Understand the structure of financial and securities markets in India; financial intermediaries and the types of products available in the Indian market.
  • Understand the regulatory framework and the role of the various regulators in the financial system.
  • Understand the Importance of Compliance function and the scope and role of the compliance officer in the Indian securities market.
  • Understand the various regulations and rules of the Indian securities market as related to the defined group of intermediaries.
  • Understand the importance of compliance with the rules and regulations and the penal actions initiated in case of any default or failure.
Course Fees ?

 Fees Details:

Name of Module: NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination

Fees (Rs.) Test Duration (in minutes) No. of Questions Maximum Marks Pass Marks* (%) Certificate Validity#(in years)
1500+ 120 100 100 60 3

*: Negative marking – 25% of the marks assigned to the question
+ Payment gateway charges extra.
# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

Benefits from this Course ?

The characteristics of its clients, for example, retail or institutional;
• The structure and diversity of its operations (including the geographical spread of and
the regulatory requirements applicable to its operations); and
• The number of people that it engages to conduct its business

Securities Intermediaries Compliance Syllabus 

CHAPTER-1: Introduction to the Financial System

  • Understand the Indian Financial System
  • Know about the Financial Market Intermediaries
  • Know the various types of Financial Securities

CHAPTER-2: Regulatory Framework – General View

  • Know the Regulatory System in India
  • Know the role of the Financial Market Regulators
  • Understand the role of other regulators in the financial market: ROC, EOW, FIU-I, Police Authorities,
  • Know the role of Appellate Authority
  • Know the Legislative Framework Governing the Financial market

CHAPTER-3: Introduction to Compliance

  • Understand the need for Compliance
  • Know the Role and Reporting Structure of Compliance Officers (CO)
  • Understand the Responsibilities of COs towards Stakeholders
  •  Know the Compliance requirements under the SEBI (CAPSM) Regulations, 2007

CHAPTER – 4: SEBI Act, 1992

  1. Understand the SEBI Act, 1992
  2. Know the SEBI Act from Compliance aspect

CHAPTER-5: Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957

  1. Understand the sections of the SC(R)A, 1956 pertaining to
  2. Understand the following Rules of the SC(R)R 1957
      • Recognition of Stock Exchanges
      • Contracts and options in securities
      • Listing of securities
      • Penalties and Procedures
      • Audit of accounts of members
      • Withdrawal of recognition
      • Books of account and other documents to be preserved
      • Submission of annual reports and periodical returns
      • Requirements with respect to the listing of securities on a Stock Exchange

CHAPTER-6: SEBI (Intermediaries) Regulations, 1992

  • Understand the SEBI (Intermediaries) Regulations.
  • Know the General Obligations of the Intermediaries.
  • Know the obligation of the intermediaries on inspection
  • Understand the action in case of default
  • Know the Code of Conduct for intermediaries.

CHAPTER-7: SEBI (Prohibition of agreement of the Stock Exchanges
  • Know the SEBI (Delisting of Securities) Guidelines, 2003
  • Understand the obligations of the Intermediary under the SEBI (Buyback of Securities) Regulations, 2006
      • Definition of a merchant banker.
      • Procedure for registration as a merchant banker.
      • Eligibility criteria for grant of certificate
      • Capital adequacy requirement
  • CHAPTER-13: SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009

    • Understand the ICDR Regulation from Merchant Banker aspect
    • Know the role of merchant bankers as advisors to the issuer company.
    • List out the key activities and related compliances undertaken by the merchant banker
    • Know the Post Issue activities of the merchant banker.

    CHAPTER-14: SEBI (Depositories) Regulations, 1996

    • Understand the SEBI (Depositories) Regulations, 1996.
    • Know the Rights and Obligations of the Depositories.
    • Know the enquiry and inspection procedure followed by SEBI and the penalties.

    CHAPTER-15: SEBI (Depositories and Participants) Regulations

    • Understand the procedure of registration of a depository participant.
    • Know the rights and obligations of the depository participant.
    • List the documents related to records of services which need to be maintained.
    • Know the investor grievance redressal mechanism.
    • Know the Code of conduct for participants and the action in case of any default.

    CHAPTER-16: SEBI (Bankers to an Issue) Regulations, 1994

    • Know the procedure of application and registration as a Banker to an Issue.
    • Understand the general obligations and responsibilities of Banker to an Issue.
    • Know the Code of conduct for the Bankers to an Issue.
    • List the obligations of a banker to an issue in case of inspection and the action taken by SEBI on the inspection and investigation report.

    CHAPTER-17: SEBI (Underwriters) Regulations, 1993

    • Know the role of an Underwriter
    • Know the Capital Adequacy requirements as an Underwriter.
    • Know the Code of conduct for the Underwriters.
    • List the general obligations and responsibilities as an Underwriter.
    • Know the Obligations of underwriter on Inspection by SEBI.

    CHAPTER-18: SEBI (Debenture Trustees) Regulations, 1993

    • Understand the procedure of application and registration as Debenture Trustees.
    • Know the Capital Adequacy requirements as Debenture Trustees.
    • Understand the following general obligations and responsibilities.
    • Know the Code of conduct for the Debenture Trustees.
    • Know the Obligations of the Debenture Trustees on Inspection by SEBI.
    • List the various contents which should form a part of the trust deed.

    CHAPTER-20: SEBI (Credit Rating Agencies) Regulations, 1999

    • Know the Registration process for Credit Rating Agencies.
    • Know the General Obligations of Credit Rating Agencies.
    • Understand the Restrictions on Rating w.r.t:
    • Securities issued by Promoters
    • Securities issued by entities connected with Promoter etc
    • Securities already rated
    • Know the obligations of credit rating agency on inspection or investigation by SEBI.
    • Know Code of the conduct of the Credit Rating Agencies.
    • List out the Guidelines issued by SEBI for Credit Rating Agencies.

    CHAPTER-21: SEBI(Custodian of Securities) Regulations 1996

    • Understand the different Custodial Services.
    • Know the eligibility criteria and the registration process.
    • Highlight the General Obligations and Responsibilities of Custodians.
    • Know the Code of Conduct.
    • Know the obligation of custodian on inspection conducted by SEBI