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Series III-C · Advanced

Securities Intermediaries Compliance (Fund)

Knowledge benchmark for compliance staff at mutual funds, AIFs, REITs and InvITs.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

100

Duration

120 min

Pass mark

60%

Negative marking

25%

Exam fee

₹1,500 + payment gateway charges

Validity

3 years

Why this certification matters

Knowledge benchmark for compliance staff at mutual funds, AIFs, REITs and InvITs.

Who should take it: Compliance officers at fund-type intermediaries.

How VIA Capital preparation works

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Practice pass · NISM Series III-C

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Where it takes you

Covers compliance duties at mutual funds, AIFs, REITs and InvITs.

Fund compliance officers

Roles are common examples. Whether a certification is required for a role depends on SEBI rules and the employer; confirm on nism.ac.in.

Full syllabus · 17 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to the Financial System
    1. 1.1Securities Market Intermediaries.
    2. 1.2Define and understand types of Securities.
  2. 2Chapter 2Regulatory Framework, General View
    1. 2.1Securities Market Regulations in India.
    2. 2.2Financial Market Regulators and understand their role.
    3. 2.3Key Agencies in the Financial Market: ROC, EOW, FIU-I, NCLT, SFIO, and Police Authorities.
    4. 2.4Role of Appellate Authority –SAT.
    5. 2.5Legislative Framework- SEBI Act, SCRA, Depositories Act, Companies Act.
    6. 2.6Functions, Role, and Regulation of the International Financial Services Centre (IFSC)
  3. 3Chapter 3Introduction to Compliance
    1. 3.1Compliance Function Overview.
    2. 3.2Roles, Responsibilities, and Reporting Structure.
    3. 3.3Governance and Fiduciary Duties in Compliance.
  4. 4Chapter 4SEBI Act, 1992
    1. 4.1Overview of SEBI Act 1992.
  5. 5Chapter 5Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957
    1. 5.1Key Sections of SCRA 1956.
  6. 6Chapter 6SEBI (Intermediaries) Regulations, 2008
    1. 6.1Overview of SEBI (Intermediaries) Regulations.
    2. 6.2General Obligations of Intermediaries.
    3. 6.3Importance of the ‘Fit and Proper’ Criteria.
    4. 6.4Obligations of Intermediaries During Inspection.
    5. 6.5Dealing with Defaults and Suspension or Cancellation of Certificate.
    6. 6.6Code of Conduct for Intermediaries.
    7. 6.7Compliance Officer Duties under SEBI Intermediaries Regulations.
  7. 7Chapter 7SEBI (Prohibition of Insider Trading) Regulations, 2019
    1. 7.1Applicability of SEBI Insider Trading Regulations 2019.
    2. 7.2Code of Conduct for Prevention of Insider Trading.
    3. 7.3Code of fair disclosure & Responsibilities of Compliance Officer under SEBI PIT Regulations.
  8. 8Chapter 8SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003
    1. 8.1Prohibition of Certain Dealings in Securities.
    2. 8.2Prohibitions on Manipulative, Fraudulent, and Unfair Trade Practices.
    3. 8.3Responsibilities of Compliance Officer under SEBI FUTP Regulations.
  9. 9Chapter 9Prevention of Money Laundering Act 2002
    1. 9.1Role and Importance of Anti-Money Laundering Measures.
    2. 9.2Obligations Related to Anti-Money Laundering Guidelines.
    3. 9.3Overview of SEBI Circulars on AML/CFT.
  10. 10Chapter 10SEBI (KYC Registration Agency) Regulations, 2011
    1. 10.1Overview of SEBI KYC Registration Agency Rules 2011.
    2. 10.2Obligations on Surrendering Certificate of Registration.
    3. 10.3Functions and Obligations of Fund Houses Regarding KRA and CKYC.
    4. 10.4KRA Obligations During SEBI Inspection.
    5. 10.5Guidelines for Intermediaries, KRAs & In-Person Verification.
    6. 10.6Understanding FATCA Guidelines.
  11. 11Chapter 11SEBI (Foreign Portfolio Investors) Regulations, 2019
    1. 11.1Concept of Foreign Portfolio Investors (FPIs)
    2. 11.2General Obligations and Responsibilities.
  12. 12Chapter 12Foreign Exchange Management Act
    1. 12.1Introduction to FEMA and Its Relation to Securities Markets in India.
    2. 12.2Foreign Direct Investment in India.
    3. 12.3Introduction to FEMA (Non-Debt) Rules.
    4. 12.4RBI Master Direction 2022.
    5. 12.5RBI Reporting Requirement.
  13. 13Chapter 13SEBI (Depositories) Act, 1996
    1. 13.1SEBI (Depositories) Act, 1996.
    2. 13.2Overview of SEBI Guidelines for InvITs, REITs, and AIFs.
    3. 13.3SEBI Enquiry, Inspection, and Penalties.
    4. 13.4Part B, Understanding Intermediary Specific Regulations
  14. 14Chapter 14SEBI (Mutual Fund) Regulations
    1. 14.1Mutual Fund Structure and Key Features.
    2. 14.2Important Concepts and Terminologies.
    3. 14.3Role of stakeholders in a Mutual Fund.
    4. 14.4Schemes of Mutual Fund.
    5. 14.5Redemption and Reporting Redemptions.
    6. 14.6Investment Objectives of a Mutual Fund.
    7. 14.7Scheme Related Disclosure.
    8. 14.8Portfolio Disclosures.
    9. 14.9Overview of Board and Committees.
    10. 14.10Norms for Shareholding in Mutual Funds.
    11. 14.11Stewardship Code, Public Listed Companies.
    12. 14.12Risk Management Framework.
    13. 14.13Overview of Mutual Fund Reports.
    14. 14.14SEBI Prohibition of Insider Trading Regulations.
    15. 14.15General Obligation and Investment Rights.
    16. 14.16Certification and Registration of Intermediaries.
  15. 15Chapter 15SEBI (AIF) Regulations
    1. 15.1Introduction to SEBI AIF Regulations and Key Terminologies.
    2. 15.2Classification of AIFs.
    3. 15.3Investment Strategy.
    4. 15.4Overview of Compliance and Obligations.
    5. 15.5Special Types of Funds.
    6. 15.6General Obligations, Responsibilities, and Transparency for All AIFs.
    7. 15.7Other Relevant Topics.
  16. 16Chapter 16SEBI (InvIT) Regulations
    1. 16.1Introduction to Infrastructure Investment Trusts (InvITs).
    2. 16.2Definition and Structure of InvITs (Including Regulation 7A).
    3. 16.3Rights and Responsibilities of Trustees, Investment Managers, Project Managers, Sponsors, Valuers, and Auditors.
    4. 16.4Fundraising and Issuance of Debt Securities by InvITs.
    5. 16.5InvIT Units: Offer, Listing, and Delisting.
    6. 16.6Overview of Borrowing Practices.
    7. 16.7Valuation of Assets.
    8. 16.8Investment Conditions and Dividend Policy.
    9. 16.9Other Significant Matters.
    10. 16.10Inspections Conducted by SEBI.
  17. 17Chapter 17SEBI (REITs) Regulation
    1. 17.1Overview of SEBI REIT Regulations, Structure, and Definitions.
    2. 17.2Roles and Duties of Trustees, Managers, Sponsors, Valuers, and Auditors.
    3. 17.3Fundraising and Issuance of Debt Securities by REIT.
    4. 17.4REIT Units: Issue, Listing, and Delisting.
    5. 17.5Overview of Borrowing Practices.
    6. 17.6Valuation of Assets.
    7. 17.7Investment Conditions and Dividend Policy.
    8. 17.8Other Significant Matters.
    9. 17.9Continuous Disclosures to Stock Exchanges.
    10. 17.10Overview of Board Structure and Responsibilities.
    11. 17.11Other important concepts related to REITs.
    12. 17.12Inspections Conducted by SEBI.
    13. 17.13Securities Intermediaries Compliance fund
    14. 17.14Important Links
    15. 17.15Register for Certification Exam
    16. 17.16Exam Center
    17. 17.17Study Material Download

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series III-C flashcards

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NISM Series III-C: questions people ask

What is NISM Series III-C?

NISM-Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination. Knowledge benchmark for compliance staff at mutual funds, AIFs, REITs and InvITs.

What is the exam pattern?

100 questions, 100 marks, 120 minutes. Pass mark 60%. Negative marking of 25% of the marks for a question.

What is the fee and validity?

NISM lists the fee as ₹1,500 plus payment gateway charges. The certificate is valid for 3 years and is issued only if your PAN is updated. Always confirm on nism.ac.in.

Is VIA Capital official NISM material?

No. VIA Capital is an independent preparation platform. Use the official NISM workbook and register only on the NISM website.

How many questions are in the NISM Series III-C exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series III-C?

You need 60% (60 of 100 marks) to pass.

Is there negative marking in NISM Series III-C?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series III-C?

Compliance officers at fund-type intermediaries.

How do I prepare for NISM Series III-C on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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