CS Professional SMCF study guide
CS Professional SMCF · Work through your exam, one topic at a time.
SMCF - Securities Markets and Corporate Finance - is the paper in the ICSI CS Professional programme that tests how capital moves: how companies raise it, how securities are issued and traded, how intermediaries and regulators shape conduct, and how finance theory (capital structure, valuation, risk) is applied in practice. It suits candidates moving from Executive-level knowledge into advisory or compliance-facing roles, and it rewards people who can connect a rule to its commercial purpose rather than memorise it in isolation. The CS Professional SMCF study guide has 10 sections and about 3,227 words.
01Securities Markets and Instruments
This domain tests how Indian securities markets are segmented and how instrument terms drive risk, return and regulation. Expect questions that ask you to classify an instrument, identify the holder's legal claim, or select the market where it is issued or traded.
339 words, about 2 min02Primary Market and Capital Raising
This domain tests the routes for raising capital in India, the eligibility and pricing rules, and the sequence from offer document to listing. Questions often turn on which route fits a fact pattern and which approval or lock-in applies.
390 words, about 2 min03Secondary Market and Trading Mechanisms
This domain tests how orders become trades and trades become settled positions on Indian exchanges. Expect questions on order types, clearing and settlement, margins, and the rules on short selling, SLB and price bands.
322 words, about 2 min04Market Intermediaries and Participants
This domain tests who may act in the market, what registration or authorisation they need, and where liability sits when something goes wrong. Questions frequently test the distinction between an intermediary and its agent.
335 words, about 2 min05Regulatory Framework and Market Conduct
This domain tests the statutory and regulatory architecture governing Indian securities markets and the conduct standards enforced within it. Questions often test which regulator or regulation applies, the threshold for a disclosure or open offer, and the applicable penalty provision.
340 words, about 2 min06Corporate Finance and Capital Structure
This domain tests financing decisions and how capital structure affects cost of capital and shareholder returns. Expect numerical questions on leverage, WACC and EBIT-EPS, plus conceptual questions on dividend and financing theory.
297 words, about 1 min07Valuation
This domain tests valuation methods, the choice of method, and the bridge from enterprise value to equity value. Questions often require a DCF, a relative multiple, or a regulatory valuation under SEBI or the Companies Act.
294 words, about 1 min08Investment Analysis and Risk
This domain tests risk measurement, portfolio theory and the pricing of risk. Expect CAPM, beta, Sharpe and Treynor ratios, bond duration and yield, and VaR questions with a conceptual edge.
269 words, about 1 min09Corporate Governance
This domain tests board structures, committee composition, related party transactions and the governance code for listed companies. Questions often present a board or a transaction and ask whether the company complies.
319 words, about 2 min10Disclosure and Ethics
This domain tests continuous disclosure, financial reporting timelines and the ethical standards expected of market participants. Questions often ask what must be disclosed, when, and to whom.
322 words, about 2 min