NISM Series III-C

It is a multiple-choice examination with 100 maximum marks and a duration of 120 minutes, so you have roughly 1.2 minutes per mark. The pass mark is 60% and wrong answers attract a 25% negative mark. Plan to answer confidently and leave uncertain items rather than guessing blindly.

NISM lists the fee for NISM-Series-III-C at ₹1770, with online payment gateway charges extra. The certificate is valid for 3 years. Note the fee differs from the ₹1500 shown for several other NISM examinations, so check the current listing before booking.

In NISM's own listing, Series III-C appears among the non-mandatory certification examinations, while Series III-A (Non-Fund) appears in the SEBI-mandated table. Mandatory certification requirements depend on your role and your employer's regulatory obligations, so confirm with your compliance team rather than assuming.

Both sit in NISM's Compliance group, but III-C is the fund-focused version while III-A is the non-fund version. If you work with mutual funds, asset management companies or fund-side intermediaries, III-C is the aligned choice; intermediaries outside the fund space typically take III-A.

The content is regulatory rather than quantitative, so difficulty comes from precision, not calculation. The most common failure modes are underestimating the syllabus, confusing obligations that apply to different intermediary types, and losing marks to the 25% negative marking by guessing on questions they should have skipped.

Start with the NISM workbook for this examination to map the syllabus, then read the underlying SEBI requirements for each topic so you understand why a rule exists. Only after that move to timed practice, and review every wrong answer against the source rule rather than memorising the answer key.

NISM's certification page describes re-validation of an expired certificate by passing the relevant examination before expiry, or by completing a relevant one-day Continuing Professional Education programme during the 12 months preceding expiry, with re-validation for three years from the expiry date. Specific retake rules are not stated in the source, so confirm them with NISM.

NISM states that it issues certificates through Digilocker. Keep your Digilocker account accessible and your details consistent with your exam registration, since that is the channel through which the certificate is delivered after you clear the 60% pass mark.

Check the NISM certifications page directly, since fees, examination listings and discontinuation notices change over time - for example, NISM-Series-III-B (Issuers Compliance) was discontinued with effect from April 1, 2023. This page is independent study material and is not affiliated with NISM or SEBI.