NISM Series III-C case studies
NISM Series III-C · Put your knowledge to work in context.
NISM-Series-III-C is the Securities Intermediaries Compliance (Fund) Certification Examination, one of the certification examinations offered by the National Institute of Securities Markets (NISM), a public trust established in 2006 by SEBI. It sits in NISM's Compliance group alongside Series III-A (Non-Fund), and in NISM's own listings it appears among the non-mandatory certification examinations rather than the SEBI-mandated table. The NISM Series III-C case studies are 5 cases and about 2,826 words.
1Backdated Segregation After a Debt Default
A debt mutual fund scheme has an AUM of ₹1,850 crore. On 12 March, an issuer of 9.25% NCDs, representing 7.8% of the scheme's NAV, misses the interest payment due that day.
674 words, about 3 min2Discretionary Portfolio Manager Exceeds Unlisted Cap and Charges Fee on Unrealised Gains
A discretionary portfolio manager manages ₹78 lakh for a client. The disclosure document states: unlisted securities shall not exceed 25% of the portfolio; no leverage; a performance fee of 20% over an 8% hurdle, calculated on realised gains.
543 words, about 3 min3AIF Extension, Associate Investment and Below-Minimum Investor
A Category II close-ended AIF has a corpus of ₹420 crore, 38 investors, and a five-year tenure ending 30 June. In May the manager proposes three actions: a one-year extension to sell two illiquid portfolio companies; a fresh investment of ₹18 crore in a company owned by the manager's cousin; and admission of a new investor at ₹80 lakh after the initial close.
583 words, about 3 min4Custodian Shortfall and Broker Request to Net Client Assets
A custodian for a foreign portfolio investor holds 4.2 million shares of a listed company in a demat account. On Monday the operations team finds the account short by 1.1 million shares.
490 words, about 2 min5Fund Manager Trades in Spouse Account and Tips a Distributor
An AMC's fund manager for a mid-cap scheme learns on 8 September that a portfolio company's audit committee has found a ₹140 crore receivable impairment, likely to be disclosed on 12 September. On 9 September he sells 60,000 shares held in his spouse's demat account, avoiding a loss later estimated at ₹21 lakh.
536 words, about 3 min