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NISM Series III-C study materials
NISM Series III-C study resources

NISM Series III-C study guide

NISM Series III-C · Work through your exam, one topic at a time.

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 exam targets compliance and operations personnel working with fund-side intermediaries - mutual funds, asset management companies, registrar and transfer agents, and similar entities - who need working command of the compliance framework rather than fund distribution or product selling. Expect questions on the compliance function and its organisation, conduct obligations, record-keeping and reporting, and the practical application of regulatory requirements to day-to-day fund intermediary operations. The test is 120 minutes with 100 maximum marks, a 60% pass mark and 25% negative marking for wrong answers; the certificate is valid for 3 years and the fee is ₹1770 (payment gateway charges extra). Prepare by studying the applicable NISM workbook and current SEBI circulars, then practise scenario-based questions under timed conditions, because the negative marking rewards accuracy over guessing. Topics on this exam: Securities Intermediaries Compliance (Fund). The NISM Series III-C study guide has 1 section and about 370 words.

01

Securities Intermediaries Compliance (Fund)

This domain tests the compliance framework that securities intermediaries in the fund ecosystem-asset management companies (AMCs), mutual funds, portfolio managers, and alternative investment funds (AIFs)-must operate. The exam checks whether you can map a fact pattern to the right SEBI regulation, identify the compliance officer’s reporting line, and distinguish a regulatory breach from an operational error. The AMC appoints a compliance officer who is independent of fund management, sales, and valuation; the officer reports to the AMC board and supports trustee oversight. The trustee, not the compliance officer, is the primary guardian of unitholders’ interests.

370 words, about 2 min

More study resources for NISM Series III-C

  • Practice questionsUnder the SEBI (Intermediaries) Regulations, 2008, an application for registration as a securities intermediary must be accompanied by a non-refundable application fee.
  • FlashcardsSEBI Intermediaries Regulations 2008. Framework regulation prescribing registration, code of conduct, general obligations, record-keeping, and reporting requirements for securities intermediaries operating in Indian securities markets.
  • Cheat sheetSEBI (Intermediaries) Regulations, 2008 govern registration, code of conduct, and general obligations of intermediaries including compliance with SEBI Act, 1992 and rules made thereunder.
  • Key termsClient Due Diligence (CDD). The process by which an intermediary identifies each client, verifies identity using reliable documents, understands the client's business and risk profile, and keeps that information current throughout the relationship.
  • Study planMap the full NISM Series III-C syllabus against the compliance function of a fund intermediary, listing every regulatory body involved (SEBI, AMFI, RBI, FATF-linked obligations) and what each governs.
  • Common mistakesThe 'Fund' designation is often misread as a fund-products exam, so candidates pull in Series V-style content and under-weight the regulatory chapters that carry the bulk of the questions.
  • Exam-day guideNISM certification tests are delivered through NISM's own test network as well as through designated test centres, and the slot, venue, and reporting time are fixed at booking.