NISM Series III-C study plan

NISM Series III-C · Give each week a clear focus.

8 weeks · About 6 hours per week

Week 1

Securities Intermediaries Compliance (Fund)

Map 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.
Define the roles and fiduciary duties of key intermediaries in the fund ecosystem: sponsor, trustee, AMC, registrar and transfer agent, custodian, distributor, and compliance officer.
Draft a one-page glossary of 25 core compliance terms (KYC, AML, PMLA, insider trading, front-running, conflict of interest, code of conduct) in your own words.
Identify the registration and eligibility conditions that apply to each intermediary type and note which documents/records must be maintained.

A one-page intermediary-role matrix mapping each entity to its regulator, registration requirement, and key obligations.

Week 2

Explain the SEBI (Mutual Funds) Regulations framework: scheme launch, NFO process, asset allocation rules, and trustee/AMC responsibilities.
Summarize the SEBI (Intermediaries) Regulations obligations: registration, general obligations, code of conduct, and record-keeping.
Compare the compliance officer's duties under mutual fund regulations versus intermediary regulations, noting overlaps and distinctions.
Solve 30 practice questions on the fund regulatory framework and log every wrong answer with the underlying rule.

A 30-question error log with each mistake traced to a specific regulation or obligation.

Week 3

Break down the PMLA/AML/CFT obligations: customer due diligence, beneficial ownership identification, enhanced due diligence for high-risk clients, and suspicious transaction reporting.
Outline the KYC process end-to-end, including PAN verification, in-person verification, periodic updation, and record retention periods.
Distinguish when a Suspicious Transaction Report versus a Cash Transaction Report is triggered, and identify the reporting authority and timelines.
Apply the AML framework to three hypothetical investor scenarios and decide the correct compliance action for each.

Three worked AML/KYC case scenarios with the correct escalation and reporting decision documented.

Week 4

Explain the Prohibition of Insider Trading Regulations: UPSI, connected persons, trading window closures, disclosure requirements, and code of conduct for listed fund houses.
Describe the code of conduct for fund managers and key personnel, including personal trading restrictions and conflict-of-interest management.
Analyze front-running, market manipulation, and mis-selling risks specific to fund distribution and portfolio management.
Take a timed 40-question mock on regulatory and ethical topics and score above 60%.

A timed 40-question mock result with a written gap analysis of the two weakest sub-topics.

Week 5

Map the grievance redressal and investor protection architecture: SEBI SCORES, AMFI complaint handling, ombudsman mechanisms, and escalation timelines.
Summarize the SEBI (Research Analysts) and investment advisory boundaries as they affect fund intermediaries and distribution activities.
Review record-keeping, audit, and inspection obligations: internal audit, compliance certificates, and reporting to trustees and SEBI.
Compile a checklist of periodic compliance filings a fund intermediary must submit, with frequency and responsible party.

A compliance calendar/checklist listing at least 12 periodic filings with their frequency and owner.

Week 6

Consolidate all eight weeks of notes into a single revision sheet of no more than 15 pages, organized by regulation.
Re-attempt every previously missed question from weeks 2 and 4 without referring to notes, targeting 80% accuracy.
Practice explaining three complex compliance concepts aloud in under two minutes each to test retention.
Identify remaining weak areas and schedule targeted review slots for weeks 7 and 8.

A 15-page consolidated revision sheet plus a re-test score showing at least 80% on previously missed questions.

Week 7

Complete two full-length timed mock exams under exam conditions and record section-wise scores.
Analyze each mock for time-management issues and question types that consistently cause errors.
Drill the highest-frequency exam themes (KYC/AML, insider trading, code of conduct, grievance redressal) with 50 rapid-fire questions.
Refine the revision sheet by adding any new distinctions uncovered during mock review.

Two full-length mock scores with a written comparison showing improvement or a targeted correction plan.

Week 8

Review the consolidated revision sheet daily and recite key definitions, thresholds, and timelines from memory.
Take one final full-length mock and aim for a comfortable pass margin above the cutoff.
Verify exam-day logistics: registration status, test-centre details, identification documents, and permitted materials.
Run a final sweep of weak topics identified across all mocks and close any remaining gaps.

Final mock score above the pass threshold plus a completed exam-day readiness checklist.

Week 2: Can explain the SEBI mutual fund and intermediary regulatory framework and has a 30-question error log in place.

Week 4: Scores at least 60% on the timed 40-question regulatory and ethics mock and has resolved the top two weak areas.

Week 6: Revision sheet completed and at least 80% accuracy achieved on re-attempted missed questions.

Week 7: Two full-length mocks completed under timed conditions with documented score analysis.

Week 8: Final mock score above the pass threshold and exam-day readiness checklist fully complete.