NISM AcademyNISM Series III-A Securities Intermediaries Compliance (Non-Fund): exam pattern, syllabus and mock tests
For compliance officers at brokers, DPs, merchant bankers and other non-fund intermediaries. NISM Series III-A covers the compliance function at SEBI-registered intermediaries such as stock brokers, depository participants, merchant bankers, underwriters, bankers to an issue, debenture trustees and credit rating agencies. It tests market structure, the regulatory framework, what each intermediary must comply with, and the consequences of failing to.
NISM Series III-A exam pattern at a glance
- Questions
- 100
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 60% (60/100)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
100 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series III-A page before you book.
Who should take NISM Series III-A?
Compliance officers and compliance team members at stock brokers, DPs, merchant bankers, underwriters, bankers to an issue, debenture trustees and credit rating agencies.
Why you need it: NISM sets it as the common benchmark for people in the compliance function of these SEBI-registered intermediaries.
NISM Series III-A syllabus: 23 chapters
- Introduction to the Financial System
- Regulatory Framework - General View
- Introduction to Compliance
- Securities and Exchange Board of India Act, 1992
- Securities Contracts (Regulation) Act and Rules
- SEBI (Intermediaries) Regulations, 2008
- SEBI (Prohibition of Insider Trading) Regulations, 2015
- SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003
- Prevention of Money Laundering Act, 2002
- SEBI (KYC Registration Agency) Regulations, 2011
- SEBI (Foreign Portfolio Investors) Regulations, 2019
- SEBI (Stock Brokers) Regulations, 2025
- Merchant Bankers, SAST and Bankers to an Issue Regulations
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
- Depositories Act, 1996
- SEBI (Depositories and Participants) Regulations, 2018
- SEBI (Registrar to an Issue and Share Transfer Agents) Regulations
- SEBI (Research Analyst) Regulations, 2014
- SEBI (Investment Advisers) Regulations, 2013
- SEBI (Debenture Trustees) Regulations, 1993
- SEBI (Credit Rating Agencies) Regulations, 1999
- SEBI (Custodian) Regulations, 1996
- Proxy Advisors
How to prepare for NISM Series III-A
Heavy on regulations and their years, so make a one-page list of the main Acts and regulations. With 25% negative marking, skip questions you can’t narrow to two options.
Not sure where you stand?
Take the free NISM Series III-A level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series III-A FAQs
What is NISM Series III-A?
NISM Series III-A is the Securities Intermediaries Compliance (Non-Fund) Certification Examination conducted by the National Institute of Securities Markets. NISM sets it as the common benchmark for people in the compliance function of these SEBI-registered intermediaries.
How many questions are in NISM Series III-A?
The exam has 100 multiple-choice questions, 1 mark each, for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series III-A?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series III-A?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series III-A?
Heavy on regulations and their years, so make a one-page list of the main Acts and regulations. With 25% negative marking, skip questions you can’t narrow to two options.
How do I register for NISM Series III-A?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series III-A certificate valid?
Three years from the date you pass.