NISM AcademyNISM Series III-C Securities Intermediaries Compliance (Fund): exam pattern, syllabus and mock tests
For compliance officers at mutual funds, AIFs, REITs and InvITs. NISM Series III-C, launched on 24 November 2025, covers compliance at fund-type intermediaries: mutual funds, alternative investment funds, REITs and InvITs. Part A deals with the financial system and regulators; Part B with the regulations specific to each type of fund.
NISM Series III-C 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-C page before you book.
Who should take NISM Series III-C?
Compliance officers and compliance staff at AMCs, AIF managers, REIT and InvIT managers.
Why you need it: NISM sets it as the common benchmark for people in the compliance function of SEBI-registered mutual funds, AIFs, REITs and InvITs.
NISM Series III-C syllabus: 17 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
- Foreign Exchange Management Act
- Depositories Act, 1996
- SEBI (Mutual Funds) Regulations, 1996
- SEBI (Alternative Investment Funds) Regulations, 2012
- SEBI (InvIT) Regulations, 2014
- SEBI (REIT) Regulations, 2014
How to prepare for NISM Series III-C
Learn each fund type’s regulation side by side: who sets it up, minimum investment, distribution rules and disclosures. 25% negative marking applies.
Not sure where you stand?
Take the free NISM Series III-C 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-C FAQs
What is NISM Series III-C?
NISM Series III-C is the Securities Intermediaries Compliance (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 SEBI-registered mutual funds, AIFs, REITs and InvITs.
How many questions are in NISM Series III-C?
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-C?
You need 60%, which is 60 out of 100 marks.
Is there negative marking in NISM Series III-C?
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-C?
Learn each fund type’s regulation side by side: who sets it up, minimum investment, distribution rules and disclosures. 25% negative marking applies.
How do I register for NISM Series III-C?
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-C certificate valid?
Three years from the date you pass.