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NATIONAL INSTITUTE OF SECURITIES MARKETS

Established by the Securities and Exchange Board of India

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification


Examination
CURRICULUM
Part A Understanding the Financial and Regulatory Structure in India
I.

Introduction to the Financial System


A. Understand the Indian Financial System
B. Know about the Financial Market Intermediaries
C. Know the various types of Financial Securities

II.

Regulatory Framework General View


A. Know the Regulatory System in India
B. Know the role of the Financial Market Regulators
C. Understand the role of other regulators in the financial market: ROC, EOW, FIU-I,
Police Authorities,
D. Know the role of Appellate Authority
E. Know the Legislative Framework Governing the Financial market

III.

Introduction to Compliance
A. Understand the need for Compliance
B. Know the Role and Reporting Structure of Compliance Officers (CO)
C. Understand the Responsibilities of COs towards Stakeholders
D. Know the Compliance requirements under the SEBI (CAPSM) Regulations, 2007

IV.

SEBI Act, 1992


A. Understand the SEBI Act, 1992
B. Know the SEBI Act from Compliance aspect

V.

Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules,
1957
A. Understand the sections of the SC(R)A, 1956 pertaining to
Recognition of Stock Exchanges
Contracts and options in securities
Listing of securities
Penalties and Procedures
B. Understand the following Rules of the SC(R)R 1957
Audit of accounts of members
Withdrawal of recognition
Books of account and other documents to be preserved
Submission of annual reports and periodical returns

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification Examination

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NATIONAL INSTITUTE OF SECURITIES MARKETS


Established by the Securities and Exchange Board of India

Requirements with respect to the listing of securities on a Stock Exchange

VI.

SEBI (Intermediaries) Regulations, 1992


A. Understand the SEBI (Intermediaries) Regulations.
B. Know the General Obligations of the Intermediaries.
C. Know the obligation of the intermediaries on inspection
D. Understand the action in case of default
E. Know the Code of Conduct for intermediaries.

VII.

SEBI (Prohibition of Insider Trading) Regulations, 1992


A. Understand the SEBI (Prohibition of Insider Trading) Regulations, 1992
B. Discuss the Code of conduct for prevention of insider trading.

VIII.

SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities


Market) Regulations, 2003
A. Understand the Regulation w.r.t. the prohibition of certain dealings in securities.
B. Know the various prohibitions related to manipulative, fraudulent and unfair
trade practices.
C. Know the procedure for Investigation.

IX.

Prevention of Money Laundering Act 2002


A. Understand the significance of Anti-Money Laundering (AML) measures.
B. Know the general obligations keeping in mind the AML guidelines issued by SEBI.
C. Know the provisions as stated in the SEBI (Foreign Portfolio Investors)
Regulations, 2014.

X.

Unit 10: SEBI (KYC Registration Agency) Regulations, 2011


A. Understand the registration process
B. Know the obligations while surrendering the certificate of registration.
C. Understand the Functions and Obligations of KRA and Intermediary.
D. Know the obligations of the KRA on inspection by SEBI.

Part B Understanding Intermediary Specific Regulations


XI.

SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, Listing Agreement and SEBI
(Delisting of Securities) Guidelines, 2003
A. Understand the SEBI (Stock Brokers and Sub-Brokers) Regulations, 1992, w.r.t to
the following:
Registration of Stock Brokers
Registration of Sub-Brokers
Registration of trading and clearing member

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification Examination

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NATIONAL INSTITUTE OF SECURITIES MARKETS


Established by the Securities and Exchange Board of India

General obligations and responsibilities


Procedure for Inspection
Procedure for action in case of default
Code of conduct for Stock brokers
Code of conduct for Sub brokers
Regulation of transactions between clients and brokers
Transactions between clients and brokers
Unique Client Code
Capital Adequacy norms for brokers
Maintenance of books of account and other documents in the manner
sought by the enforcement agencies
Inspection of brokers by Stock exchanges
Direct Market Access - operational specifications, risk management,
broker to be liable for DMA trades
Fees payable by Stock Brokers
B. Understand the SEBI (Alternate Investment Funds) Regulation, 2012 w.r.t
Registration as an AIF
Eligibility Criteria
Investment conditions and restriction
General obligations of AIF
XII.

SEBI (Merchant Bankers) Regulations, 1992, SEBI Takeover Code and SEBI (BuyBack of
Securities) Regulations, 2006
A. Understand the SEBI (Merchant Bankers) Regulations, 1992 w.r.t.
Definition of a merchant banker.
Procedure for registration as a merchant banker.
Eligibility criteria for grant of certificate
Capital adequacy requirement
B. Know the general obligations and responsibilities of the merchant banker.
C. Know the obligations of the Merchant Banker as per the SEBI Takeover Code.
D. Know the main requirements under the Listing agreement of the Stock
Exchanges
E. Know the SEBI (Delisting of Securities) Guidelines, 2003
F. Understand the obligations of the Intermediary under the SEBI (Buyback of
Securities) Regulations, 2006

XIII.

SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009


A. Understand the ICDR Regulation from Merchant Banker aspect
B. Know the role of merchant bankers as advisors to the issuer company.
C. List out the key activities and related compliances undertaken by the merchant
banker
D. Know the Post Issue activities of the merchant banker.

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification Examination

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NATIONAL INSTITUTE OF SECURITIES MARKETS


Established by the Securities and Exchange Board of India

XIV.

SEBI (Depositories) Regulations, 1996


A. Understand the SEBI (Depositories) Regulations, 1996.
B. Know the Rights and Obligations of the Depositories.
C. Know the enquiry and inspection procedure followed by SEBI and the penalties.

XV.

SEBI (Depositories and Participants) Regulations


A. Understand the procedure of registration of a depository participant.
B. Know the rights and obligations of the depository participant.
C. List the documents related to records of services which need to be maintained.
D. Know the investor grievance redressal mechanism.
E. Know the Code of conduct for participants and the action in case of any default.

XVI.

SEBI (Bankers to an Issue) Regulations, 1994


A. Know the procedure of application and registration as a Banker to an Issue.
B. Understand the general obligations and responsibilities of Banker to an Issue.
C. Know the Code of conduct for the Bankers to an Issue.
D. List the obligations of a banker to an issue in case of inspection and the action
taken by SEBI on the inspection and investigation report.

XVII.

SEBI (Underwriters) Regulations, 1993


A. Know the role of an Underwriter
B. Know the Capital Adequacy requirements as an Underwriter.
C. Know the Code of conduct for the Underwriters.
D. List the general obligations and responsibilities as an Underwriter.
E. Know the Obligations of underwriter on Inspection by SEBI.

XVIII.

SEBI (Debenture Trustees) Regulations, 1993


A. Understand the procedure of application and registration as Debenture Trustees.
B. Know the Capital Adequacy requirements as Debenture Trustees.
C. Understand the following general obligations and responsibilities.
D. Know the Code of conduct for the Debenture Trustees.
E. Know the Obligations of the Debenture Trustees on Inspection by SEBI.
F. List the various contents which should form a part of the trust deed.
G. Understand the process of dissemination of Information by Debenture Trustees.

XIX.

SEBI (Credit Rating Agencies) Regulations, 1999


A. Know the Registration process for Credit Rating Agencies.
B. Know the General Obligations of Credit Rating Agencies.
C. Understand the Restrictions on Rating w.r.t:
Securities issued by Promoters

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification Examination

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NATIONAL INSTITUTE OF SECURITIES MARKETS


Established by the Securities and Exchange Board of India
Securities issued by entities connected with Promoter etc
Securities already rated
D. Know the obligations of credit rating agency on inspection or investigation by
SEBI.
E. Know Code of conduct of the Credit Rating Agencies.
F. List out the Guidelines issued by SEBI for Credit Rating Agencies.
XX.

SEBI (Custodian of Securities) Regulations, 1996


A. Understand the different Custodial Services.
B. Know the eligibility criteria and the registration process.
C. Highlight the General Obligations and Responsibilities of Custodians.
D. Know the Code of Conduct.
E. Know the obligation of custodian on inspection conducted by SEBI.

NISM-Series-IIIA: Securities Intermediaries Compliance (Non-Fund) Certification Examination

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