NISM Series III-A mock test
Securities Intermediaries Compliance (Non-Fund) Certification Examination
The practice paper
Before you start
- 100 questions, 120 minutes. 1 mark each, and 25% off for a wrong answer — the same rules the real paper uses, so a question you cannot narrow down is better left blank.
- Questions are drawn to the syllabus weightages we have derived, because NISM publishes none for this examination.
- You can flag a question and come back to it. The clock does not stop.
- Nothing is saved. Close the tab and the attempt is gone.
The real examination
A practice paper for the Securities Intermediaries Compliance (Non-Fund) certification — the paper compliance officers take. Twenty-three chapters, because the syllabus is organised regulation by regulation: the financial system and the compliance function, then one chapter each for the SEBI regulations from stock brokers through to proxy advisers. A hundred questions, negative marking of a quarter mark and a pass at 60.
- Questions
- 100
- Duration
- 120 min
- Pass mark
- 60/100
- Negative marking
- −25%
The certificate is valid for 3 years. Clearing this examination is the certification requirement for compliance officers of the non-fund market intermediaries SEBI specifies, including stock brokers, merchant bankers, registrars, debenture trustees, credit rating agencies, custodians, research analysts and investment advisers.
Syllabus and weightages
23 units, weighted as we have derived them — NISM publishes no weightage table for this examination. SEBI (Investment Advisers) Regulations, 2013 alone is 8% of the paper — worth knowing before you decide where your week goes.
| Unit | Weight | Questions |
|---|---|---|
| 1. Introduction to the Financial System | 3% | 3 |
| 2. Regulatory Framework — General View | 7% | 7 |
| 3. Introduction to Compliance | 3% | 3 |
| 4. Securities and Exchange Board of India Act, 1992 | 1% | 1 |
| 5. Securities Contracts (Regulation) Act, 1956 and Rules, 1957 | 1% | 1 |
| 6. SEBI (Intermediaries) Regulations, 2008 | 7% | 7 |
| 7. SEBI (Prohibition of Insider Trading) Regulations, 2015 | 4% | 4 |
| 8. SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 | 3% | 3 |
| 9. Prevention of Money Laundering Act, 2002 | 3% | 3 |
| 10. SEBI (KYC Registration Agency) Regulations, 2011 | 7% | 7 |
| 11. SEBI (Foreign Portfolio Investors) Regulations, 2019 | 2% | 2 |
| 12. SEBI (Stock Brokers) Regulations, 1992 | 3% | 3 |
| 13. SEBI (Merchant Bankers) Regulations, 1992 and Related Frameworks | 2% | 2 |
| 14. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 | 7% | 7 |
| 15. Depositories Act, 1996 | 3% | 3 |
| 16. SEBI (Depositories and Participants) Regulations, 2018 | 6% | 6 |
| 17. SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 | 3% | 3 |
| 18. SEBI (Research Analysts) Regulations, 2014 | 4% | 4 |
| 19. SEBI (Investment Advisers) Regulations, 2013 | 8% | 8 |
| 20. SEBI (Debenture Trustees) Regulations, 1993 | 7% | 7 |
| 21. SEBI (Credit Rating Agencies) Regulations, 1999 | 6% | 6 |
| 22. SEBI (Custodian) Regulations, 1996 | 4% | 4 |
| 23. Proxy Advisors | 6% | 6 |
Common questions
Is this the actual NISM examination?
No. It is a practice paper written by CAPITA1 from the syllabus NISM publishes. The real examination is conducted by NISM and can only be taken through them.
Does passing this get me certified?
No. Only NISM certifies, through its own examination. This tells you where you stand before you book it.
What score do I need in the real exam?
60 out of 100, which is 60%. A wrong answer costs 25% of the marks for that question, and an unanswered one costs nothing — so a guess you have no basis for is worse than leaving it.
Do I get the same questions each time?
No. A fresh paper is drawn from the bank each attempt, weighted to the same syllabus split.