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

CURRICULUM

Part A – Understanding the Financial and Regulatory Structure in India

  1. Introduction to the Financial System
    1. Understand the Indian Financial System
    2. Know about the Financial Market Intermediaries
    3. Know the various types of Financial Securities
  1. Regulatory Framework – General View
  1. Know the Regulatory System in India
  2. Know the role of the Financial Market Regulators
  3. Understand the role of other regulators in the financial market: ROC, EOW, FIU-I, Police Authorities,                            
  4. Know the role of Appellate Authority
  5. Know the Legislative Framework Governing the Financial market
  1. Introduction to Compliance
  1. Understand the need for Compliance  
  2. Know the Role and Reporting Structure of Compliance Officers (CO)
  3. Understand the Responsibilities of COs towards Stakeholders
  4.  Know the Compliance requirements under the SEBI (CAPSM) Regulations, 2007
  1. SEBI Act, 1992
  1. Understand the SEBI Act, 1992
  2. Know the SEBI Act from Compliance aspect
  1. Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957                  
  1. Understand the sections of the SC(R)A, 1956 pertaining to
  2. Understand the following Rules of the SC(R)R 1957
      • Recognition of Stock Exchanges
      • Contracts and options in securities
      • Listing of securities
      • Penalties and Procedures
      • Audit of accounts of members
      • Withdrawal of recognition
      • Books of account and other documents to be preserved
      • Submission of annual reports and periodical returns
      • Requirements with respect to the listing of securities on a Stock Exchange

 

  1. SEBI (Intermediaries) Regulations, 1992
  1. Understand the SEBI (Intermediaries) Regulations.
  2. Know the General Obligations of the Intermediaries.
  3. Know the obligation of the intermediaries on inspection
  4. Understand the action in case of default
  5. Know the Code of Conduct for intermediaries.
  1. SEBI (Prohibition of Insider Trading) Regulations, 1992
  1. Understand the SEBI (Prohibition of Insider Trading) Regulations, 1992
  2. Discuss the Code of conduct for prevention of insider trading.
  1. SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003
  1. Understand the Regulation w.r.t. the prohibition of certain dealings in securities.
  2. Know the various prohibitions related to manipulative, fraudulent and unfair trade practices.
  3. Know the procedure for Investigation.
  1. Prevention of Money Laundering Act 2002
  1. Understand the significance of Anti-Money Laundering (AML) measures.
  2. Know the general obligations keeping in mind the AML guidelines issued by SEBI.
  3. Know the provisions as stated in the SEBI (Foreign Portfolio Investors) Regulations, 2014.
  1. Unit 10: SEBI (KYC Registration Agency) Regulations, 2011
  1. Understand the registration process
  2. Know the obligations while surrendering the certificate of registration.
  3. Understand the Functions and Obligations of KRA and Intermediary.
  4. Know the obligations of the KRA on inspection by SEBI.

 

Part B – Understanding Intermediary Specific Regulations

  1. SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, Listing Agreement and SEBI (Delisting of Securities) Guidelines, 2003
  1. 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
      • 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
  1. 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

 

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

 

  1. SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009
  1. Understand the ICDR Regulation from Merchant Banker aspect
  2. Know the role of merchant bankers as advisors to the issuer company.
  3. List out the key activities and related compliances undertaken by the merchant banker
  4. Know the Post Issue activities of the merchant banker.
  1. SEBI (Depositories) Regulations, 1996
  1. Understand the SEBI (Depositories) Regulations, 1996.
  2. Know the Rights and Obligations of the Depositories.
  3. Know the enquiry and inspection procedure followed by SEBI and the penalties.
  1. SEBI (Depositories and Participants) Regulations
  1. Understand the procedure of registration of a depository participant.
  2. Know the rights and obligations of the depository participant.
  3. List the documents related to records of services which need to be maintained.
  4. Know the investor grievance redressal mechanism.
  5. Know the Code of conduct for participants and the action in case of any default.
  1. SEBI (Bankers to an Issue) Regulations, 1994
  1. Know the procedure of application and registration as a Banker to an Issue.
  2. Understand the general obligations and responsibilities of Banker to an Issue.
  3. Know the Code of conduct for the Bankers to an Issue.
  4. 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.
  1. SEBI (Underwriters) Regulations, 1993
  1. Know the role of an Underwriter
  2. Know the Capital Adequacy requirements as an Underwriter.
  3. Know the Code of conduct for the Underwriters.
  4. List the general obligations and responsibilities as an Underwriter.
  5. Know the Obligations of underwriter on Inspection by SEBI.
  1. SEBI (Debenture Trustees) Regulations, 1993
  1. Understand the procedure of application and registration as Debenture Trustees.
  2. Know the Capital Adequacy requirements as Debenture Trustees.
  3. Understand the following general obligations and responsibilities.
  4. Know the Code of conduct for the Debenture Trustees.
  5. Know the Obligations of the Debenture Trustees on Inspection by SEBI.
  6. List the various contents which should form a part of the trust deed.
  7. Understand the process of dissemination of Information by Debenture Trustees.
  1. SEBI (Credit Rating Agencies) Regulations, 1999
  1. Know the Registration process for Credit Rating Agencies.
  2. Know the General Obligations of Credit Rating Agencies.
  3. Understand the Restrictions on Rating w.r.t:
  • Securities issued by Promoters
  • Securities issued by entities connected with Promoter etc
  • Securities already rated
  1. Know the obligations of credit rating agency on inspection or investigation by SEBI.
  2. Know Code of conduct of the Credit Rating Agencies.
  3. List out the Guidelines issued by SEBI for Credit Rating Agencies.
  1. SEBI (Custodian of Securities) Regulations, 1996
  1. Understand the different Custodial Services.
  2. Know the eligibility criteria and the registration process.
  3. Highlight the General Obligations and Responsibilities of Custodians.
  4. Know the Code of Conduct.
  5. Know the obligation of custodian on inspection conducted by SEBI

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