Curriculum: NISM-Series-III-C: Securities Intermediaries Compliance (Fund)

Curriculum: NISM-Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination

Part A – Understanding the securities markets and the securities market’s Regulatory Structure in India

Chapter 1: Introduction to the Financial System

• Securities Market Intermediaries.

• Define and understand types of Securities.

Chapter 2: Regulatory Framework – General View

• Securities Market Regulations in India.

• Financial Market Regulators and understand their role.

• Key Agencies in the Financial Market: ROC, EOW, FIU-I, NCLT, SFIO, and Police Authorities.

• Role of Appellate Authority –SAT.

• Legislative Framework- SEBI Act, SCRA, Depositories Act, Companies Act.

• Functions, Role, and Regulation of the International Financial Services Centre (IFSC)

Chapter 3: Introduction to Compliance

• Compliance Function Overview.

• Roles, Responsibilities, and Reporting Structure.

• Governance and Fiduciary Duties in Compliance.

Chapter 4: SEBI Act, 1992

• Overview of SEBI Act 1992.

Chapter 5: Securities Contracts (Regulation) Act, 1956 and Securities Contracts (Regulation) Rules, 1957

• Key Sections of SCRA 1956.

Chapter 6: SEBI (Intermediaries) Regulations, 2008

• Overview of SEBI (Intermediaries) Regulations.

• General Obligations of Intermediaries.

• Importance of the ‘Fit and Proper’ Criteria.

• Obligations of Intermediaries During Inspection.

• Dealing with Defaults and Suspension or Cancellation of Certificate.

• Code of Conduct for Intermediaries.

• Compliance Officer Duties under SEBI Intermediaries Regulations.

Chapter 7: SEBI (Prohibition of Insider Trading) Regulations, 2019

• Applicability of SEBI Insider Trading Regulations 2019.

• Code of Conduct for Prevention of Insider Trading.

• Code of fair disclosure & Responsibilities of Compliance Officer under SEBI PIT Regulations.

Chapter 8: SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003

• Prohibition of Certain Dealings in Securities.

• Prohibitions on Manipulative, Fraudulent, and Unfair Trade Practices.

• Responsibilities of Compliance Officer under SEBI FUTP Regulations.

Chapter 9: Prevention of Money Laundering Act 2002

• Role and Importance of Anti-Money Laundering Measures.

• Obligations Related to Anti-Money Laundering Guidelines.

• Overview of SEBI Circulars on AML/CFT.

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

• Overview of SEBI KYC Registration Agency Rules 2011.

• Obligations on Surrendering Certificate of Registration.

• Functions and Obligations of Fund Houses Regarding KRA and CKYC.

• KRA Obligations During SEBI Inspection.

• Guidelines for Intermediaries, KRAs & In-Person Verification.

• Understanding FATCA Guidelines.

Chapter 11: SEBI (Foreign Portfolio Investors) Regulations, 2019

• Concept of Foreign Portfolio Investors (FPIs)

• General Obligations and Responsibilities.

Chapter 12: Foreign Exchange Management Act

• Introduction to FEMA and Its Relation to Securities Markets in India.

• Foreign Direct Investment in India.

• Introduction to FEMA (Non-Debt) Rules.

• RBI Master Direction 2022.

• RBI Reporting Requirement.

Chapter 13: SEBI (Depositories) Act, 1996

• SEBI (Depositories) Act, 1996.

• Overview of SEBI Guidelines for InvITs, REITs, and AIFs.

• SEBI Enquiry, Inspection, and Penalties.

Part B – Understanding Intermediary Specific Regulations

Chapter 14: SEBI (Mutual Fund) Regulations

• Mutual Fund Structure and Key Features.

• Important Concepts and Terminologies.

• Role of stakeholders in a Mutual Fund.

• Schemes of Mutual Fund.

• Redemption and Reporting Redemptions.

• Investment Objectives of a Mutual Fund.

• Scheme Related Disclosure.

• Portfolio Disclosures.

• Overview of Board and Committees.

• Norms for Shareholding in Mutual Funds.

• Stewardship Code – Public Listed Companies.

• Risk Management Framework.

• Overview of Mutual Fund Reports.

• SEBI Prohibition of Insider Trading Regulations.

• General Obligation and Investment Rights.

• Certification and Registration of Intermediaries.

Chapter 15: SEBI (AIF) Regulations

• Introduction to SEBI AIF Regulations and Key Terminologies.

• Classification of AIFs.

• Investment Strategy.

• Overview of Compliance and Obligations.

• Special Types of Funds.

• General Obligations, Responsibilities, and Transparency for All AIFs.

• Other Relevant Topics.

Chapter 16: SEBI (InvIT) Regulations

• Introduction to Infrastructure Investment Trusts (InvITs).

• Definition and Structure of InvITs (Including Regulation 7A).

• Rights and Responsibilities of Trustees, Investment Managers, Project Managers, Sponsors, Valuers, and Auditors.

• Fundraising and Issuance of Debt Securities by InvITs.

• InvIT Units: Offer, Listing, and Delisting.

• Overview of Borrowing Practices.

• Valuation of Assets.

• Investment Conditions and Dividend Policy.

• Other Significant Matters.

• Inspections Conducted by SEBI.

Chapter 17: SEBI (REITs) Regulation

• Overview of SEBI REIT Regulations, Structure, and Definitions.

• Roles and Duties of Trustees, Managers, Sponsors, Valuers, and Auditors.

• Fundraising and Issuance of Debt Securities by REIT.

• REIT Units: Issue, Listing, and Delisting.

• Overview of Borrowing Practices.

• Valuation of Assets.

• Investment Conditions and Dividend Policy.

• Other Significant Matters.

• Continuous Disclosures to Stock Exchanges.

• Overview of Board Structure and Responsibilities.

• Other important concepts related to REITs.

• Inspections Conducted by SEBI.