Test Objectives of NISM Series X-A Investment Adviser (Level 1) Certification Examination

Chapter 1: Introduction to Personal Financial Planning
1.1 Understand the Concept of Financial Planning
1.2 Understand the need for Financial Planning
1.2.1 Role of financial planner
1.2.2 How is financial planning different from a typical financial advisory service?
1.3 Discuss in detail the Scope of Financial Planning
1.3.1 Describe Personal financial analysis
–Describe and discuss Goal-setting with prioritizing of goals
–Ensuring adequate focus on important goals
–Staggering the time of certain goals
1.3.2 Discuss Cash flow management and budgeting
1.3.3 Know Insurance Planning
1.3.4 Know Debt management and counselling
1.3.5 Know Investment Planning and asset allocation
1.3.6 Know Tax planning
1.3.7 Know Retirement Planning
1.3.8 Know Estate Planning
1.4 Understand the Concept of Assets, Liabilities and Net worth
1.5 Describe the Financial Planning Process
1.5.1 Understand Client-Planner Relationship
1.5.2 Discuss Client’s Financial Situation
1.5.3 Discuss Client Needs and Financial Goals
1.5.4 Understand Concept of Risk Profiling
1.5.5 Understand Portfolio Construction
1.5.6 Understand Reviewing & Rebalancing
1.6 Understand the Financial Advisory and Execution

Chapter 2: Time Value of Money
2.1 Understand the concept of Time Value of Money (TVM)
2.2 Calculate the following:
2.2.1 Present Value (PV)
2.2.2 Future Value (FV)
2.2.3 Rate of return
2.2.4 Periodic investments or pay outs (PMT)
2.2.5 Number of compounding periods (NPER)
2.2.6 Annuity (Annuity due, Ordinary annuity)
2.2.7 Perpetuity

Chapter 3: Cash Flow Management and Budgeting
3.1 Understand the importance of cash flow in management of personal finances
3.2 Know about Preparation of household Budget
3.3 Explain about cash inflows and outflows
3.3.1 Discuss Cash management
3.3.2 Discuss Income and expenditure statement
3.4 Discuss in detail budgeting and forecasting
3.5 Discuss the importance of monitoring budgets and provision for savings
3.6 Know about creating Personal balance sheet and net-worth
3.7 Understand Creating a budget and savings plan
3.8 Understand contingency planning
3.9 Evaluating the financial position of clients
3.9.1 Saving Ratio & Expenses Ratio
3.9.2 Total Assets
3.9.3 Total Liabilities
3.9.4 Leverage Ratio
3.9.5 Net Worth
3.9.6 Solvency Ratio
3.9.7 Liquid Assets
3.9.8 Liquidity Ratio
3.9.9 Financial Assets Ratio
3.9.10 Debt to Income Ratio

Chapter 4: Debt Management and Loans
4.1 Understand the purpose/ need of debt
4.2 Understand the role and impact of debt in cash flow management
4.2.1 Differentiate between consumption expenditure and investment expenditure
4.2.2 Identifying holes in the household budget
4.2.3 Allocation to various categories of expenses
4.2.4 Windfalls
4.3 Discuss about Leverage and Debt Counselling
4.3.1 Purpose of the debt
4.3.2 Cost of debt
4.3.3 Maturity of debt
4.3.4 Debt Rescheduling
4.4 Calculate the debt servicing requirements
4.4.1 Discuss the role of credit bureaus and the credit score
–How to access credit score
–RBI’s regulation about availing free credit score.
4.5 Understand Responsible Borrowing
4.6 Understand the concept of secured and unsecured loans
4.7 Know certain terms related to loans
4.7.1 Fixed rate loans
4.7.2 Variable rate loans
4.7.3 Home equity loan
4.7.4 Hire purchase
4.7.5 Leasing
4.7.6 Amortization/ Understand amortization chart and the concept of EMI
4.7.7 Refinancing
4.7.8 Prepayment/ Loan repayment schedules
4.7.9 Pre-EMI interest
4.7.10 Moratorium
4.7.11 Mortgage
4.7.12 Pledging
4.7.13 Hypothecation
4.8 Discuss types of Borrowings
4.8.1 Home loan
4.8.2 Education loan
4.8.3 Vehicle loan
4.8.4 Business loan
4.8.5 Personal Loan
4.8.6 Credit card debt
4.8.7 Over draft
4.8.8 Loan against securities, insurance policies, property (LAP), Gold loan
4.8.9 P2P loans
4.9 Understand various Loan calculations
4.10 Loan restructuring – present value of future payments
4.11 Repayment schedules with varying interest rates
4.12 Understand the criteria to evaluate various loans
4.13 Should you opt for change in EMI or loan tenure when interest rates change?
4.14 Should you invest the money or pay off outstanding loan?
4.15 Strategies to get rid of debt faster
4.15.1 Avalanche
4.15.2 Snowball
4.15.3 Blizzard


Chapter 5: Introduction to Indian Financial Markets
5.1 Understand the overview of Indian Economy
5.2 Understand the Indian Financial Markets
5.2.1 Know Key features of Indian Financial Markets
5.3 Understand the role of Regulators of Financial Markets
5.3.1 Ministry of Finance
5.3.2 Ministry of Corporate Affairs
5.3.3 Registrar of Companies
5.3.4 Reserve Bank of India
5.3.5 Securities and Exchange Board of India
5.3.6 Insurance Regulatory and Development Authority of India
5.3.7 Pension Fund Regulatory and Development Authority
5.3.8 Self-Regulatory Organizations
5.4 Describe the structure of Financial Markets in India
5.4.1 Banking sector
–Commercial Banks
–Payment Banks
–Small Finance banks
–NBFCs and Housing Finance Companies
–P2P lending
–Money market
–Foreign Exchange Market
–Credit Information Companies
–Account Aggregators (AA)
5.4.2 Securities Markets under SEBI
–Definition of securities
–Stock markets
–Bond markets
–Derivatives Market
–Mutual funds
–Portfolio Managers
–Investment Advisors
–Alternative Investment Funds
–Credit Rating Agencies
5.4.3 Learn about industries and markets under IRDAI
5.4.4 Learn about industries and markets under PFRDA
5.5 Understand the role of the following participants in the Indian Financial Markets:
–Market Infrastructure Institutions
–Securities Exchanges/Stock exchange/Commodity Exchanges
–Clearing Corporations
–Depositories and Depository Participants
–Stock Brokers /Authorised Persons
–Investment Banks
–Insurance Companies
–Pension Funds
–Asset Management Companies and & Portfolio Managers
–Investment Advisors and distributors of financial products
–Credit rating agencies
–KYC Registration Agencies
–Registrar and Transfer Agencies
–Non-bank finance companies, and housing finance companies
–Credit Bureaus

Chapter 6: Securities Market Segments
6.1 Understand the nature and definition of Primary Markets
6.1.1 Functions of the Primary Markets
6.1.2 Various Types of Issues
–Public issue
–Preferential Issue
–Qualified Institutions Placement
–Rights and Bonus Issue
6.1.3 Categories of Issuers
–Central, State and Local Governments
–Public Sector Units
–Private Sector Companies
–Banks, Financial Institutions and NBFCs
–Mutual Funds
6.1.4 List the Types of Investors
6.1.5 Explain the details of Public Issues of Equity Shares
–Initial Public Offer
–Fresh issue of shares
–Offer for sale
–Further public offer
6.1.6 Explain Pricing of a Public Issues of shares
–Fixed Price Issue
–Book built issue
6.1.7 Know about the regulatory Norms of Public Issue of Shares
6.1.8 Understand the process of Applying to a Public Issue
6.1.9 Know about the Public Issue of Debt Securities
6.1.10 Know about Rights Offer
6.1.11 Know about Private Placements in Equity and Debt
6.1.12 Understand the qualified institutions placement.
6.2 Describe Secondary Markets
6.2.1 Understand role and function
6.2.2 Understand the Market Structure and Participants
6.2.3 Understand Market Information through various indicators
–Market capitalization
–Market Turnover
–Market Indices
6.2.4 Learn about Risk Management Systems in the secondary markets
–Capital Adequacy Norms
–Circuit Breakers and Price Bands
–Settlement Guarantee Mechanism
–Online Monitoring
–Price-monitoring and action
–Inspection of books
6.3 Discuss the Corporate Actions
6.3.1 Rights Issue
6.3.2 Bonus Issue
6.3.3 Dividend
6.3.4 Stock Split
6.3.5 Share Buy-back
6.3.6 Delisting of Shares
6.3.7 Mergers & Acquisitions
6.3.8 Offer for Sale


Chapter 7: Introduction to Investments
7.1 Know the types of investment
7.2 Equity
–Investment characteristics and role
–Listed versus unlisted
7.3 Fixed Income
–Investment characteristics and role
–Government versus Corporate
–High yield versus investment grade
7.4 Commodities
–Investment characteristics and role
7.5 Real Estates
–Investment characteristics and role
7.6 Structured products
–Investment characteristics and role
7.7 Distressed Securities
–Investment characteristics and role
7.8 Other investment opportunities
–Art/Paintings etc.
7.9 Know the channels for making investments
–Direct investments
–Understanding the Role of RIAs
— Investments through managed portfolios
–Mutual Funds (MFs)
–Alternative Investment Funds (AIFs)
–Portfolio Management Services (PMS)
–Compare and Contrast between MFs, AIFs and PMS

Chapter 8: Investing in Stocks

8.1 Understand Equity as an investment
8.2 Understand Diversification of risk through equity instruments – Cross sectional versus time series
8.3 Discuss risks of equity investments
8.3.1 Market risk
8.3.2 Sector specific risk
8.3.3 Company specific risk
8.3.4 Transactional risk
8.3.5 Liquidity risk
8.4 Know Overview of Equity Market
8.5 Equity research and stock selection
8.5.1 Fundamental Analysis
–Top Down approach versus Bottom up Approach
–Buy side research versus Sell Side Research
–Sector classification
8.5.2 Stock Analysis process
–Economy Analysis
–Industry/Sector Analysis
— Company Analysis
8.5.3 Fundamentals Driven model
–Discounted Cash Flow Model
–Asset Based Valuation
8.5.4 Market driven Model – Relative Valuation
–P/E Ratio
–P/B Ratio
–P/S Ratio
–PEG Ratio
–EVA and MVA
–EV/S Ratio
–Dividend Yield
–Earning Yield
–Industry/sector specific valuation metrices
8.6 Combining relative valuation and discounted cash flow models
8.7 Technical Analysis
8.7.1 Assumptions of technical analysis
8.7.2 Technical versus Fundamental Analysis
8.7.3 Advantages of technical Analysis
8.7.4 Technical Rules and Indicators
8.7.5 Fixed income securities and Technical analysis
8.8 Qualitative evaluation of stocks
–Understanding corporate governance—role for a stock picker

Chapter:9 Investing in Fixed Income Securities

9.1 Describe broadly the Debt market and its need in financing structure of —Corporates and Government
9.2 Know the Bond market ecosystem
9.3 Briefly describe the various kinds of risks associated with fixed income securities
9.3.1 Interest Rate Risk
9.3.2 Call risk
9.3.3 Reinvestment Risk
9.3.4 Credit Risk
–Downgrade Risk
–Basis Risk or Spread Risk
–Default Risk
9.3.5 Liquidity Risk
9.3.6 Exchange Rate Risk
9.3.7 Inflation Risk
9.3.8 Volatility Risk
9.3.9 Political or Legal Risk
9.3.10 Event Risk
9.4 Pricing of Bond
9.4.1 Discuss the concept of “Par Value”.
9.4.2 Understand the process of determining Cash Flow, Yield and Price of bonds
9.4.3 Understand the Pricing of Annual Coupon Bond, Semi Annual Cash Flow Bond, Zero-Coupon Bond as well as valuation of Bonds between Coupon Payments
9.4.4 Discuss Price-Yield relationship and Learn about Pricing Matrix
9.4.5 Discuss Perpetual bonds and pricing of perpetual bonds
9.5 Describe the Traditional Yield Measures
9.5.1 Current Yield
9.5.2 Yield to Maturity
9.5.3 Effective Yield
9.5.4 Yield to Call
9.5.5 Yield to Put
9.6 Understand the concepts of Yield Curve
9.7 Understand the concept of Duration
9.8 Introduction to Money Market
9.8.1 Key demand and supply side players, intermediaries etc.
9.8.2 List the types of instruments
9.9 Introduction to Government Debt Market
9.9.1 Key demand and supply side players, intermediaries etc.
9.9.2 List the types of instruments
9.10 Introduction to Corporate Debt Market
9.10.1 Key demand and supply side players, intermediaries etc.
9.10.2 List the types of instruments
–Company deposits
–Bonds and debentures
–Infrastructure Bonds
–Inflation indexed bond
9.11 Small-savings instruments
–Bank deposits
–Interest Rates on FDs
–Floating Rate Savings Bond 2020
–Small savings products
–Senior Citizen Savings Scheme
–Post Office Schemes/National Savings Schemes
–Kisan Vikas Patra
–Sukanya Samriddhi Account Scheme

Chapter 10: Understanding Derivatives

10.1 Understand Basics of Derivatives
10.2 Underlying concepts in derivatives
10.3 Types of derivative products
10.3.1 Forwards
10.3.2 Futures
10.3.3 Options
10.3.4 Swaps
10.4 Structure of derivative markets
–OTC and Exchange Traded Markets
10.5 Purpose of Derivatives
10.6 Discuss the Costs, benefits and risk of derivatives
10.7 Introduction to Equity, Currency and Commodity derivatives
10.8 Understand derivative markets, products and strategies

Chapter 11: Mutual Fund

11.1 Know about Mutual funds
–Understand the meaning and different features of Mutual Funds
11.2 Describe the Concepts and Terms Related to Mutual Funds
11.2.1 Investment Objectives
11.2.2 Units
11.2.3 Net Assets
11.2.4 Net Asset Value
11.2.5 Cut-off Timing
11.2.6 Mark to Market valuation
11.3 Discuss the major features of and differences between Open-ended schemes, Close-ended schemes, Interval schemes and Exchange Traded Funds (ETFs)
11.3.1 Open-ended and Close-ended schemes
11.3.2 Internal funds
11.3.3 Exchange Traded Funds (ETFs)
11.4 Understand the Regulatory Framework of Mutual Funds
11.4.1 Investor Service Standards
11.5 Explain the Mutual Fund Products
11.5.1 Equity funds
11.5.2 Debt funds
11.5.3 Hybrid funds
11.5.4 Solution Oriented Schemes
11.5.5 Other Types of Funds
11.6 Discuss Mutual Funds Investment Options
11.7 Discuss about Triggers in Mutual Fund Investment
11.8 Discuss various mutual fund transactions
11.8.1 Fresh purchase
11.8.2 Additional purchase
11.8.3 Redemption
11.8.4 Switch
11.8.5 Dividend reinvestment
11.9 Discuss various systematic transactions
11.9.1 Systematic Investment Plan (SIP)
11.9.2 Systematic Withdrawal Plan (SWP)
11.9.3 Systematic Transfer Plan (STP)
11.9.4 Dividend Transfer Plan (DTP)
11.9.5 Value Averaging Investment Plan (VIP)
11.10 Discuss about the Investment Modes
11.10.1 Direct and Regular plan
11.10.2 Discuss the process of how IAs can help in transacting in direct plans.

CHAPTER 12: Portfolio Manager

12.1 Know about portfolio managers in India
12.2 Discuss the types of portfolio management services
–Discretionary services
–Non-discretionary services
–Advisory services
12.3 Understand Structure of PMS in India
12.4 Know the registration requirements of a Portfolio Manager
12.5 Know the responsibilities of a Portfolio Manager
12.6 Understand Costs, expenses and fees of investing in PMS
–Fixed costs
–Performance-linked costs like
–High watermark principle
–Hurdle Rate
–Catch-up/no catch-up concepts
12.7 Learn about the “direct access” facility offered by Portfolio Managers
–Understand how direct access differs from the regular plan
–Discuss the process of how IAs can help in transacting in direct access plans?
12.8 SEBI Requirements on performance disclosure

CHAPTER 13: Overview of Alternative Investment Funds (AIFs)

13.1 Introduction to Alternative Investments
13.2 Role of Alternative Investment in Portfolio Management
13.3 Evolution and Growth of AIFs in India
13.4 Categories of AIFs
13.4.1 Venture Capital Fund
13.4.2 Angel Fund
13.4.3 Private Equity Fund
13.4.4 Debt Fund
13.4.5 Infrastructure Fund
13.4.6 SME Fund
13.4.7 Hedge Fund
13.4.8 Social Venture Fund
13.5 Comparison of AIF categories
13.6 Suitability and Enablers for AIF Products in India
13.7 Current AIF Market Status
13.8 SEBI Requirements on AIFs


Chapter 14: Introduction to Modern Portfolio Theory
14.1 Understand the Framework for constructing portfolios – Modern Portfolio Theory
14.2 Assumptions of the theory
14.3 Definition of risk aversion
–Risk averse investors
–Risk Seeking Investors
–Risk Neutral Investors
14.4 Calculation of expected rate of return for individual security
–Calculation of Variance of return for individual security
–Calculation of expected rate of return for a portfolio
–Calculation of Variance of return for a portfolio
–Calculating risk for two securities Portfolio
–Calculating risk for three securities Portfolio
14.5 Understand the graphical presentation of portfolio risk/return of two securities
14.6 The concept of Efficiency Frontier
14.7 Portfolio Optimization process
14.8 Know the estimation issues

Chapter 15: Portfolio Construction Process

15.1 Importance of Asset allocation decision
15.2 Understanding correlation across asset classes and securities
15.3 Steps in Portfolio Construction Process
15.3.1 Investment Policy Statement, IPS
15.3.2 Need and Importance for IPS
15.3.3 Constituents of IPS
15.4 Investment Objectives
15.5 Investment Constraints
15.5.1 Liquidity constraint
15.5.2 Regulatory constraint
15.5.3 Tax Constraint
15.6 Know the exposures limit to different sectors, entities and asset classes
15.7 Unique needs and Preferences
15.7.1 Learn about sustainable investing
15.7.2 Understand ethical investing
15.8 Assessments of needs and requirements of investor
15.9 Analysing the financial position of the investor
15.10 Psychographic analysis of investor
15.11 Life cycle analysis of investor
15.12 Forecasting risk and return of various asset classes
15.13 Benchmarking the client’s portfolio
15.13.1 Selection of benchmarks
15.14 Asset allocation decision
15.15 Portfolio Construction Principles
15.15.1 Selecting Equity portfolios
15.15.2 Selecting Debt portfolios
15.15.3 Selecting Hybrid portfolios
15.15.4 Other portfolios
15.16 Strategic versus Tactical Asset Allocation
15.16.1 Importance of Asset Allocation decision – empirical support
15.17 Rebalancing of Portfolio
15.17.1 Benefits and difficulties of rebalancing

Chapter 16: Portfolio Performance measurement and evaluation
16.1 Parameters to define performance – risk and return
16.2 Rate of return measures
16.2.1 Holding period return
16.2.2 Time-weighted rate of return (TWRR) versus Money weighted rate of return (MWRR)
16.2.3 Arithmetic mean return (AMR) versus geometric mean return (GMR)
16.2.4 Gross return versus net return
16.2.5 Pre-tax versus post tax return
16.2.6 CAGR
16.2.7 Annualizing return
16.2.8 Cash drag adjusted return
16.2.9 Alpha vs Beta return
16.2.10 Portfolio return
16.3 Risk measures
16.3.1 Total risk and downside risk
16.3.2 Portfolio risk versus individual risk
16.3.3 Market risk
16.3.4 Interpreting volatility
16.3.5 Tracking error
16.3.6 Systematic Risk and Unsystematic Risk
16.3.7 Beta
16.3.8 Liquidity risk
16.3.9 Credit Risk
16.4 Risk adjusted return measures
16.4.1 Sharpe Ratio
16.4.2 Treynor Ratio
16.4.3 Sharpe versus Treynor Measure
16.4.4 Sortino Ratio
16.4.5 Information Ratio (Appraisal ratio)
16.4.6 Modigliani and Modigliani Ratio (M2)
16.5 Understand the Performance Evaluation: Benchmarking and peer group analysis
16.5.1 Characteristics of Indices for benchmarking
16.5.2 Customized benchmark
16.5.3 Benchmarking errors
16.5.4 Managers’ universe analysis
16.6 Performance attribution analysis
16.6.1 Assets and Sector Allocation
16.6.2 Selection
16.6.3 Market timing versus selectivity
16.6.4 Net selectivity
16.6.5 Local currency versus foreign currency denominated investment return

Chapter 17: Operational Aspects of Investment Management

17.1 Know Investor types and the On-boarding process
17.1.1 Who can Invest?
17.1.2 Client On-boarding Process
17.1.3 Terms of Offer
17.1.4 Regulatory Requirements
17.1.5 Mandatory Investor Information
17.1.6 Investor Folio or Account
17.2 Learn about PAN, KYC and other processes
17.2.1 Permanent Account Number (PAN)
17.2.2 Know Your Customer (KYC) Process
17.2.3 Know the Central KYC process and the KYC Registration Agencies (KRA)
17.3 Know about the Demat and Remat processes
17.3.1 Dematerialisation
17.3.2 Rematerialisation of Securities
17.4 Learn about the PoA and other agreements
17.4.1 General Power of Attorney
17.4.2 Specific Limited Power of Attorney
17.5 Understand the processes involved for account opening of Non-Resident Investors (NRIs)
–Discuss the above in the context of various different types of investment products and vehicles
–Discuss the above in the context of PMLA and FEMA
–Incorporate about the demat a/c limits
17.6 Understand the process of Consolidating, reorganising and folio-keeping/Maintenance of Investments
17.6.1 Change of Address and Contract Details
17.6.2 Change in Name
17.6.3 Change in Status
17.6.4 Marking a Lien
17.6.5 Transmission
17.6.6 Nomination, and change in nomination
17.6.7 Assignment, especially in case of insurance policies
17.7 Understand the operations process flow in Special situations
17.7.1 Minors as investors
17.7.2 Minor turns major
17.7.3 NRI to RI
17.7.4 RI to NRI
17.7.5 Additional or deletion of name in an account
17.7.6 Addition or deletion of bank mandate
17.8 Discuss the various Payment Instruments
17.8.1 Understand traditional payment instruments
17.8.2 Understand the digital payment systems
17.8.3 Understand the provisions of PMLA regarding third party payments
17.8.4 Understand prevention of frauds and operational risks related to payment instruments
17.9 Learn about the documentation required for financial advice
17.10 Understand the process of investing in mutual funds through stock exchange platforms
17.10.1 Understand the stock exchange platforms
17.10.2 Understand how an investment adviser can help clients transact through these platforms
17.10.3 Know about the transaction feeds being available to the investment advisers

Chapter 18: Key Regulations
18.1 Learn about Securities Contracts Regulation Act (SCRA 1956)
18.2 Learn about SEBI Act 1992
18.3 Understand key provisions of SEBI Prevention of Fraudulent and Unfair Trade Practices Regulations, 2003
18.4 Learn about SEBI Intermediaries Regulations, 2008
18.5 Learn about SEBI (Prohibition of Insider Trading) Regulations, 2015
18.6 Learn about SEBI Investment Advisers Regulations, 2013
18.6.1 Definitions
18.6.2 Registration
18.6.3 Exemption from Registration
18.6.4 Qualification and Certification Requirement
18.6.5 Conditions of Certificate
18.6.6 Net worth
18.6.7 General Obligations
18.6.8 Fees
18.6.9 Risk Profiling
18.6.10 Suitability
18.6.11 Disclosure to Clients
18.6.12 Maintenance of Records
18.6.13 Appointment of Compliance Officer
18.6.14 Redressal of Client Grievances
18.6.15 Segregation of Execution Services
18.6.16 Implementation of Advice or execution
18.6.17 Code of Conduct for Investment Advisers
18.6.18 Procedure of action in case of default
18.6.19 Penalty for default in case of investment adviser
18.6.20 Administration of Investment Advisers
18.6.21 IFSC
18.7 Discuss important aspects of Prevention of Money Laundering Act, 2002
18.8 Understand key provisions of various other acts, as applicable to investment advisory profession
18.8.1 Foreign Exchange Management Act (FEMA)
18.8.2 Indian Contracts Act
18.8.3 Guardian and Wards Act
18.8.4 Negotiable Instruments Act, 1881
18.8.5 Insolvency and Bankruptcy Code, 2016
18.8.6 FATCA and CRS
18.9 Violation of Regulations by Registered Investment Advisers and their consequences—Some Case Studies

Chapter 19: Ethical Issues
19.1 Define ethics and ethical restraint
19.2 Discuss the importance of ethical conduct in business, with a special focus on an investment adviser’s business
19.3 Discuss Ethical Issues in Providing Financial Advice
19.4 Understand ethical dilemma
19.5 Discuss the fiduciary responsibility of investment advisers
19.6 Learn about the Do’s and Don’ts for investors issued by SEBI
19.7 Learn about addressing annual audit observations
19.8 Global best practices on ethical issues
19.8.1 Securities and Exchange Commission US
19.8.2 Australian Guidelines

Chapter 20: Grievance Redress Mechanism
20.1 Understand the main provisions of Consumer Protection Act
20.2 Discuss Investor Grievance Redressal Mechanism
20.3 Learn about key elements of a robust grievance recording and redress system
–Source of receipt of complaint
–Date and time of receipt of complaint
–Nature of complaint
–Whether it could be resolved internally or to be escalated to an external entity
–Status of resolution / action taken
–Time taken for resolution (or ageing report)
–Escalation mechanism
20.4 Discuss Grievance redress system required with the Investment Adviser
20.5 Discuss Redressal in Capital Market
20.5.1 Understand SEBI Complaint Redress System (SCORES)
20.5.2 Learn about process regarding escalation of grievance
20.6 Discuss grievance redressal in Banking
20.6.1 Learn about the grievance redress system with individual banks
20.6.2 Understand the role and functioning of Banking Ombudsmen
20.6.3 Learn about process regarding escalation of grievance
20.7 Discuss grievance redressal in Insurance
20.7.1 Learn about the grievance redress system with individual insurance companies
20.7.2 Understand the role and functioning of Insurance Ombudsmen
20.7.3 Learn about process regarding escalation of grievance
20.8 Discuss Redress in Pension
20.9 Securities Apellate Tribunal
20.8 Other Redressal Fora