Test Objectives – NISM Series XXIII: Social Impact Assessors Certification Examination

Chapter 1: Introduction to Social Sector and Indian Financial Markets
Section-I Introduction to Social Sector
1.1 Know the Overview of Social Sector in India
1.2 Know the Sustainable Development Goals (SDGs)
1.3 Understand the Concept of Social Enterprises
1.4 Learn the Taxonomy related to Social Enterprises
1.4.1 Primacy of Social Intent/Impact
1.4.2 Social Objective
1.5 Understand Social Intervention
1.5.1 Know the Concepts and Terms in Social Sector Interventions
1.5.2 Learn the Methodologies for Social Interventions
1.5.3 Learn the Inherent risks and errors faced during social interventions
1.6 Know the International standards applicable for social development
1.7 Learn the Challenges of comparability faced by social sector organizations
1.8 Understand the Social Sector Landscape in India
1.8.1 Learn about NPO Ecosystem in India
1.8.2 Know the need of different types of development interventions
1.8.3 Learn about the Spectrum of stakeholders and their role in the development landscape
1.9 Understand Social Sector Inequities
1.9.1 Learn about Sectoral Thrust
1.9.2 Learn about Geographical Thrust
1.9.3 Learn about Technological Thrust

Section-II Indian Financial Markets
1.1 Learn about the Indian Financial Markets
1.1.1 Introduction
1.1.2 Know the Types of Financial Markets in India
1.1.3 Know the Intermediaries in Financial Markets in India Market Infrastructure Institutions Custodians Stock Brokers /Authorized Persons Investment Banks Insurance Companies Pension Funds Asset Management Companies and Portfolio Managers Investment Advisers Credit Rating Agencies KYC Registration Agencies Registrar and Transfer Agents Non-bank finance companies and housing finance companies Credit Bureaus
1.1.4 Know the different type of investors Retail Investors Qualified Institutional Buyers (QIBs) Accredited Investors Role of Issuers Financial Market Regulators Ministry of Finance Ministry of Corporate Affairs Reserve Bank of India Securities and Exchange Board of India Insurance Regulatory and Development Authority of India Pension Fund Regulatory and Development Authority
1.2 Learn about various types of securities
1.2.1 Equity
1.2.2 Derivatives
1.2.3 Fixed Income
1.2.4 Commodities
1.2.5 Real Estate
1.2.6 Mutual Funds

Chapter 2:Introduction to Trading, Clearing Settlement and Risk Management on stock exchanges
2.1 Know the Trading Mechanism
2.1.1 Know the Trade Life Cycle Process
2.1.2 Learn about the Order Management
2.1.3 Know the Different types of orders Market Order Limit Order Stop order IOC order
2.1.4 Learn about the Order Routing Process through exchanges
2.1.5 Learn about the Order Modification and Cancellation
2.2 Know the Clearing, Settlement and Risk management
2.2.1 Learn about the Clearing and Settlement Process
2.2.2 Clearing banks and their functions
2.2.3 Role of Custodians
2.2.4 Settlement Obligations
2.2.5 Risk management framework
2.2.6 Role of clearing corporation
2.2.7 Auction of Securities

Chapter 3: Social Stock Exchange: Introduction, Funding Structures and Instruments
3.1 Understand the Concept of Social Stock Exchange
3.1.1 Understanding Definition of Social Stock Exchange
3.1.2 Rationale of Social Stock Exchange
3.1.3 Objectives of Social Stock Exchange
3.1.4 Functions of Social Stock Exchange
3.2 Know the Stakeholders of Social Stock Exchange
3.2.1 Know about the Trading Members
3.2.2 Understand Non-Profit Organization and For-Profit Enterprises
3.2.3 Learn about Social Impact Assessors
3.2.4 Learn about the Information Repositories
3.2.5 Learn about the Market Infrastructure Institutions
3.2.6 Learn about Regulator and SRO
3.2.7 Learn about Investors
3.2.8 Learn about the Primary Stakeholder: Communities/target groups
3.3 Understanding the Funding Structures
3.3.1 Explain the Funding Structures for NPOs Pay-for-success Structure
−Pay-for-success through Social/ Development Impact Bonds
−Pay-for-success through Lending Partners
−Pay-for-success through Grants Social/ Development Impact Bond (DIB)_Structure
−Key Partners in DIB structure
o Implementation Agencies or NPOs
o Outcome funders
o Risk investors
o Third-party evaluator
o Intermediary (Project Manager/ AIF-SIF in SSE)
−Pros and Cons of DIB Structure
−Examples of DIBs in India and other Jurisdictions
−Benefits for DIBs for India Financing Instruments for NPOs
−Zero Coupon Zero Principal Instruments
−Social Impact Fund
−Equity/ Debt
3.3.2 Explain the Funding Structures for FPEs Financing Instruments for FPEs
−Equity/ Debt
−Social Impact Fund/ Development Impact Bonds

Chapter 4: Registration and Listing on Social Stock Exchanges
4.1 Learn the Registration process on Social Stock Exchanges
4.1.1 Know the Eligibility Criteria for registration
4.1.2 Know the Initial Qualifying Criteria for Onboarding on Social Stock Exchanges Know the on boarding process for NPOs Know the Mandatory Qualification Criteria
4.2 Learn about the Rights, Obligations and Disclosures Document
4.3 Learn about the Key Guidelines for Listing
4.3.1 Know the Listing guidelines FPSEs and NPOs

Chapter 5: Social Impact Assessment and Social Impact Assessors
5.1 Understand the Evolution of Social Impact Assessment
5.1.1 Know different definitions and meaning of Social Impact Assessment
5.1.2 Understand the difference between social impact assessment and financial audit
5.2 Learn the Principles of Impact Assessment
5.3 Learn about Social Impact Assessors
5.3.1 Know the definition of Social Impact Assessors
5.3.2 Understand the Code of Conduct for Social Impact Assessors
5.3.3 Know the certification requirements for Social Impact Assessors
5.3.4 Learn the competencies and skills required for Social Impact Assessor
5.3.5 Know the empanelment of Social Impact Assessors (SIAs) with SROs
5.3.6 Understand the scope of work for Social Impact Assessors
5.4 Learn about the Social Impact Assessment (Audit) Standards
5.5 Know the List of Social Impact Assessment (Audit) Standards (SAS)
5.6 Learn about Social Impact Assessment Standard (SAS) Framework
5.6.1 Know the Objective of the SAS Framework
5.6.2 Learn the Scope of SAS Framework
5.7 Understand the Social Impact Assessment Process
5.7.1 Understand Stakeholders
5.7.2Understand about Social Impact Assessment Planning
5.7.3 Understanding the Social Enterprises (SE) and the social issue addressed
5.7.4 Know about Collecting and verifying information
5.7.5 Learn about Social Impact Assessor’s Responses to Assessed Risk
5.8 Understand the Impact Assessment Evidence
5.9 Understand the Social Impact Assessment Engagement
5.9.1 Learn Three Party Relationship Model
5.9.2 Understand Social project/ program/ intervention scope
5.9.3 Understand Social Project Monitoring Framework
5.10 Know Social Impact Assessment Quality Control for Social Impact Assessor/ Audit firm
5.11 Learn about Field level research agency and/or subject matter experts
5.11.1 Documentation
5.11.2 Materiality
5.11.3 Internal Controls
5.11.4 Fieldwork Process – Sampling and Data collection
5.12 Understand the Challenges related to Social impact assessment
5.13 Know the Use of Technology in Social Impact Assessment
5.14 Learn about Social Impact Assessment Report
5.15 Learn about Impact Assessment Conclusions

Chapter 6: Social Impact Assessment Frameworks, Techniques and Standards
6.1 Introduction to Social Impact Assessment Frameworks
6.1.1 Theory of Change
6.1.2 Importance of Theory of Change in Social Impact Analysis
6.2 The flow of Project/ Program design under Logic Model
6.2.1 Learning loop in Logic Model
6.2.2 Addressing Core Issues in Establishing Key Performance Indicators (KPIs) within the Logic Model
6.2.3 Assigning Accurate Costs for Inputs Related to Project Sustainability under the Logic Model
6.3 Other Guidelines and Tools for impact assessment
6.3.1 National Guidelines on Responsible Business Conduct
6.3.2 Framework introduced by Global Investing Community
6.3.3 Framework introduced by Multi-lateral Development Agency
6.3.4 Frameworks of impact funders with operations in India

Chapter 7: Social Impact Assessment
7.1 Understand Social Impact Assessment
7.1.1 Learn about the Steps in conducting Social Impact Assessment
7.1.2 Learn about the Approaches to Social Impact Assessment
7.1.3 Learn the Importance of conducting social impact analysis for different stakeholders
7.2 Understand Different organizational models for structuring evaluation
7.2.1 Learn about Outsourcing Model
7.2.2 Learn about the Partnership Model
7.2.3 Learn about the Fully Integrated Model
7.2.4 Learn about Do it yourself ‘DIY’
7.3 Impact Reporting
7.3.1 Types of Impact reporting
A. Direct Impact on target Community
B. Systemic Impact
7.3.2 Components of Impact Reporting
7.4 Issues or Challenges in conducting SIA.

Chapter 8: Social Impact Assessment –(Case-Studies)
8.1 Case study 1: Watershed Management
(Social Impact Assessment (Audit) Standard (SAS) 500 Ensuring environmental sustainability, addressing climate change including mitigation and adaptation, forest and wildlife conservation)
8.2 Case study 2: Health Care
(SAS 200: Promoting health care including mental healthcare, sanitation and making available safe drinking water)
8.3 Case study 3: Women Empowerment
(SAS 400: Promoting gender equality, empowerment of women and LGBTQIA+ communities)
8.4 Case study 4: Financial Inclusion
(SAS 1300: Promotion of Financial Inclusion)
8.5 Case study 5: Affordable Housing
(SAS 1100: Slum area development, affordable housing and other interventions to build sustainable and resilient cities)

Chapter 9: Disclosure Norms, Reporting Requirements by Social Impact Assessors and Penalties
9.1 Understand Disclosures as per SEBI ICDR Regulations
9.1.1 Disclosure for NPOs on SSE
9.2 Understand Disclosures norms under SEBI LODR Regulations
9.2.1 Know the Disclosures by For Profit Social Enterprises (FPSEs)
9.2.2 Know the Disclosures for Not for Profit Organization (NPOs)
9.2.3 Learn about Intimations and disclosures by Social enterprises of events or information to Social Stock Exchange(s) (SSE)
9.2.4 Learn about Disclosures by a Social Enterprise in respect of social impact
9.2.5 Learn about Statement of Utilization of funds in terms of Regulation 91F of the LODR Regulations
9.3 Know about Penalties as per the SEBI Act, 1992
9.4 List different books to be maintained as per SC(R)R, 1957

Chapter 10: Taxation
10.1 Know about Securities Transaction Tax (STT)
10.2 Know about the Deductions under Section 80G of Income Tax Act
10.3 Know the Exemptions under Income Tax Act

Chapter 11: Key Regulations
11.1 Know about The Securities Contracts Regulation Act (SCRA 1956)
11.2 Know about The SEBI Act 1992
11.3 Know about The Depositories Act, 1996
11.4 Know about SEBI (Stock Brokers) Regulation, 1992
11.5 Know about SEBI (Prevention of Insider Trading) Regulations, 2015
11.6 Know about The Prevention of Money-laundering Act, 2002
11.7 Know about SEBI Prevention of Fraudulent and Unfair Trade Practices Regulations, 2003