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    Series XXIICompliance

    NISM Series XXII:
    Compliance Officer — Mutual Funds.

    The mutual fund compliance certification. For compliance officers at AMCs — covering SEBI Mutual Fund regulations, scheme categorization, valuation norms, and investor protection frameworks.

    Rohit Singh
    Rohit SinghMr. Chartist
    April 13, 2026
    12 min read
    100
    Total Questions
    MCQs
    100
    Total Marks
    1 mark each
    2 Hours
    Duration
    120 minutes
    60%
    Passing Score
    Standard threshold
    25%
    Negative Marking
    0.25 per wrong
    ₹1,500
    Exam Fee
    + GST
    3 Years
    Validity
    CPE renewal
    YES
    Mandatory
    For MF compliance

    India's mutual fund industry manages over **₹60 lakh crore** in assets. The compliance officers at Asset Management Companies (AMCs) bear the critical responsibility of ensuring every scheme, every advertisement, and every NAV calculation adheres to SEBI's comprehensive regulatory framework.

    **NISM Series XXII** specifically certifies these compliance professionals. It covers the **SEBI (Mutual Funds) Regulations, 1996** in exhaustive detail — from scheme categorization norms to valuation of illiquid securities, from advertisement guidelines to side-pocketing provisions.

    This is a higher-tier compliance certification compared to Series III (general compliance). It demands deep understanding of mutual fund-specific regulations.

    "

    When ₹60 lakh crore of investor money is at stake, the compliance officer is the last line of defense. Series XXII ensures they know the rulebook inside-out.

    01. Complete Syllabus

    Chapter-by-Chapter Breakdown

    CH 1

    Mutual Fund Industry Overview

    8%
    • Structure of mutual fund — AMC, trustee, custodian• Role of SEBI and AMFI• Types of mutual fund schemes• Industry growth and AUM trends• Distribution channels
    CH 2

    SEBI Mutual Fund Regulations

    HIGH22%
    • SEBI (Mutual Funds) Regulations 1996 — detailed• AMC registration and net worth requirements• Trustee obligations and duties• Scheme categorization and rationalization• Investment restrictions and limits• Borrowing norms• Scheme merger and winding up
    CH 3

    Scheme Operations Compliance

    HIGH18%
    • NAV computation and declaration• Valuation norms — SEBI circular• Pricing of units — forward pricing• Dividend distribution process• Redemption processing — timeline• Side pocketing — credit event handling• Swing pricing provisions
    CH 4

    Advertisement and Disclosure

    HIGH15%
    • Advertisement code for mutual funds• SID and SAI requirements• KIM (Key Information Memorandum)• Performance data disclosure norms• Benchmark disclosure requirements• Social media communication guidelines• Total expense ratio (TER) disclosure
    CH 5

    Investor Protection Framework

    HIGH15%
    • Investor grievance handling• Unclaimed dividend and redemption• SEBI SCORES mechanism• Investor education requirements• Nomination and transmission• Minor account handling• Investor rights charter
    CH 6

    Risk Management

    12%
    • Market risk assessment• Credit risk evaluation• Liquidity risk management• Concentration risk limits• Stress testing requirements• Risk management framework — SEBI mandate
    CH 7

    Reporting and Inspection

    10%
    • SEBI reporting requirements• AMFI reporting obligations• Half-yearly trustee reports• Compliance certificate submission• SEBI inspection framework• Penalty provisions and enforcement

    02. Study Strategy

    How to Prepare

    1

    SEBI MF Regulations Are King (22%)

    Chapter 2 is the heaviest. Know scheme categorization norms, investment limits, and trustee obligations in granular detail.

    2

    Operations + Disclosure (33%)

    Chapters 3 and 4 together carry 33%. Master NAV computation rules, valuation norms, and advertisement code compliance.

    3

    Think Compliance, Not Investment

    Questions test regulatory compliance, not investment decisions. Focus on WHAT the rules say and WHEN they apply, not WHY.

    03. Career Paths

    Where This Takes You

    AMC Compliance Officer

    Compliance departments at mutual fund companies

    Trustee Companies

    Mutual fund trustee companies overseeing AMCs

    SEBI Regulatory Roles

    Regulatory oversight and inspection teams

    FAQ

    Frequently Asked Questions

    What is NISM Series XXII?

    Certifies compliance officers specifically at mutual fund AMCs. Covers SEBI MF regulations, scheme categorization, NAV computation, valuation norms, and investor protection.

    How is XXII different from III-C?

    III-C is general fund compliance. XXII dives deeper into mutual fund-specific regulations — scheme categorization, side-pocketing, swing pricing, and TER disclosure.

    Related Certifications

    NISM XXIV: CCO

    Chief Compliance Officer cert

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    NISM V-A: MF Distributors

    MF distribution certification

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    Certification Roadmap

    All 26+ NISM series mapped

    Read Guide

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    Series XXII is one piece of the puzzle. See the complete NISM certification roadmap to plan your career path.

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    Rohit Singh — Mr. Chartist

    Written By

    Rohit Singh

    Mr. Chartist

    SEBI Registered Research Analyst (INH000015297), Amazon #1 bestselling author, and the founder of Investology — a premium trading ecosystem trusted by 1.5 Lakh+ traders across India.

    INH000015297