NISM Series XXIV:
Chief Compliance.
The apex compliance certification. For Chief Compliance Officers at mutual fund AMCs — covering fund governance, SEBI regulatory oversight, conflict management, inspection readiness, and enterprise risk frameworks.
Series XXIV is the **senior-most compliance certification** in the mutual fund industry. While Series III-C covers compliance for general AMC staff, Series XXIV is specifically designed for the **Chief Compliance Officer (CCO)** — the person ultimately responsible for regulatory compliance at the AMC.
The CCO at a mutual fund house is SEBI's primary point of contact. They report directly to the board, oversee all compliance functions, manage regulatory inspections, and ensure the AMC operates within SEBI's regulatory framework.
This is an advanced certification that assumes deep knowledge of SEBI (Mutual Funds) Regulations 1996, fund governance, conflict of interest management, and enterprise risk frameworks.
The CCO is SEBI's eyes and ears inside the AMC. Series XXIV certifies the regulatory apex of mutual fund compliance.
01. Complete Syllabus
Apex Compliance Framework
Role of CCO in Mutual Fund Industry
SEBI (Mutual Fund) Regulations — Deep Dive
Fund Governance and Board Oversight
Risk Management Framework
Conflict of Interest Management
Inspection/Investigation Readiness
AML/KYC — Advanced Framework
Reporting and Disclosure Obligations
02. Study Strategy
Senior-Level Preparation
SEBI MF Regulations (Ch 2, 20%) is the heaviest chapter
Know TER limits (2.25% for equity, 2% for debt under ₹500 Cr, declining slabs above), NAV computation rules, and scheme categorization norms cold.
Fund Governance (Ch 3, 15%) tests board-level understanding
Trustee responsibilities, independent director requirements, and the trustee-AMC relationship. Questions test whether you understand governance from the board's perspective.
Risk Management (Ch 4, 12%) — know the frameworks
Credit risk for debt schemes (IL&FS/DHFL context), liquidity risk (Franklin Templeton context), and stress testing requirements. SEBI has tightened norms post-2020.
If you're already a compliance officer, this is an upgrade exam
Series III-C holders will find 50% of the content familiar. Focus on the advanced topics — fund governance, enterprise risk, and SEBI inspection processes.
Expect case-study style questions
Unlike basic NISM exams, XXIV tests judgment. 'What should the CCO do when...' scenarios that require understanding of regulatory intent.
02. Career Paths
Senior Compliance Leadership
Chief Compliance Officer — AMC
The apex compliance role at Asset Management Companies — reporting to the board, managing SEBI relationships.
Head of Compliance
Lead the compliance function across all operations — fund management, distribution, and operations.
Regulatory Affairs Director
Manage regulatory relationships, policy interpretation, and industry body engagement (AMFI, SEBI).
Fund Governance Advisor
Advisory roles supporting AMC boards on governance, risk management, and compliance frameworks.
FAQ
Frequently Asked Questions
What is NISM Series XXIV?
The advanced compliance certification specifically for Chief Compliance Officers at mutual fund AMCs — covering fund governance, SEBI oversight, and risk management frameworks.
Who needs Series XXIV?
Designated Chief Compliance Officers and senior compliance professionals at SEBI-registered Asset Management Companies (AMCs).
Related Certifications
Lead Fund Compliance
The apex certification for mutual fund compliance leadership.
Written By
Rohit Singh
Mr. Chartist
With 14+ years of experience in Indian financial markets, Rohit Singh (Mr. Chartist) is a SEBI Registered Research Analyst, Amazon #1 bestselling author, and the founder of Investology.