NISM Series III:
Compliance Officer.
Two compliance certifications — III-A for stock brokers and depository participants, III-C for mutual fund AMCs. Covering SEBI regulations, AML/KYC, code of conduct, enforcement, and investor protection.
Choose Your Variant
Non-Fund Compliance
For compliance officers at stock brokers, depository participants, and other non-fund intermediaries. Covers SEBI (Stock Brokers) Regulations.
Fund Compliance
For compliance officers at Asset Management Companies (AMCs). Covers SEBI (Mutual Funds) Regulations 1996 and AMC-specific compliance.
Compliance officers are the **regulatory gatekeepers** of Indian financial markets. Every stock broker, every depository participant, every AMC must have a designated compliance officer who holds the relevant NISM Series III certification.
**Series III-A** covers non-fund compliance — SEBI regulations for intermediaries, AML/KYC requirements, code of conduct, inspection and enforcement, and investor grievance redressal. This is the certification for compliance officers at brokerages and DPs.
**Series III-C** is the fund-sector equivalent — covering AMC-specific compliance, SEBI (MF) Regulations 1996, NAV pricing compliance, TER limits, and fund-specific AML/KYC. If you're a compliance officer at a mutual fund house, this is your certification.
Both exams are heavy on regulatory memorization. You need to know specific SEBI provisions, STR filing timelines, record-keeping requirements, and the powers SEBI has for inspection, investigation, and enforcement.
For compliance officers, by compliance officers. Dry but essential — because one regulatory violation can shut down an entire brokerage.
01. III-A Syllabus
Non-Fund Compliance
Compliance Framework — Overview
SEBI Regulations for Intermediaries
Anti-Money Laundering and KYC
Code of Conduct
Inspection, Investigation & Enforcement
Investor Grievance Redressal
Internal Controls and Risk Management
Record Keeping and Reporting
02. Study Strategy
Regulatory Memorization
SEBI Regulations for Intermediaries (Ch 2, 20%) is the heaviest
This is a memorization-heavy chapter. Know key provisions of SEBI (Stock Brokers) Regulations, registration requirements, and obligations.
AML/KYC is increasingly important (15%)
Know STR (Suspicious Transaction Report) filing requirements, CTR (Cash Transaction Report), KYC verification process, and PML Act provisions.
Inspection and Enforcement (12%) — know SEBI's powers
SEBI can conduct inspections, investigations, and take enforcement actions. Know the process and penalty framework.
Record keeping — minimum 5 years for all records
Compliance officers must maintain records for at least 5 years. Know what records need to be maintained and the format requirements.
If you work in compliance, daily operations = 60% of syllabus
Working compliance officers will find most topics familiar from their daily work. Focus on the specific SEBI provisions you may not deal with regularly.
03. Career Paths
The Compliance Track
Compliance Officer at Brokerage
Designated compliance officer responsible for monitoring SEBI regulation adherence at stock brokerages.
AML/KYC Analyst
Specialist in anti-money laundering compliance, suspicious transaction monitoring, and KYC verification.
Regulatory Compliance Manager
Oversee compliance programs across multiple intermediary functions — broking, DP, advisory.
Internal Auditor — Securities
Conduct internal audits of brokerage operations, client segregation, and regulatory compliance.
FAQ
Frequently Asked Questions
What is the difference between III-A and III-C?
III-A is for non-fund compliance officers at stock brokers and DPs. III-C is for fund compliance officers at mutual fund AMCs. Both cover SEBI regulations and AML/KYC frameworks.
Is NISM III mandatory?
Yes. Every designated compliance officer at SEBI-registered intermediaries must hold the relevant Series III certification.
Related Certifications
Certify Your Compliance Expertise
The regulatory gatekeeper certification. Essential for every compliance officer in Indian financial markets.
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.