What is the NISM III-A exam?
The NISM Series III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination is a SEBI-mandated qualifying exam for compliance officers and professionals at securities intermediaries such as stock brokers, depository participants, merchant bankers, underwriters, and credit rating agencies. It is conducted by the National Institute of Securities Markets (NISM) and covers India's financial markets structure, the applicable regulatory framework, the compliance officer's role and responsibilities, and the consequences of non-compliance.
What this practice test covers
- Structure of India's securities markets and market intermediaries
- Role and responsibilities of a compliance officer
- SEBI regulations applicable to stock brokers and other intermediaries
- Know Your Client (KYC), anti-money laundering, and investor grievance norms
- Risk management, internal controls, and inspection/audit requirements
- Consequences of non-compliance and enforcement actions
Passing the NISM III-A exam
NISM III-A is a 100-mark computer-based test of 100 questions (1 mark each) to be completed in 2 hours, with a passing score of 60%. It carries negative marking of 25% (0.25 marks) for every wrong answer, so accuracy matters as much as coverage. NISM can revise its criteria, so always verify the current passing marks and marking scheme on nism.ac.in before registering.
Why practice with mock tests
Reading the official workbook builds conceptual understanding, but a timed mock test reveals what you can actually answer under exam conditions. Because NISM III-A penalises wrong answers, full-length mocks help you judge when to attempt and when to skip, surface the topics you keep getting wrong, and remove surprises on exam day.