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NISM Series III-A Securities Intermediaries Compliance Exam Prep 2025 - Mock Test, Question Bank, 9R™ Study Plan, SEBI Regulations & Guide Book

NISM Series III-A: Securities Intermediaries Compliance (Non-Fund) Certification Exam

Online Mock Test | Exam Prep Guide Book | eBook | 9R™ Exam Mastery Study Plan | SEBI Regulatory Updates

Prepare confidently for the NISM Series III-A – Securities Intermediaries Compliance (Non-Fund) certification exam with Gurukul On Road’s expertly curated resources: online mock tests, Udemy practice sets, printed exam guide book, and eBook. Our module is aligned with the latest SEBI regulations and syllabus, covering compliance frameworks, KYC/AML norms, insider trading, fraudulent trade practices, intermediary registration, and securities market laws. Build deep conceptual clarity with our chapter-wise question bank, glossary terms, FAQs, and SEBI-aligned updates. Designed for aspirants targeting compliance officer roles across stockbroking, merchant banking, credit rating agencies, and more. Boost your exam readiness using the exclusive 9R™ Exam Mastery Study Plan and regular prep blogs.

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Why Choose Gurukul On Road for NISM Series III-A Securities Intermediaries Compliance Exam Prep?

  • Attempt full-length mock tests for NISM Series III-A – Securities Intermediaries Compliance (Non-Fund) with real exam-level difficulty, smart timer, and detailed explanations for every answer.
  • Get chapter-wise practice question banks aligned to SEBI regulations, KYC/AML norms, insider trading, fraudulent practices, and compliance frameworks.
  • Coverage of entire NISM Series III-A syllabus (2025), updated exam pattern, and real SEBI circular references.
  • Access Bonus Mock Tests focused on Money Laundering Act, Intermediary Registration Regulations, Stock Broker & Merchant Banker Compliance.
  • Choose your learning style with our online mock test platform, Udemy practice tests, printed exam prep guide book, and eBook.
  • Leverage our exclusive 9R™ Exam Mastery Study Plan – with topic sequencing, smart revision, retention-focused strategy, and application-based practice.
  • Track your progress with an interactive dashboard featuring accuracy, speed analysis, and section-wise improvement tips.
  • Stay updated with latest SEBI/NISM notifications, policy changes, and regulatory developments related to securities intermediaries compliance.
  • Reinforce core concepts with SEBI-aligned glossary terms, exam-focused FAQs, and expert-authored compliance prep blogs.
  • Perfect for learners aiming to become certified compliance officers and clear NISM III-A confidently through structured, practical, and exam-oriented preparation.

Available in Multiple Formats for NISM Series III-A: Securities Intermediaries Compliance (Non-Fund) Exam

NISM III-A Online Mock Test
Online Mock Test | 1500+ Practice Questions covering SEBI Regulations, KYC/AML, Intermediary Compliance, and Market Conduct for NISM Series III-A Exam
 Udemy Practice Test for NISM Series III-A
Udemy Practice Test | 1400+ MCQs aligned to NISM III-A Syllabus - SEBI Insider Trading, Money Laundering, Compliance Frameworks
Printed Guide Book for NISM Series III-A
Printed Guide Book | Covers Full NISM III-A Exam Syllabus, 3000+ Questions with Case Scenarios on SEBI Regulations, Compliance Officer Duties
 eBook for NISM III-A Compliance Exam
eBook | NISM Series III-A Prep Guide - SEBI Intermediary Rules, Compliance Structures, Insider Trading Laws, KYC Agencies

Printed Guide Book also available on Amazon & Flipkart
eBook version available for Kindle & Google Play Books



Latest SEBI & NISM Circulars, Compliance Updates & Regulatory News – Stay Exam-Ready for NISM Series III-A Certification 2025

Stay updated with the most relevant SEBI circulars, NISM notifications, and compliance updates curated for aspirants of the NISM Series III-A: Securities Intermediaries Compliance (Non-Fund) exam. Our team decodes circulars related to SEBI intermediary regulations, stockbroker guidelines, merchant banker compliance, CRA rules, insider trading, AML provisions, KYC registration agency mandates, and more. Each update is mapped to exam topics, MCQ impact, and real-world compliance scenarios—ideal for professionals targeting compliance officer roles. Visit our SEBI Circulars & Compliance Alerts section to master the regulatory framework for 2025.


NISM Series NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) 2025 - Test Objectives Summary, Focus Area & Exam Overview

  • Unit 1: Understand the Indian financial system, the role of securities markets, types of securities as per SCRA, and overview of market intermediaries.
  • Unit 2: Gain clarity on India’s regulatory framework—roles of SEBI, RBI, IRDA, SAT, NCLT, and others. Understand acts and rules governing securities markets.
  • Unit 3: Learn the compliance officer’s role, responsibilities, reporting structure, and the importance of ethics and independence in compliance.
  • Unit 4: Study SEBI Act, 1992 with focus on intermediary registration, unfair trade practices, insider trading, penalties, and adjudication process.
  • Unit 5: Understand critical provisions of the Securities Contracts (Regulation) Act, 1956 & associated rules—contract types, listing, reporting & penalties.
  • Unit 6: Dive into SEBI Intermediaries Regulations—obligations, inspection procedures, code of conduct, and actions on default.
  • Unit 7: Deep dive into SEBI (Prohibition of Insider Trading) Regulations—UPSI, designated persons, trading restrictions, and compliance codes.
  • Unit 8: Understand SEBI (FUTP) Regulations—prohibited practices and the compliance officer’s role in enforcing ethical conduct in securities trading.
  • Unit 9: Learn AML framework under PMLA, 2002 including SEBI’s AML/CFT circulars, institutional obligations, and compliance responsibilities.
  • Unit 10: Master SEBI KYC Registration Agency Regulations—registration, responsibilities, inspection process, and guidelines for intermediaries.
  • Unit 11: Understand SEBI (FPI) Regulations—eligibility, investment limits, DDP approval, general obligations, and FPI category norms.
  • Unit 12: Explore SEBI (Stock Brokers) Regulations—registration, books of account, client interactions, algo trading, capital adequacy, and margin norms.
  • Unit 13: Study SEBI (Merchant Bankers) Regulations, Takeover Code, Buyback, and Delisting Guidelines—roles, obligations, and conduct requirements.
  • Unit 14: Learn ICDR regulations—public/rights issue compliance, due diligence, underwriter obligations, and SEBI circulars on disclosures.
  • Unit 15: Understand SEBI (Depositories) Act—rights/obligations of depositories, penalties, and inspection framework.
  • Unit 16: Get clarity on registration, compliance, grievance redressal, and code of conduct for Depository Participants.
  • Unit 17: Review SEBI (RTA) Regulations—who is an RTA, responsibilities, compliance role, and code of conduct.
  • Unit 18: Master SEBI (Research Analyst) Regulations—reporting structure, compliance, internal policies, and documentation norms.
  • Unit 19: Understand SEBI (Investment Adviser) Regulations—suitability, disclosures, IA operating guidelines in IFSC, and code of conduct.
  • Unit 20: Learn SEBI (Debenture Trustees) Regulations—registration, trust deed contents, obligations, disclosure practices, and code of conduct.
  • Unit 21: Study SEBI (Credit Rating Agencies) Regulations—registration, obligations, conduct code, and rating restrictions.
  • Unit 22: Understand SEBI (Custodian) Regulations—custody services, eligibility, responsibilities, and capital norms.
  • Unit 23: Learn about Proxy Advisors—impact on governance, Research Analyst guidelines, disclosures, and grievance handling protocols.

Study Plan & Preparation Tips for NISM Series III-A Securities Intermediaries Compliance (Non-Fund) Exam 2025

Prepare strategically to crack the NISM Series III-A Securities Intermediaries Compliance (Non-Fund) exam with our structured study plan. This exam demands a clear understanding of the SEBI regulatory framework, intermediary obligations, insider trading norms, AML guidelines, and compliance reporting standards. Whether you're a first-time test taker or brushing up after a gap, our resources—Online Mock Tests, Printed Guide Book, eBook, Udemy Practice Sets, and the 9R™ Exam Mastery Study Plan—ensure complete coverage aligned with the latest SEBI/NISM circulars.

How to prepare for NISM Series III-A effectively:
– Begin with the official syllabus PDF and spend the first 10 days reading the printed guide book or eBook, covering basics of the financial system, securities market instruments, and role of compliance officer.
– Attempt chapter-wise question banks on key Acts like SEBI Act, SC(R)A, SEBI (Intermediaries), Insider Trading, FUTP, KRA & PMLA Regulations.
– Practice through timed mock tests and MCQ simulations on our platform or Udemy to assess your retention and exam readiness.
– Allocate extra time for compliance officer duties, code of conduct, intermediary inspection norms, penalties, and registration procedures.
– Use the revision strategy, glossary flashcards, and analytics dashboard to identify weak zones before entering the final revision week.

  1. Download the latest NISM Series III-A syllabus & 4-week planner to track daily progress across 23 units.
  2. Follow the 9R™ Study Plan to prioritize segments like intermediary registration, KYC/AML, insider trading, and regulatory penalties.
  3. Use the Gurukul App or Udemy Practice Set to simulate real-time mock tests aligned to exam structure and negative marking patterns.
  4. Revise clauses from SEBI (Stock Brokers), Merchant Bankers, CRA, Custodians, PMS, AIF, RTA & Investment Advisers Regulations.
  5. In the last 3–4 days, focus on case-based questions, circular impact MCQs, ethics, grievance redressal, and compliance procedures.

Topper’s Tip: “Master regulations like SEBI (Intermediaries), Insider Trading & PMLA. Use glossary recall, MCQ error logs & case-based practice sets for last-mile success.”


9R Study Plan Framework: Crack NISM Series III-A Securities Intermediaries Compliance Exam with Confidence

Preparing for the NISM Series III-A: Securities Intermediaries Compliance (Non-Fund) Certification exam under time constraints? Our proprietary 9R™ Exam Mastery Framework is a proven step-by-step roadmap crafted for compliance officers, legal professionals, and capital market aspirants. Whether you're using our mock tests, Udemy practice sets, printed exam guide, eBook, or glossary tools, this framework enhances retention, regulatory interpretation, and exam performance.

  1. R1 – Read: Start with the NISM III-A syllabus and explore core topics like SEBI Act, SCRA, intermediary registration, and securities market structure.
  2. R2 – Recall: Summarize critical concepts such as compliance officer duties, reporting formats, KYC norms, insider trading restrictions.
  3. R3 – Review: Refer to our Exam Guide Book and eBook to revise complex units like FUTP regulations, AML framework, and Intermediary Codes of Conduct.
  4. R4 – Rehearse: Practice unit-wise mock tests for chapters on PIT Regulations, PMLA, CRA guidelines, PMS, AIF, and RTA norms.
  5. R5 – Resolve: Clarify common doubts using detailed explanations from our online test platform and SEBI case references in blog discussions.
  6. R6 – Revise: Revisit topics like penalty provisions, inspection obligations, Code of Conduct, and grievance redressal mechanisms. Follow SEBI Circulars for recent changes.
  7. R7 – Replicate: Attempt full-length mock tests via our Gurukul LMS or Mobile App to simulate real-time exam conditions with negative marking.
  8. R8 – Reflect: Analyze weak areas using your performance dashboard—focus on KRA obligations, merchant banker compliance, and IFSC norms.
  9. R9 – Reattempt: Target difficult sections using glossary flashcards, regulatory updates, and final-day rapid revision practice sets.

9R™ Exam Mastery Study Plan

The 9R™ framework is precisely mapped to the NISM Series III-A syllabus and exam format. It covers all major compliance domains including SEBI intermediaries regulation, insider trading, money laundering, KRA inspection procedures, and penalty structures. Ideal for learners using mock test series, compliance blogs, eBook/guidebook combo, and daily regulatory alerts to stay SEBI/NISM exam-ready.


Glossary of Key Terms for NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Exam Prep 2025

This glossary provides definitions for essential terms related to the Securities Intermediaries Compliance (Non-Fund) Exam, structured to align with the NISM exam syllabus.

Algorithmic Trading (Algo Trading)
Refers to the use of pre-programmed computer instructions to execute trades at high speeds and volumes based on set criteria like timing, price, and quantity.
American Depository Receipts (ADRs)
A negotiable certificate issued by a U.S. depository bank representing a specified number of shares—usually one—in a foreign company's stock. ADRs trade on U.S. stock markets as any domestic share would.
Appellate Authority (SAT)
The Securities Appellate Tribunal (SAT) is a statutory body established to hear and dispose of appeals against orders passed by the SEBI or by an adjudicating officer under the SEBI Act, 1992.
Banker to an Issue
A scheduled bank responsible for activities related to a public issue, including accepting application money, allocating and refunding application money, and paying dividends.
Bonds
A fixed-income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). Bonds have a specified maturity date and usually a fixed interest rate (coupon).
Buyback of Securities
The process where a company repurchases its own outstanding shares from the market to reduce the number of shares in circulation, which can increase the value of remaining shares and prevent hostile takeovers.
Clearing Member
A member of a clearing corporation who is authorized to clear and settle trades executed on a stock exchange. They may clear their own trades or the trades of other trading members.
Compliance Officer
A key managerial person appointed by an intermediary to ensure adherence to all applicable laws, regulations, and internal policies. They are responsible for monitoring compliance and reporting any non-compliance to the management and regulatory bodies.
Connected Person (Insider Trading)
As defined by SEBI's PIT Regulations, this includes any person who is or has been associated with a company in any capacity that allows them access to Unpublished Price Sensitive Information (UPSI). This includes directors, employees, and their immediate relatives, as well as business partners.
Credit Rating Agency (CRA)
An entity that assesses and assigns credit ratings to companies, debt instruments, and other securities to indicate their creditworthiness and risk of default.
Custodian
A financial institution that holds customers' securities for safekeeping to minimize the risk of their theft or loss. They also handle administrative tasks like collecting dividends and interest payments.
Debentures
A type of long-term debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer.
Debenture Trustee
A financial institution appointed to protect the interests of debenture holders. They ensure the issuing company complies with the terms of the debenture trust deed.
Delisting of Securities
The removal of a company's shares from a stock exchange, which stops them from being traded on that exchange. This can be voluntary (by the company) or compulsory (by the exchange for non-compliance).
Depository
An entity that holds securities (like shares, bonds) in an electronic (dematerialized) form at the request of the shareholders. In India, NSDL and CDSL are the two main depositories.
Depository Participant (DP)
An agent of the depository (like a bank or stockbroker) through which investors can avail of depository services. An investor must open a demat account with a DP to hold securities electronically.
Derivatives
Financial contracts whose value is derived from an underlying asset, such as a stock, bond, or commodity. Common derivatives include futures, options, and swaps.
Designated Depository Participant (DDP)
A specific type of Depository Participant (usually a custodian) authorized by SEBI to register Foreign Portfolio Investors (FPIs) on its behalf after conducting due diligence.
Direct Market Access (DMA)
A facility that allows institutional clients to directly access the stock exchange's trading system to place orders, using a broker's infrastructure, without manual intervention from the broker.
Economic Offences Wing (EOW)
A specialized unit of a state police force or central agency that investigates complex economic crimes, including financial frauds and scams in the securities market.
Equity Shares
A type of security that represents ownership in a company. Equity shareholders have voting rights and are entitled to a share of the company's profits (dividends).
Exchange Traded Funds (ETFs)
A type of investment fund and exchange-traded product. They are traded on stock exchanges, much like stocks. ETFs hold assets such as stocks, commodities, or bonds and generally track an index.
Financial Intelligence Unit - India (FIU-I)
The central national agency responsible for receiving, processing, analyzing, and disseminating information relating to suspected financial transactions to combat money laundering and terrorism financing.
Financial System
A system that allows the exchange of funds between lenders, investors, and borrowers. It comprises financial institutions, financial markets, financial instruments, and financial services.
Foreign Portfolio Investor (FPI)
An individual or institution that invests in the financial assets of a foreign country, such as stocks and bonds. FPIs are investors who do not hold a significant stake in any single company.
Global Deposit Receipts (GDRs)
Similar to ADRs, GDRs are certificates issued by a depository bank that represent shares of a foreign company. However, they are traded on stock exchanges outside the U.S., typically in Europe.
Indian Depository Receipts (IDRs)
A financial instrument denominated in Indian Rupees in the form of a depository receipt. IDRs are created by a Domestic Depository against the underlying equity of an issuing company incorporated in a foreign country to enable foreign companies to raise funds from the Indian securities markets.
Insider Trading
The illegal practice of trading on a stock exchange to one's own advantage through having access to confidential or unpublished price-sensitive information (UPSI).
International Financial Services Centre (IFSC)
A jurisdiction that provides world-class financial services to non-residents and residents, with a regulatory framework and financial infrastructure benchmarked to global standards. India's first IFSC is in GIFT City, Gujarat.
Investment Adviser
A person or firm that, for compensation, engages in the business of advising others about the value of securities or the advisability of investing in, purchasing, or selling securities.
Issue of Capital and Disclosure Requirements (ICDR) Regulations
SEBI regulations that govern the issuance of capital by companies, including public issues, rights issues, and preferential allotments, with a strong focus on disclosure to protect investor interests.
KYC Registration Agency (KRA)
A SEBI-registered agency that maintains Know Your Customer (KYC) records of investors in a centralized manner. This allows an investor to do KYC once and invest through various intermediaries without repeating the process.
Know Your Customer (KYC)
The process that financial institutions and intermediaries use to verify the identity of their clients to prevent identity theft, financial fraud, money laundering, and terrorist financing.
Merchant Banker
A financial institution that provides a wide range of services, including underwriting, portfolio management, and advisory services for fundraising, mergers, and acquisitions. They play a crucial role as lead managers in public issues.
Money Laundering
The illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.
Mutual Fund Units
A share in a professionally managed investment fund that pools money from many investors to purchase a diversified portfolio of securities.
National Company Law Tribunal (NCLT)
A quasi-judicial body in India that adjudicates issues relating to Indian companies, including insolvency, mergers, and oppression and mismanagement.
Preference Shares
A type of share that pays a fixed dividend to shareholders before common stock dividends are paid out. Preference shareholders typically do not have voting rights.
Proxy Advisor
A firm that advises institutional investors on how to vote in company shareholder meetings. They provide research and recommendations on matters such as executive compensation, mergers, and board composition.
Registrar and Share Transfer Agent (RTA)
An institution that, on behalf of a company, maintains records of its shareholders and bondholders, processes share transfers, and handles other related administrative tasks.
Registrar of Companies (ROC)
An office under the Ministry of Corporate Affairs that deals with the administration of the Companies Act and is responsible for registering companies and ensuring they comply with statutory requirements.
Research Analyst
A professional who prepares research reports on securities or companies and provides recommendations to investors. They are regulated by SEBI to ensure objectivity and prevent conflicts of interest.
Reserve Bank of India (RBI)
India's central bank and regulatory body responsible for regulating the Indian banking system, managing the country's currency and credit systems, and overseeing payment and settlement systems.
Securities (as per SCRA, 1956)
Defined under the Securities Contracts (Regulation) Act, the term includes a wide range of tradable financial instruments such as shares, bonds, debentures, derivatives, mutual fund units, and other marketable securities.
Securities and Exchange Board of India (SEBI)
The primary regulator of the securities and commodity market in India. Established in 1992, its main function is to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Securities Contracts (Regulation) Act, 1956 (SCRA)
A principal piece of legislation that provides for the regulation of transactions in securities through the control of stock exchanges. It aims to prevent undesirable speculation and ensure fair dealings.
Serious Fraud Investigation Office (SFIO)
A multi-disciplinary organization under the Ministry of Corporate Affairs for detecting, investigating, and prosecuting white-collar crimes and frauds.
Stock Broker
A registered member of a stock exchange whose primary business is to buy and sell securities on behalf of clients in exchange for a commission or fee.
Takeover Code (Substantial Acquisition of Shares and Takeovers)
SEBI regulations that govern the acquisition of a significant stake in a listed company. It ensures that such acquisitions are made in a fair and transparent manner and provides an exit opportunity for minority shareholders.
Underwriter
A financial institution, typically an investment bank, that agrees to buy the remaining unsubscribed shares of a company's public issue, thereby guaranteeing the company that the funds will be raised.
Unfair Trade Practices
Deceptive or fraudulent practices prohibited by SEBI, which include making misleading statements, manipulating the price of securities, or creating a false market to induce others to trade.
Warrants
A security that entitles the holder to buy the underlying stock of the issuing company at a fixed price called the exercise price until the expiry date. Warrants are often attached to bonds or preferred stock as a sweetener.

FAQ - Frequently Asked Questions – NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Exam Prep 2025

  1. What is the NISM Series III-A certification?
    It is a SEBI-mandated certification for compliance professionals working with intermediaries such as stock brokers, merchant bankers, CRAs, custodians, and RTAs.
  2. Who should appear for the NISM III-A exam?
    Compliance officers, back-office teams, risk managers, legal professionals, and those aspiring to work in regulatory roles at SEBI-registered intermediaries.
  3. Where can I take a mock test for NISM Series III-A?
    Visit our online LMS or Udemy platform for high-quality mock tests aligned to the real exam pattern.
  4. Is there a question bank available for NISM III-A?
    Yes. Our question bank contains 3000+ MCQs covering SEBI regulations, PIT, AML, SCRA, and intermediary-specific laws.
  5. What topics are covered in the NISM Series III-A syllabus?
    The exam covers SEBI Act, SCRA, intermediary regulations, compliance roles, insider trading, unfair trade practices, AML, and KYC regulations.
  6. Is there a printed book available?
    Yes, our printed guide book includes full coverage of all units, with chapter-wise practice questions and case law references.
  7. How does your 9R™ Study Plan help in preparation?
    The 9R™ plan structures your preparation into reading, recalling, revising, rehearsing with mocks, and analyzing weak areas before reattempt.
  8. What is the exam format for NISM III-A?
    The exam includes 100 MCQs to be completed in 2 hours. 60% is the passing score and there is 25% negative marking per wrong answer.
  9. Are there practice tests available unit-wise?
    Yes. Our platform offers unit-wise tests for each chapter including KRA, AML, SEBI intermediaries, PIT, and RTA regulations.
  10. Does the exam test insider trading regulations?
    Absolutely. The SEBI (Prohibition of Insider Trading) Regulations, 2015 are a key part of the syllabus.
  11. What is covered under fraudulent and unfair trade practices?
    Manipulative trading, false disclosures, and SEBI’s enforcement powers under FUTP Regulations are all part of the test.
  12. What is the role of a compliance officer in this context?
    The exam tests duties, independence, reporting obligations, and governance expectations of compliance officers in SEBI-regulated entities.
  13. Are sample questions available before enrolling?
    Yes, you can access demo MCQs and sample questions on our blog and LMS dashboard.
  14. Do I need to know SEBI Merchant Banker regulations?
    Yes. Eligibility, responsibilities, due diligence, and takeover/buyback rules are part of the exam.
  15. Is the KYC Registration Agency (KRA) process included?
    Yes, it includes KRA registration, in-person verification, obligations, and inspection processes.
  16. Is there coverage on Money Laundering Act?
    Yes. Client due diligence, STR filing, and SEBI’s AML circulars are important for exam preparation.
  17. Do you include Stock Broker and CRA regulations?
    Yes, we cover capital adequacy, inspection, registration, and compliance for these intermediaries.
  18. Any tips for answering SEBI compliance-based questions?
    Focus on MCQ patterns from past exams, glossary reviews, and mock simulations under timed conditions.
  19. What is the passing score and duration?
    60 correct answers out of 100 within 120 minutes. Wrong answers deduct 0.25 marks each.
  20. How often is the exam syllabus updated?
    The syllabus is updated as per SEBI notifications. We update our mock tests and guidebook accordingly.
  21. Are your mocks SEBI-aligned?
    Yes. Our tests include exam-style difficulty, full syllabus coverage, and detailed explanations.
  22. Can I study from mobile?
    Yes, our LMS and mock test platform are mobile-responsive for learning on-the-go.
  23. Where can I read SEBI circulars for the exam?
    Access decoded circulars on our SEBI Circulars page.
  24. How to revise in the last 3–4 days?
    Use our rapid revision mocks, glossary cards, and past mistakes dashboard to improve retention.
  25. Is NISM III-A mandatory for compliance officers?
    Yes, SEBI mandates this certification for designated compliance roles across registered intermediaries.



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