III-C Compliance (Fund)
Compliance officers for fund-side intermediaries — mutual funds, AIFs, REITs/InvITs, FEMA, and depository regulations.
Exam Pattern & Marking
Detailed Syllabus
17 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | Mutual Fund Regulations | 11 | 55 |
| 2 | Regulations | 10 | 50 |
| 3 | InvIT Regulations | 8 | 40 |
| 4 | REIT Regulations | 8 | 40 |
| 5 | Prevention of Money Laundering Act | 7 | 35 |
| 6 | SEBI Act 1992 | 7 | 35 |
| 7 | Fraudulent and Unfair Trade Practices | 6 | 30 |
| 8 | Insider Trading Regulations | 6 | 30 |
| 9 | Regulatory Framework | 6 | 30 |
| 10 | SEBI Intermediaries Regulations | 6 | 30 |
| 11 | Introduction to Financial System | 5 | 25 |
| 12 | Foreign Exchange Management Act | 4 | 20 |
| 13 | Introduction to Compliance | 4 | 20 |
| 14 | SCRA and SCRR | 4 | 20 |
| 15 | Depositories Act | 3 | 15 |
| 16 | Foreign Portfolio Investors | 3 | 15 |
| 17 | KYC Registration Agency | 2 | 10 |
| Total | 100 | 500 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series III-C is the compliance officer exam for “fund-side” intermediaries — AMCs running mutual funds, AIF managers, REIT managers, InvIT managers. It complements III-A with deep coverage of pooled investment vehicles.
At a glance: 100 questions · 2 hours · 60% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take III-C
- Compliance officers at AMCs
- Compliance officers at AIF managers (Cat I/II/III)
- Compliance officers at REIT / InvIT managers
- Multi-product compliance teams at fund houses
Key Knowledge Areas
Mutual Fund Regulations 1996
Coverage includes:
- Sponsor / trustee / AMC structure
- Scheme launch (SID, SAI, KIM)
- Investment restrictions & exposure limits
- TER caps and load structures
- Disclosure obligations to investors and SEBI
AIF Regulations 2012
Three categories of AIFs:
| Category | Examples | Key features |
|---|---|---|
| Cat I | VC, infrastructure, social impact | Tax pass-through, govt incentives |
| Cat II | PE, debt funds, real estate funds | No tax pass-through (most), pooled & locked-in |
| Cat III | Hedge funds, long-short, derivatives | Highest leverage allowed |
REIT & InvIT Regulations
Both require:
- 80% investment in completed/revenue-generating assets
- 90% income distribution mandatory
- Listed on stock exchange
- Mandatory minimum public float
FPI Regulations 2019
- Three FPI categories (collapsed from earlier two)
- KYC simplified for low-risk countries
- Quarterly position limits, sectoral caps
- Beneficial-owner disclosure
Depositories Act compliance
Issuer-DP coordination, beneficial owner registers, transmission, pledge — all tested through compliance lens.
Key Fact: The same individual can hold compliance officer role at AMC + AIF + InvIT manager simultaneously, but separate registrations apply per entity.
Exam Tips
Tip 1: AIF Regulations chapter is heavy. Memorise the Cat I / II / III differences in tax, leverage, allowed strategies.
Tip 2: REIT and InvIT specifics — 80%/20% asset rule, 90% distribution rule, 25% public float — are guaranteed exam topics.
Tip 3: MF investment restrictions (single issuer cap, sector cap, group cap) are exam-favourites. Know the percentage limits.
Tip 4: Recent SEBI circulars on AIF Phase II reforms, REIT regulations, FPI taxation come up regularly.
Try the Free Quiz
Test your knowledge with our free Series III-C practice quiz — or get the full bank of 500+ III-C questions plus mock tests in the NISM Exam Prep app.
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