NISM Series III-A Mock Test: Securities Intermediaries Compliance (Non-Fund)
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series III-A exam
NISM Series III-A covers the compliance framework for non-fund intermediaries — the SEBI Act, SCRA, intermediaries regulations, insider trading and PFUTP rules, PMLA obligations, KYC and the regulations for brokers, depository participants, merchant bankers, research analysts and investment advisers.
Who should take it: Compliance officers and compliance team members of stock brokers, depository participants, RTAs, merchant bankers and other non-fund intermediaries.
NISM Series III-A exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series III-A question bank
Our 50-question bank for NISM Series III-A covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Introduction to the Financial System2 practice questions
- Regulatory Framework – General View2 practice questions
- Introduction to Compliance2 practice questions
- SEBI Act, 19923 practice questions
- SCRA, 1956 and SCRR, 19572 practice questions
- SEBI (Intermediaries) Regulations, 20082 practice questions
- SEBI (Prohibition of Insider Trading) Regulations2 practice questions
- SEBI (PFUTP) Regulations, 20032 practice questions
- Prevention of Money Laundering Act, 20023 practice questions
- SEBI (KYC Registration Agency) Regulations, 20112 practice questions
- SEBI (Foreign Portfolio Investors) Regulations, 20192 practice questions
- SEBI (Stock Brokers) Regulations3 practice questions
- SEBI (Merchant Bankers) Regulations etc.2 practice questions
- SEBI (ICDR) Regulations, 20183 practice questions
- Depositories Act, 19962 practice questions
- SEBI (Depositories and Participants) Regulations, 20182 practice questions
- SEBI (RTA) Regulations, 19932 practice questions
- SEBI (Research Analysts) Regulations, 20142 practice questions
- SEBI (Investment Advisers) Regulations, 20132 practice questions
- SEBI (Debenture Trustees) Regulations, 19932 practice questions
- SEBI (Credit Rating Agencies) Regulations, 19992 practice questions
- SEBI (Custodian) Regulations, 19962 practice questions
- Proxy Advisors2 practice questions
Free NISM Series III-A sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Which of these is the main economic role of a financial system?
- Collecting direct taxes for the government
- Issuing currency notes
- Fixing the prices of goods and services
- Channelling savings from surplus units to deficit units that need funds for investment
Show answer & explanation
Answer: D. Channelling savings from surplus units to deficit units that need funds for investment
Financial markets and intermediaries mobilise savings and allocate them to productive uses.
Which regulator oversees the pension sector, including the National Pension System?
- RBI
- IRDAI
- PFRDA
- SEBI
Show answer & explanation
Answer: C. PFRDA
The Pension Fund Regulatory and Development Authority regulates NPS and pension funds.
Which of the following best describes the compliance function in a SEBI-registered intermediary?
- Marketing the firm's products to investors
- Approving client credit limits for business reasons alone
- Maximising trading revenue for the firm
- Ensuring the firm's activities follow applicable laws, regulations and internal policies, and reporting deviations
Show answer & explanation
Answer: D. Ensuring the firm's activities follow applicable laws, regulations and internal policies, and reporting deviations
Compliance makes sure the business runs within the regulatory framework and escalates breaches.
Under the SEBI Act, 1992, an appeal against an order of the Securities Appellate Tribunal lies with:
- The Ministry of Finance
- The Supreme Court
- The SEBI Board
- The High Court
Show answer & explanation
Answer: B. The Supreme Court
Section 15Z of the SEBI Act provides for an appeal from SAT to the Supreme Court.
Under the SCRR, 1957, a listed company must maintain minimum public shareholding of at least:
- 25%
- 51%
- 15%
- 10%
Show answer & explanation
Answer: A. 25%
Rule 19A of SCRR requires listed companies to maintain at least 25% public shareholding.
NISM Series III-A mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series III-A mock test FAQs
How many questions are there in the NISM Series III-A exam?
The NISM Series III-A paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series III-A?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series III-A?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series III-A mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series III-A study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.