This chapter explains the regulatory framework applicable to Foreign Portfolio Investors (FPIs) participating in Indian securities markets. Candidates must understand FPI registration categories, eligibility conditions, investment restrictions, and compliance requirements. Questions may also test knowledge of beneficial ownership norms, reporting obligations, and SEBI’s monitoring framework for foreign investments.

Stock brokers play a central role in securities market operations. This chapter covers registration requirements, code of conduct, capital adequacy norms, risk management systems, and investor grievance handling mechanisms applicable to brokers. Candidates must understand the operational responsibilities and compliance obligations imposed on stock brokers by SEBI and stock exchanges.

This chapter combines important intermediary regulations relating to merchant banking, takeover regulations, and bankers to an issue. Candidates must understand open offer requirements, due diligence obligations, issue management responsibilities, and takeover thresholds. Our NISM Compliance Practice Tests frequently include scenario-based questions involving acquisitions, disclosures, and public announcement requirements.

ICDR Regulations govern public issues, rights issues, preferential allotments, and disclosure standards for capital raising activities. Candidates must understand eligibility norms, draft offer documents, pricing mechanisms, and disclosure obligations. This chapter is highly important for understanding investor protection measures and transparency requirements applicable during the securities issuance process.

This chapter introduces the legal framework governing dematerialisation and electronic holding of securities in India. Candidates must understand the roles of depositories, depository participants, issuers, and beneficial owners. Questions commonly focus on demat account operations, transfer of securities, and the legal recognition provided to securities held in electronic form.

This chapter explains the operational and compliance framework applicable to depositories and depository participants. Candidates must understand registration requirements, system safeguards, investor protection measures, and reconciliation processes. You will also be tested on operational responsibilities related to dematerialisation, rematerialisation, pledging, and transmission of securities within the depository system.

Registrars and Share Transfer Agents perform critical back-office and investor servicing functions. This chapter covers registration procedures, record maintenance, transfer processing, and compliance obligations applicable to RTAs. Candidates must understand their role in handling allotments, refunds, corporate actions, and maintaining accurate investor records within regulatory timelines.

This chapter focuses on the ethical and regulatory framework governing research analysts. Candidates must understand registration requirements, disclosure standards, conflict of interest management, and restrictions on misleading research recommendations. Questions often test the responsibilities of research analysts in maintaining objectivity, transparency, and investor confidence within securities research activities.

Investment advisers are required to follow strict suitability and fiduciary standards while advising clients. This chapter covers registration norms, risk profiling requirements, fee structures, disclosure obligations, and segregation of advisory and distribution activities. Candidates must understand investor protection measures and the compliance responsibilities imposed on registered investment advisers.

This chapter explains the role and responsibilities of debenture trustees in protecting the interests of debenture holders. Candidates must understand trust deed execution, asset monitoring, default handling, and reporting obligations. Questions may also test knowledge of the trustee’s duty in ensuring issuer compliance with the terms and conditions of debt securities.

Credit Rating Agencies play a crucial role in assessing the creditworthiness of issuers and debt instruments. This chapter covers registration requirements, rating methodologies, disclosure norms, and code of conduct applicable to CRAs. Candidates must understand the importance of independent and unbiased ratings in maintaining transparency and investor confidence in debt markets.

Custodians are responsible for safeguarding securities and facilitating settlement operations for institutional investors. This chapter explains registration requirements, operational responsibilities, reporting obligations, and risk management practices applicable to custodians. Candidates must understand the importance of asset safety, segregation of holdings, and compliance controls within custodial services.

This chapter introduces the regulatory framework governing proxy advisory firms in India. Candidates must understand the role of proxy advisors in providing voting recommendations to institutional investors. You will also be tested on disclosure standards, conflict management practices, transparency requirements, and SEBI guidelines designed to ensure fair and unbiased proxy advisory services.