Taxmann’s Securities Intermediaries Compliance (Non-Fund) by National Institute of Securities Markets (NISM) – Edition June 2026.

Securities Intermediaries Compliance (Non-Fund) is the official workbook developed by the National Institute of Securities Markets (NISM) in collaboration with Taxmann. It sets the common minimum knowledge benchmark for compliance officers across India’s financial system. This book is both a certification preparation text and a working compendium of the SEBI legislation, rules, and regulations that govern market intermediaries in their day-to-day practice.

Key Learning & Professional Features

• Official NISM Material: The designated study material for the NISM-Series-III-A examination, developed by the NISM Certification Team.

• Practitioner Orientation: Regulations are anchored directly to specific statutory sections, Codes of Conduct, and the practical duties of a Compliance Officer.

• SEBI Enforcement Case Studies: Features actual adjudication cases (e.g., SEBI v. Vedika Securities, the Kwality matter, Karvy Stock Broking) presented in a clear Facts → Findings → Order format.

• Contemporary Themes: Covers the latest compliance frontiers including Online Dispute Resolution (ODR), Cyber Security, AI & ML compliance, and ESG Rating Providers.

• Built for Self-Assessment: Every chapter features Learning Objectives and closes with multiple-choice practice questions that mirror the actual exam format.

Complete Syllabus Coverage (NISM-Series-III-A)

The workbook spans 23 chapters organized strictly into two parts:

Part A: Understanding Financial Structure in India Establishes the foundation of India’s financial and regulatory structure, covering cross-cutting laws that apply to all intermediaries.

• Financial System Basics (Markets, MIIs, Intermediaries).

• Regulatory Framework (SEBI, RBI, IRDAI, PFRDA).

• SEBI Act 1992 & SCRA/SCRR.

• SEBI (Intermediaries) Regulations 2008 & SEBI (Prohibition of Insider Trading) 2015.

• PFUTP Regulations & the Prevention of Money Laundering Act (PMLA).

Part B: Understanding Intermediary-Specific Regulations Drills deep into the specific operational and compliance rules governing each category of intermediary.

• SEBI (Stock Brokers) Regulations 2025: DMA, Algo trading, Authorized Persons.

• Merchant Bankers & ICDR 2018: IPOs, due diligence, SAST Regulations.

• Depositories & Participants: DP registration, Code of Conduct.

• Specific Intermediary Frameworks: RTAs, Research Analysts, Investment Advisers, Debenture Trustees, Credit Rating Agencies, Custodians, and Proxy Advisors.

Who Should Buy This Book?

• Candidates registering for the NISM-Series-III-A Certification Examination.

• Compliance Officers and staff at Stock Brokers, Depository Participants, Merchant Bankers, and Credit Rating Agencies.

• Legal, Company-Secretarial, Audit, and Risk Professionals supporting non-fund intermediaries.

• Students establishing a career path in securities-market compliance.

About the Publisher (NISM)

The National Institute of Securities Markets (NISM) is an educational institution established in 2006 by the Securities and Exchange Board of India (SEBI). Guided by its vision to enhance the quality of securities markets, NISM offers a spectrum of capacity-building programs and is the statutory body tasked with conducting certification examinations for individuals engaged by market intermediaries.

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