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Examination Objectives

On successful completion of the examination the candidate should:

  • Know the basics of securities and securities markets
  • Understand broadly the role and functions of the RTAs in the mutual fund issuance and transaction process.
  • Know the regulatory environment in which the RTAs operate in India.


Test Details:

Name of Module: NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination

Fees (Rs.) Test Duration (in minutes) No. of Questions Maximum Marks Pass Marks* (%) Certificate # Validity (in years)
1500+ 120 100 100 50 3

RTA-Mutual Funds Syllabus


I. Introduction to Securities

A. Categorization of securities into equity, debt and hybrid

B. Characteristics of securities

II. Characteristics of Equities

A. Rights of common shareholders

B. Par value, Face value and share premium

C. Dividend calculation and distribution

D. Authorized capital

E. Issued capital

F. Outstanding shares

G. Paid-up shares

H. Placement of preferred shares and features

I. Share buy-back

J. Rights issue

III. Characteristics of Other Securities

A. Warrants

B. Types of convertible bonds

C. Types of depository receipts

D. Fully convertible currency bonds (FCCBs)

IV. Characteristics of Debt Instruments

A. Payment terms

B. Face value

C. Coupon

D. Term to maturity

E. Market value

F. Current yield

G. Yield to maturity

H. Corporate debt securities

I. Government securities

J. Methods of corporate debt retirement

K. Types of fixed and floating rate instruments and relevant benchmarks

L. Standards and significance of credit rating of debt instruments

M. Types and features of money market instruments

N. Types and features Government debt securities

O. Types and features Company fixed deposits

V. Basics of Mutual Funds

A. Structure and objective of a mutual fund

B. Units of a fund, face value and ongoing value.

C. Benefits of mutual funds to investors

D. Characteristics of open and closed end funds

E. Assets Under Management (AUM)

F. Net Asset Value (NAV)

G. Unit Capital

H. Types of mutual fund products and classification by investment category

I. Returns as dividends and capital gains

VI. SEBI’s Role and Relevant Regulations

A. Securities market regulatory environment

B. Powers and Roles of SEBI

C. Investor Protection

D. SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993

E. SEBI (Intermediaries) Regulations, 2008

F. SEBI (Depositories and Participants) Regulations, 1996

VII. Structure and constituents of Mutual Funds

A. Structure of a mutual fund

B. SEBI guidelines for setting up of mutual funds

C. Appointment and regulations related to sponsor, trustees and asset management company

D. Appointment and regulations related to custodian, Registrar and Transfer (R&T) agent, banks, auditors and distributor

E. Role and functions of the R&T agent

VIII. Mutual fund products

A. Types and features of mutual fund products

B. Taxability of income and capital gains

C. Dividend Distribution Tax (DDT)

D. Securities Transaction Tax (STT)

E. Payment mechanisms

F. Role of a collecting bank and the concept of cleared funds

IX. Applicable NAV and cut-off time

A. Computation of NAV

B. Applicable cut off time for various schemes

C. Applicable NAV

D. Process of time stamping and related regulations

X. Purchase, redemption and systematic transactions

A. Process for fresh purchase and additional purchase

B. Process for allocation of units

C. Process for updating of unit capital

D. Process for notifying the AMC

E. Statement of Account (SoA)

F. Dispatch of SoA to investors and reversals

G. Concept and impact of entry load and exit load

H. Process for redemption transaction and impact of taxes

I. Process for NFO

J. Offer Document

K. Key Information Memorandum (KIM)

L. New Fund Offer (NFO) Price

M. Types and process of switches and systematic transactions

N. Features of Systematic Investment Plan (SIP)

O. Features of Systematic Withdrawal Plans (SWPs)

P. Features of Systematic Transfer Plans (STPs)

XI. Investor and distributor processes and payouts

A. Types of mutual fund investors

B. Process for new folio creation

C. Process for dividend declaration and payout and related regulations

D. Functions of an Investor Service Centre (ISC)

E. Process for PAN and Know Your Customer (KYC) verification

F. Registration process for Nomination and (PoA)

G. Process and documentation for changes in investor details

H. Process of transmission of units

I. Additional requirements for institutional investors

J. Process of changes in names, authorised signatories of institutional investors