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(NISM)

The National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards in securities markets.

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NISM Certification Examinations

Sr. No
NISM Certification Examination - Mandated By SEBI
Duration
(in mins)
Maximum Marks
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
Fees (₹)

NISM Certification Examination - Mandated By SEBI

NISM-Series-I: Currency Derivatives
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate
NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents - Mutual Fund
NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund)
NISM-Series-IV: Interest Rate Derivatives
NISM-Series-V-A: Mutual Fund Distributors - English
NISM-Series-V-A: Mutual Fund Distributors - Hindi
NISM-Series-V-B: Mutual Fund Foundation
NISM-Series-VI: Depository Operations
NISM-Series-VII: Securities Operations and Risk Management
NISM-Series-VIII: Equity Derivatives
NISM-Series-IX: Merchant Banking
NISM-Series-X-A: Investment Adviser (Level 1)
NISM-Series-X-B: Investment Adviser (Level 2)
NISM-Series-X-C: Investment Adviser Certification (Renewal)
NISM-Series-XIII: Common Derivatives
NISM-Series-XV: Research Analyst
NISM-Series-XV-B: Research Analyst Certification (Renewal)
NISM-Series-XVI: Commodity Derivatives
NISM-Series-XIX-C: Alternative Investment Fund Managers
NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers
NISM-Series-XIX-E: Category III Alternative Investment Fund Managers
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors
NISM-Series-XXI-B: Portfolio Managers
Sr. No
NISM Certification Examination - Mandated By PFRDA
Duration
(in mins)
Maximum Marks
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
Fees (₹)

NISM Certification Examination - Mandated By PFRDA

NISM-Series-XVII: Retirement Adviser
Sr. No
NISM Certification Examinations - Non-Mandatory
Duration
(in mins)
Maximum Marks
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
Fees (₹)

NISM Certification Examinations - Non-Mandatory

NISM-Series-III-C: Securities Intermediaries Compliance (Fund)
NISM-Series-XII: Securities Markets Foundation
NISM-Series-XIX-A: AIF (Category I & II) Distributors
NISM-Series-XIX-B: AIF (Category III) Distributors
NISM-Series-XXIII: Social Impact Assessors
NISM-Series-XXIV: AML and CFT Provisions
Sr. No
Investor Awareness Test
Duration
(in mins)
Maximum Marks
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
Fees (₹)

Investor Awareness Test

SEBI Investor Awareness Test
Sr. No
IBBI Certification Examinations - Administered by NISM
Duration
(in mins)
Maximum Marks
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
Fees (₹)

IBBI Certification Examinations - Administered by NISM

IBBI: Valuation Examination – Land and Building
IBBI: Valuation Examination – Plant and Machinery
IBBI: Valuation Examination – Securities / Financial Assets

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  • Discontinuation of NISM Series-XXII: Fixed Income Securities Certification Examination w.e.f October 1, 2024.
  • Discontinuation of NISM-Series-III-B: Issuers Compliance Certification Examination w.e.f. April 1, 2023.
  • Discontinuation of NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination w.e.f. April 1, 2023.
  • Discontinuation of NISM-Series-XI: Equity Sales Certification Examination w.e.f. April 1, 2021.
  • Discontinuation of NISM-Series-XIV: Internal Auditors for Stock Brokers Certification Examination w.e.f. October 1, 2022.
  • Discontinuation of NISM-Series-XVIII: Financial Education Certification Examination w.e.f. May 15, 2024.
  • Discontinuation of NISM-Series-XX: Taxation in Securities Markets Certification Examination w.e.f. July 1, 2024.

Foreign nationals who are designated as Directors by the Stock Broking firms and other market intermediaries and have to
obtain NISM Certification(s) for regulatory compliance are requested to contact NISM’s Certification Team at certification@nism.ac.in

NISM Certification Examinations

National Institute of Securities Markets (NISM) performs two functions delegated to it under the Securities and Exchange Board of India (Certification of Associated Persons in Securities Markets) SEBI (CAPSM) Regulations, 2007. They are:

Offering Continuing Professional Education (CPE) Programs for associated persons in the securities market intermediaries.
Offering mandatory Certification Examinations for associated persons in the securities market intermediaries.
Upon expiry of the validity of the certificate obtained by an associated person, the certificate shall be re-validated by passing the relevant NISM Certification Examination before the expiry of the existing certificate or by successfully completing a program of relevant one day ‘Continuing Professional Education (CPE)’ as may be specified by NISM during 12 months preceding the date of expiry of the certificate.*
The certificate will be re-validated for a period of three years from the date of expiry of the existing certificate.
NISM issues Certificates through Digilocker (Know More)

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NISM Certification Examinations are available in more than 150 cities across India.

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