(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.

NISM Certification Examinations

Sr. No
NISM Exam
Test Duration
Fees (Rs)
Maximum Marks
No. of Questions
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
SEBI Investor Awareness Test+
1
1 hr
Free
50
50
50%
-
2
NISM-Series-I: Currency Derivatives
2
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate
NISM-Series-ll-B: Registrars to an Issue and Share Transfer Agents -Mutual Fund
NISM-Series-lll-A: Securities Intermediaries Compliance (Non-Fund)
NISM-Series-IV: Interest Rate Derivatives
6
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-V-A: Mutual Fund Distributors
7
2 hrs
1500/-
100
100
50%
-
3
NISM-Series-V-B: Mutual Fund Foundation
8
2hrs
1200/-
50
50
50%
-
3
NISM-Series-VI: Depository Operations
9
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-VII: Securities Operations and Risk Management
NISM-Series-VIII: Equity Derivatives
11
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-IX: Merchant Banking
12
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-X-A: Investment Adviser (Level 1)
13
3 hrs
3000/-
150
135
60%
25%
3
NISM-Series-X-B: Investment Adviser (Level 2)
14
3 hrs
3000/-
150
120
60%
25%
3
NISM-Series-X-C: Investment Adviser Certification (Renewal)
NISM-Series-XII: Securities Markets Foundation+
NISM-Series-XIII: Common Derivatives
17
3 hrs
3000/-
150
150
60%
25%
3
NISM-Series-XV: Research Analyst
18
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XV-B: Research Analyst Certification (Renewal)
NISM-Series-XVI: Commodity Derivatives
20
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XVII: Retirement Adviser
21
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors+
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors+
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
28
3 hrs
3000/-
150
120
60%
25%
3
NISM-Series-XXIII: Social Impact Assessors+
29
2 hrs
1770/-
100
100
60%
25%
3
NISM-Series-XXIV: AML and CFT Provisions in Securities Markets+
IBBI: Valuation Examination in the Asset class: Land and Building
IBBI: Valuation Examination in the Asset class: Plant and Machinery
IBBI: Valuation Examination in the Asset class: Securities or Financial Assets

* Online Payment Gateway Charges extra

+ and red color indicates non-mandatory examinations.

  • 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.

Certifications Examination

Schedule your Exam

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

Contact Details

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