(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 Exam Test Duration Fees (Rs) Maximum Marks No. of Questions Pass Mark (%) Negative Marks (%) Certificate Validity(in years)
1 SEBI Investor Certification Examination + 1 hr Free 50 50 50 - 2
2 NISM Series I: Currency Derivatives Certification Examination 2 hrs 1500/- 100 100 60 25 3
3 NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination 2 hrs 1500/- 100 100 50 25 3
4 NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination 2 hrs 1500/- 100 100 50 25 3
5 NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination 2 hrs 1500/- 100 100 60 25 3
6 NISM Series IV: Interest Rates Derivatives Certification Examination 2 hrs 1500/- 100 100 60 25 3
7 NISM Series V A: Mutual Fund Distributors Certification Examination 2 hrs 1500/- 100 100 50 - 3
8 NISM-Series­V-B: Mutual Fund Foundation Certification Examination 2hrs 1200/- 50 50 50 - 3
9 NISM Series VI: Depository Operations Certification Examination 2 hrs 1500/- 100 100 60 25 3
10 NISM Series VII: Securities Operations and Risk Management Certification Examination 2 hrs 1500/- 100 100 50 25 3
11 NISM-Series-VIII: Equity Derivatives Certification Examination 2 hrs 1500/- 100 100 60 25 3
12 NISM Series-IX: Merchant Banking Certification Examination 2 hrs 1500/- 100 100 60 25 3
13 NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination 3 hrs 3000/- 150 135 60 25 3
14 NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination 3 hrs 3000/- 150 120 60 25 3
15 NISM-Series-X-C: Investment Adviser Certification (Renewal) Examination 1 hr 2500/- 50 50 50 - 3
16 NISM Series-XII: Securities Markets Foundation Certification Examination+ 2 hrs 1770/- 100 100 60 - 3
17 NISM Series-XIII: Common Derivatives Certification Examination 3 hrs 3000/- 150 150 60 25 3
18 NISM Series-XV: Research Analyst Certification Examination 2 hrs 1500/- 100 100 60 25 3
19 NISM Series XV-B: Research Analyst Certification (Renewal) Examination 1 hr 2500/- 50 50 50 - 3
20 NISM-Series-XVI: Commodity Derivatives Certification Examination 2 hrs 1500/- 100 100 60 25 3
21 NISM-Series-XVII: Retirement Adviser Certification Examination 2 hrs 1500/- 100 100 60 25 3
22 NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination+ 2 hrs 1770/- 100 100 60 25 3
23 NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors Certification Examination+ 2 hrs 1770/- 100 100 60 25 3
24 NISM-Series-XIX-C: Alternative Investment Fund Managers Certification Examination 3 hrs 3000/- 150 120 60 25 3
25 NISM Series XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination 2 hrs 1500/- 100 100 60 10 3
26 NISM Series XXI-B: Portfolio Managers Certification Examination 3 hrs 3000/- 150 120 60 25 3
27 NISM-Series-XXIII: Social Impact Assessors Certification Examination+ 2 hrs 1770/- 100 100 60 25 3
28 NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination+ 1 hrs 885/- 50 50 50 - 3
29 IBBI- Valuation Examination in the Asset Class: Land and Building 2 hrs 5900/- 100 90 60 25 -
30 IBBI- Valuation Examination in the Asset Class: Plant and Machinery 2 hrs 5900/- 100 90 60 25 -
31 IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets 2 hrs 5900/- 100 90 60 25 -

* 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.

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

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