Revised Examination of NISM Series-XI: Equity Sales Certification Examination w.e.f. May 24, 2018

This examination is a voluntary examination.

The examination seeks to create a common minimum knowledge benchmark for all persons involved in equity sales in order to enable a better understanding of equity markets, better quality investor service, operational process efficiency and risk controls.

It seeks to ensure a basic understanding of the various aspects of the equity products, the process flow involved in trading, clearing and settlement of these products and the regulatory environment under which the market operates.

Examination Objectives

On successful completion of the examination the candidate should:

Assessment Structure

The Examination will consist of 100 questions of 1 mark each adding to 100 marks. The examination should be completed in 2 hours. There shall be negative marking of 25% of the marks assigned to a question. The passing score for the examination will be 50 marks.


Test Details:

Name of Examination: NISM-Series-XI: Equity Sales Certification Examination

Fees (Rs.)

Test Duration (in minutes)

No. of Questions

Maximum Marks

Pass Marks* (%)

Certificate # Validity (in years)







Inclusive of Service Tax. Payment Gateway charges extra.

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.