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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 Exam
Test Duration
Fees (Rs)
Maximum Marks
No. of Questions
Pass Mark (%)
Negative Marks (%)
Certificate Validity (in years)
SEBI Investor Awareness Test+
1
SEBI Investor Awareness Test+
1 hr
Free
50
50
50%
-
2
NISM-Series-I: Currency Derivatives
2
NISM-Series-I: Currency Derivatives
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate
3
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate
2 hrs
1500/-
100
100
50%
-
3
NISM-Series-ll-B: Registrars to an Issue and Share Transfer Agents -Mutual Fund
4
NISM-Series-ll-B: Registrars to an Issue and Share Transfer Agents -Mutual Fund
2 hrs
1500/-
100
100
50%
-
3
NISM-Series-lll-A: Securities Intermediaries Compliance (Non-Fund)
5
NISM-Series-lll-A: Securities Intermediaries Compliance (Non-Fund)
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-III-C: Securities Intermediaries Compliance (Fund)+
6
NISM-Series-III-C: Securities Intermediaries Compliance (Fund)+
2 hrs
1770/-
100
100
60%
25%
3
NISM-Series-IV: Interest Rate Derivatives
7
NISM-Series-IV: Interest Rate Derivatives
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-V-A: Mutual Fund Distributors
8
NISM-Series-V-A: Mutual Fund Distributors
2 hrs
1500/-
100
100
50%
-
3
NISM-Series-V-B: Mutual Fund Foundation
9
NISM-Series-V-B: Mutual Fund Foundation
2hrs
1200/-
50
50
50%
-
3
NISM-Series-VI: Depository Operations
10
NISM-Series-VI: Depository Operations
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-VII: Securities Operations and Risk Management
11
NISM-Series-VII: Securities Operations and Risk Management
2 hrs
1500/-
100
100
50%
25%
3
NISM-Series-VIII: Equity Derivatives
12
NISM-Series-VIII: Equity Derivatives
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-IX: Merchant Banking
13
NISM-Series-IX: Merchant Banking
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-X-A: Investment Adviser (Level 1)
14
NISM-Series-X-A: Investment Adviser (Level 1)
3 hrs
3000/-
150
135
60%
25%
3
NISM-Series-X-B: Investment Adviser (Level 2)
15
NISM-Series-X-B: Investment Adviser (Level 2)
3 hrs
3000/-
150
120
60%
25%
3
NISM-Series-X-C: Investment Adviser Certification (Renewal)
16
NISM-Series-X-C: Investment Adviser Certification (Renewal)
1 hr
2500/-
50
50
50%
-
3
NISM-Series-XII: Securities Markets Foundation+
17
NISM-Series-XII: Securities Markets Foundation+
2 hrs
1770/-
100
100
60%
-
3
NISM-Series-XIII: Common Derivatives
18
NISM-Series-XIII: Common Derivatives
3 hrs
3000/-
150
150
60%
25%
3
NISM-Series-XV: Research Analyst
19
NISM-Series-XV: Research Analyst
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XV-B: Research Analyst Certification (Renewal)
20
NISM-Series-XV-B: Research Analyst Certification (Renewal)
1 hr
2500/-
50
50
50%
-
3
NISM-Series-XVI: Commodity Derivatives
21
NISM-Series-XVI: Commodity Derivatives
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XVII: Retirement Adviser
22
NISM-Series-XVII: Retirement Adviser
2 hrs
1500/-
100
100
60%
25%
3
NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors+
23
NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors+
2 hrs
1770/-
100
100
60%
10%
3
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors+
24
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors+
2 hrs
1770/-
100
100
60%
10%
3
NISM-Series-XIX-C: Alternative Investment Fund Managers
25
NISM-Series-XIX-C: Alternative Investment Fund Managers
3 hrs
3000/-
150
120
60%
25%
3
NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers
26
NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers
2 hrs
1500/-
100
80
60%
25%
3
NISM-Series-XIX-E: Category III Alternative Investment Fund Managers
27
NISM-Series-XIX-E: Category III Alternative Investment Fund Managers
2 hrs
1500/-
100
80
60%
25%
3
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors
28
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors
2 hrs
1500/-
100
100
60%
10%
3
NISM-Series-XXI-B: Portfolio Managers
29
NISM-Series-XXI-B: Portfolio Managers
3 hrs
3000/-
150
120
60%
25%
3
NISM-Series-XXIII: Social Impact Assessors+
30
NISM-Series-XXIII: Social Impact Assessors+
2 hrs
1770/-
100
100
60%
25%
3
NISM-Series-XXIV: AML and CFT Provisions in Securities Markets+
31
NISM-Series-XXIV: AML and CFT Provisions in Securities Markets+
1 hrs
885/-
50
50
50%
-
3
IBBI: Valuation Examination in the Asset class: Land and Building
32
IBBI: Valuation Examination in the Asset class: Land and Building
2 hrs
5900/-
100
90
60%
25%
-
IBBI: Valuation Examination in the Asset class: Plant and Machinery
33
IBBI: Valuation Examination in the Asset class: Plant and Machinery
2 hrs
5900/-
100
90
60%
25%
-
IBBI: Valuation Examination in the Asset class: Securities or Financial Assets
34
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.
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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