(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 Certifications 2

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 Certification Examination +
1
SEBI Investor Certification Examination +
1 hr
Free
50
50
50
-
2
NISM Series I: Currency Derivatives Certification Examination
2
NISM Series I: Currency Derivatives Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination
3
NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination
2 hrs
1500/-
100
100
50
25
3
NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination
4
NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination
2 hrs
1500/-
100
100
50
25
3
NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination
5
NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series IV: Interest Rates Derivatives Certification Examination
6
NISM Series IV: Interest Rates Derivatives Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series V A: Mutual Fund Distributors Certification Examination
7
NISM Series V A: Mutual Fund Distributors Certification Examination
2 hrs
1500/-
100
100
50
-
3
NISM-Series­V-B: Mutual Fund Foundation Certification Examination
8
NISM-Series­V-B: Mutual Fund Foundation Certification Examination
2hrs
1200/-
50
50
50
-
3
NISM Series VI: Depository Operations Certification Examination
9
NISM Series VI: Depository Operations Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series VII: Securities Operations and Risk Management Certification Examination
10
NISM Series VII: Securities Operations and Risk Management Certification Examination
2 hrs
1500/-
100
100
50
25
3
NISM-Series-VIII: Equity Derivatives Certification Examination
11
NISM-Series-VIII: Equity Derivatives Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series-IX: Merchant Banking Certification Examination
12
NISM Series-IX: Merchant Banking Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination
13
NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination
3 hrs
3000/-
150
135
60
25
3
NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
14
NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
3 hrs
3000/-
150
120
60
25
3
NISM-Series-X-C: Investment Adviser Certification (Renewal) Examination
15
NISM-Series-X-C: Investment Adviser Certification (Renewal) Examination
1 hr
2500/-
50
50
50
-
3
NISM Series-XII: Securities Markets Foundation Certification Examination+
16
NISM Series-XII: Securities Markets Foundation Certification Examination+
2 hrs
1770/-
100
100
60
-
3
NISM Series-XIII: Common Derivatives Certification Examination
17
NISM Series-XIII: Common Derivatives Certification Examination
3 hrs
3000/-
150
150
60
25
3
NISM Series-XV: Research Analyst Certification Examination
18
NISM Series-XV: Research Analyst Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series XV-B: Research Analyst Certification (Renewal) Examination
19
NISM Series XV-B: Research Analyst Certification (Renewal) Examination
1 hr
2500/-
50
50
50
-
3
NISM-Series-XVI: Commodity Derivatives Certification Examination
20
NISM-Series-XVI: Commodity Derivatives Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM-Series-XVII: Retirement Adviser Certification Examination
21
NISM-Series-XVII: Retirement Adviser Certification Examination
2 hrs
1500/-
100
100
60
25
3
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination+
22
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification Examination+
2 hrs
1770/-
100
100
60
25
3
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors Certification Examination+
23
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors Certification Examination+
2 hrs
1770/-
100
100
60
25
3
NISM-Series-XIX-C: Alternative Investment Fund Managers Certification Examination
24
NISM-Series-XIX-C: Alternative Investment Fund Managers Certification Examination
3 hrs
3000/-
150
120
60
25
3
NISM Series XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination
25
NISM Series XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination
2 hrs
1500/-
100
100
60
10
3
NISM Series XXI-B: Portfolio Managers Certification Examination
26
NISM Series XXI-B: Portfolio Managers Certification Examination
3 hrs
3000/-
150
120
60
25
3
NISM-Series-XXIII: Social Impact Assessors Certification Examination+
27
NISM-Series-XXIII: Social Impact Assessors Certification Examination+
2 hrs
1770/-
100
100
60
25
3
NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination+
28
NISM-Series-XXIV: AML and CFT Provisions in Securities Markets Certification Examination+
1 hrs
885/-
50
50
50
-
3
IBBI- Valuation Examination in the Asset Class: Land and Building
29
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
30
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
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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