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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 NISM Series I: Currency Derivatives Certification Examination 2hrs 1500/- 100 100 60 25 3
    2 NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination 2hrs 1500/- 100 100 50 25 3
    3 NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination 2hrs 1500/- 100 100 50 25 3
    4 NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination 2hrs 1500/- 100 100 60 25 3
    5 NISM Series-III-B: Issuers Compliance Certification Examination+ 2hrs 1770/- 100 100 60 25 3
    6 NISM Series IV: Interest Rates Derivatives Certification Examination 2hrs 1500/- 100 100 60 25 3
    7 NISM Series V A: Mutual Fund Distributors Certification Examination 2hrs 1500/- 100 100 50 - 3
    8 NISM-Series­V-B: Mutual Fund Foundation Certification Examination 2hrs 1200/- 50 50 50 - 3
    9 NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination+ 2hrs 1770/- 100 68 60 25 3
    10 NISM Series VI: Depository Operations Certification Examination 2hrs 1500/- 100 100 60 25 3
    11 NISM Series VII: Securities Operations and Risk Management Certification Examination 2hrs 1500/- 100 100 50 25 3
    12 NISM-Series-VIII: Equity Derivatives Certification Examination 2hrs 1500/- 100 100 60 25 3
    13 NISM Series-IX: Merchant Banking Certification Examination 2hrs 1500/- 100 100 60 25 3
    14 NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination 3 hrs 3000+ 150 135 60 25 3
    15 NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination 3 hrs 3000+ 150 120 60 25 3
    16 NISM Series-XII: Securities Markets Foundation Certification Examination+ 2hrs 1770/- 100 100 60 - 3
    17 NISM Series-XIII: Common Derivatives Certification Examination 3hrs 3000/- 150 150 60 25 3
    18 NISM Series-XIV: Internal Auditors for Stock Brokers Certification Examination+ 2hrs 1770/- 100 100 60 25 3
    19 NISM Series-XV: Research Analyst Certification Examination 2hrs 1500/- 100 100 60 25 3
    20 NISM-Series-XVI: Commodity Derivatives Certification Examination 2hrs 1500/- 100 100 60 25 3
    21 NISM-Series-XVII: Retirement Adviser Certification Examination 2hrs 1500/- 100 100 60 25 3
    22 NISM-Series-XVIII: Financial Education Certification Examination+ 2hrs 1416/- 50 50 50 - 3
    23 NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors+ 2hrs 1770 100 100 60 25 3
    24 NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors+ 2hrs 1770 100 100 60 25 3
    25 NISM-Series-XX-Taxation in Securities Markets 2 hrs 1770+ 100 75 60 25 3
    26 NISM Series XXI-A: Portfolio Management Services (PMS) Distributors 2hrs 1500 100 100 60 25 3
    27 NISM Series XXI-B: Portfolio Managers 3 hrs 3000 150 105 60 25 3
    28 NISM Series XXII: Fixed Income Securities+ 2hrs 1770+ 100 85 60 25 3
    29 IBBI- Valuation Examination in the Asset Class: Land and Building 2hrs 1500/- 100 90 60 25 -
    30 IBBI- Valuation Examination in the Asset Class: Plant and Machinery 2hrs 1500/- 100 90 60 25 -
    31 IBBI- Valuation Examination in the Asset Class: Securities or Financial Assets 2hrs 1500/- 100 90 60 25 -

    * Online Payment Gateway Charges extra
    + and red color indicates non-mandatory examinations.
    Note: NISM-Series-XI: Equity Sales Certification Examination has been discontinued with effect from April 1, 2021.