NISM Certification Exams Frequently Asked Questions

What is NISM? Why is it important ?

NISM stands for National Institute of Securities Markets. It’s a Public trust set up by SEBI.

NISM is the sole authority to issue certifications for all people working in financial markets.

NISM provides the following mandatory exams.

Sno NISM Exam Who Should Pass this 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 Dealers and Marketing / Sales Personel working in Currency Segment 2 hrs 1500/-

100

 100 60 0.25 3
2 NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination Employees of Registrar and Transfer Agents of Corporates 2 hrs 1500/- 100 100 50 0.25 3
3 NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination Employees of Registrars and Transfer Agents ( CAMS, Karvy & Sundaram Fund Services etc) 2 hrs 1500/- 100 100 50 0.25 3
4 NISM Series V A: Mutual Fund Distributors Certification Examination Anyone who wants to become a Normal Mutual Fund Advisor 2 hrs 1500/- 100 100 50 0 3
5 NISM Series V B: Mutual Fund Foundation Certification Examination Anyone who wants to become a Simple Mutual Fund Advisor 2 hrs 1200/- 50 50 50 0 3
6 NISM Series VI: Depository Operations Certification Examination Employees working in Demat section of Banks, Sharebroking Offices etc 2 hrs 1500/- 100 100 60 0.25 3
7 NISM Series VII: Securities Operations and Risk Management Certification Examination Dealers and Marketing/ Sales Personel working in Share Broking office 2 hrs 1500/- 100 100 50 0.25 3
8 NISM Series VIII: Equity Derivatives Certification Examination Dealers and Marketing/ Sales Personel working in Equity Derivatives Segment 2 hrs 1500/- 100 100 60 0.25 3
9 NISM Series IX: Merchant Banking Certification Examination Employees of Investment Banking / Merchant Banking companies 2 hrs 1500/- 100 100 60 0.25 3
10 NISM Series X A: Investment Adviser (Level 1) Certification Examination Investment Advisors who want to charge Advisory Fee from clients 2 hrs 1500/- 100 100 60 0.25 3
11 NISM Series X B: Investment Adviser (Level 2) Certification Examination Investment Advisors who want to charge Advisory Fee from clients 2 hrs 1500/- 100 68 60 0.25 3
12 NISM Series XV: Research Analyst Certification Examination Anyone who wants to become a Research Analyst 2 hrs 1500/- 100 100 60 0.25 3
13 NISM Series XVII: Retirement Adviser Certification Examination Any entity acting or desirous of acting as retirement adviser under the Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016 shall obtain the certification 2 hrs 1500/- 100 100 60 0.25 3
14 NISM Series III A: Securities Intermediaries Compliance (Non-Fund) Certification Examination - 2 hrs 1500/- 100 100 60 0.25 3
15 NISM Series III B: Issuers Compliance Certification Examination - 2 hrs 1770/- 100 100 60 0.25 3
16 NISM Series IV: Interest Rates Derivatives Certification Examination - 2hrs 1500/- 100 100 60 0.25 3
17 NISM Series V C: Mutual Fund Distributors (Level 2) Certification Examination - 2hrs 1770/- 100 68 60 0.25 3
18 NISM Series XI: Equity Sales Certification Examination - 2hrs 1770/- 100 100 50 0.25 3
19 NISM Series XII: Securities Markets Foundation Certification Examination - 2hrs 1770/- 100 100 60 0 3
20 NISM Series XIII: Common Derivatives Certification Examination - 3hrs 3000/- 150 150 60 0.25 3
21 NISM Series XIV: Internal Auditors for Stock Brokers Certification Examination - 2hrs 1770/- 100 100 60 0.25 3
22 NISM Series XVI: Commodity Derivatives Certification Examination - 2hrs 1500/- 100 100 60 0.25 3
23 NISM Series XVIII: Financial Education Certification Examination - 2hrs 1416/- 50 50 50 0 3
24 NISM Series XXI A: Portfolio Management Services (PMS) Distributors - 2hrs 1770/- 100 100 60 0.25 3
25 NISM Series XIX A: Alternative Investment Funds (Category I and II) Distributors - 2hrs 1770/- 100 100 60 0.25 3
26 IBBI Valuation Examination in the Asset Class: Land and Building - 2hrs 1500/- 100 96 60 0.25 -
27 IBBI Valuation Examination in the Asset Class: Plant and Machinery - 2hrs 1500/- 100 96 60 0.25 -
28 IBBI Valuation Examination in the Asset Class: nSecurities or Financial Assets - 2hrs 1500/- 100 92 60 0.25 -

How and where to register for the NISM Certification Examinations?

Registration can be done ONLINE or OFFLINE.

NISM Exams can be taken in the following centres.

NISM Registration How to? Where?

Please do not register for NISM exams in any other sites.

How to prepare for the test?

How do I renew my NISM certificate?

To renew your current certificate, you need to appear for NISM CPE or successfully pass the NISM Certification Examination before the expiry of such certificate.

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