NISM Certification
NISM certifications are examinations conducted by the National Institute of Securities Markets, an institute established by SEBI, that are mandatory for many roles in the Indian securities market.
Series V-A for mutual fund distributors, VIII for equity derivatives, XV for research analysts, X-A and X-B for investment advisers, and more. Every exam here has a syllabus breakdown and a free mock test with explanations.
What you will be able to do
- Pick the right NISM series for your target role
- Know the syllabus weight, fee, passing mark and validity
- Practise with full-length mocks and negative marking
Lessons
Work through these in order.
NISM exams
Syllabus, fees and free mock tests with explanations.
- Series V-A — Mutual Fund DistributorsIFAs, bank relationship managers, sub-brokers, and anyone selling or distributing mutual funds.
- Series VII — Securities Operations & Risk ManagementOperations, risk management, settlement, KYC/AML, and compliance staff at brokers, DPs, and clearing members.
- Series VIII — Equity DerivativesEquity derivatives dealers, approved users, sales staff, and traders on the F&O segment.
- Series X-A — Investment Adviser Level 1Professionals who provide fee-based investment advice to clients, financial planners, and aspiring RIAs.
- Series X-B — Investment Adviser Level 2Candidates who have cleared Series X-A and want to complete RIA eligibility.
- Series XII — Securities Markets FoundationStudents, beginners, career switchers, and anyone new to Indian securities markets.
- Series XV — Research AnalystEquity research analysts, independent research providers, and associated persons preparing research reports.
- Series XVI — Commodity DerivativesCommodity broker dealers, approved users, and sales staff on commodity exchanges (MCX, NCDEX).
- Series XXI-A — Portfolio Management Services DistributorsWealth managers, private bank RMs, and distributors selling PMS products to investors.
- Series XXI-B — Portfolio ManagersPMS principal officers, senior fund managers, and employees of PMS firms.
Certifications
Credentials that map to this subject.
Careers that use this
Roles where this knowledge is used daily.
Key terms
Frequently asked questions
Which NISM certification should I take first?
It depends on the role. Mutual fund distribution needs Series V-A, equity derivatives dealing needs Series VIII, research needs Series XV, and fee-based advisory needs Series X-A and X-B.
What is the passing mark for NISM exams?
Most NISM exams require 60 percent, though some series differ, and several apply negative marking of 25 percent of the marks per wrong answer. Each exam page lists its own rule.
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