NISM Certification Exams 2026:
Complete List, Eligibility & Career Options
Explore the complete list of NISM certification exams, exam pattern, passing criteria, and exam fees. Choose the right certification to boost your career in the financial markets.
| S. No. | NISM Certification Examination - Mandated By SEBI | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. |
120 |
100 |
100 |
60% |
25% |
1500 | |
2. |
NISM Series II-A: Registrars to an Issue and Share Transfer Agents (Corporate) Cert. |
120 |
100 |
100 |
50% |
NIL |
1500 |
3. |
NISM Series II-B: Registrars to an Issue and Share Transfer Agents (Mutual Fund) Cert. |
120 |
100 |
100 |
50% |
NIL |
1500 |
4. |
120 |
100 |
100 |
60% |
25% |
1500 | |
5. |
NISM Series III-C: Securities Intermediaries Compliance (Fund) Cert. |
120 |
100 |
100 |
60% |
25% |
1500 |
6. |
NISM Series IV: Interest Rate Derivatives Certification |
120 |
100 |
100 |
60% |
25% |
1500 |
7. |
120 |
100 |
100 |
50% |
NIL |
1500 | |
8. |
NISM Series V-A: Mutual Fund Distributors (HINDI) Certification |
120 |
100 |
100 |
50% |
NIL |
1500 |
9. |
NISM Series V-B: Mutual Fund Foundation Certification |
120 |
100 |
100 |
60% |
NIL |
1500 |
10. |
120 |
100 |
100 |
60% |
25% |
1500 | |
11. |
NISM Series VII: Securities Operations and Risk Management Certification |
120 |
100 |
100 |
60% |
25% |
1500 |
12. |
120 |
100 |
100 |
60% |
25% |
1500 | |
13. |
120 |
100 |
100 |
60% |
25% |
1500 | |
14. |
180 |
135 |
150 |
60% |
25% |
3000 | |
15. |
180 |
120 |
150 |
60% |
25% |
3000 | |
16. |
NISM Series X-C: Investment Adviser Certification (Renewal) |
60 |
50 |
50 |
50% |
NIL |
2500 |
17. |
NISM Series XIII: Common Derivatives Certification |
180 |
150 |
150 |
60% |
25% |
3000 |
18. |
120 |
100 |
100 |
60% |
25% |
1500 | |
19. |
NISM Series XV: Research Analyst Certification (Renewal) |
60 |
50 |
50 |
50% |
NIL |
2500 |
20. |
120 |
100 |
100 |
60% |
25% |
1500 | |
21. |
NISM Series XIX-C: Alternative Investment Fund Managers Certification |
180 |
120 |
150 |
60% |
25% |
3000 |
22. |
NISM Series XIX-D: Category I & II AIF Managers Certification |
120 |
80 |
100 |
60% |
25% |
1500 |
23. |
NISM Series XIX-E: Category III AIF Managers Certification |
120 |
80 |
100 |
60% |
25% |
1500 |
24. |
120 |
100 |
100 |
60% |
10% |
1500 | |
25. |
180 |
120 |
150 |
60% |
25% |
3000 | |
26. |
NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification |
60 |
50 |
50 |
50% |
NIL |
2500 |
| S. No. | NISM Certification Examination - Mandated By PFRDA | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. |
NISM Series XVII: Retirement Adviser Certification |
120 |
100 |
100 |
60% |
25% |
1500 |
| S. No. | NISM Certification Examination - Non-Mandatory | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. |
120 |
100 |
100 |
60% |
NIL |
1770 | |
2. |
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification |
120 |
100 |
100 |
60% |
10% |
1770 |
3. |
NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors Certification |
120 |
100 |
100 |
60% |
10% |
1770 |
4. |
NISM Series XXIII: Social Impact Assessors Certification |
120 |
100 |
100 |
60% |
25% |
1770 |
5. |
NISM Series XXIV: AML and CFT Provisions in Securities Markets Certificationt |
60 |
50 |
50 |
50% |
NIL |
885 |
-
NISM Certifications Exams - Complete Guide (2026 Updated)
What is
NISM Certifications?
NISM Certifications 2026, The National Institute of Securities Markets (NISM), established by SEBI in 2006, conducts certification exams to ensure that individuals working in India’s financial markets meet minimum knowledge and compliance standards.
These certifications are mandatory for many roles in the financial markets.
In simple terms, NISM certifications acts as your license to work in the financial market.
Why
NISM Certifications is Important?
-
Required under
SEBI regulations for many roles -
Builds strong financial
market knowledge -
Improves job
and career opportunities -
Enhances credibility
and trust -
Ensures compliance with
industry standards
Without certification, you cannot legally perform certain roles.
Mandatory vs. non-mandatory NISM certification exams
With multiple NISM certifications available, candidates often get confused about which exams are compulsory for compliance purposes and which are optional for improving market knowledge and career opportunities.
Mandatory NISM exams
Certain NISM certifications are officially required by SEBI and other market regulators for professionals working in specific roles within the Indian securities market. These certifications are compulsory for various operational, advisory, and distribution roles.
Core mandatory certifications include:
- Series I – Currency Derivatives
- Series V-A – Mutual Fund Distributors
- Series VI – Depository Operations
- Series VII – Securities Operations and Risk Management
- Series VIII – Equity Derivatives
- Series IX – Merchant Banking
- Series X-A & X-B – Investment Adviser Levels 1 and 2
- Series XV – Research Analyst
- Series XVI – Commodity Derivatives
- Series XIX-C – AIF Managers
- Series XXI-A – Portfolio Management Services
- Series XXI-B – Portfolio Managers
Non-mandatory NISM exams
These certifications are optional but highly useful for professionals who want to improve their understanding of securities markets and strengthen their professional profile.
Popular non-mandatory certifications include:
- Series XII – Securities Markets Foundation
- Series XXIII – Social Impact Assessors
- Series XXIV – AML & CFT in Securities Markets
Summary
Mandatory Certifications: required for compliance and professional market roles.
Non-mandatory Certifications: optional certifications focused on improving market knowledge and career growth opportunities.
Discontinued NISM certification exams
Some NISM certification exams have been officially discontinued and are no longer available for enrollment or examination. Candidates should always verify the latest active certification list before beginning their preparation.
- Fixed Income Securities Certification – discontinued from October 1, 2024
- Issuers Compliance Certification – discontinued from April 1, 2023
- Mutual Fund Distributors (Level 2) – discontinued from April 1, 2023
- Equity Sales Certification – discontinued from April 1, 2021
- Internal Auditors for Stock Brokers – discontinued from October 1, 2022
- Financial Education Certification – discontinued from May 15, 2024
- Taxation in Securities Markets Certification – discontinued from July 1, 2024
Note: candidates preparing for discontinued certifications should verify the updated certification structure directly through the official NISM portal before proceeding further.
Key points of the NISM Certification exam
1. Eligibility criteria
2. Exam modes
3. Certification fees
4. Certificate validity
5. Exam pattern
6. Module name
7. Enrollment process
8. Exam syllabus
9. Study material
10. Frequently asked questions (FAQs)
NISM certification exam eligibility
According to NISM guidelines, certification exams are open to all individuals irrespective of educational background or age. Anyone interested in building a career in the Indian securities market can apply for these certifications.
Special cases: guidance for foreign nationals
Foreign nationals working as directors or senior officials in market intermediary organizations may require NISM certification for regulatory compliance. In such situations, NISM provides dedicated assistance regarding enrollment and examination procedures.
Recommended steps:
- Contact the NISM certification team directly for guidance
- Understand the required documentation and enrollment process carefully
- Ensure compliance with SEBI and NISM regulations
Email support: certifications@nism.ac.in
- FAQ SECTION
Frequently Asked Questions
For beginners entering the financial market industry, NISM Series V-A (Mutual Fund Distributors) and NISM Series XII (Securities Markets Foundation) are considered the best starting points. These certifications help build basic market understanding and are widely preferred by freshers and finance aspirants.
Several NISM certifications are mandatory for specific financial market roles under SEBI regulations, including:
- Series V-A - Mutual Fund Distributors
- Series VIII - Equity Derivatives
- Series X-A & X-B - Investment Adviser
- Series XV - Research Analyst
- Series XXI-B - Portfolio Managers
These certifications are required for compliance in regulated roles.
Most NISM certifications are valid for 3 years from the date of passing the examination. Candidates must renew their certification through re-examination or Continuing Professional Education (CPE) programs before expiry.
Passing marks in NISM certification exams generally range between 50% and 60%, depending on the exam module. Some certifications also include negative marking for incorrect answers.
Yes, many NISM certification exams include 25% negative marking for incorrect answers. However, some exams such as NISM Series V-A and Series XII may not have negative marking.
NISM Series VIII (Equity Derivatives Certification) is one of the most preferred certifications for stock market traders, derivatives dealers, and F&O market participants. It focuses on derivatives concepts, trading strategies, and risk management.
Candidates who want to become mutual fund distributors must clear NISM Series V-A: Mutual Fund Distributors Certification Examination, which is mandatory under AMFI and SEBI guidelines.
NISM certification exam fees generally range between ₹885 and ₹3000 depending on the certification module. Most standard NISM exams are priced at ₹1500.
Yes, students, freshers, working professionals, and finance aspirants can apply for NISM certification exams. There is generally no minimum age limit or mandatory educational qualification for most exams.
NISM Series XV: Research Analyst Certification is mandatory for individuals working as equity research analysts or providing research recommendations in the securities market.
Yes, NISM certifications are highly valuable for careers in mutual funds, stock broking, investment advisory, research analysis, depository operations, derivatives trading, and portfolio management services.
Candidates planning to become SEBI-registered investment advisers should prepare for:
- NISM Series X-A: Investment Adviser Level 1
- NISM Series X-B: Investment Adviser Level 2
These certifications are mandatory for investment advisory roles.
Most NISM certification exams contain 100 multiple-choice questions (MCQs), although some advanced certifications may include 120–150 questions depending on the module.
NISM exams are concept-based rather than extremely difficult. Candidates who study according to the latest syllabus, practice mock tests regularly, and revise consistently can clear the exam successfully on the first attempt.
The best NISM certification depends on your career goal:
- Mutual Funds → Series V-A
- Trading & Derivatives → Series VIII
- Research Analyst → Series XV
- Investment Adviser → Series X-A & X-B
- Portfolio Management → Series XXI-B
Choosing the right certification helps improve career opportunities in the financial markets.