NISM Certification Examinations

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The School for Certification of Intermediaries (SCI) at NISM is engaged in developing certification examinations for professionals employed in
various segments of the Indian securities markets. These examinations are being developed by NISM as mandated under SEBI (Certification of
Associated Persons in the Securities Markets) Regulation, 2007.

Certificate
Sr. Test Maximum No. of Pass Mark Negative Validity
NISM Exam Fees (Rs)
No Duration Marks Questions (%) Marks (%)
(in years)

NISM Series I: Currency Derivatives

Certification Examination
1 2hrs 1500/- 100 100 60 25 3
(/certification/index.php/nism-
certifications/currency/currency-derivatives)

NISM Series II A: Registrars and Transfer

Agents (Corporate) Certification
2 Examination (/certification/index.php/nism- 2hrs 1500/- 100 100 50 25 3
certifications/registrar-transfer-agents/rta-
corporate)

NISM Series II B: Registrars and Transfer

Agents (Mutual Fund) Certification
3 Examination (/certification/index.php/nism- 2hrs 1500/- 100 100 50 25 3
certifications/registrar-transfer-agents/rta-
mutual-fund)

NISM Series-III-A: Securities Intermediaries

Compliance (Non-Fund) Certification
4 Examination (/certification/index.php/nism- 2hrs 1500/- 100 100 60 25 3
certifications/compliance/securities-
intermediaries-compliance-non-fund)

NISM Series-III-B: Issuers Compliance

Certification Examination
5 (/certification/index.php/nism- 2hrs 1770/- 100 100 60 25 3
certifications/compliance/issuers-
compliance)+

NISM Series IV: Interest Rates Derivatives

Certification Examination
6 2hrs 1500/- 100 100 60 25 3
(/certification/index.php/nism-certifications?
layout=edit&id=122)

NISM Series V A: Mutual Fund Distributors

Certification Examination
7 (/certification/index.php/nism- 2hrs 1500/- 100 100 50 0 3
certifications/mutual-fund/mutual-fund-
distributors)
 Certificate
Sr. Test Maximum No. of Pass Mark Negative Validity
NISM Exam Fees (Rs)
No Duration Marks Questions (%) Marks (%)
(in years)

NISM-SeriesV-B: Mutual Fund Foundation

Certification Examination
8 (/certification/index.php/nism- 2hrs 1200/- 50 50 50 0 3
certifications/mutual-fund/mutual-fund-
foundation)

NISM-Series-V-C: Mutual Fund Distributors

(Level 2) Certification Examination
9 (/certification/index.php/nism- 2hrs 1770/- 100 68 60 25 3
certifications/mutual-fund/mutual-fund-
distributors-level-2)+

NISM Series VI: Depository Operations

Certification Examination
10 (/certification/index.php/nism- 2hrs 1500/- 100 100 60 25 3
certifications/operations/depository-
operations)

NISM Series VII: Securities Operations and

Risk Management Certification Examination
11 (/certification/index.php/nism- 2hrs 1500/- 100 100 50 25 3
certifications/operations/securities-
operations-and-risk-management)

NISM-Series-VIII: Equity Derivatives

Certification Examination
12 2hrs 1500/- 100 100 60 25 3
(/certification/index.php/nism-certifications?
layout=edit&id=129)

NISM Series-IX: Merchant Banking

Certification Examination
13 (/certification/index.php/nism- 2hrs 1500/- 100 100 60 25 3
certifications/merchant-banking/merchant-
banking)

NISM-Series-X-A: Investment Adviser

(Level 1) Certification Examination
14 (/certification/index.php/nism- 2hrs 1500/- 100 100 60 25 3
certifications/investment-
adviser/investment-adviser-level-1)

NISM-Series-X-B: Investment Adviser

(Level 2) Certification Examination
15 (/certification/index.php/nism- 2hrs 1500/- 100 68 60 25 3
certifications/investment-
adviser/investment-advisors-level-2)

NISM-Series-XI: Equity Sales Certification

16 Examination (/certification/index.php/nism- 2hrs 1770/- 100 100 50 25 3
certifications/equity/equity-sales)+
 Certificate
Sr. Test Maximum No. of Pass Mark Negative Validity
NISM Exam Fees (Rs)
No Duration Marks Questions (%) Marks (%)
(in years)

NISM Series-XII: Securities Markets

Foundation Certification Examination
17 (/certification/index.php/nism- 2hrs 1770/- 100 100 60 0 3
certifications/basics-of-securities-
markets/securities-markets-foundation)+

NISM Series-XIII: Common Derivatives

Certification Examination
18 3hrs 3000/- 150 150 60 25 3
(/certification/index.php/nism-certifications?
layout=edit&id=307)

NISM Series-XIV: Internal Auditors for Stock

Brokers Certification Examination
(/certification/index.php/nism-
certifications/stock-brokers-certification-
19 2hrs 1770/- 100 100 60 25 3
examination)+
(/certification/index.php/nism-
certifications/stock-brokers-certification-
examination)

NISM Series-XV: Research Analyst

Certification Examination
20 (/certification/index.php/nism- 2hrs 1500/- 100 100 60 25 3
certifications/research-analyst-m/research-
analyst-certification-examination)

NISM-Series-XVII: Retirement Adviser

Certification Examination
(/certification/index.php/nism-
21 2hrs 1500/- 100 100 60 25 3
certifications/retirement-adviser-
rac/retirement-adviser-certification-
examination-rac)

* Online Payment Gateway Charges extra

+ indicates non-mandatory examinations