All about NISM Certificates Exam
The National Institute of Securities Markets (NISM), established by the Securities and Exchange Board of India (SEBI) in 2006, offers a range of certification examinations aimed at enhancing the proficiency and knowledge of professionals in the Indian securities markets. These certifications are designed for various market participants, including brokers, investment advisers, and compliance officers, among others.
Mandatory vs. Non-Mandatory NISM Certification Exams
With a wide range of NISM certifications available, one key question arises — which exams are mandatory for regulatory compliance, and which are voluntary for knowledge enhancement?
Mandatory NISM Exams
Certain NISM exams are required by SEBI and other regulatory bodies for professionals to work in specific roles within India’s securities markets. These are your license-to-operate exams — mandatory for jobs like mutual fund distribution, equity advisory, and portfolio management.
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 exams are optional but highly recommended for professionals who want to deepen their market knowledge or enhance their career profile. While not required by regulation, they demonstrate serious intent and commitment to the field.
Popular non-mandatory certifications:
- Series XII – Securities Markets Foundation
- Series XXIII – Social Impact Assessors
- Series XXIV – AML & CFT in Securities Markets
Summary
Mandatory exams: Required for compliance and professional roles (like driving with a license).
Non-mandatory exams: Voluntary, ideal for skill-building and career differentiation.
Discontinued NISM Certification Exams
Some NISM exams have been officially withdrawn and are no longer available for enrollment or certification. If you're planning your exam schedule, make sure to refer to the latest list. Here are the certifications that have been discontinued:
- 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: If you were preparing for any of these exams, we recommend checking the current list of active certifications at
certifications.nism.ac.in or contact support for guidance.
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:
NISM certification exams are accessible to all individuals, regardless of age or educational background. There are no specific prerequisites concerning prior education or age limits, making these certifications inclusive for anyone interested in the Indian securities markets.
Special Cases: Guidance for Foreign Nationals
If you're a foreign national appointed as a Director or holding a senior position at a stock broking firm or another market intermediary, and your role requires regulatory compliance via NISM certification — there is a formal process to support you.
Here's what you should do:
- Contact the NISM Certification Team directly via email for personalized assistance
- Get guidance on enrollment procedures, exam requirements, and documentation
- Ensure you are aligned with SEBI regulations and NISM eligibility standards
This route ensures you receive up-to-date, accurate instructions for completing your NISM certification — especially for cross-border or exceptional scenarios.
NISM Exam Centres Across India
All NISM certification exams are conducted offline at authorized test centres. Candidates must be physically present at their chosen center on exam day, under secure supervision and regulated conditions.
Locations:
Exam centers are available across major Indian cities, making it easy to find a nearby location. Popular hubs include:
- Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, Ahmedabad, Pune and 200+ other centers across India.
Registration & Slot Booking:
While registering for a NISM exam, you can choose your preferred test center and time slot. It’s recommended to book early during peak seasons (e.g., placement drives or end-of-quarter hiring cycles).
What to Carry on Exam Day
- Government-issued Photo ID (Aadhaar, PAN, Passport, etc.)
- Your NISM Exam Admit Card (downloaded from the portal)
Entry to the exam center is strictly monitored, and candidates without proper documents will be denied entry.
NISM Exam Fees
The National Institute of Securities Markets (NISM) offers a range of certification examinations tailored for professionals in the securities markets. The examination fees vary depending on the specific certification, and can be completed online via credit card, debit card, or net banking.
Certificate Validity
The validity of NISM certifications varies depending on the specific certification. Here is a general overview of the validity and renewal process for NISM certifications:
Most NISM Certifications: Valid for 3 years from the date of issuance.
Continuing Professional Education (CPE) Certifications: If renewed through a CPE program, the validity extends for another 3 years from the renewal date.
How to Register for NISM Certification
Follow these step-by-step instructions to complete your NISM certification registration process smoothly:
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Visit the official NISM portal cert.nism.ac.in and click on the “New Account” option to begin your registration.
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Complete your profile: You’ll need to upload:
- A passport-size photo (JPG format)
- Aadhar card (JPG format)
- PAN card (JPG format)
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Profile Approval: After registration and document verification, your profile is usually approved within 3 working days.
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Login and Book Your Exam:
- Select the desired NISM exam module (e.g., NISM Series V-A)
- Choose your preferred city, date, and time slot
- Pay the exam fee: Rs. 1,500 to 5,900 (depending on your selected module)
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Online Exam Option: If you prefer to take the exam from home, select “Online” as the location during booking.
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Study Material: Download the official NISM workbook from the portal after booking. This includes all relevant case studies and practice questions.
Related Resources & Support
If you have unique concerns about the exam process, be sure to review the resources above or contact the NISM helpdesk for direct support.
FAQs – NISM Certification Exam
Yes, calculators are permitted during the exam. However, no other electronic devices such as mobile phones, smartwatches, or tablets are allowed.
Exam Regulations & Candidate Instructions:
- All candidates must follow the proctor/invigilator instructions.
- Unfair practices (cheating, communication, impersonation) will result in disqualification and ban.
- Carry a valid photo ID (Aadhaar, PAN, Passport). Entry will be denied without it.
- Special accommodations are available on advance request with documentation.
No refund is given if you fail. You will need to re-register and repay the exam fee.
Exceptions: If NISM cancels your exam, a full refund is processed automatically.
Rescheduling & Re-evaluation:
- You may reschedule before the exam (charges may apply). Check policy here.
- No re-evaluation is allowed. For technical issues, contact NISM support.
Data Privacy: All personal data is protected under NISM’s Privacy Policy.
Tip: Always review the official exam handbook before test day.
Fees can be paid via credit card, debit card, or net banking through the official NISM portal during the exam booking process.
Refunds are only applicable if NISM cancels the exam.
Yes — currently only the NISM-Series-V-A: Mutual Fund Distributors exam is available in Hindi. Other modules are in English.
NISM certification is mandatory for roles like mutual fund distributors and investment advisors. For example, the Series-V-A certification is required to get an ARN number from AMFI, enabling mutual fund distribution.
Contact Information for NISM Exam Support
If you need assistance with your exam—whether it's related to booking, rescheduling, technical issues, or general queries—NISM’s dedicated helpdesk team is available to guide you.
Helpline Number: +91-8080806476
Available: Monday to Friday, 9:30 AM to 5:30 PM
Note: Closed on public holidays
Email Queries
Send your questions to: certification@nism.ac.in
Tip: Include your registration details in the email for quicker support.