NISM Certification: Eligibility, Registration, Syllabus & Exam Patterns

NISM Certification: Eligibility, Syllabus & Exam Patterns

09 Oct 2024
By: BlinkX Research Team

Share market is an interesting subject, especially when approached with the right skill sets and knowledge. If you are an aspiring individual who is looking to pursue a career in share market and become an expert, obtaining an NISM certificate is the key factor. If you are curious to learn about the NISM full form, the significance of obtaining the NISM certificate, the syllabus to prepare for the NISM exam, and more, don’t worry! Keep reading to learn more about NISM, NISM certification, NISM registration, NISM exam, NISM courses, NISM eligibility, NISM exam pattern, and more in detail.

What is an NISM Certificate?

NISM full form stands for the National Institute of Securities Market exam is administrated by security participants and intermediates as mandated by the Securities and Exchange Board of India (SEBI). Founded in 2006 by SEBI, NISM is a public trust conducting a wide range of courses including currency derivatives certification, investment advisor, merchant banking certification, and more. The institution includes six schools aiming to educate individuals on the professionalism and standardization of the securities markets.

Table of Content

What is an NISM Certificate?
Who is eligible for the NISM Certificate?
How to register for the NISM Certificate?
NISM Certification Exam Syllabus
NISM Certificate Exam Pattern
NISM Certification Marking Scheme
NISM Exam Fees

Who is eligible for the NISM Certificate?

NISM offers several certification programs to improve your skill sets and enhance your knowledge about the share market. Individuals with different educational backgrounds, including students, employees, and professionals can pursue NISM certification. There is no age or educational requirement to take the NISM certification exam.

How to register for the NISM Certificate?

Using the network of its test administrators, NISM conducts NISM certification exams in more than 150 cities in India. Follow the below-mentioned steps to register yourself for the NISM certificate:

· Step 1: Create a NISM account and register online by providing your personal details and ID proof at https://certifications.nism.ac.in/.

· Step 2: Click on the activation link sent to your registered email ID to activate your account. Wait for 72 hours for your account verification.

· Step 3: On successful verification, log in to the NISM Certification Portal using your registered email ID and password and select “Enrollment” -> “Enroll For Examination”.

· Step 4: Select all the details such as the required exam, preferred city, test centre, and date of exam time, and make the payment.

· Step 5: On successful payment, you will receive your admit card.

Don’t forget to carry your ID (PAN Card, Aadhar Card, Passport, or Driving License) along with you to the test center.

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NISM Certification Exam Syllabus

Certification Name	Syllabus
NISM-Series-I: Currency Derivatives Certification Examination	Introduction to Currency Markets Foreign Exchange Derivatives Exchange Traded Currency Futures Strategies Using Currency Futures Trading in Currency Futures Clearing, Settlement and Risk Management in Currency Futures Exchange Traded Currency Options Accounting and Taxation Regulatory Framework for Currency Derivatives Codes of Conduct and Investor Protection Measures
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents-Corporate Certification Examination	Introduction to Securities Characteristics of Equity Shares Characteristics of Debt Securities Characteristics of Other Securities Basics of Mutual Funds SEBI – Role and Regulations Public Offer of Securities Modes of allotment of shares other than Public Offers Processes related to Public Offering of Shares Roles and Responsibilities in a Public Issue Depository Services Processes Related to Depositories Investor Interface with the R&T Agent Secondary Market Transactions Client Servicing
NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination	Introduction to Securities Characteristics of Equity Shares Characteristics of Debt Securities Characteristics of Other Securities SEBI – Role and Regulations Basics of Registrars and Transfer Agents Registrar and Transfer Agents Regulations Basics of Mutual Funds Mutual Fund Structure and Constituents Mutual Fund Products Operational Concepts of Mutual Funds Investors in Mutual Funds Banking Operations in Mutual Funds Financial Transactions Non-Financial Transactions
NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination	Part A – Understanding the Financial and Regulatory Structure in India Introduction to the Financial System Regulatory Framework – General View Introduction to Compliance SEBI Act, 1992 Securities Contracts (Regulation) Act, Securities Contracts (Regulation) Rules, 1957 SEBI (Intermediaries) Regulations, 1992 SEBI (Prohibition of Insider Trading) Regulations, 1992 SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2015 Prevention of Money Laundering Act 2002 SEBI (KYC Registration Agency) Regulations, 2011 Part B – Understanding Intermediary Specific Regulations SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, Listing Agreement and SEBI (Delisting of Securities) Guidelines, 2003 SEBI (Alternate Investment Funds) Regulation, 2012 SEBI (Merchant Bankers) Regulations, 1992, SEBI (Delisting of Equity Shares) Regulations, 2009, SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 and SEBI Takeover Code and SEBI (BuyBack of Securities) Regulations, 2018 SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 SEBI (Delisting of Equity Shares) Regulations, 2009 obligations of the Intermediary under the SEBI (Buyback of Securities) Regulations, 2018 SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009 SEBI (Depositories) Regulations, 1996 SEBI (Depositories and Participants) Regulations, 2018 SEBI (Bankers to an Issue) Regulations, 1994 SEBI (Underwriters) Regulations, 1993 SEBI (Debenture Trustees) Regulations, 1993 SEBI (Credit Rating Agencies) Regulations, 1999 SEBI (Custodian of Securities) Regulations, 1996
NISM-Series-IV: Interest Rate Derivatives Certification Examination	Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market Instruments Interest Rate Derivatives Exchange Traded Interest Rate Futures Exchange Traded Interest Rate Options Strategies Using Exchange Traded Interest Rate Derivatives Trading Mechanism in Exchange Traded Interest Rate Derivatives Clearing, Settlement and Risk Management in Exchange Traded Interest Rate Derivatives Regulatory Framework for Exchange Traded Interest Rate Derivatives Accounting and Taxation Code of Conduct and Investor Protection Measure
NISM-Series-V-A: Mutual Fund Distributors Certification Examination	Investment Landscape Concept and Role of a Mutual Fund Legal Structure of Mutual Funds in India Legal and Regulatory Framework Scheme Related Information Fund Distribution and Channel Management Practices Net Asset Value, Total Expense Ratio and Pricing of Units Taxation Investor Services Risk, Return, and Performance of Funds Mutual Fund Scheme Performance Mutual Fund Scheme Selection
NISM-Series-V-B: Mutual Fund Foundation Certification Examination	Concept and Role of a Mutual Fund Fund Structure and Constituents Mutual Fund Products Performance of Mutual Funds Mutual Funds Taxation Offer Document Fund Distribution and Sales Practices Investor Transactions Investment Services Asset Classes Financial Planning Concepts Helping Investors with Financial Planning Legal and Regulatory Environment
NISM-Series-VI: Depository Operations Certification Examination	Introduction to the Capital Market Introduction to Depository Depository and its Business Partners Functions of Depository Participant -Account Opening Functions of Depository Participant – Account Operations Functions of Depository Participant – Transmission and Nomination Functions of Depository Participant -Dematerialization Functions of Depository Participant -Trading and Settlement Special Services- Pledge and Hypothecation Special Services- Public Offering and Corporate Action Special Services- Debt Instruments and Government Securities Foreign Portfolio Investor Investor Services
NISM-Series-VII: Securities Operations and Risk Management Certification Examination	Introduction to the Securities Market Market Participants in the Securities Market Introduction to the Securities Broking Operations Risk Management Clearing Process Settlement Process Investor Grievances and Arbitration Other Services Provided by Brokers
NISM-Series-VIII: Equity Derivatives Certification Examination	Basics of Derivatives Understanding Index Introduction to Forwards and Futures Introduction to Options Strategies using Equity futures and Equity options Trading Mechanism Introduction to Clearing and Settlement System Legal and Regulatory Environment Accounting and Taxation Sales Practices and Investors Protection Services
NISM Series-IX: Merchant Banking Certification Examination	Introduction to Capital Market Introduction to the Merchant Banking Registration, Code of Conduct & General Obligations of Merchant Bankers in India Issue Management – Important Terms Issue Management – Process and Underwriting Issue Management – General Obligations of Merchant Bankers and Due Diligence Other Merchant Banking Activities-Mergers, Acquisitions & Takeovers Other Merchant Banking Activities – Disinvestment, Buyback of Equity Shares
NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination	Module 1: PERSONAL FINANCIAL PLANNING Introduction to Personal Financial Planning Time Value of Money Evaluating the Financial Position of Clients Debt Management and Loans Module 2: INDIAN FINANCIAL MARKETS Introduction To The Indian Financial Markets Securities Market Segments Module 3: INVESTMENT PRODUCTS Introduction To Investment Investing In Stocks Investing In Fixed Income Securities Understanding Derivatives Module 4: INVESTMENT THROUGH MANAGED PORTFOLIO Mutual Funds Portfolio Manager Overview Of Alternative Investment Funds (Aifs) Module 5: PORTFOLIO CONSTRUCTION, PERFORMANCE MONITORING AND EVALUATION Introduction To Modern Portfolio Theory Portfolio Construction Process Portfolio Performance Measurement And Evaluation Module 6: OPERATIONS, REGULATORY ENVIRONMENT, COMPLIANCE AND ETHICS Operational Aspects Of Investment Management Key Regulations Ethical Issues Grievance Redress Mechanism
NISM Series-X-B: Investment Adviser (Level 2) Certification Examination	Module 7: RISK MANAGEMENT AND INSURANCE PLANNING Basics Of Insurance Life Insurance Products Non-Life Insurance Products Module 8: RETIREMENT PLANNING Retirement Planning Basics Retirement Products Miscellaneous Aspects Of Retirement Planning Module 9: TAXATION Concepts In Taxation Capital Gains Income From Other Sources Taxation Of Debt Products Taxation Of Equity Products Taxation Of Other Products Tax Provisions For Special Cases Module 10: ESTATE PLANNING Basics Of Estate Planning Tools For Estate Planning Module 11: BEHAVIOURAL FINANCE Basics Of Behavioural Finance Behavioural Finance In Practice Module 12: COMPREHENSIVE INVESTMENT ADVICE Risk Profiling For Investors Comparison Of Products Across Categories Case Studies In Comprehensive Financial Advice
NISM Series-XII: Securities Markets Foundation Certification Examination	Understanding Securities Markets And Performance Securities: Types, Features And Concepts Of Asset Allocation And Investing Primary Markets Secondary Markets Mutual Funds Derivative Markets
NISM-Series-XIII: Common Derivatives Certification Examination	Basics of Derivatives Introduction to the Underlying Markets Introduction to Forwards and Futures Strategies Using Futures Introduction to Options – Options on Equities and Currencies Option Trading Strategies – Strategies using Equity Options and Currency options Introduction to Trading, Clearing, Settlement & Risk Management Legal and Regulatory Environment Accounting and Taxation Sales Practices, Code of Conduct and Investor Protection Measures
NISM-Series-XV: Research Analyst Certification Examination	Introduction To Research Analyst Profession Introduction To Securities Market Terminology In Equity And Debt Markets Fundamentals Of Research Economic Analysis Industry Analysis Company Analysis – Business And Governance Company Analysis – Financial Analysis Corporate Actions Valuation Principles Fundamentals Of Risk And Return Qualities Of A Good Research Report Legal And Regulatory Environment
NISM-Series-XVI: Commodity Derivatives Certification Examination	Introduction to Commodity Markets Commodity Futures Commodity Options Commodity Indices Uses of Commodity Derivatives Trading Mechanism Clearing Settlement and Risk Management of Commodity Derivatives Accounting and Taxation Legal & Regulatory Environment of Commodity Derivatives
NISM-Series-XVII: Retirement Adviser Certification Examination	Fundamental Concepts in Retirement Planning Financial Markets and Investment Products Retirement Planning Retirement Planning Products: National Pension System Evaluating Fund Performance and Fund Selection Other Investment Products Retirement Planning Strategies Special Situations in Retirement Regulations and Regulators
NISM-Series-XVIII: Financial Education Certification Examination	Introduction Key Concepts in Personal Finance Financial Planning and Budgeting Savings Related Products Investment in Securities Market Insurance related Products Pension, Retirement and Estate Planning Borrowing Related Products Government schemes for various savings and investment options Tax Savings Options Caution against Ponzi Schemes and unregistered Investment Advisers Grievance Redressal Mechanism
NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors	Overview Of Alternative Investments Alternative Investment Funds In India Concepts In The Aif Industry Aif Regulatory Framework Alternative Investment Fund Structuring Risk And Return – Fund And Investor Perspective Investment Process And Governance Of Funds Fund Due Diligence – Investor Perspective Legal Documentation And Negotiation – Investor Perspective Fund Monitoring, Reporting And Exit Valuation Taxation – India Specific Good Practices
NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors	Overview Of Alternative Investments Growth Of Alternative Investment Funds In India And Suitability Of Category Iii Aifs Introduction To Category Iii Aif Ecosystem Category Iii Aif: Fund Structures And Service Providers Regulatory Framework Fees Structure, Fund Performance And Benchmarking Category Iii Aif Investment Strategies And Due Diligence Process Valuation Taxation Good Practices
NISM-Series-XX-Taxation in Securities Markets Certification Examination	Introduction To Securities Markets And Securities Concepts In Taxation Capital Gains Income From Other Sources Taxation Of Debt Products Taxation Of Equity Products Taxation Of Other Products Business Income Taxation In The Hands Of Intermediaries Taxation – In The Hands Of Foreign Portfolio Investors (Fpis) Tax Implications Of Ifsc Tax Provisions For Special Cases Indirect Taxes In Securities Markets
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination	Investment Landscape Introduction to Securities Markets Investing in Stocks Investing in Fixed Income Securities Derivatives Mutual Fund Role of Portfolio Managers Operational Aspects of Portfolio Managers Portfolio Management Process Performance measurement and evaluation of Portfolio Managers Taxation Regulatory, Governance and Ethical Aspects of Portfolio Managers
NISM-Series-XXI-B: Portfolio Managers Certification Examination	Investment Landscape Introduction to Securities Markets Investing in Stocks Investing in Fixed Income Securities Derivatives Mutual Fund Role of Portfolio Managers Operational Aspects of Portfolio Managers Portfolio Management Process Taxation Regulatory, Governance and Ethical Aspects of Portfolio Managers Introduction to Indices Behavioural Finance Introduction to Modern Portfolio Theory Introduction to Capital Market Theory Risk Equity Portfolio Management Strategies Fixed Income Portfolio Management Strategies Performance measurement and evaluation of Portfolio Managers Portfolio Rebalancing
NISM-Series-XXII: Fixed Income Securities Certification Examination	Overview Of The Indian Debt Market Types Of Fixed Income Securities Risks Associated With Investing In Fixed Income Securities Pricing Of Bonds Yield Measures And Total Return Term Structure Of Interest Rates Measuring Interest Rate Risk Indian Money Market Government Debt Market Corporate Debt Market
NISM Series-XXIII: Social Auditors Certification Examination	Introduction To Social Sector And Indian Financial Markets Introduction To Trading, Clearing, Settlement And Risk Management On Stock Exchanges Social Stock Exchange: Introduction, Funding Structures And Instruments Registration And Listing On Social Stock Exchanges Social Audit And Social Auditors Social Audit Standard Framework Social Impact Assessment Social Impact Assessment (Case Studies) Disclosure Norms, Reporting Requirements By Social Auditors And Penalties Taxation Key Regulations

NISM Certificate Exam Pattern

Understanding the NISM exam pattern helps you plan and prepare in advance. Below is the table showcasing details:

Time duration	2 hours
Number of Questions	100
Negative marking	¼ or 25% of the marks assigned to a question
No negative marking	NISM-Series-V-A, NISM Series XII, and NISM-Series-V-B certification examination

NISM Certification Examinations	Duration (in mins)	Max Marks	Pass Marks (%)	Negative Marks	Certificate Validity (in years)
NISM-Series-I: Currency Derivatives	120	100	60	25%	3
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate	120	100	50	25%	3
NISM-Series-ll-B: Registrars to an Issue and Share Transfer Agents -Mutual Fund	120	100	50	25%	3
NISM-Series-lll-A: Securities Intermediaries Compliance (Non-Fund)	120	100	60	25%	3
NISM-Series-IV: Interest Rate Derivatives	120	100	60	25%	3
NISM-Series-V-A: Mutual Fund Distributors	120	100	50	-	3
NISM-Series-V-B: Mutual Fund Foundation	120	50	50	-	3
NISM-Series-VI: Depository Operations	120	100	60	25%	3
NISM-Series-VII: Securities Operations and Risk Management	120	100	50	25%	3
NISM-Series-VIII: Equity Derivatives	120	100	60	25%	3
NISM-Series-IX: Merchant Banking	120	100	60	25%	3
NISM-Series-X-A: Investment Adviser (Level 1)	180	150	60	25%	3
NISM-Series-X-B: Investment Adviser (Level 2)	180	150	60	25%	3
NISM-Series-XII: Securities Markets Foundation	120	100	60	-	3
NISM-Series-XIII: Common Derivatives	180	150	60	25%	3
NISM-Series-XV: Research Analyst	120	100	60	25%	3
NISM-Series-XVI: Commodity Derivatives	120	100	60	25%	3
NISM-Series-XVII: Retirement Adviser	120	100	60	25%	3
NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors	120	100	60	25%	3
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors	120	100	60	25%	3
NISM Series XIX-C: Alternative Investment Fund Managers	180	150	60	25%	3
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors	120	100	60	25%	3
NISM-Series-XXI-B: Portfolio Managers	180	150	60	25%	3
NISM-Series-XXII: Fixed Income Securities	120	100	60	25%	3
NISM-Series-XXIII: Social Impact Assessors	120	100	60	25%	3

NISM Certification Marking Scheme

Certificate	Total Questions	Total Marks
NISM-Series-I	100	100 (1 mark per question)
NISM-Series-II-A	100	100 (1 mark per question)
NISM-Series-II-B	100	100 (1 mark per question)
NISM-Series-V-B	50	50 (1 mark per question)
NISM-Series-V-C	75 MCQs (50 MCQ consisting of 1 mark each and 25 MCQs consisting of 2 marks each)	100 (1 mark per question)
NISM-Series-VI	100	100 (1 mark per question)
NISM-Series-X-A	135 questions ( 90 MCQs + 45 case-based questions)	150 (60 marks for 9 case-based questions) and 90 marks for MCQs (1 mark per MCQ)
NISM Series-X-B	120 (90 MCQs + 6 cases x 5 questions per case)	150 (90 questions carrying 1 mark each and 30 case-based questions carrying 2 marks each)
NISM-Series-XIII	150	150 (1 mark per question)
NISM-Series-XX	75	100 (50 MCQs of 1 mark per question and 25 MCQs of 2 marks per question)
NISM-Series-XXI-B	135 (60 MCQs + 9 cases x 5 questions per case)	150 (60 MCQs of 1 mark each and 45 case-based questions of 2 marks each)
NISM-Series-XXII	85 MCQs	100 (70 MCQs of 1 mark each and 15 MCQs of 2 marks each)

NISM Exam Fees

In order to appear for the NISM exam and obtain certification, you need to pay minimum mandatory fees. The below table showcases the minimum fees that you have to pay:

NISM Certification Examinations	Fees (in ₹)
NISM-Series-I: Currency Derivatives	1500
NISM-Series-I: Currency Derivatives	1500
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate	1500
NISM-Series-ll-B: Registrars to an Issue and Share Transfer Agents -Mutual Fund	1500
NISM-Series-lll-A: Securities Intermediaries Compliance (Non-Fund)	1500
NISM-Series-IV: Interest Rate Derivatives	1500
NISM-Series-V-A: Mutual Fund Distributors	1200
NISM-Series-V-B: Mutual Fund Foundation	1500
NISM-Series-VI: Depository Operations	1500
NISM-Series-VII: Securities Operations and Risk Management	1500
NISM-Series-VIII: Equity Derivatives	1500
NISM-Series-IX: Merchant Banking	3000
NISM-Series-X-A: Investment Adviser (Level 1)	3000
NISM-Series-X-B: Investment Adviser (Level 2)	1770
NISM-Series-XII: Securities Markets Foundation	3000
NISM-Series-XIII: Common Derivatives	1500
NISM-Series-XV: Research Analyst	1500
NISM-Series-XVI: Commodity Derivatives	1500
NISM-Series-XVII: Retirement Adviser	1770
NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors	1770
NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors	3540
NISM Series XIX-C: Alternative Investment Fund Managers	1500
NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors	3000
NISM-Series-XXI-B: Portfolio Managers	1770
NISM-Series-XXII: Fixed Income Securities	1770
NISM-Series-XXIII: Social Impact Assessors	1770

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FAQS on NISM Certification

No, NISM courses are not free of cost. You have to pay a fee between ₹1500-₹3600 depending on the NISM certification you choose.

In case you miss the NISM exam, you will need to send a request to reschedule the examination within 3 days from the date of missing the exam.

NISM certification provides you an opportunity to become eligible for the role as a Mutual Fund distributor/ advisory, or financial analyst. It helps you gain the knowledge of professionals, skills, and processes related to the share market.

There is no age limit or minimum education qualification requirement to obtain the NISM certification. You can appear for the NISM exam once you pay the required fees.

Yes, the NISM certificate is valuable as it adds value to your resume and showcases your professional knowledge and expertise in the securities market.

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