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The National Institute of Securities Markets (NISM) is a SEBI-established institution that conducts certification examinations for various functions within the securities market. NISM certifications are mandatory for certain regulated roles and are also available for individuals seeking knowledge of different areas of the securities market. This article outlines the eligibility requirements, registration process, and aspects of the NISM examination and certification process.
NISM certification is a professional certification for individuals working in or seeking to enter India's securities markets. The NISM certification process involves selecting the relevant examination, registering for the assessment, completing the examination and receiving the certificate after meeting the applicable passing requirements.
NISM certification examinations cover areas such as mutual funds, derivatives, research, investment advice, compliance, securities operations and other functions within the securities markets.
NISM offers multiple certification examinations covering different areas of the securities market. The applicable examination depends on the relevant market function, role and regulatory requirements.
Equity derivatives
Mutual funds
Research and analysis
Investment advise
Compliance and securities operations
Depository and market infrastructure services
Each examination focuses on the regulatory framework, market functions and subject-specific requirements applicable to the respective area. The available examinations and their requirements may change as NISM introduces, updates or discontinues certification examinations.
NISM certification examinations assess knowledge of specific areas of the securities market and are relevant to individuals working in or seeking roles across stock markets, wealth management, research, trading, or financial sales.
Depending on the examination, a NISM certification may be relevant to the following areas:
Mandatory for certain regulated roles and associated persons, depending on applicable regulatory requirements
Covers areas such as market products, operations, regulations, and risk management
Assesses knowledge relevant to specific securities-market functions
Provides a structured assessment of regulatory and market-related knowledge
Applicable to different functions across the securities and financial services industry
Certain certifications may be relevant to professionals working in specified regulated activities
A NISM certification demonstrates that the candidate has successfully completed the applicable certification examination and met its prescribed assessment requirements.
NISM certification examinations are available to individuals seeking to develop or demonstrate knowledge of different areas of India's securities markets. The eligibility requirements may vary depending on the examination and the role for which the certification is applicable.
Age Requirement
NISM's general certification examinations do not prescribe a minimum age requirement for candidates.
Educational Qualification
NISM's general certification examinations do not require a specific educational qualification. Candidates from different academic backgrounds can apply.
Suitable for Students & Professionals
The examinations are available to students, graduates, job seekers, and working professionals, depending on the requirements of the selected certification.
Prior Market Experience
Prior securities-market work experience is generally not required to enrol for NISM certification examinations, although specific regulated roles may have additional requirements.
Overall, NISM certification examinations are available to a broad range of candidates and do not generally require a specific educational qualification or prior market experience. However, candidates should check the requirements of the selected examination and any applicable regulatory requirements for the relevant role.
The exam pattern varies by NISM module. NISM certification examinations generally use objective-type questions, but the number of questions, duration, passing marks, language options and negative-marking rules can differ by examination. Candidates should refer to the specific module details before registering for an exam.
| Exam detail | What to check |
|---|---|
Depends on the selected NISM module; the number of questions varies across examinations. |
|
Exam duration |
Depends on the module; examination durations vary based on the applicable assessment structure. |
Passing marks |
Varies by module; different examinations may have different minimum passing requirements. |
Negative marking |
Depends on the module. Some examinations have negative marking, while others do not. |
Languages |
Available language options depend on the specific examination. Candidates should check the applicable module details before registering. |
The NISM certification registration process is completed online and allows candidates to create an account, select an examination and complete the enrolment process. The examination mode and requirements may vary by module. Here is how the process generally works:
Visit the NISM Certification Portal and register by providing the required personal details, contact information and identification details. Candidates may also be required to upload a recent photograph and complete the applicable verification process.
Once the account is activated, log in and browse the available certification examinations. Candidates can select a module based on the relevant securities-market function, such as mutual fund distribution, derivatives, research, investment advice, operations or compliance.
Choose the available examination date and mode from the options provided for the selected module. Depending on the examination, NISM may offer the assessment at a designated test centre or through a remote-proctored online mode.
Proceed with the payment using the payment options available on the NISM certification portal. The examination fee varies depending on the selected certification module. Candidates should check the applicable fee before completing the enrolment.
Complete the examination according to the instructions applicable to the selected module. For test-centre examinations, candidates must carry the required admit card and original identification document. The number of questions, duration, passing marks and negative-marking rules vary by examination.
After successfully completing the examination and applicable certificate-issuance process, the certificate is issued electronically. Candidates can access the certificate through the NISM certification portal, and NISM also provides certificates through DigiLocker. NISM certifications generally have a validity of three years, subject to the applicable module rules.
The examination fee depends on the NISM module selected. Fees vary across certification examinations, so candidates should refer to the applicable examination page for the current fee. If a candidate needs to reschedule an examination, the applicable NISM rescheduling policy applies. Candidates who do not pass an examination generally need to enrol and pay for another attempt according to the applicable module rules.
| Example NISM module | Fee |
|---|---|
NISM-Series-I: Currency Derivatives |
₹1,500 |
NISM-Series-VIII: Equity Derivatives |
₹1,500 |
NISM-Series-XV: Research Analyst |
₹1,500 |
NISM-Series-XVI: Commodity Derivatives |
₹1,500 |
NISM-Series-XXI-B: Portfolio Managers |
₹3,000 |
The digital certificate generally contains details such as the candidate's name, photograph, certificate number, and validity date. Candidates can retain the electronic certificate for their records and use it where proof of certification is required.
After successfully completing the NISM examination and the applicable certificate-issuance process, candidates receive the certificate in electronic format. The certificate can be accessed through the NISM certification portal and may also be available through DigiLocker.
To download the certificate, log in to the NISM certification portal and access the relevant certificate through the available certificate or enrolment section. Candidates can also access applicable NISM certificates through DigiLocker.
Employers and other authorised parties can verify NISM certification details through the NISM Skills Registry. The registry provides an online method for verifying certification details using the candidate's PAN.
A NISM certificate generally remains valid for three years, subject to the applicable certification requirements. Renewal or revalidation requirements vary by examination and may involve the relevant certification examination or a prescribed Continuing Professional Education (CPE) or eCPE programme.
Reattempt the NISM Exam
Retake the relevant certification examination before the certificate expires
The applicable examination may cover the current syllabus and regulatory requirements
Attend a CPE Programme
Participate in the applicable Continuing Professional Education (CPE) or eCPE programme, where permitted
CPE programmes are conducted by NISM or authorised training providers, as applicable
A test or assessment may form part of the CPE or eCPE process
Successful completion may result in revalidation for the applicable validity period
The applicable renewal or revalidation method depends on the specific NISM certification and its prevailing requirements. Candidates should refer to the relevant NISM examination or CPE guidelines before the certificate expires.
A NISM certification demonstrates successful completion of an examination covering the knowledge and regulatory framework relevant to a specific securities-market function:
Regulatory Requirement: Certain NISM certifications are mandatory for specified roles or associated persons under applicable regulations.
Knowledge Validation: Demonstrates understanding of the market practices, products and regulations covered by the relevant examination.
Industry Relevance: Certifications cover various functions across India's securities markets and financial services.
Professional Qualification: Provides documented evidence of successfully completing the applicable NISM certification examination.
Study Material: NISM provides study material for applicable examinations through its certification portal.
NISM certifications provide structured assessments covering different functions within India's securities markets. The eligibility criteria, examination pattern, fees, certification validity and renewal requirements vary by module. Candidates should refer to the applicable NISM examination and the relevant SEBI regulations when determining whether a particular certification is required for a specific role.
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NISM certification is an industry-recognised professional certification offered by the National Institute of Securities Markets (established by SEBI). It validates a candidate’s knowledge of Indian financial markets and is mandatory for certain regulated roles and associated persons, depending on the applicable regulatory requirements.
NISM's general certification examinations do not prescribe a minimum age or educational qualification for candidates. However, specific regulated roles may have additional eligibility requirements under applicable regulations.
NISM certification certificates generally have a validity of three years, subject to the applicable examination and certification rules..
Renewal or revalidation depends on the specific certification. Where CPE/eCPE is applicable, candidates may use the prescribed CPE route before expiry. Some certifications require candidates to pass the relevant renewal or certification examination instead.
The examination pattern varies by module. NISM examinations may differ in the number of questions, duration, passing marks and negative-marking rules. Candidates should check the specific examination page for the applicable assessment structure.
The examination mode depends on the selected NISM certification. Some examinations are conducted at designated test centres, while certain examinations are conducted through remote-proctored online mode. Candidates should check the applicable examination details before enrolment.
The preparation and training requirements vary by examination. For many NISM certification examinations, candidates can enrol directly for the examination. However, certain examinations may prescribe specific learning or training components before the assessment.
Fees vary by module and may also change when NISM revises its fee structure. Many common NISM certification exams cost ₹1,500, while some modules have higher fees; payment gateway charges may apply.
NISM's general certification examinations do not prescribe a minimum age or educational qualification. However, eligibility and certification requirements for specific regulated roles may vary according to applicable SEBI regulations and the relevant examination.
NISM offers multiple certification examinations across derivatives, mutual funds, operations, compliance, investment advice, research, portfolio management, AIFs and other areas. The available examinations can change as NISM introduces, updates or discontinues certifications.
After passing the examination and completion of the applicable certificate-issuance requirements, candidates can access the electronic certificate through the NISM certification portal. NISM also provides certificates through DigiLocker.
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