All 34 NISM Certification Exams
Fees, duration, maximum marks, pass mark and negative marking for every NISM certification — SEBI-mandated, PFRDA, IFSCA and voluntary.
Verified against the official NISM certifications page on 23 July 2026.
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* Exam fees and details are subject to change. Please verify on the official NISM website before registering.
All about NISM certificate exams
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.
Where to get help
Two different helpdesks, depending on what you need. Anything to do with the official exam — registration, rescheduling, results, certificates — is handled by NISM, not by us.
Official NISM support
For exam registration, rescheduling, results and certificates, contact NISM directly at certification@nism.ac.in or visit the official NISM website.
Tip: include your registration details in the email for a quicker reply.
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