NISM Certifications Examinations-2026
| S. No. | NISM Certification Examination - Mandated By SEBI | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. | 120 | 100 | 100 | 60% | 25% | 1500 | |
2. | NISM Series II-A: Registrars to an Issue and Share Transfer Agents (Corporate) Cert. | 120 | 100 | 100 | 50% | NIL | 1500 |
3. | NISM Series II-B: Registrars to an Issue and Share Transfer Agents (Mutual Fund) Cert. | 120 | 100 | 100 | 50% | NIL | 1500 |
4. | 120 | 100 | 100 | 60% | 25% | 1500 | |
5. | NISM Series III-C: Securities Intermediaries Compliance (Fund) Cert. | 120 | 100 | 100 | 60% | 25% | 1500 |
6. | NISM Series IV: Interest Rate Derivatives Certification | 120 | 100 | 100 | 60% | 25% | 1500 |
7. | 120 | 100 | 100 | 50% | NIL | 1500 | |
8. | NISM Series V-A: Mutual Fund Distributors (HINDI) Certification | 120 | 100 | 100 | 50% | NIL | 1500 |
9. | NISM Series V-B: Mutual Fund Foundation Certification | 120 | 100 | 100 | 60% | NIL | 1500 |
10. | 120 | 100 | 100 | 60% | 25% | 1500 | |
11. | NISM Series VII: Securities Operations and Risk Management Certification | 120 | 100 | 100 | 60% | 25% | 1500 |
12. | 120 | 100 | 100 | 60% | 25% | 1500 | |
13. | 120 | 100 | 100 | 60% | 25% | 1500 | |
14. | 180 | 135 | 150 | 60% | 25% | 3000 | |
15. | 180 | 120 | 150 | 60% | 25% | 3000 | |
16. | NISM Series X-C: Investment Adviser Certification (Renewal) | 60 | 50 | 50 | 50% | NIL | 2500 |
17. | NISM Series XIII: Common Derivatives Certification | 180 | 150 | 150 | 60% | 25% | 3000 |
18. | 120 | 100 | 100 | 60% | 25% | 1500 | |
19. | NISM Series XV: Research Analyst Certification (Renewal) | 60 | 50 | 50 | 50% | NIL | 2500 |
20. | 120 | 100 | 100 | 60% | 25% | 1500 | |
21. | NISM Series XIX-C: Alternative Investment Fund Managers Certification | 180 | 120 | 150 | 60% | 25% | 3000 |
22. | NISM Series XIX-D: Category I & II AIF Managers Certification | 120 | 80 | 100 | 60% | 25% | 1500 |
23. | NISM Series XIX-E: Category III AIF Managers Certification | 120 | 80 | 100 | 60% | 25% | 1500 |
24. | 120 | 100 | 100 | 60% | 10% | 1500 | |
25. | 180 | 120 | 150 | 60% | 25% | 3000 | |
26. | NISM Series XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) Certification | 60 | 50 | 50 | 50% | NIL | 2500 |
| S. No. | NISM Certification Examination - Mandated By PFRDA | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. | NISM Series XVII: Retirement Adviser Certification | 120 | 100 | 100 | 60% | 25% | 1500 |
| S. No. | NISM Certification Examination - Non-Mandatory | Duration (in mins) | No. of Questions | Maximum Marks | Passing Mark (%) | Negative Mark (%) | Exam Fees |
|---|---|---|---|---|---|---|---|
1. | 120 | 100 | 100 | 60% | NIL | 1770 | |
2. | NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors Certification | 120 | 100 | 100 | 60% | 10% | 1770 |
3. | NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors Certification | 120 | 100 | 100 | 60% | 10% | 1770 |
4. | NISM Series XXIII: Social Impact Assessors Certification | 120 | 100 | 100 | 60% | 25% | 1770 |
5. | NISM Series XXIV: AML and CFT Provisions in Securities Markets Certificationt | 60 | 50 | 50 | 50% | NIL | 885 |
NISM Certifications Exams–Complete Guide (2026 Updated)
what is NISM Certifications ?
NISM Certifications 2026, The National Institute of Securities Markets (NISM), established by SEBI in 2006, conducts certifications exams to ensure that individuals working in India’s financial markets meet minimum knowledge and compliance standards.
These certifications are mandatory for many roles such as:
In simple terms, NISM certifications acts as your license to work in the financial market.
- Mutual Fund Distributors
- Investment Advisers
- Research Analysts
- Equity & Derivatives Dealers
Why NISM Certifications is Important ?
- Required under SEBI regulations for many roles
- Builds strong financial market knowledge
- Improves job and career opportunities
- Enhances credibility and trust
- Ensures compliance with industry standards
Without certification, you cannot legally perform certain roles.
Most important NISM certifications (Focus only on these)
Don’t get confused with all exams, focus on high-demand certifications:
- Beginners / Mutual Funds
NISM Series V-A – Mutual Fund Distributors - Trading & Stock Market
NISM Series VIII – Equity Derivatives
NISM Series I – Currency Derivatives - Advisory & Research
NISM Series X-A & X-B – Investment Adviser
NISM Series XV – Research Analyst - Operations
NISM Series VII – Securities Operations & Risk Management - Advanced / Wealth Segment
NISM Series XXI-A – PMS Distributors
How to Choose the Right NISM Exam
Most candidates make mistakes here. Follow this:
Beginner → Start with Series V-A
Trader (F&O) → Series VIII
Research Career → Series XV
Financial Advisor → Series X-A & X-B
Operations Role → Series VII
Forex → Series I
Choosing the right exam saves months of time and effort.
NISM Exam Eligibility
No minimum qualification required
No age limit
Open for students, professionals, and beginners
Anyone interested in financial markets can apply.
NISM Exam Pattern
| Mode | Type | Duration | Passing Marks | Negative Marking | NISM Exam Fees | Certificate Validity | Renewal through |
|---|---|---|---|---|---|---|---|
Online (Computer-Based Test) | Multiple Choice Questions (MCQs) | 1–3 hours | 50%–60% | Applicable in some exams | ₹1,500 to ₹5,900
depending on exam
Payment via card, UPI,
or net banking | Valid for 3 years | Re-exam, or
CPE (Continuing Professional Education) |
Available across 200+ cities in India
Choose preferred city & slot during registration
Documents Required
Government ID (Aadhaar, PAN, Passport, etc.)
Admit Card
Entry is not allowed without these.
How to Register for NISM Exam
Visit official NISM portal
Create account
Upload documents
Wait for approval (approx. 3 days)
Select exam module
Choose date & centre
Pay fees
Mandatory vs Optional NISM Exams
Mandatory (Regulatory Requirement)
- Series V-A
- Series VIII
- Series XV
- Series X-A & X-B
Required to legally work in these roles.
Optional (Knowledge Enhancement)
- Securities Markets Foundation
- AML & CFT certifications
Useful but not compulsory.
Important: Discontinued Exams
Some NISM certifications are no longer valid.
Always check latest updates before starting preparation.
How to Clear NISM Exam in First Attempt
Most candidates fail due to poor strategy — not difficulty.
Follow this proven approach:
Complete 60–70% syllabus first
Start mock tests early
Analyze every test deeply
Identify weak areas
Revise regularly
This can improve your score by 15–20%.
Common Mistakes to Avoid
Giving mock tests without preparation
Not analyzing mistakes
Relying only on theory
Ignoring weak topics
Studying outdated material
Avoid these, and your chances of passing increase significantly.
Start your preparation the right way
If you are preparing for any NISM certifications and want:
Latest updated mock tests
Exam-focused short notes
Video lectures for concept clarity
Visit: www.nismexams.in
Prepare smartly and aim to clear your exam on your first attempt.