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12 Most Important Facts about NISM Certifications

12 must-know facts about NISM Certifications Examinaitons

When was the last time you thought about boosting your resume or upgrading your skills. Or perhaps, thought of switching your career? Or probably, exploring new learning avenues in finance. Surely, while doing so, NISM Certifications would have definitely crossed your mind. If so, or even if is not the case, this holistic piece of information will definitely help you push yourself in exploring NISM Certification Examinations.

So, first things first, let’s begin with the list of all the NISM Certifications presently available. Don’t get overwhelmed with the number of exams. You may most likely need just 1 to 2, sometimes 3 and very rarely 4-5 out of them. And if you want to prove that you are the best nerd in the industry, you can always go beyond 5. 🙂

Sr. NoNISM SeriesNISM Certification Exam DurationFees (INR)Maximum MarksNo. of QuestionsPass Mark (%)Negative Marks (%)Certificate Validity (in years)
1NISM Series ICurrency Derivatives Certification Examination2 hrs1500/-10010060253
2NISM Series II ARegistrars and Transfer Agents (Corporate) Certification Examination2 hrs1500/-10010050253
3NISM Series II BRegistrars and Transfer Agents (Mutual Fund) Certification Examination2 hrs1500/-10010050253
4NISM Series-III-ASecurities Intermediaries Compliance (Non-Fund) Certification Examination2 hrs1500/-10010060253
5NISM Series-III-BIssuers Compliance Certification Examination+2 hrs1770/-10010060253
6NISM Series IVInterest Rates Derivatives Certification Examination2 hrs1500/-10010060253
7NISM Series V AMutual Fund Distributors Certification Examination2 hrs1500/-100100503
8NISM-SeriesV-BMutual Fund Foundation Certification Examination2 hrs1200/-5050503
9NISM-Series-V-CMutual Fund Distributors (Level 2) Certification Examination+2 hrs1770/-1006860253
10NISM Series VIDepository Operations Certification Examination2 hrs1500/-10010060253
11NISM Series VIISecurities Operations and Risk Management Certification Examination2 hrs1500/-10010050253
12NISM-Series-VIIIEquity Derivatives Certification Examination2 hrs1500/-10010060253
13NISM Series-IXMerchant Banking Certification Examination2 hrs1500/-10010060253
14NISM-Series-X-AInvestment Adviser (Level 1) Certification Examination2 hrs1500/-10010060253
15NISM-Series-X-BInvestment Adviser (Level 2) Certification Examination2 hrs1500/-1006860253
16NISM-Series-XI Equity Sales Certification Examination+ 2 hrs 1770/- 100 100 50 25 3
17NISM Series-XIISecurities Markets Foundation Certification Examination+2 hrs1770/-100100603
18NISM Series-XIIICommon Derivatives Certification Examination3 hrs3000/-15015060253
19NISM Series-XIVInternal Auditors for Stock Brokers Certification Examination+2 hrs1770/-10010060253
20NISM Series-XVResearch Analyst Certification Examination2 hrs1500/-10010060253
21NISM-Series-XVICommodity Derivatives Certification Examination2 hrs1500/-10010060253
22NISM-Series-XVIIRetirement Adviser Certification Examination2 hrs1500/-10010060253
23NISM-Series-XVIIIFinancial Education Certification Examination+2 hrs1416/-5050503
24IBBI- Valuation Examination in the Asset ClassLand and Building2 hrs1500/-100966025
25IBBI- Valuation Examination in the Asset ClassPlant and Machinery2 hrs1500/-100966025
26IBBI- Valuation Examination in the Asset ClassSecurities or Financial Assets2 hrs1500/-100926025

1. Who can take NISM Certification Examination?

All persons possessing a valid Permanent Account Number (PAN) Card issued by the Income Tax Department of Govt. of India can take NISM Certification Examination. While any person can take these examinations, NISM Certification Examinations are mandatory for specific segment of personnel in the markets.

For example, persons working in the Currency Derivatives segment are required to undertake the NISM Series I: Currency Derivatives Certification Examination, persons involved in selling or distributing or performing any activity pertaining to Mutual Funds are required to undertake the NISM Series V-A: Mutual Fund Distributors Certification Examination and so on. For detailed examination mapping with the job roles, click here.

2. How can I register for NISM Certification Examination?

Candidates can register with any of the Test Administrators, namely, NSE, BSE, CSE or MSE. To enroll for any Test Centre across India, you can use the unified NISM Certifications Portal.

After successful registration, candidates may select a test centre, date and time slot of their choice on the Test Administrator website. Candidates are required to follow further instructions available on the Test Administrator websites.

Alternatively, you can avail PrepCafe Academy’s Registration and Enrolment Services for NISM Certifications at nominal charges.

3. What is the structure of NISM Certification Examinations?

NISM Certification Examinations are generally of multiple choice format with most of the exams carrying negative marking of 25%. The fees for all mandatory NISM Certification Examinations is Rupees One Thousand Five Hundred (Rs. 1500/-). Non-mandatory examinations carry additional GST of Rs. 270. The certificates are valid for a period of 3 years after which it can be renewed by appearing of the examinations again or by attending a one-day classroom training programme called Continuing Professional Education (CPE).

4. Is there a study material available for preparing for this examination?

PrepCafe provides free download of all NISM Certification Examinations. The soft copy of the NISM Workbooks is available for free download in pdf format. Please click here to download NISM workbooks free now.

You will also receive a soft copy of the workbook/study material after enrolment for the examination.

Now you can also order hard copy of NISM Workbooks online from our website.

5. Do I have to pay for the study material?

You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination. The soft copy can also be downloaded for free directly from  In case if you want to purchase a hardcopy of the workbook, you can also order hard copy of NISM Workbooks online from our website.

6. How can I appear for NISM mock test? Where do I get sample questions for NISM Certification Examination?

PrepCafe offers Free NISM Mock Tests for all NISM Certification Examinations. Click here to take a mock test or NISM Practice Exam.

7. I have passed NISM Certification Examination, when will I receive the certificate?

Only the candidates who have produced their Income Tax Permanent Account Number (PAN) and Aadhar details during registration would receive the NISM Certificate within two weeks of appearing for the examination. The Certificate is provided in soft copy format only and can be downloaded from NISM Certification Portal online. A copy of the certificate is also sent to candidate’s registered email address.

Candidates who have not produced their PAN and Aadhar and not uploaded their PAN Card and Aadhar Card to NISM Certifications Portal would not receive the NISM certificate. They would receive only the temporary mark sheet at the end of the examination.

8. I have not provided my PAN information at the time of taking the certification examination. How do I obtain the certificate?

Candidates who have not provided their PAN and Aadhar information during registration may furnish their PAN and Aadhar details online on NISM Certifications Portal anytime after taking the examination.  After receiving and verifying these details, the candidate will receive the certificate from NISM.  No additional payments are necessary for obtaining the certificate.

9. I have passed NISM Certification Examination and also provided PAN and Aadhar details, however I have not received a certificate. Whom should I contact?

For non-receipt of certificate contact NISM: [email protected] or call on +91-8080806476

10. What is the validity period of NISM certificates?

The certificate will be valid for 3 years from the date of the examination.

11. How do I renew my NISM certificate?

To renew your current certificate, you need to appear for respective NISM CPE or successfully pass the respective NISM Certification Examination before the expiry of such certificate.

12. Can I request for re-evaluation of NISM Certification Examinations?

NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.

“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of selection of only one correct answers from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.

Also, considering the examination structure, no disclosure of the questions and/or answers is permitted as it will violate the confidentiality of the question bank, which is the essence of the examination.

In view of the above, no communication regarding re-evaluation, etc. will be entertained/serviced by NISM.”

Subject to the above, request/s received from a candidate for resolution of doubts about a question forming part of such examination will be considered as per the following policy.

(1)   Candidate’s request/s will be considered only when he/she specifically mentions particular question or two which he/she thinks contain errors.  Claims/ to recheck more than two questions shall normally be not permitted unless substantive material is provided by the candidate as to why he/she considers errors in such questions.  In no case, claim/s to recheck all the questions appeared in his/her question paper shall be entertained.

(2)   No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the essence of the question bank viz. breach the confidentiality/secrecy of the Question bank.

(3)   Only those request/s made on-the-spot (before leaving the test center) will be considered for verification.

(4)   When a valid request is received from a candidate at the Test Centre, it shall be forwarded by the respective TA to NISM. NISM’s team will look into claim relating to the contested question/s to verify whether there is a mistake in the question or answer.  If it is prima facie found that the question or answer contains a mistake, no score will be computed and consequently no score card will be issued then at the Test Centre.

(5)   Such matter will then be escalated with the question / answer to the Committee with the details of the nature of error, the correct version of the question or contested correct answer and system recognized correct answer.  The Committee, after due diligence and proper scrutiny, will arrive at a conclusion whether the claim made by a candidate in relation to a question or answer is right.  Such conclusion will be recorded in writing and put up for formal approval to the authority of NISM.

(6)   Score computation, kept in abeyance as per point 4, shall be carried based on the approval as per point – 5. Such score card will then be issued to the candidate by TA/NISM.

(7)   Even though NISM endeavors best efforts and  has put in place a robust mechanism to review its question bank intermittently, attributable to continuous changes taking place emanating from dynamics of market, encompassing products and features, and its regulatory framework, there is a possibility of inadvertently escaping some updation and/or escaping indirect impact on some question/answer.  Therefore, to take care of such eventuality, the above process of entertaining request from the candidate in relation to the question/answer is put in place.

(8)   The above policy and process will be subject to review from time to time and shall be binding and final in relation to any claim and/or matter when disposed off with the approval of the authority of NISM.

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