NISM & NCFM Preparation
Certifications need structured preparation, not last-minute PDF reading. This helps learners prepare for NISM and NCFM modules with concept clarity, exam-focused learning, and practical market understanding.
Modules We Can Support
NISM Equity Derivatives
Learn futures, options, derivatives concepts, and risk management techniques.
NISM Mutual Fund Distributors
Understand mutual funds, distribution practices, and investment basics.
NISM Research Analyst
Develop strong analytical, research, valuation, and market interpretation skills for better financial decision.
NISM Investment Adviser Level 1
Learn financial planning, investment advisory, and compliance basics.
NISM Commodity Derivatives
Understand commodity markets, trading, and derivative instruments.
NCFM Technical Analysis
Master chart reading, indicators, patterns, and technical trading concepts.
NCFM Fundamental Analysis
Learn company valuation, financial statements, and long-term investment analysis.
Capital Market Dealers Module
Understand equity markets, trading operations, and dealer responsibilities.
NISM Certification Examinations
Sr. No | NISM Certification Examination - Mandated By SEBI | Duration (mins) | Maximum Marks | Pass Mark (%) | Negative Marks (%) | Validity (Years) | Fees (₹) |
1 | NISM-Series-I: Currency Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
2 | NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate | 120 | 100 | 50% | - | 3 | 1500 |
3 | NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents - Mutual Fund | 120 | 100 | 50% | - | 3 | 1500 |
4 | NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) | 120 | 100 | 60% | 25% | 3 | 1500 |
5 | NISM-Series-III-C: Securities Intermediaries Compliance (Fund) | 120 | 100 | 60% | 25% | 3 | 1500 |
6 | NISM-Series-IV: Interest Rate Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
7 | NISM-Series-V-A: Mutual Fund Distributors (English) | 120 | 100 | 50% | - | 3 | 1500 |
8 | NISM-Series-V-A: Mutual Fund Distributors (Hindi) | 120 | 100 | 50% | - | 3 | 1500 |
9 | NISM-Series-V-B: Mutual Fund Foundation | 120 | 50 | 50% | - | 3 | 1200 |
10 | NISM-Series-VI: Depository Operations | 120 | 100 | 60% | 25% | 3 | 1500 |
11 | NISM-Series-VII: Securities Operations and Risk Management | 120 | 100 | 50% | 25% | 3 | 1500 |
12 | NISM-Series-VIII: Equity Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
13 | NISM-Series-IX: Merchant Banking | 120 | 100 | 60% | 25% | 3 | 1500 |
14 | NISM-Series-X-A: Investment Adviser (Level 1) | 180 | 150 | 60% | 25% | 3 | 3000 |
15 | NISM-Series-X-B: Investment Adviser (Level 2) | 180 | 150 | 60% | 25% | 3 | 3000 |
16 | NISM-Series-X-C: Investment Adviser Certification (Renewal) | 60 | 50 | 50% | - | 3 | 2500 |
17 | NISM-Series-XIII: Common Derivatives | 180 | 150 | 60% | 25% | 3 | 3000 |
18 | NISM-Series-XV: Research Analyst | 120 | 100 | 60% | 25% | 3 | 1500 |
19 | NISM-Series-XV-B: Research Analyst Certification (Renewal) | 60 | 50 | 50% | - | 3 | 2500 |
20 | NISM-Series-XVI: Commodity Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
21 | NISM-Series-XIX-C: Alternative Investment Fund Managers | 180 | 150 | 60% | 25% | 3 | 3000 |
22 | NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers | 120 | 100 | 60% | 25% | 3 | 1500 |
23 | NISM-Series-XIX-E: Category III Alternative Investment Fund Managers | 120 | 100 | 60% | 25% | 3 | 1500 |
24 | NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors | 120 | 100 | 60% | 10% | 3 | 1500 |
25 | NISM-Series-XXI-B: Portfolio Managers | 180 | 150 | 60% | 25% | 3 | 3000 |
26 | NISM-Series-XXIII: Social Impact Assessors | 120 | 100 | 60% | 25% | 3 | 1500 |
27 | NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) | 60 | 50 | 50% | - | 3 | 1500 |
Discontinuation of NISM Series-XXII: Fixed Income Securities Certification Examination w.e.f October 1, 2024.
Discontinuation of NISM-Series-III-B: Issuers Compliance Certification Examination w.e.f. April 1, 2023.
Discontinuation of NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination w.e.f. April 1, 2023.
Discontinuation of NISM-Series-XI: Equity Sales Certification Examination w.e.f. April 1, 2021.
Discontinuation of NISM-Series-XIV: Internal Auditors for Stock Brokers Certification Examination w.e.f. October 1, 2022.
Discontinuation of NISM-Series-XVIII: Financial Education Certification Examination w.e.f. May 15, 2024.
Discontinuation of NISM-Series-XX: Taxation in Securities Markets Certification Examination w.e.f. July 1, 2024.
Foreign nationals who are designated as Directors by the Stock Broking firms and other market intermediaries and have to obtain NISM Certification(s) for regulatory compliance are requested to contact NISM’s Certification Team at certification@nism.ac.in
NISM Certification Examinations
National Institute of Securities Markets (NISM) performs two functions delegated to it under the Securities and Exchange Board of India (Certification of Associated Persons in Securities Markets) SEBI (CAPSM) Regulations, 2007. They are:
Offering Continuing Professional Education (CPE) Programs for associated persons in the securities market intermediaries.
Offering mandatory Certification Examinations for associated persons in the securities market intermediaries.
Upon expiry of the validity of the certificate obtained by an associated person, the certificate shall be re-validated by passing the relevant NISM Certification Examination before the expiry of the existing certificate or by successfully completing a program of relevant one day ‘Continuing Professional Education (CPE)’ as may be specified by NISM during 12 months preceding the date of expiry of the certificate.*
The certificate will be re-validated for a period of three years from the date of expiry of the existing certificate.
Common Questions
Helpful Answers For Your Trading Journey
What are NISM and NCFM certifications?
NISM and NCFM certifications are financial market certification programs that help learners and market professionals build knowledge in areas such as equity derivatives, mutual funds, research analysis, investment advisory, capital markets, technical analysis, and derivatives.
Is NISM useful for stock market learners?
Yes. NISM certifications can help learners understand regulated market concepts and professional knowledge areas.
Do you help with NISM Equity Derivatives preparation?
Yes. The Stock Educators can support preparation for equity derivatives concepts.
Is certification enough to become a trader?
No. Certification builds knowledge, but trading requires practice, risk management, psychology, and execution skill.