NISM Certification: Exams, Fees, Registration and Mock Tests

Updated October 2026. Not NISM’s official website (that is nism.ac.in).

NISM certification exams (also called NISM certificate courses) are the 33 tests that many securities-market jobs in India require, most mandated by SEBI. Find your exam, its cost, and how to prepare, register and stay certified.

Popular NISM certifications

V-A
Mutual Fund Distributors
VIII
Equity Derivatives
XV
Research Analyst
XXI-A
PMS Distributors
X-A
Investment Adviser

What is NISM, and why it matters to you

NISM (National Institute of Securities Markets) is a public trust set up by SEBI in 2006. It runs the certification exams many securities-market jobs require, and the CPE programmes that renew them.

1. Required for many regulated jobs.

2. Proof that you know the job’s rules and risks.

How NISM fits in with the regulators

SEBI: decides which roles need which NISM certificate.

AMFI: registers mutual fund distributors after Series V-A.

PFRDA and IFSCA: require XVII and three IFSC courses.

Which NISM exam do I need?

Your job decides the NISM exam: mutual fund distributors need Series V-A, equity derivatives dealers VIII, research analysts XV, and investment advisers X-A and X-B.

Series V-A

Popular

Mutual fund distributor or mutual fund sales

Series VIII

Popular

Equity derivatives dealer or sales at a broker

Series XV

Popular

Research analyst

Series X-A, X-B

Popular

Investment adviser

Series I, IV, XIII

Currency or interest-rate derivatives dealer

Series VII

Broker back office, operations or risk

V-A · Mutual fund distributor or sales staff
Also useful: XXI-A (PMS), XIX-A or XIX-B (AIFs)

VIII · Equity derivatives dealer or broker sales
Also useful: XIII, VII

XV · Research analyst
Also useful: VIII

XXV-A · Research firm sales and support
Also useful: XV

X-A, X-B · Investment adviser
Also useful: XVII (to advise on NPS)

XXV-B · Investment adviser sales and support
Also useful: X-A

I, IV, XIII · Currency or rate derivatives dealer
Also useful: VIII

XVI · Commodity derivatives dealer

VII · Broker back office, operations or risk
Also useful: VIII

VI · Depository participant staff
Also useful: VII

II-A, II-B · Registrar and transfer agent staff
Also useful: V-A (for II-B roles)

V-D · Specialized investment fund distributor
Also useful: V-A

XXI-A, XXI-B · PMS distributor or key staff
Also useful: V-A, XXIV

XIX-C, D, E · AIF manager or key staff
Also useful: XXIV

III-A, III-C · Compliance officer at an intermediary
Also useful: XXIV (AML and CFT)

IX · Merchant banking staff
Also useful: XXIV

XXIII · Social impact assessor

XVII · Retirement adviser (NPS, PFRDA)
Also useful: X-A

Employers may ask for optional exams too. Full list: nism.ac.in/certifications

How to prepare for a NISM exam

You can prepare for a NISM exam on your own with NISM’s free workbook, or with a prep provider that adds a study plan, practice questions and timed mocks.

On your own

With a prep provider

1. Download NISM’s free workbook for your series.

1. Workbook plus notes, summaries or videos.

2. Build your own study plan.

2. A ready-made study plan.

3. Find unit-wise practice questions, for example online.

3. Chapter quizzes and flashcards after each unit.

4. Find mock tests and time yourself.

4. Full-length timed mocks in an exam-style interface.

5. Review your own results and re-read weak units.

5. A mock report by unit, with answer explanations.

Free NISM Mock Test and Sample Questions

NISM provides only some sample questions, not full mock tests, so prep providers are the usual source. ProSchool’s NISM 5A trial includes a free NISM mock test, also called a mock exam or model test: 100 questions in 120 minutes.

The free trial includes 1 full mock within its 20 actions. Paid plans include all 5 mocks.

Q1 (Unit 1). Which of these is a physical asset?
A) Equity shares · B) Gold · C) Government bonds · D) Mutual fund units
Answer: B) Gold. Shares, bonds and fund units are financial assets.

Q2 (Unit 2). Which is a benefit of investing through a mutual fund rather than directly?
A) Guaranteed returns · B) Professional management and diversification · C) No risk of loss · D) No costs
Answer: B) Professional management and diversification. Funds still carry risk and costs.

Q3 (Unit 3). Who holds a scheme’s securities in safe custody?
A) Sponsor · B) AMC · C) Custodian · D) Distributor
Answer: C) Custodian.

Q4 (Unit 4). Who issues the ARN to a mutual fund distributor?
A) SEBI · B) AMFI · C) NISM · D) RBI
Answer: B) AMFI. NISM certifies you; AMFI registers you.

Q5 (Unit 5). Which document covers information common to all of a fund house’s schemes?
A) SAI · B) KIM · C) Account statement · D) Factsheet
Answer: A) SAI, the Statement of Additional Information.

Q6 (Unit 6). Who pays a mutual fund distributor’s commission?
A) The investor, by cheque · B) The AMC, from scheme expenses · C) SEBI · D) The registrar
Answer: B) The AMC, from scheme expenses.

Q7 (Unit 7). NAV is ₹20 and the exit load is 1%. What price does a redeeming investor get per unit?
A) ₹19.80 · B) ₹20.00 · C) ₹20.20 · D) ₹21.00
Answer: A) ₹19.80. Exit load is 1% of ₹20 = ₹0.20, so ₹20 − ₹0.20.

Q8 (Unit 8). Mutual fund dividends (IDCW) are taxed in whose hands?
A) The AMC · B) The investor, at slab rate · C) The distributor · D) No one (tax-free)
Answer: B) The investor, at slab rate.

Q9 (Unit 9). Where is mutual fund KYC recorded, so it is not repeated for each fund house?
A) Each AMC · B) A KYC Registration Agency (KRA) · C) The stock exchange · D) NISM
Answer: B) A KYC Registration Agency.

Q10 (Unit 10). Which measure shows a fund’s excess return per unit of total risk?
A) Beta · B) Sharpe ratio · C) Expense ratio · D) NAV
Answer: B) Sharpe ratio.

Q11 (Unit 11). Tracking error matters most when you evaluate:
A) An index fund · B) A liquid fund · C) A fixed maturity plan · D) A savings account
Answer: A) An index fund. It shows how closely the fund follows its index.

Q12 (Unit 12). A 30-year-old saving for retirement over 25 years can accept ups and downs. Which category usually suits best?
A) Overnight fund · B) Liquid fund · C) Diversified equity fund · D) Short-duration debt fund
Answer: C) Diversified equity fund. A long horizon can ride out volatility.

Original ProSchool questions in ProSchool’s test interface, not NISM’s questions or exam interface.

What NISM certification costs

A NISM exam costs ₹885 to ₹3,000 by series (most ₹1,500), plus gateway charges. NISM’s workbook and certificate are free, and renewal after 3 years costs CPE ₹3,000, eCPE ₹2,500 or a new exam fee.

Exam fee

MANDATORY

₹885 to ₹3,000 by series, plus gateway charges (section 7).

Renewal

EVERY 3 YEARS

CPE ₹3,000, eCPE ₹2,500, or re-take the exam.

If needed

Re-attempt (exam fee again); rescheduling (no fee stated by NISM).

Free or optional

Workbook and certificate free; prep free on your own, or paid.

ARN or EUIN

V-A ONLY

₹1,500 to ₹3,000 + GST, paid to AMFI.

NISM 5A example: First attempt: about ₹1,500 on your own, or ₹2,000 to ₹3,000 with ProSchool.

NISM exam list, fees and pattern

NISM lists 33 exams: 29 are mandated for specific roles (28 by SEBI, one by PFRDA) and 4 are voluntary. Most are 100 questions in 120 minutes at a test centre, cost ₹1,500 and need 50% or 60% to pass.

Popular NISM exams

V-A Mutual Fund Distributors

₹1,500

Exam fee

100 / 100

Questions / marks

120 min

Time

50%

Pass mark

None

Negative marking

English, Hindi

Language

VIII Equity Derivatives

₹1,500

Exam fee

100 / 100

Questions / marks

120 min

Time

60%

Pass mark

25%

Negative marking

English

Language

XV Research Analyst

₹1,500

Exam fee

100 marks

80 MCQs + 5 caselets of 4

120 min

Time

60%

Pass mark

25%

Negative marking

English

Language

XXI-A PMS Distributors

₹1,500

Exam fee

100 / 100

Questions / marks

120 min

Time

60%

Pass mark

10%

Negative marking

English

Language

X-A Investment Adviser Level 1

₹3,000

Exam fee

150 marks

90 MCQs + 9 caselets

180 min

Time

60%

Pass mark

25%

Negative marking

English

Language

I · Currency Derivatives
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

II-A · RTA Corporate
₹1,500 · 100 marks · 120 min · Pass 50% · No neg.

II-B · RTA Mutual Fund
₹1,500 · 100 marks · 120 min · Pass 50% · No neg.

III-A · Compliance (Non-Fund)
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

III-C · Compliance (Fund)
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

IV · Interest Rate Derivatives
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

V-A · Mutual Fund Distributors (English, Hindi)
₹1,500 · 100 marks · 120 min · Pass 50% · No neg.

V-B · Mutual Fund Foundation
₹1,200 · 50 marks · 120 min · Pass 50% · No neg.

V-D · Specialized Investment Fund Distributors
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 10%

VI · Depository Operations
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

VII · Securities Operations and Risk Management
₹1,500 · 100 marks · 120 min · Pass 50% · Neg. 25%

VIII · Equity Derivatives
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

IX · Merchant Banking
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

X-A · Investment Adviser Level 1
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 25%

X-B · Investment Adviser Level 2
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 25%

X-C · Investment Adviser (Renewal)
₹2,500 · 50 marks · 60 min · Pass 50% · No neg.

XII · Securities Markets Foundation †
₹1,003 · 100 marks · 120 min · Pass 60% · No neg.

XIII · Common Derivatives
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 25%

XV · Research Analyst
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XV-B · Research Analyst (Renewal)
₹2,500 · 50 marks · 60 min · Pass 50% · No neg.

XVI · Commodity Derivatives
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XVII · Retirement Adviser (PFRDA)
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XIX-A · AIF Category I and II Distributors †
₹1,770 · 100 marks · 120 min · Pass 60% · Neg. 10%

XIX-B · AIF Category III Distributors †
₹1,770 · 100 marks · 120 min · Pass 60% · Neg. 10%

XIX-C · AIF Managers
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 25%

XIX-D · Category I and II AIF Managers
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XIX-E · Category III AIF Managers
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XXI-A · PMS Distributors
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 10%

XXI-B · Portfolio Managers
₹3,000 · 150 marks · 180 min · Pass 60% · Neg. 25%

XXIII · Social Impact Assessors
₹1,500 · 100 marks · 120 min · Pass 60% · Neg. 25%

XXIV · AML and CFT †
₹885 · 50 marks · 60 min · Pass 50% · No neg.

XXV-A · Research Services: sales and non-core
₹1,500 · 50 marks · 60 min · Pass 50% · No neg.

XXV-B · Investment Advice: sales and non-core
₹1,500 · 50 marks · 60 min · Pass 50% · No neg.

Fees set by NISM; gateway charges extra; GST wording varies by exam page. Neg. = negative marking; † = voluntary exam; X-C and XV-B are for renewing an existing certificate. Source: NISM exam pages, 30 October 2026.

How to register for a NISM exam

To register for a NISM exam, create an account at cert.nism.ac.in, book a test centre, date and slot, and pay online. Add your PAN when you register; without it you receive a temporary mark sheet, not a NISM certificate.

1

Create your account at cert.nism.ac.in.

2

Add your details and PAN (name as on PAN).

3

Choose your exam and enrol.

4

Pick a test centre, date and slot.

5

Pay online (cards, net banking or UPI).

6

Sit the exam with your PAN card. There is no re-evaluation; instead, you can flag up to 4 questions at the test centre.

Reschedule on the NISM portal up to 4 days before your exam, at most twice. NISM’s fee is not refunded once you enrol, except for payment errors or if NISM cannot hold the exam. If you miss the exam, the fee is forfeited.

Register on NISM’s official portal: cert.nism.ac.in.

How to download your NISM certificate

Download your NISM certificate as a PDF from NISM’s portal; NISM issues it free within two weeks, if your PAN is on record. Employers, AMFI and SEBI ask for it as proof.

PAN given

Certificate within two weeks; download it from your account.

No PAN

Temporary mark sheet only. Submit your PAN to NISM to get the certificate.

1

Log in at cert.nism.ac.in.

2

Open and select the exam.

3

Download the PDF.

Download your certificate from NISM’s portal.

Not received after two weeks? Write to certification@nism.ac.in.

After you pass: registration and employment

Passing NISM Series V-A, XV or X-A/X-B leads to a registration: an AMFI ARN or EUIN, SEBI research analyst, or SEBI investment adviser. For every other exam, your employer keeps your certificate on record.

V-A

ARN from AMFI (individuals and firms) or EUIN (employees of distributors).

XV

SEBI registration as a research analyst, if you practise independently.

X-A, X-B

SEBI registration as an investment adviser.

Every potential employer is on an official list: SEBI’s recognised intermediaries and AMFI’s list of mutual funds.

To apply for an ARN, follow AMFI’s registration guide.

Keep your certificate valid: renewal

NISM certificates last 3 years. Renew in the 12 months before expiry with a one-day CPE or online eCPE where offered, or pass the exam (or renewal exam) again. The new certificate runs 3 years from the old expiry date.

CPE or eCPE, or re-take the exam
I, II-A, II-B, III-A, IV, V-A, V-B, VI, VII, VIII, IX, XIII, XVI, XXI-A, XXI-B

Classroom CPE only, or re-take the exam
XVII

eCPE only, or re-take the exam
XIX-C, XXIII

Renewal exam
X-A and X-B (X-C); XV (XV-B)

Re-take the exam
III-C, V-D, XII, XIX-A, XIX-B, XIX-D, XIX-E, XXIV, XXV-A, XXV-B

Note for mutual fund distributors: Renew your NISM certificate first, then your ARN, up to 6 months before expiry. A lapsed ARN earns no commission.

Details of the CPE and eCPE programmes are on NISM’s CPE page.

NISM FAQs

NISM lists 33 certification exams and 3 IFSCA courses (October 2026). SEBI mandates 28 of the exams, PFRDA mandates one (XVII), and four are voluntary (XII, XIX-A, XIX-B and XXIV). The list changes, so check nism.ac.in/certifications.

NISM’s study workbooks are free to download, and the SEBI Investor Awareness Test (Level 1) is free. NISM certification exams carry a fee of ₹885 to ₹3,000 by series, plus gateway charges.

NISM publishes a free workbook for each exam series, and the exam is largely based on it. Download the workbook for your series from NISM’s study material page.

NISM provides only some sample questions, not full-length mock tests. For full mocks, use a prep provider; ProSchool’s NISM 5A trial includes one free full mock.

Yes. For Series V-A, NISM states no minimum qualification or experience, and students often take it before applying for finance jobs. Check the eligibility line on the exam page for other series.

Yes. Each exam is a separate enrolment with its own fee and certificate, so you can hold several, for example V-A and VIII if you work in both mutual fund and derivatives sales.

Series V-A is offered in Hindi as well as English. NISM does not list other exams in Hindi, so check the language options on your exam page when you enrol.

NISM Series V-A (5A), the mutual fund distributors exam. Other series are not available yet.

No. All purchases are final, so take the free mock and the sample questions on this page first. If something is wrong with your access, use Raise an issue in your account.

About this page

Written by Neelam Chaudhary . Reviewed by Pankaj Agarwal . Last reviewed November 6, 2026. Published by ProSchool (IMS ProSchool), since 2010.

Preparing for Series V-A? See our NISM Series V-A (5A) exam prep page.

NISM: certifications list; exam page for each series; FAQs (Mutual Fund Distributors, Depository Operations); CPE and eCPE page; Refund and Re-scheduling Policy

SEBI: Certification of Associated Persons in the Securities Markets Regulations, 2007; notification on Series VII (10 December 2010); recognised intermediaries

AMFI: ARN and EUIN fees (from 1 October 2024); how to apply for AMFI registration

ProSchool: NISM 5A plan details and free trial terms

Disclaimer: ProSchool is an independent prep provider, not affiliated with NISM, SEBI or AMFI. Rules and fees can change; check NISM before you register. Practice does not guarantee a result or a job, and we offer no NISM placement.

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