NISM Certifications & Courses 2026: Complete List, Series & Practice Quiz
Explore the full directory of all 27 NISM certification examinations mandated by SEBI. Compare exam codes, fees (₹1500 vs ₹3000), passing cutoffs, validity periods, and career paths across Indian capital markets.
Quick Facts & Exam At-A-Glance
Overview & Context
The National Institute of Securities Markets (NISM) conducts specialized examinations under SEBI mandate to elevate professional standards across the financial services ecosystem. From mutual funds and equity derivatives to investment advisory and portfolio management, each NISM series addresses a distinct market domain.
Master Table of Major NISM Certification Examinations
Here is the comprehensive comparison of the most popular NISM certification examinations conducted across India:
| Series Code | Exam Name | Total Qs | Passing Mark | Negative Marking | Official Fee | Target Career Role |
|---|---|---|---|---|---|---|
| Series V-A | Mutual Fund Distributors | 100 | 50% | None (0%) | ₹1,500 + GST | Mutual Fund Distributor / Bank RM |
| Series VIII | Equity Derivatives | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | Derivatives Dealer / Equity Trader |
| Series XV | Research Analyst | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | Equity Research Analyst / RA |
| Series X-A | Investment Adviser (Level 1) | 100 | 60% | 0.25 (25%) | ₹3,000 + GST | RIA / Wealth Manager |
| Series X-B | Investment Adviser (Level 2) | 100 | 60% | 0.25 (25%) | ₹3,000 + GST | Certified Investment Adviser |
| Series XXI-A | Portfolio Management (PMS) | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | PMS Distributor / Relationship Head |
| Series XXI-B | Portfolio Managers | 100 | 60% | 0.25 (25%) | ₹3,000 + GST | Principal Officer / Portfolio Manager |
| Series I | Currency Derivatives | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | Forex Dealer / Treasury Executive |
| Series VI | Depository Operations | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | DP Executive (CDSL/NSDL) |
| Series VII | Securities Operations (SORM) | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | Brokerage Back Office / Operations |
| Series IX | Merchant Banking | 100 | 60% | 0.25 (25%) | ₹3,000 + GST | Investment Banker / IPO Lead Manager |
| Series XIX-A | AIF Distributors | 100 | 60% | 0.25 (25%) | ₹1,500 + GST | Alternative Investment Fund Distributor |
| Series XIX-C | AIF Managers | 100 | 60% | 0.25 (25%) | ₹3,000 + GST | PE / Venture Capital Fund Manager |
How to Choose the Right NISM Certification for Your Career
Your choice of certification should directly reflect your career ambition:
- If you want to start a financial business immediately: Start with NISM Series V-A (Mutual Funds). Low capital requirement, 50% passing cutoff, no negative marking, and lifelong recurring trail commission income.
- If you want a job at a Stock Broking firm: Take NISM Series VIII (Equity Derivatives) and NISM Series VII (SORM). These qualify you for front-office dealing and middle-office operations.
- If you want to become a Stock Market Influencer or Analyst: NISM Series XV (Research Analyst) is non-negotiable. Without it, you cannot legally issue price targets or publish recommendations.
- If you aspire to Wealth Management & Financial Planning: You need both NISM Series X-A and X-B to obtain a SEBI Registered Investment Adviser (RIA) license.
Practice Test: NISM Certifications & Courses 2026
Test your comprehension right now with high-yield multiple-choice questions. Select an answer to see instant explanations.
Which of the following NISM examinations has NO negative marking for incorrect answers?
What is the standard fee for specialized examinations such as NISM Series IX (Merchant Banking) and NISM Series X-A/B (Investment Adviser)?
What is the official validity period of an NISM certification upon passing the exam?
Which regulatory authority created the National Institute of Securities Markets (NISM) in 2006?
Which NISM certification is mandatory for personnel handling client depository accounts and demat transfers at CDSL or NSDL participant offices?
To legally register with SEBI as an independent Investment Adviser (RIA), which pair of certifications must be cleared?
Frequently Asked Questions (FAQ)
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