In pursuance of the announcement made by the Finance Minister in his Budget Speech in February 2005, Securities and Exchange Board of India (SEBI) established the National Institute of Securities Markets (NISM) in Mumbai.

SEBI, by establishing NISM, has articulated the desire expressed by the Indian government to promote securities market education and research.

Towards accomplishing the desire of Government of India and vision of SEBI, NISM has launched an effort to deliver financial and securities education at various levels and across various segments in India and abroad. To implement its objectives, NISM has established six distinct schools to cater the educational needs of various constituencies such as investor, issuers, intermediaries, regulatory staff, policy makers, academia and future professionals of securities markets.

NISM brings out various publications on securities markets with a view to enhance knowledge levels of participants in the securities industry.

NISM is mandated to develop and implement certification examinations for professionals employed in various segments of the Indian securities markets.

Click below to find out more about NISM examinations:
 

Module Series	Module Details	Module Material
NISM-Series-I	Currency Derivatives Certification Examination	Revised Examination available from 21st February, 2012 (a)OLD SYLLABUS: Test Objectives | Workbook | Corrigendum | Trader Workstation Screens (a)NEW SYLLABUS: Test Objectives | Workbook
NISM-Series-II-A	Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination	Test Objectives | Workbook | Corrigendum Revised NISM-Series-II-A: RTA (Corporate)  examination available from March 28, 2011. Please check Corrigendum for revisions "
NISM-Series-II-B	Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination	Test Objectives  | Workbook | Corrigendum (Revised examination available from January 15, 2011 onwards. Please check Corrigendum for revisions)
NISM-Series-IV	Interest Rate Derivatives Certification Examination	Test Objectives  | Workbook
NISM Series-V A	Mutual Fund Distributors Certification Examination	Test Objectives  | Workbook | Updates and Corrigendum (Downloadable workbooks for MFD Hindi and MFD Gujarati are not available. The workbooks for these examinations will be couriered within 7 working days from date of payment).
NISM Series-VI	Depository Operations Certification Examination	Revised examination available from February 16, 2012. Test Objectives Workbook ( Prepare from this workbook, if you are taking the exam on or before February 15, 2012) Revised Workbook (Prepare from this workbook, if you are taking the exam on or after February 16, 2012) Updates and Corrigendum
NISM-Series-VII	Securities Operations and Risk Management Certification Examination	Test Objectives | Workbook
-	Certified Personal Financial Advisor (CPFA) Examination	Test Objectives | Workbook

To find out more about NISM click here

The examination seeks to create a common minimum knowledge benchmark for persons working in the Currency Derivatives market segment, in order to enable a better understanding of currency markets and exchange traded currency future products, better quality investor service, operational process efficiency and risk controls.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of currency markets and specifically Exchange Traded Currency Derivatives markets.
  
  

• Understand the trading, clearing and settlement mechanisms related to Currency Derivatives markets and basic investment strategies that use currency futures and options products.
  
  

• Know the regulatory environment in which the Currency Futures markets operate in India.

Assessment Structure
NISM-Series-I: Currency Derivatives Certification Examination is being updated. The updated examination will replace the examination in the current format from 21st February 2012. In the new format, NISM-Series-I: CD Examination will consist of 100 questions of 1 mark each for a total of 100 marks, and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%. Please note that this change in assessment structure is effective from 21st February 2012.

Candidates who wish to appear for the Currency Derivatives Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-I: CD Examination click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-I: Currency Derivatives Certification Examination	1000	120	100	100	60	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the corporate R&T function, in order to enable better quality investor service, operational process efficiency and risk controls.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of securities and securities markets
  
  

• Understand broadly the role and functions of the R&T Agents in the corporate securities issuance and transaction process.
  
  

• Know the regulatory environment in which the R&T Agents operate in India.

Assessment Structure
The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score on the examination is 50%.

Candidates who wish to appear for the Registrars to an Issue and Share Transfer Agents – Corporate Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-II-A: RTA (Corporate) Examination click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination	1000	120	100	100	50	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the mutual fund R&T function, in order to enable better quality investor service, operational process efficiency and risk controls.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of securities and securities markets
  
  

• Understand broadly the role and functions of the R&T Agents in the mutual fund issuance and transaction process.
  
  

• Know the regulatory environment in which the R&T Agents operate in India.

Assessment Structure
The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score on the examination is 50%.

Candidates who wish to appear for the Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-II-B: RTA (MF) Examination click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination	1000	120	100	100	50	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

NISM-Series-IV: Interest Rate Derivatives Certification Examination

The examination seeks to create a common minimum knowledge benchmark for persons working in the Interest Rate Derivatives market segment, in order to enable a better understanding of fixed income securities markets and exchange traded interest rate derivative products, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement.


Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of fixed income securities markets and specifically interest rate derivative markets in India and other markets.
  
  

• Understand the analytical framework required for Bond Futures market in India along with trading and hedging strategies involved.
  
  

• Understand the clearing, settlement and risk management as well as the operational mechanism related to exchange traded interest rate derivatives.
   

• Know the regulatory environment in which the interest rate derivatives markets operate in India.

Assessment Structure
The NISM-Series-IV: Interest Rate Derivatives Examination will be of 100 marks, will have 100 questions, and should be completed in 2 hours. There will be negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%.

Candidates who wish to appear for the Interest Rate Derivatives Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-IV: Interest Rate Derivatives Certification Examination click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-IV: Interest Rate Derivatives Certification Examination	1000	120	100	100	60	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

The examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds including:

• Individual Mutual Fund Distributors
  
  

• Employees of organizations engaged in sales and distribution of Mutual Funds
  
  

• Employees of Asset Management Companies specially persons engaged in sales and distribution of Mutual Funds

The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of mutual funds, their role and structure, different kinds of mutual fund schemes and their features
  
  

• Understand how mutual funds are distributed in the market-place, how schemes are to be evaluated, and how suitable products and services can be recommended to investors and prospective investors in the market.
  
  

• Get oriented to the legalities, accounting, valuation and taxation aspects underlying mutual funds and their distribution.
   

• Get acquainted with financial planning as an approach to investing in mutual funds, as an aid for mutual fund distributors to develop long term relationships with their clients.

Assessment Structure
The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be negative marking of 25% of the marks assigned to a question.

Candidates who wish to appear for the Mutual Fund Distributors Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-V-A: Mutual Fund Distributors Certification Examination click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-V-A: Mutual Fund Distributors Certification Examination	1000	120	100	100	50	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

NISM-Series-VI: Depository Operations Certification Examination

The examination seeks to create a common minimum knowledge benchmark for associated persons engaged or employed by a registered depository participant in:

1. dealing or interacting with clients;
   
   

2. dealing with securities of clients;,
   
   

3. handling redressal of investor grievances;
    

4. internal control or risk management;
    

5. activities having a bearing on operational risk; or
    

6. maintenance of books and records pertaining to the above activities

The certification aims to enhance the quality of services as rendered by the Depository Participants.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of the Indian securities market and the depository system, the need for depository and the key features of the depository system in India.
  
  

• Understand the institutional structure of the depository system in India and the business partners of a depository.
  
  

• Understand the regulatory framework in which the depositories and its DPs function, their eligibility criteria, registration procedure, rights and obligations etc.
   

• Know the various functions of the Depository and its Depository Participants (DPs) such as dematerialisation, trading and settlement, pledging and hypothecation.
   

• Understand how a demat account is opened, documents required to open an account and significance of Power of Attorney (POA).

Assessment Structure
The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question.

Candidates who wish to appear for the Depository Operations Certification Examination can click here  ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-VI: Depository Operations Certification  Examination  click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-VI: Depository Operations Certification Examination	1000	120	100	100	60	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.


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NISM-Series-VII: Securities Operations and Risk Management Certification Examination

The examination seeks to create a common minimum knowledge benchmark as the requisite standard for associated persons of a registered stock-broker / trading member / clearing member in recognized stock exchanges, involved in

1. assets or funds of investor or clients
   
   

2. redressal of investor grievances,
   
   

3. internal control or risk management and
    

4. activities having a bearing on operational risk.

Examination Objectives
On successful completion of the examination the candidate should:

• Know the basics of the Indian securities market, the different products traded and the various market participants and the respective roles they play in the Indian securities market.
  
  

• Understand the regulatory framework and the role of the Securities Exchange Board of India.
  
  

• Know the various functions of the Front Office, Middle Office and Back Office in a Securities Broking Firm.
   

• Understand the trade life cycle, the steps and participants involved in the trade life cycle and the role of the back office in a securities broking firm.
   

• Understand how the risks are managed in a securities broking firm, the clearing and settlement process.

Assessment Structure
The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be negative marking of 25% of the marks assigned to a question.

Candidates who wish to appear for the Securities Operations and Risk Management Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the NISM-Series-VII: Securities Operations and Risk Management Certification Examination  click here.

Test Details

Sr. No.	Name of Module	Fees (Rs.)	Test Duration (in minutes)	No. of Questions	Maximum Marks	Pass Marks* (%)	Certificate # Validity (in years)
1	NISM-Series-VII: Securities Operations and Risk Management Certification Examination	1000	120	100	100	50	3

* Negative marking – 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

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Certified Personal Financial Advisor (CPFA) Examination

About Certified Personal Financial Advisor (CPFA) Examination

This examination has been jointly developed by NISM and FPCIL and is a voluntary examination.

The examination seeks to create a common minimum knowledge benchmark for all persons involved in financial advisory including:

• Individual Financial Advisors

• Employees of organizations engaged in financial advisory services, including Stock Broking and Distribution Houses, Banks, Wealth Management Companies, Asset Management Companies, Insurance Companies, Consumer Credit Companies etc.

The examination consists of 60 questions each of 1 mark and 20 questions each of 2 marks, and should be completed in 2 hours. The passing score on the examination is 60%. There shall be no negative marking.

Candidates who wish to appear for the Certified Personal Financial Advisor (CPFA) Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM and the Certified Personal Financial Advisor (CPFA) Examination click here.

Test Details