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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 derivatives products, better quality investor service, operational process efficiency and risk controls.

Details about the Module

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 Derivatives markets operate in India.


Assessment Structure

The examination consists 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%. 

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.


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.

Details about the Module

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) Examinationclick here.


Details about the Module

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.


Details about the Module

Examination Objectives

On successful completion of the examination the candidate should:

  • Understand the structure of financial and securities markets in India; financial intermediaries and the types of products available in the Indian market.
  • Understand the regulatory framework and the role of the various regulators in the financial system.
  • Understand the Importance of Compliance function and the scope and role of the compliance officer in the Indian securities market.
  • Understand the various regulations and rules of the Indian securities market as related to the defined group of intermediaries.
  • Understand the importance of compliance of the rules and regulations and the penal actions initiated in case of any default or failure.

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 NISM-Series-III-A: Securities Intermediaries Compliance (Non-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-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination click here.


  • 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.

Details about the Module

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.


  • NISM-Series-V A: Mutual Fund Distributors Certification Examination 

    The examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds including:
    1. Individual Mutual Fund Distributors
    2. Employees of organizations engaged in sales and distribution of Mutual Funds
    3. 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.

Details about the Module

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 no negative marking.

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.


  • NISM-Series-V B: Mutual Fund Foundation Certification Examination 

    The examination seeks to create common minimum knowledge benchmark for new cadre of mutual fund distributors, as per SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012, involved in selling and distributing simple and performing mutual fund schemes:
    1. Postal agents
    2. Retired government and semi-government officials (class III and above or equivalent) with a service of at least 10 years
    3. Retired teachers with a service of at least 10 years
    4. Retired bank officers with a service of at least 10 years, and other similar persons (such as Bank correspondents) as may be notified by AMFI/AMC from time to time


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

Details about the Module

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
  • Know how mutual funds are distributed in the market-place, how specified schemes are to be evaluated and how suitable schemes can be recommended by this cadre of distributors to prospective investors.
  • Know the rules and regulations related to distribution of specified products.
  • Know the basics of financial planning as an approach to investing in mutual funds.

Assessment Structure

The examination consists of 50 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be no negative marking.

Candidates who wish to appear for the Mutual Fund Foundation 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-B: Mutual Fund Foundation Certification Examination click here.


The examination seeks to create a common knowledge benchmark for associated persons, i.e., distributors, agents or any persons employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products and advisory functions, in order to enable a better understanding of features of advanced mutual fund products, fund valuation, fund performance measurements, investor service and related regulations.

NISM has specified the NISM-Series-V-A: Mutual Fund Distributors Certification Examination as the mandated certification examination for distributors, agents or any persons employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products vide NISM communiqué NISM/Certification/Series-V-A: MFD/2010/01 dated May 05, 2010. SEBI has further mandated the same vide notification No. LAD-NRO/GN/2010-11/09/6422 dated May 31, 2010.

National Institute of Securities Markets (NISM) now announces the launch of a higher level examination, for those candidates who wish to assess themselves against higher standards of overall expertise related to mutual funds sales, distribution and advisory functions. The NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination is suitable for:

  • Mutual fund distributors and agents
  • Persons employed or engaged in the sale and/or distribution of mutual fund products
  • Persons to be employed or engaged in the sale and/or distribution of mutual fund products
  • Students interested in gaining advanced knowledge of mutual fund products, sales, distribution and related regulations

Details about the Module

Examination Objectives

On successful completion of the examination the candidate should:

  • Understand the salient features of Fund of Funds, Exchange Traded Funds, Real Estate Mutual Funds, Venture Capital Funds, Private Equity Funds and International Funds
  • Know the legalities of real estate mutual funds, investment restrictions applicable to mutual fund schemes, and the processes for making changes in the structure of a mutual fund or any of its schemes.
  • Appreciate the working of newer channels of distribution viz. stock exchange and internet.
  • Get acquainted with the approaches fund managers take to manage investments and associated risks
  • Understand how equities, debt, derivatives and real estate are valued in mutual fund schemes
  • Get oriented to the accounting aspects of NAV determination, investor’s transactions with the fund and corporate actions by investee companies
  • Know how taxation affects mutual fund schemes and investors
  • Understand the processes underlying investment in NFO, open-end schemes, closed-end schemes and ETF as well as nomination and pledge processes relating to mutual funds
  • Appreciate how schemes are evaluated
  • Get a historical perspective on returns earned in different asset classes
  • Get acquainted with the issues involved in selling alternate investment products
  • Get oriented to basics of financial planning
  • Understand ethical requirements and measures to protect mutual fund investors

Assessment Structure

The examination consists of 8 caselets with 4 multiple choice questions of 2 marks each per caselet and 36 one mark multiple choice questions adding up to 100 marks. The examination 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 marks.

Candidates who wish to appear for the NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information onNISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination click here.

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

Please note that Open Office application will be made available for this module at the time of the test.


  • 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.

Test Objectives (revised exam wef 24-Sep-2013)

Details about the Module

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.

# 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-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.

Details about the Module

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.


The examination seeks to create a common minimum knowledge benchmark for associated persons functioning as approved users and sales personnel of the trading member of an equity derivatives exchange or equity derivative segment of a recognized stock exchange.

The examination aims to enable a better understanding of various derivatives products available in equity derivatives markets, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement. The examination also covers knowledge competencies related to the understanding of the financial structure in India and the importance of the different rules and regulations governing the Indian securities market, especially those related to the equity derivatives segment.

Details about the Module

Examination Objectives

On successful completion of the examination the candidate should:

  • Know the basics of the Indian equity derivatives market.
  • Understand the various trading strategies that can be built using futures and options on both stocks and stock indices.
  • Understand the clearing, settlement and risk management as well as the operational mechanism related to equity derivatives markets.
  • Know the regulatory environment in which the equity derivatives markets operate in India.

Assessment Structure

The NISM-Series-VIII: ED Examination will be a 100 marks examination to be completed in 2 hours. It will have 100 questions of 1 mark each. 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 NISM-Series-VIII: Equity Derivatives Certification Examination can click here ONLINE Registration. They can register/pay fees/enroll for the test online.

For more information on NISM Examination click here.

# 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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