NISM certifications at a glance
The National Institute of Securities Markets (NISM), set up by SEBI, conducts certification examinations for people who work in India's securities markets. SEBI's regulations make some of them compulsory for certain roles. Patterns change from time to time: always check the series page on nism.ac.in before you book.
Series covered here
| Series | Name | Paper | Pass mark | Negative marking |
|---|---|---|---|---|
| Series V-A | Mutual Fund Distributors | 100 Q, 2 h | 50% | None |
| Series VIII | Equity Derivatives | 100 Q, 2 h | 60% | 25% |
| Series I | Currency Derivatives | 100 Q, 2 h | 60% | 25% |
| Series XVI | Commodity Derivatives | 100 Q, 2 h | 60% | 25% |
| Series X-A | Investment Adviser (Level 1) | 150 marks, 3 h | 60% | 25% |
| Series X-B | Investment Adviser (Level 2) | 150 marks, 3 h | 60% | 25% |
| Series XV | Research Analyst | 100 marks (80 Q + 5 case studies), 2 h | 60% | 25% |
| Series XII | Securities Markets Foundation | 100 Q, 2 h | 60% | None |
| Series VII | Securities Operations and Risk Management | 100 Q, 2 h | 50% | 25% |
| Series VI | Depository Operations | 100 Q, 2 h | 60% | 25% |
Ready now: Series V-A, all 15 workbook chapters (lessons, notes, slides, flashcards, memory aids and over 900 practice questions, enough for nine full timed papers). The other series are being added one by one. The V-A pattern above is from public sources as of November 2026 (NISM launched a revised V-A exam on 23 January 2025); confirm it on nism.ac.in.
Negative marking is a share of the question's marks: in a 1-mark question, a wrong answer costs 0.25. Where a series has negative marking, guess only when you can rule out options.
How the exams work
- All papers are online, multiple-choice tests taken at NISM test centres; some series can also be taken online with remote proctoring. Check nism.ac.in for the current options.
- You book a date and centre on the NISM portal and pay the fee for the series.
- Results are shown on screen when you finish. A pass certificate is usually valid for 3 years; you renew it by passing the exam again or through a continuing professional education (CPE) programme where NISM offers one.
Who needs which series
- Mutual fund distributors: Series V-A, to get an ARN from AMFI.
- Dealers and sales staff at stock brokers: Series VIII for equity derivatives; Series I and XVI for currency and commodity derivatives.
- Investment advisers registered with SEBI: Series X-A and X-B.
- Research analysts: Series XV.
- Operations staff at brokers and depository participants: Series VII and VI.
- Students and beginners: Series XII, a foundation in how securities markets work.
How to use this site
- Read each chapter's lesson and notes, then practise its questions and rate your confidence.
- Revise with the slides, flashcards and memory aids.
- Take the timed paper for your series. It uses the series' pass mark and negative marking.
Patterns are from public sources as of November 2026, including NISM's Series XV page. Confirm the details for your series on nism.ac.in.