All NISM certification exams
Every examination with its actual pattern. These differ far more than most people expect — pass marks, durations and negative marking all vary by series, and preparing against the wrong assumption is a common and expensive mistake.
SEBI-mandated certifications
Currency Derivatives
For anyone dealing in currency futures and options on a recognised exchange. Covers how the rupee is traded against other currencies and how those contracts are settled.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Registrars to an Issue and Share Transfer Agents — Corporate
For staff at registrar firms who handle company share records — IPO allotments, transfers, dividends and investor grievances.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 50%
- Negative:
- None
Registrars to an Issue and Share Transfer Agents — Mutual Fund
The mutual fund side of registrar work: processing purchases and redemptions, maintaining unit-holder records and handling investor servicing.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 50%
- Negative:
- None
Securities Intermediaries Compliance (Non-Fund)
For compliance officers at brokers, merchant bankers and other non-fund intermediaries. The rulebook of what a SEBI-registered firm must and must not do.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Securities Intermediaries Compliance (Fund)
The fund-side compliance exam — for compliance officers at mutual funds, AIFs and portfolio managers.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Interest Rate Derivatives
For dealers in interest rate futures. Covers bond pricing, yield movements and how institutions hedge against rate changes.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Mutual Fund Distributors
The most widely taken NISM exam. Mandatory for anyone who sells or advises on mutual funds — distributors, bank relationship managers and IFAs. No negative marking, 50% to pass.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 50%
- Negative:
- None
Mutual Fund Foundation
A shorter, entry-level mutual fund certification for employees of distributors who support the sales process rather than advise directly.
- Duration:
- 120 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
Mutual Fund — Specialized Investment Fund Distributors
For distributors of Specialized Investment Funds, the newer category sitting between mutual funds and PMS. A longer three-hour paper with lighter 10% negative marking.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 10%
Depository Operations
For depository participant staff. Covers demat accounts, how shares move electronically between accounts, pledges and corporate actions.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Securities Operations and Risk Management
Mandatory for broker back-office and risk staff. Note the unusual combination — only 50% to pass, but 25% negative marking still applies.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 50%
- Negative:
- 25%
Equity Derivatives
Required for anyone dealing in the futures and options segment. Covers option strategies, margins and settlement mechanics.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Merchant Banking
For merchant banking professionals running IPOs, rights issues, buybacks and open offers.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Investment Adviser (Level 1)
First of the two exams needed to register as a SEBI Investment Adviser. Three hours, 150 marks, covering financial planning and every major asset class.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 25%
Investment Adviser (Level 2)
The advanced adviser paper — portfolio construction, case-based advice and the regulatory duties of a registered adviser.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 25%
Investment Adviser Certification (Renewal)
The one-hour renewal paper for advisers whose certification is expiring. Shorter, no negative marking.
- Duration:
- 60 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
Common Derivatives
A single combined paper covering currency, interest rate, equity and commodity derivatives — clears all four segments at once.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 25%
Research Analyst
Mandatory to register as a SEBI Research Analyst. Covers company analysis, valuation and the ethics of publishing research.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Research Analyst Certification (Renewal)
The one-hour renewal paper for research analysts whose certification is expiring.
- Duration:
- 60 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
Commodity Derivatives
For dealers in commodity futures — gold, crude, agricultural produce — including delivery, warehousing and physical settlement.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Alternative Investment Fund Managers
For key personnel managing AIFs. The broadest of the AIF papers at three hours and 150 marks.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 25%
Category I and II Alternative Investment Fund Managers
For managers of Category I and II AIFs — venture capital, infrastructure and private equity style funds.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Category III Alternative Investment Fund Managers
For managers of Category III AIFs — hedge-fund style strategies using leverage and derivatives.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Portfolio Management Services (PMS) Distributors
For anyone distributing PMS products. Note the lighter 10% negative marking rather than the usual 25%.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 10%
Portfolio Managers
For principal officers and key staff of SEBI-registered portfolio managers running discretionary and advisory mandates.
- Duration:
- 180 min
- Marks:
- 150
- Pass:
- 60%
- Negative:
- 25%
Social Impact Assessors
For professionals assessing social enterprises listed on the Social Stock Exchange — measuring and reporting social impact.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 25%
Persons Associated with Research Services
A shorter one-hour paper for staff supporting a registered research analyst rather than signing the research themselves.
- Duration:
- 60 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
Persons Associated with Investment Advice
A shorter one-hour paper for staff supporting a registered investment adviser rather than advising in their own name.
- Duration:
- 60 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
PFRDA-mandated certification
Voluntary certifications
Securities Markets Foundation
The best starting point if you are new to the markets. Not required by any regulation — it teaches how shares, bonds, mutual funds and exchanges actually work. No negative marking.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- None
Alternative Investment Funds (Category I and II) Distributors
For distributors of Category I and II AIFs. Voluntary, with lighter 10% negative marking.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 10%
Alternative Investment Funds (Category III) Distributors
For distributors of Category III AIFs. Voluntary, with lighter 10% negative marking.
- Duration:
- 120 min
- Marks:
- 100
- Pass:
- 60%
- Negative:
- 10%
AML and CFT Provisions in Securities Markets
A focused one-hour paper on anti-money-laundering rules — KYC, suspicious transaction reporting and record keeping.
- Duration:
- 60 min
- Marks:
- 50
- Pass:
- 50%
- Negative:
- None
IFSCA-mandated certification
Free investor awareness test
Exam patterns are recorded from the official NISM Professor research against nism.ac.in and are kept under review. Always confirm the current pattern on the official NISM website before booking.