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NISM Exam Structure

The School for Certification of Intermediaries (SCI) at NISM is engaged in developing certification examinations for professionals employed in various segments of the Indian securities markets. These examinations are being developed by NISM as mandated under SEBI (Certification of Associated Persons in the Securities Markets) Regulation, 2007.

S. No.	NISM Exam	Test Duration	Fees (Rs)	Maximum Marks	No. of Que	Pass Mark (%)	Negative Marks (%)	Certificate Validity (in years)
1	NISM Series I: Currency Derivatives Certification Examination	2 hrs	1500	100	100	60	25	3
2	NISM Series II A: Registrars and Transfer Agents (Corporate) Certification Examination	2 hrs	1500	100	100	50	25	3
3	NISM Series II B: Registrars and Transfer Agents (Mutual Fund) Certification Examination	2 hrs	1500	100	100	50	25	3
4	NISM Series IV: Interest Rates Derivatives Certification Examination	2 hrs	1500	100	100	60	25	3
5	NISM Series V A: Mutual Fund Distributors Certification Examination	2 hrs	1500	100	100	50	25	3
6	NISM Series VI: Depository Operations Certification Examination	2 hrs	1500	100	100	60	25	3
7	NISM Series VII: Securities Operations and Risk Management Certification Examination	2 hrs	1500	100	100	50	25	3
8	NISM Series-VIII: Equity Derivatives Certification Examination	2 hrs	1500	100	100	60	25	3
9	Certified Personal Financial Advisor (CPFA) Examination	2 hrs	4495	100	80	60	25	3
10	NISM-Series-X-A: Investment Adviser (Level 1) Certification	2 hrs	1250	100	100	60	25	3
10	NISM-Series-XV: Research Analyst Certification	2 hrs	1250	100	100	60	25	3