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Home > NISM Exam Structure

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


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