The complete guide

Every NISM certification, in one place.

NISM (the National Institute of Securities Markets) runs ~15 SEBI-mandated certifications across mutual funds, derivatives, securities operations, retirement, and research. Here's a complete index — with free study material, mock tests, and courses for each.

Study material → Mock tests Courses

All series

Pick your certification.

Each series links to study material, mock tests, and the structured course (where available).

V-A NISM Series V-A

Mutual Fund Distributors

India's most-attempted NISM certification. Covers MF structure, regulation, distribution and investor advice.

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V-B NISM Series V-B

Mutual Fund Foundation

Entry-level mutual fund certification. Covers the basics every distributor needs.

Study Mock Course

VII NISM Series VII

Securities Operations & Risk Management

Back-office and operations certification. Settlement, risk and ops controls.

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VIII NISM Series VIII

Equity Derivatives

Futures, options, hedging, trading strategies and the regulatory framework for equity derivatives.

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X NISM Series X

Investment Adviser

Investment adviser certification — fee-only advice, fiduciary duty and SEBI's IA framework.

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XII NISM Series XII

Securities Markets Foundation

A broad foundation across all corners of the Indian securities market.

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XIII NISM Series XIII

Common Derivatives

Common derivatives certification — for professionals covering both equity and currency derivatives.

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XV NISM Series XV

Research Analyst

For SEBI-registered research analysts. Valuation, modelling, disclosure rules.

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XVII NISM Series XVII

Retirement Adviser

Retirement planning, NPS, PFRDA framework and the saving-to-payout journey.

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XVIIA NISM Series XVII-A

Currency Derivatives

Currency derivatives certification — USD-INR, EUR-INR, hedging and currency-market mechanics.

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XXI NISM Series XXI-A

Portfolio Management Services Distributor

Distribution of Portfolio Management Services. Eligibility, conduct, disclosure.

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Study material

topics with explainers, formulas and FAQs.

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Mock tests

410+

full-length, exam-format mocks with explanations.

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Courses

self-paced video courses for each NISM series.

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Common questions

FAQ.

Which NISM certification is most useful?

NISM Series V-A (Mutual Fund Distributors) is the most-attempted because it's the legal requirement to distribute mutual funds in India. NISM VIII (Equity Derivatives) is the next most popular.

How long do NISM certifications stay valid?

Most NISM certifications are valid for 3 years from the date of passing. CPE (Continuing Professional Education) credits are required to renew.

What's the difference between NISM V-A and V-B?

V-B is the entry-level Mutual Fund Foundation exam. V-A is the deeper Mutual Fund Distributors exam — required to legally distribute mutual funds. V-A subsumes V-B's content.

Are NISM certifications recognised internationally?

They are India-specific and SEBI-mandated. International equivalents include CISI (UK), Series exams (US), and CFP — but for working in Indian securities markets, NISM is the only standard.

Can I attempt multiple NISM exams?

Yes. Many financial professionals hold multiple — e.g. V-A (mutual funds) + VIII (derivatives) + X (investment adviser).

Where do I register for the actual exam?

At certifications.nism.ac.in — payments and slot booking happen on NISM's official portal. We help with prep, not registration.

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