NISM PracticeWhich NISM examination should you take?
NISM runs dozens of certification examinations. The right one is fixed by the work you want to do, and for regulated roles, by what the regulator requires for it.
First principle: the role decides
NISM (the National Institute of Securities Markets) conducts certification examinations for people who work in the securities markets. For many roles, a particular certificate is required by regulation before a person may do the work. So the question "which exam?" has two honest answers:
- If you have a job or a role in view, the required examination is the one named by the regulator or by your employer for that role. Ask the employer's compliance department, or read the current requirement on the regulator's website. Do not rely on a list like ours for a legal requirement.
- If you are a student or a beginner exploring the field, start with a foundation-level examination and then take the one for the area that interests you.
The examinations, grouped by subject
The names below are as listed on nism.ac.in when we read it on 12 November 2026. The grouping is ours.
| Area | Examinations listed on NISM's site |
|---|---|
| Foundation | Series XII: Securities Markets Foundation; Series V-B: Mutual Fund Foundation |
| Mutual funds and other fund distribution | Series V-A: Mutual Fund Distributors; Series V-D: MF Specialized Investment Fund Distributors; Series XXI-A: Portfolio Management Services (PMS) Distributors; Series XIX-A and XIX-B: Alternative Investment Funds Distributors |
| Derivatives | Series I: Currency Derivatives; Series IV: Interest Rate Derivatives; Series VIII: Equity Derivatives; Series XIII: Common Derivatives; Series XVI: Commodity Derivatives |
| Advice and research | Series X-A and X-B: Investment Adviser (Level 1 and Level 2), with X-C renewal; Series XV: Research Analyst, with XV-B renewal; Series XVII: Retirement Adviser; Series XXV-A and XXV-B for persons associated with research and with investment advice in sales and other non-core services |
| Operations and registrars | Series II-A and II-B: Registrars to an Issue and Share Transfer Agents (Corporate; Mutual Fund); Series VI: Depository Operations; Series VII: Securities Operations and Risk Management |
| Compliance and specialised roles | Series III-A and III-C: Securities Intermediaries Compliance (Non-Fund; Fund); Series IX: Merchant Banking; Series XIX-C, D, E: Alternative Investment Fund Managers; Series XXI-B: Portfolio Managers; Series XXIII: Social Impact Assessors; Series XXIV: AML and CFT Provisions in Securities Markets |
NISM adds, renames and withdraws examinations; its site also lists accredited certifications and courses for the international financial services centre. The current list is under "Certification Examinations" on nism.ac.in.
Common starting points
- "I want to sell mutual funds." NISM describes Series V-A as creating a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds, including individual distributors and employees of distributors and asset management companies. That is the examination to read about first. Registration with the industry body is a further step; see registration and validity.
- "I am a student and want to understand the markets." The Securities Markets Foundation examination (Series XII) is the broad introduction. Our Series XII page has its facts and practice questions.
- "I work, or want to work, at a broking firm in the derivatives segment." Look at Series VIII (Equity Derivatives) or the derivatives examination your employer names. Our Series VIII page covers it.
- "I want to become a research analyst or investment adviser." Series XV and Series X-A and X-B are the relevant examinations, but both roles also carry registration, qualification and other requirements under SEBI's regulations. Read those regulations first; the examination is only one part.
How the examinations differ in difficulty
NISM's pages give objective differences. Foundation papers have no negative marking; most specialised papers deduct 25% for a wrong answer. Pass marks are 50% for some and 60% for others. The Investment Adviser and Common Derivatives papers are longer, at 150 marks and three hours, and the adviser and research analyst papers include case-based questions. The full comparison is on our all exams page.
One at a time
It is tempting to collect certificates. A certificate has a validity of three years and must then be renewed, so each one is a continuing commitment. Take the examination your work needs, do it properly, and add another when a role calls for it.
What we cover with practice questions
At present our own question sets are for four examinations: Mutual Fund Distributors (V-A), Securities Markets Foundation (XII), Equity Derivatives (VIII) and Research Analyst (XV), with a page for Mutual Fund Foundation (V-B). For others, use NISM's workbook and test objectives.
Questions candidates ask
Which NISM exam is for mutual fund distributors?
NISM-Series-V-A: Mutual Fund Distributors Certification Examination, which NISM describes as the common minimum knowledge benchmark for persons selling and distributing mutual funds.
Which NISM exam should a beginner take?
The Securities Markets Foundation examination (Series XII) is the broad introductory one.
Does passing a NISM exam let me start working at once?
Usually it is one of several requirements. Regulated roles also need registration and other conditions set by the regulator or industry body.
More guides
Examinations
An independent practice site. NISM is the National Institute of Securities Markets. This site is not connected with, approved by or paid by NISM or SEBI, and uses none of their logos. The questions are our own; none is taken from NISM's question bank, workbooks or mock tests, and a score here does not predict a result. Examination facts were read on nism.ac.in on 12 November 2026 and can change: check the page of your module on nism.ac.in before you pay or prepare. Nothing here is investment advice.