Overview
NISM is not a single exam — it is a family of certification examinations run by the National Institute of Securities Markets, a public trust set up in 2006 by the Securities and Exchange Board of India (SEBI). As of the 2026 listing on the official site, NISM offers more than 29 certification exams, most mandated by SEBI, with additional ones mandated by the Pension Fund Regulatory and Development Authority (PFRDA) and the International Financial Services Centres Authority (IFSCA). Each certification qualifies a person for a specific role in the securities markets — for example mutual fund distribution, equity derivatives dealing, research analysis, investment advisory, or compliance.
Who can apply
NISM certifications are role-based rather than open to any candidate for any exam: they exist because a specific job function (such as being a mutual fund distributor, a research analyst, or an investment adviser) is required by SEBI, PFRDA or IFSCA to hold the matching certificate. The official certifications page does not list a common academic eligibility bar across all exams; requirements are specific to each certification and role.
Levels or stages
The certification catalogue is organised by function area rather than by a single ladder of levels. Broad groups include:
Derivatives — currency, equity, commodity, interest rate and other derivatives certifications
Mutual funds — distributor, foundation and specialised investment fund certifications
Investment advisory — Investment Adviser Level 1 and Level 2, and renewal exams
Research and compliance — Research Analyst and Securities Intermediaries Compliance certifications
Alternative investments — fund managers and distributors for Category I, II and III Alternative Investment Funds
Other specialised roles — merchant banking, retirement advisers, portfolio managers, and social impact assessors
Some of these (for example Investment Adviser and Research Analyst) have their own internal levels or renewal exams; candidates should confirm the exact structure for the specific certification they need on the official certifications page.
Exam pattern
Based on the certifications listed on the official site as of 2026:
| Feature | Typical range |
|---|---|
| Duration | Mostly 120 minutes; some advanced-level exams run 180 minutes |
| Maximum marks | Typically 50 to 150, depending on the certification |
| Passing marks | Generally 50-60%, varying by exam |
| Negative marking | 10-25% of the marks for a wrong answer on some exams; several exams have none |
| Mode | Computer-based, including online remote-proctored options for several certifications |
Because the exact duration, marks and negative-marking rule differ by certification, candidates should check the specific exam's details on the NISM certifications page before registering.
Passing criteria and results
Passing marks vary by certification, generally falling in the 50-60% range as noted above. Results and certificate status are managed through the NISM Certification Examination portal.
Validity
Certificates are generally valid for three years from the date of issue; IFSCA-mandated certificates carry a two-year validity. Renewal exams are required to keep a certification current after it expires.
Fees
As listed on the official site in 2026, exam fees range from free (for the SEBI Investor Awareness Test) up to roughly ₹1,500-₹3,000 for most professional certifications, depending on the exam.
How to apply
Registration is done through the NISM Certification Examination portal at certifications.nism.ac.in, where a candidate selects the specific certification module, chooses an exam centre or a remote-proctored slot, and pays the fee online (accepted methods include debit card, credit card, net banking and UPI).
Preparation tips
Confirm which specific NISM certification your job role actually requires before you register — the catalogue is large, and the wrong certificate doesn't count toward your regulatory requirement.
Check the exact duration, total marks and negative-marking rule for your chosen certification on the official site, since these vary exam to exam.
Note your certificate's validity period as soon as you pass, and plan for the renewal exam ahead of expiry rather than after it lapses.
Is NISM one exam or many?
Many. NISM runs over 29 separate certification exams, each tied to a specific role in the securities markets, not one common test.
Who has to take a NISM certification?
People performing specific SEBI-, PFRDA- or IFSCA-regulated roles, such as mutual fund distributors, equity derivatives dealers, research analysts or investment advisers.
How long does a NISM certificate stay valid?
Generally three years from issue, except IFSCA-mandated certificates, which are valid for two years; a renewal exam is needed after that.
Where do I register for a NISM exam?
Through the NISM Certification Examination portal at certifications.nism.ac.in, where you pick the certification, centre or remote-proctored slot, and pay online.