Which NISM Exam
Should You Take?
NISM certifications are mandatory for most roles in India's securities markets. This guide helps you find the right exam for your career, understand what's required, and start preparing.
What is NISM?
NISM (National Institute of Securities Markets) is a public trust established by SEBI — the Securities and Exchange Board of India — in 2006. It sets the knowledge standards for everyone who works in India's capital markets.
If you sell mutual funds, give investment advice, trade equities for clients, or work in a brokerage back-office — NISM has a mandatory certification for your role. Without it, you cannot legally operate in that capacity.
NISM certifications are valid for 3 years and must be renewed through a continuing professional education (CPE) program or by re-appearing for the exam.
- Founded
- 2006
- Established by
- SEBI
- Located in
- Patalganga, Maharashtra
- Total Series
- 26+
- Certifications issued
- 5 lakh+
- Mandatory for
- All SEBI-regulated intermediaries
Exam by Career Path
Every career in India's regulated securities markets has a specific NISM exam attached to it. Find yours below.
Mutual Fund Distributor
Bank executives, IFAs, financial planners, and anyone who wants to sell mutual funds.
AMFI ARN number to distribute MFs, earn commission from AMCs
Equity Dealer / Trader
Stock brokers, sub-brokers, dealing room staff, and equity market professionals.
NSE/BSE dealing terminal access, mandatory for equity derivatives trading
Research Analyst
Analysts, fund managers, and anyone who publishes buy/sell recommendations publicly.
SEBI Research Analyst registration — mandatory for publishing equity research
Investment Adviser
Fee-based financial advisors and wealth managers who give personalised advice for a fee.
SEBI RIA (Registered Investment Adviser) certificate
Depository / Back-Office
NSDL/CDSL DP staff, settlement teams, and operations professionals in brokerage firms.
Mandatory compliance for depository participant personnel
Commodity Trader
MCX/NCDEX brokers, agricultural traders, and commodity market professionals.
Compliance certification required for commodity derivative trading
Who is Required to Clear NISM?
Mutual Fund Agents & Distributors
Series V-A mandatory before ARN registration with AMFI
Equity / Derivatives Dealers
Series VIII mandatory for dealing in equity derivative instruments
Research Analysts
Series XV mandatory for SEBI Research Analyst registration
Investment Advisers
Series X-A (Level 1) + X-B (Level 2) for SEBI RIA registration
Depository Participants (DP staff)
Series VI mandatory for personnel at NSDL/CDSL DPs
Currency Derivative Dealers
Series I mandatory for trading in currency futures/options
Ready to clear your NISM exam?
Start preparing today — 1,200+ practice questions for all 26 series, free to start.
No credit card · Free to start · All 26 NISM series