NISM Series XVII Eligibility: Who Needs It?
NISM certifications have no degree requirement. What matters is the role you hold. Here is who Series XVII is mandatory for.
NISM Series XVII is for people who give retirement advice under the PFRDA framework. The workbook describes it as the common minimum knowledge benchmark for individuals, proprietors, partners and representatives of a retirement adviser registered under the PFRDA (Retirement Adviser) Regulations, 2016.
Anyone else may also take the exam. NISM publishes no minimum educational qualification for sitting it.
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What the regulator actually requires
For this certification the rule comes from PFRDA, not SEBI. Under the PFRDA (Retirement Adviser) Regulations, 2016, anyone who wants to give retirement advice on the National Pension System or other pension schemes must register with PFRDA as a retirement adviser.
The regulations then set minimum qualifications that an individual retirement adviser, and the key personnel of a non-individual one, must hold at all times. There are two parts: a graduate degree in any discipline, or a professional qualification with at least three years of post-qualification experience in advice on financial products, securities, funds, assets or portfolio management; and a certification on retirement advisory services from NISM or another institution PFRDA determines. PFRDA can specify cases where the certification is not mandatory.
Who it fits, by reader
| You are | Does Series XVII fit? |
|---|---|
| An individual planning to register with PFRDA as a retirement adviser | Yes. A certification on retirement advisory services is part of the minimum qualification, and NISM is named as a provider |
| Key personnel of a firm registered as a retirement adviser | Yes. The same qualification applies to key personnel of a non-individual adviser |
| A representative of a registered retirement adviser | Yes. Representatives are named in the workbook's description of who the exam is for |
| An advocate, chartered accountant, company secretary, cost accountant or actuary giving retirement advice only as part of your practice | The regulations exempt you from registering as a retirement adviser, though you must still meet their general obligations. Ask your professional body or PFRDA whether the certification applies to you |
| A SEBI-registered investment adviser | Series XVII is PFRDA's route. SEBI's investment adviser certifications are Series X-A and X-B |
| A student or job seeker interested in retirement advice | You may take it. No qualification is required to sit the exam |
Passing the exam is not the same as being registered
The NISM certificate is one part of what PFRDA asks of a retirement adviser. Registration also depends on the educational and experience requirements above and on PFRDA's own process. Check the current PFRDA requirements, or ask your firm's compliance team, before you plan around the exam alone.
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What you need to sit the exam
- check_circleA registration on NISM's certification portal
- check_circleThe exam fee of ₹1,500 plus payment gateway charges
- check_circleNo minimum educational qualification, as NISM publishes none for the exam itself
Keeping the certificate
The NISM certificate is valid for 3 years. The PFRDA regulations say a retirement adviser must get fresh certification, or renew the existing one through continuing professional education, before the current one expires, so that the certification requirement is met without a break. Check NISM's CPE options for Series XVII well before your expiry date.
FAQs
What is the eligibility for NISM Series XVII?expand_more
NISM publishes no minimum educational qualification for the exam. Anyone can register on NISM's certification portal and book it.
Who needs NISM Series XVII?expand_more
Individual retirement advisers and the key personnel of firms registered as retirement advisers under the PFRDA (Retirement Adviser) Regulations, 2016, along with their representatives.
Is NISM Series XVII required by SEBI or PFRDA?expand_more
PFRDA. Its Retirement Adviser Regulations require a certification on retirement advisory services from NISM or another institution PFRDA determines.
Can I become a retirement adviser just by passing Series XVII?expand_more
No. PFRDA also sets educational and experience requirements and runs its own registration process. The certificate is one part of it.
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