How NISM certifications are organised
The National Institute of Securities Markets (NISM) administers a family of certification examinations, each identified by a Roman-numeral series number. Every series maps to a defined activity in the securities markets — distributing mutual funds, dealing in derivatives, operations, advisory, research and more. Many of these certifications are mandated under the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007, meaning the relevant professionals must hold them to perform their role.
The series numbering has grown over time as new market functions have needed certification, which is why the range now extends beyond twenty series. You do not need to know them all — you need to identify the one that fits your role.
Overview of major NISM series
The table below summarises widely taken series, what each covers, and who it is for. It is an overview, not the exhaustive list; always confirm the current certification requirement for your role on the official portal.
| Series | Certification | Who it is for |
|---|---|---|
| V-A | Mutual Fund Distributors | Individuals distributing or selling mutual fund schemes |
| VI | Depository Operations | Staff of depository participants handling demat operations |
| VII | Securities Operations & Risk Management | Back-office and operations staff at broking firms |
| VIII | Equity Derivatives | Dealers and staff in the equity derivatives segment |
| X-A | Investment Adviser (Level 1) | Aspiring and registered investment advisers |
| X-B | Investment Adviser (Level 2) | Investment advisers completing the advanced level |
| XII | Securities Markets Foundation | Students and newcomers building a broad foundation |
| XV | Research Analyst | SEBI-registered research analysts and their associates |
| XXI-A | Portfolio Management Services (Distributors) | Those distributing PMS products |
The most popular starting points
For newcomers, a few series stand out as common entry points. Series V-A (Mutual Fund Distributors) is among the most popular, because it opens the door to distributing mutual funds and is a natural first step for a career in the fund industry. Series XII (Securities Markets Foundation) is designed for students and freshers who want a broad grounding before specialising. If you are unsure where to begin, our guide on the best NISM certification to start with compares the options in depth.
Role-based certifications
Most series exist because a specific regulated role requires them. If you want to deal in derivatives, Series VIII is the relevant certification. If you work in a broker's back office or operations, Series VII applies. To become a registered investment adviser, you complete Series X-A and X-B. To work as a research analyst, Series XV is mandatory. The pattern is consistent: identify your role first, then the series follows. Our guide on who should take a NISM certification maps common careers to their certifications.
NISM is not AMFI or SEBI
A frequent point of confusion is the relationship between NISM, SEBI and AMFI. NISM is the educational and certification body set up by SEBI; SEBI is the market regulator; and AMFI (the Association of Mutual Funds in India) is the industry body that issues the ARN for mutual fund distributors after they pass the relevant NISM exam. They are distinct organisations with different functions. For clarity on this, see NISM vs AMFI ARN and NISM vs SEBI.
Choosing your series
With so many certifications available, the right choice is dictated by where you want to work, not by picking the highest series number. Decide on your target role — distributor, dealer, operations professional, adviser or analyst — and the corresponding series will be clear. If you plan a broad career in the markets, starting with a foundational certification and adding role-specific ones over time is a sound strategy. Confirm the exact, current requirement for any role on the official NISM portal before you register.