Become a Securities Dealer & Market Operations
Dealers place orders on exchange terminals for brokers and their clients. Operations staff handle settlement, depository work, risk and registrar services behind the scenes. Each desk has its own SEBI-mandated NISM certificate.
Certifications you need
You need the certificate for the segment or function you work in, not all of them.
Required certifications
NISM Series VIII
RequiredEquity derivatives dealers. Required for approved users on derivatives terminals.
NISM Series I
RequiredCurrency derivatives desks.
NISM Series IV
RequiredInterest rate derivatives desks.
NISM Series XVI
RequiredCommodity derivatives desks.
NISM Series XIII
RequiredOne certificate covering equity, currency and interest rate derivatives, in place of each segment's exam.
NISM Series VII
RequiredBroker operations: staff handling client assets, grievances, internal control and risk.
NISM Series VI
RequiredDepository participant staff.
NISM Series II-A
RequiredRegistrar staff who service listed companies.
NISM Series II-B
RequiredRegistrar staff who service mutual fund investors, at firms such as CAMS and KFintech.
How to get there
Learn the basics
Series XII is an optional starting point if you are new to markets.
Pick your desk
Decide between dealing and operations, and which market segment.
Clear that desk's NISM certificate
Series VIII is the most common for equity derivatives dealers.
Join a broker, depository participant or registrar
Add more segments as your role expands.
What you'll do
- check_circleExecute client and proprietary orders
- check_circleMonitor margins and limits
- check_circleSettle trades and manage demat work
- check_circleService investor requests and grievances
Who hires
- Retail brokerages
- Institutional dealing desks
- Depository participants
- Registrars such as CAMS and KFintech
What it pays
Indicative figures. Actual pay varies by employer, city and experience.
Trainee Dealer
₹3–5 LPA
Retail broking firms
Mid level (3–5 yrs)
₹6–10 LPA
HNI and institutional flow
Senior / Head Dealer
₹12–18 LPA
Plus incentives
Frequently asked questions
Which NISM exam do I need to become a dealer?
It depends on the segment. Equity derivatives dealers need Series VIII, currency desks need Series I, and commodity desks need Series XVI. Series XIII covers equity, currency and interest rate derivatives in one certificate.
Is NISM Series XII mandatory?
No. It is a voluntary, entry-level certificate on how Indian securities markets work.
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