Exam catalogue
NISM certifications
Every current NISM certification examination, with the exam pattern as published by NISM. Open exams have practice questions and mock tests; the rest show official facts and the syllabus while we build them.
Exam list
NISM Series V-A Open Mandated by SEBI
Mutual Fund Distributors
120 min100 marksPass 50%No negative marking NISM Series V-B Open Mandated by SEBIMutual Fund Foundation
120 min50 marksPass 50%No negative marking NISM Series V-D Open Mandated by SEBISIF Distributors
180 min150 marksPass 60%−10% negative NISM Series VIII Open Mandated by SEBIEquity Derivatives
120 min100 marksPass 60%−25% negative NISM Series X-A Open Mandated by SEBIInvestment Adviser L1
180 min150 marksPass 60%−25% negative NISM Series XII OpenSecurities Markets Foundation
120 min100 marksPass 60%No negative marking NISM Series XV Open Mandated by SEBIResearch Analyst
120 min100 marksPass 60%−25% negative NISM Series XIX-A OpenAIF Cat I & II Distributors
120 min100 marksPass 60%−10% negative NISM Series XIX-B OpenAIF Cat III Distributors
120 min100 marksPass 60%−10% negative NISM Series XXI-A Open Mandated by SEBIPMS Distributors
120 min100 marksPass 60%−10% negative NISM Series I Coming soon Mandated by SEBICurrency Derivatives
120 min100 marksPass 60%−25% negative NISM Series II-A Coming soon Mandated by SEBIRTA – Corporate
120 min100 marksPass 50%No negative marking NISM Series II-B Coming soon Mandated by SEBIRTA – Mutual Fund
120 min100 marksPass 50%No negative marking NISM Series III-A Coming soon Mandated by SEBICompliance (Non-Fund)
120 min100 marksPass 60%−25% negative NISM Series III-C Coming soon Mandated by SEBICompliance (Fund)
120 min100 marksPass 60%−25% negative NISM Series IV Coming soon Mandated by SEBIInterest Rate Derivatives
120 min100 marksPass 60%−25% negative NISM Series VI Coming soon Mandated by SEBIDepository Operations
120 min100 marksPass 60%−25% negative NISM Series VII Coming soon Mandated by SEBISecurities Ops & Risk Mgmt
120 min100 marksPass 50%−25% negative NISM Series IX Coming soon Mandated by SEBIMerchant Banking
120 min100 marksPass 60%−25% negative NISM Series X-B Coming soon Mandated by SEBIInvestment Adviser L2
180 min150 marksPass 60%−25% negative NISM Series X-C Coming soon Mandated by SEBIInvestment Adviser Renewal
60 min50 marksPass 50%No negative marking NISM Series XIII Coming soon Mandated by SEBICommon Derivatives
180 min150 marksPass 60%−25% negative NISM Series XV-B Coming soon Mandated by SEBIResearch Analyst Renewal
60 min50 marksPass 50%No negative marking NISM Series XVI Coming soon Mandated by SEBICommodity Derivatives
120 min100 marksPass 60%−25% negative NISM Series XVII Coming soon Mandated by PFRDARetirement Adviser
120 min100 marksPass 60%−25% negative NISM Series XIX-C Coming soon Mandated by SEBIAIF Managers
180 min150 marksPass 60%−25% negative NISM Series XIX-D Coming soon Mandated by SEBIAIF Cat I & II Managers
120 min100 marksPass 60%−25% negative NISM Series XIX-E Coming soon Mandated by SEBIAIF Cat III Managers
120 min100 marksPass 60%−25% negative NISM Series XXI-B Coming soon Mandated by SEBIPortfolio Managers
180 min150 marksPass 60%−25% negative NISM Series XXIII Coming soon Mandated by SEBISocial Impact Assessors
120 min100 marksPass 60%−25% negative NISM Series XXIV Coming soonAML & CFT
60 min50 marksPass 50%No negative marking NISM Series XXV-A Coming soon Mandated by SEBIResearch Services (Sales)
60 min50 marksPass 50%No negative marking NISM Series XXV-B Coming soon Mandated by SEBIInvestment Advice (Sales)
60 min50 marksPass 50%No negative marking NISM IFSCA-01 Coming soon Mandated by IFSCAAML & CFT in the IFSC
60 min50 marksPass 50%No negative marking NISM IFSCA-02A Coming soon Mandated by IFSCACyber Security IFSC (Basic)
60 min50 marksPass 50%No negative marking NISM IFSCA-02B Coming soon Mandated by IFSCACyber Security IFSC (Advanced)
120 min100 marksPass 60%−25% negativeExam facts verified against nism.ac.in/certifications on 13 Oct 2026. NISM can change patterns and fees; always confirm on the official page before registering.