Which NISM certification do I need?

V-A is the certification for mutual fund distributors and their employees who sell to investors. A limited cadre of distributors who sell only simpler schemes can qualify with V-B. Distributing Specialized Investment Funds (SIFs) needs V-D as well.

Also see: Series V-B Mutual Fund Foundation Free mocks Series V-D SIF Distributors Free mocks

Individual investment advisers and the principal officer and advice-giving staff of a non-individual adviser need both levels. X-C is the renewal certification.

Also see: Series X-C Investment Adviser Renewal

For research analysts and their staff who prepare research reports or recommendations. XV-B is the renewal certification.

Also see: Series XV-B Research Analyst Renewal

For people who handle sales and other non-core services at investment adviser (XXV-B) or research analyst (XXV-A) firms, without giving advice or research themselves.

Required for associated persons of trading members who deal in equity derivatives, such as dealers and sales staff.

Also see: Series XIII Common Derivatives

For staff handling securities operations and risk management at trading and clearing members.

Currency derivatives (I), interest rate derivatives (IV) and commodity derivatives (XVI). Series XIII, Common Derivatives, covers several derivative segments in one exam.

Also see: Series XIII Common Derivatives

For people handling depository operations at DPs.

II-A for corporate RTA work; II-B for mutual fund RTA work.

III-A for non-fund intermediaries such as brokers and DPs; III-C for fund-based intermediaries.

For distributors of portfolio management services and their employees.

For the principal officer and employees involved in investment decisions at a portfolio manager.

XIX-A for Category I and II AIFs; XIX-B for Category III AIFs.

For key investment team members of AIF managers. XIX-D and XIX-E are category-specific versions.

Also see: Series XIX-D AIF Cat I & II Managers Series XIX-E AIF Cat III Managers

For people working in merchant banking.

The retirement adviser certification used under PFRDA's framework.

Anti-money laundering and counter-terrorist financing provisions in the securities markets.

AML/CFT in the IFSC, and cyber security and cyber resilience (basic and advanced levels).

Also see: NISM IFSCA-02B Cyber Security IFSC (Advanced)

For social impact assessors under the Social Stock Exchange framework.

Not mandatory for a role, but a good first certification to understand how Indian securities markets work.