Nism Certificate Courses (2026): Eligibility, Duration, Fees, Top Institutes & Job Scope
NISM Certification Courses 2026: Essential Financial Expertise
NISM Certification Courses in India for 2026 start from ₹1200, with most exams lasting 120 minutes and certificates valid for three years. These professional qualifications, offered by SEBI’s educational arm, NISM, are mandatory for individuals working in India’s securities market.
| Sr. No. | NISM Certification Course Name | Test Duration (minutes) | Total Marks | Passing Marks (%) | Penalty for Incorrect Answers | Validity of Certificate (Years) | Course Fee (Rs.) |
|---|---|---|---|---|---|---|---|
| 1 | NISM-Series-I: Currency Derivatives | 120 | 100 | 60 | 25% | 3 | 1500 |
| 2 | NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents – Corporate | 120 | 100 | 50 | 25% | 3 | 1500 |
| 3 | NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund | 120 | 100 | 50 | 25% | 3 | 1500 |
| 4 | NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) | 120 | 100 | 60 | 25% | 3 | 1500 |
| 5 | NISM-Series-III-B: Issuers Compliance | 120 | 100 | 60 | 25% | 3 | 1770 |
| 6 | NISM-Series-IV: Interest Rate Derivatives | 120 | 100 | 60 | 25% | 3 | 1500 |
| 7 | NISM-Series-V-A: Mutual Fund Distributors | 120 | 100 | 50 | – | 3 | 1500 |
| 8 | NISM-Series-V-B: Mutual Fund Foundation | 120 | 50 | 50 | – | 3 | 1200 |
| 9 | NISM-Series-V-C: Mutual Fund Distributors (Level 2) | 120 | 100 | 60 | 25% | 3 | 1770 |
| 10 | NISM-Series-VI: Depository Operations | 120 | 100 | 60 | 25% | 3 | 1500 |
| 11 | NISM-Series-VII: Securities Operations and Risk Management | 120 | 100 | 50 | 25% | 3 | 1500 |
| 12 | NISM-Series-VIII: Equity Derivatives | 120 | 100 | 60 | 25% | 3 | 1500 |
| 13 | NISM-Series-IX: Merchant Banking | 120 | 100 | 60 | 25% | 3 | 1500 |
| 14 | NISM-Series-X-A: Investment Adviser (Level 1) | 180 | 150 | 60 | 25% | 3 | 3000 |
| 15 | NISM-Series-X-B: Investment Adviser (Level 2) | 180 | 150 | 60 | 25% | 3 | 3000 |
| 16 | NISM-Series-XII: Securities Markets Foundation | 120 | 100 | 60 | – | 3 | 1770 |
| 17 | NISM-Series-XIII: Common Derivatives | 180 | 150 | 60 | 25% | 3 | 3000 |
| 18 | NISM-Series-XV: Research Analyst | 120 | 100 | 60 | 25% | 3 | 1500 |
| 19 | NISM-Series-XVI: Commodity Derivatives | 120 | 100 | 60 | 25% | 3 | 1500 |
| 20 | NISM-Series-XVII: Retirement Adviser | 120 | 100 | 60 | 25% | 3 | 1500 |
| 21 | NISM-Series-XVIII: Financial Education | 120 | 50 | 50 | – | 3 | 1416 |
| 22 | NISM-Series-XIX-A: Alternative Investment Funds (Category I and II) Distributors | 120 | 100 | 60 | 25% | 3 | 1770 |
| 23 | NISM-Series-XIX-B: Alternative Investment Funds (Category III) Distributors | 120 | 100 | 60 | 25% | 3 | 1770 |
| 24 | NISM-Series-XX: Taxation in Securities Markets | 120 | 100 | 60 | 25% | 3 | 1770 |
| 25 | NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors | 120 | 100 | 60 | 25% | 3 | 1500 |
The table above details 25 of the 30+ NISM certificate courses available, highlighting their specific requirements, durations, and fees. These diverse offerings ensure professionals across various financial sectors can meet SEBI’s regulatory standards and enhance their expertise.
Exam Fees: Module-wise Costs
This section details the fees for various NISM examinations for 2026, including module-wise costs, duration, and passing criteria. Please note that online payment gateway charges are extra.
| Sr. No | Examination/Course Name | Duration (in mins) | Maximum Marks | Pass Mark (%) | Negative Marks (%) | Certificate Validity (in years) | Fees (₹) |
|---|---|---|---|---|---|---|---|
| NISM Certification Examination – Mandated By SEBI | |||||||
| 1 | NISM-Series-I: Currency Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
| 2 | NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents – Corporate | 120 | 100 | 50% | – | 3 | 1500 |
| 3 | NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund | 120 | |||||
How to Enroll for Exams: Step-by-Step Process
Enrolling for NISM certification exams in 2026 involves a clear, step-by-step process, starting with account creation on the official portal. This guide outlines the necessary documents, technical requirements, and fee structures to successfully register.
| Step | Description | Duration |
|---|---|---|
| 1 | Visit the Official NISM Certification Portal (certifications.nism.ac.in and locate the registration section) | 2-3 minutes |
| 2 | Create Your NISM Candidate Account (Fill in the registration form with personal, contact, and document details) | 10-15 minutes |
| 3 | Account Verification and Approval (Wait for NISM to review and approve your registration) | 24-48 hours (up to 5 working days) |
| 4 | Login to Your Approved Account (Access your candidate dashboard after account approval) | 1-2 minutes |
| 5 | Select Your NISM Certification Exam (Choose the certification you want to pursue from available options) | 5-10 minutes |
| 6 | Choose Exam Center, Date, and Time Slot (Select your preferred test location and schedule) | 5-7 minutes |
| 7 | Payment of Examination Fees (Complete fee payment through secure gateway) | 3-5 minutes |
| 8 | Enrollment Confirmation (Receive confirmation of successful enrollment) | 5-10 minutes |
| 9 | Download Study Material (Access free digital study materials for your exam) | 2-5 minutes |
| 10 | Download Admit Card (Download and print your exam admit card) | 2-3 minutes |
The entire registration process, from portal visit to admit card download, can be completed efficiently by following these steps, with account approval taking the longest duration.
- Official NISM Certification Portal: certifications.nism.ac.in
- Account Verification and Approval Duration: 24-48 hours (up to 5 working days)
- Mandatory Identity Document: PAN Card (JPEG, JPG, Max 1 MB, clear, valid, name must match)
- Mandatory Photograph Requirements: Passport-Size Photograph (JPEG, JPG, Max 1 MB, recent, plain background, clear face)
- Minimum Age Eligibility: 18 years or above (applicable to most NISM certifications)
- Accepted Payment Methods: Debit card, credit card, net banking, or UPI
Exam Pattern & Syllabus: Key Modules and Weightage
The NISM exam pattern and syllabus have undergone significant updates for 2026, notably with a complete restructuring of the NISM Series XV (Research Analyst) examination. This section details key modules, weightage, and other crucial aspects to help candidates.
| Sr. No | NISM Certification Examination | Duration (in mins) | Maximum Marks | Pass Mark (%) | Negative Marks (%) | Certificate Validity (in years) | Fees (₹) |
|---|---|---|---|---|---|---|---|
| 1 | NISM-Series-I: Currency Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
| 2 | NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents – Corporate | 120 | 100 | 50% | – | 3 | 1500 |
| 3 | NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund | 120 | 100 | 50% | – | 3 | 1500 |
| 4 | NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) | 120 | 100 | 60% | 25% | 3 | 1500 |
| 5 | NISM-Series-III-C: Securities Intermediaries Compliance (Fund) | 120 | 100 | 60% | 25% | 3 | 1500 |
| 6 | NISM-Series-IV: Interest Rate Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
| 7 | NISM-Series-V-A: Mutual Fund Distributors (English) | 120 | 100 | 50% | – | 3 | 1500 |
| 8 | NISM-Series-V-A: Mutual Fund Distributors (Hindi) | 120 | 100 | 50% | – | 3 | 1500 |
| 9 | NISM-Series-V-B: Mutual Fund Foundation | 120 | 50 | 50% | – | 3 | 1200 |
| 10 | NISM-Series-VI: Depository Operations | 120 | 100 | 60% | 25% | 3 | 1500 |
| 11 | NISM-Series-VII: Securities Operations and Risk Management | 120 | 100 | 50% | 25% | 3 | 1500 |
| 12 | NISM-Series-VIII: Equity Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
| 13 | NISM-Series-IX: Merchant Banking | 120 | 100 | 60% | 25% | 3 | 1500 |
| 14 | NISM-Series-X-A: Investment Adviser (Level 1) | 180 | 150 | 60% | 25% | 3 | 3000 |
| 15 | NISM-Series-X-B: Investment Adviser (Level 2) | 180 | 150 | 60% | 25% | 3 | 3000 |
| 16 | NISM-Series-X-C: Investment Adviser Certification (Renewal) | 60 | 50 | 50% | – | 3 | 2500 |
| 17 | NISM-Series-XIII: Common Derivatives | 180 | 150 | 60% | 25% | 3 | 3000 |
| 18 | NISM-Series-XV: Research Analyst | 120 | 100 | 60% | 25% | 3 | 1500 |
| 19 | NISM-Series-XV-B: Research Analyst Certification (Renewal) | 60 | 50 | 50% | – | 3 | 2500 |
| 20 | NISM-Series-XVI: Commodity Derivatives | 120 | 100 | 60% | 25% | 3 | 1500 |
| 21 | NISM-Series-XIX-C: Alternative Investment Fund Managers | 180 | 150 | 60% | 25% | 3 | 3000 |
| 22 | NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers | 120 | 100 | 60% | 25% | 3 | 1500 |
| 23 | NISM-Series-XIX-E: Category III Alternative Investment Fund Managers | 120 | 100 | 60% | 25% | 3 | 1500 |
| 24 | NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors | 120 | 100 | 60% | 10% | 3 | 1500 |
| 25 | NISM-Series-XXI-B: Portfolio Managers | 180 | 150 | 60% | 25% | 3 | 3000 |
| 26 | NISM-Series-XXIII: Social Impact Assessors | 120 | 100 | 60% | 25% | 3 | 1500 |
| 27 | NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) | 60 | 50 | 50% | – | 3 | 1500 |
| 28 | NISM-Series-XVII: Retirement Adviser | 120 | 100 | 60% | 25% | 3 | 1500 |
| 29 | NISM-IFSCA-01: Certification Course on AML and Counter Terrorist Financing in the IFSC | 60 | 50 | 50% | – | 2 | 885 |
| 30 | NISM-Series-XII: Securities Markets Foundation | 120 | 100 | 60% | – | 3 | 1003 |
This comprehensive overview highlights the diverse range of NISM certificate courses, detailing their duration, maximum marks, passing criteria, and fees, offering a clear guide for aspiring professionals in the financial markets.
Specific updates for the NISM Series XV (Research Analyst) 2026 examination include:
- Exam Restructuring: Fundamentally restructured in early 2026 with a complete workbook overhaul.
- Syllabus Expansion: Syllabus expanded from 13 to 15 chapters.
- Technical Analysis: Now commands a solid 15 marks, an increase from roughly 10% weightage.
- Case Study Section: Features 5 distinct case studies, each carrying 4 marks, totaling 20 marks.
- Question Bifurcation: The exam is roughly 35-35% for theory and numericals, with remaining weightage for case studies.
NISM vs. CIEL Wealth Management: A Comparison
The National Institute of Securities Markets (NISM) provides 25 active certification programs recognized by SEBI, which are mandatory for various financial roles. CIEL Learning supports candidates in achieving these by offering preparatory trainings and acting as an accredited partner.
| Sr. No. | NISM Certification Examination Name | Mandating Authority / Type | Duration (in mins) | Maximum Marks | Pass Mark (%) | Negative Marks (%) | Certificate Validity (in years) | Fees (₹) |
|---|---|---|---|---|---|---|---|---|
| 1 | NISM-Series-I: Currency Derivatives | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 2 | NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents – Corporate | SEBI | 120 | 100 | 50% | – | 3 | 1500 |
| 3 | NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund | SEBI | 120 | 100 | 50% | – | 3 | 1500 |
| 4 | NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 5 | NISM-Series-III-C: Securities Intermediaries Compliance (Fund) | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 6 | NISM-Series-IV: Interest Rate Derivatives | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 7 | NISM-Series-V-A: Mutual Fund Distributors (English) | SEBI | 120 | 100 | 50% | – | 3 | 1500 |
| 8 | NISM-Series-V-A: Mutual Fund Distributors (Hindi) | SEBI | 120 | 100 | 50% | – | 3 | 1500 |
| 9 | NISM-Series-V-B: Mutual Fund Foundation | SEBI | 120 | 50 | 50% | – | 3 | 1200 |
| 10 | NISM-Series-VI: Depository Operations | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 11 | NISM-Series-VII: Securities Operations and Risk Management | SEBI | 120 | 100 | 50% | 25% | 3 | 1500 |
| 12 | NISM-Series-VIII: Equity Derivatives | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 13 | NISM-Series-IX: Merchant Banking | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 14 | NISM-Series-X-A: Investment Adviser (Level 1) | SEBI | 180 | 150 | 60% | 25% | 3 | 3000 |
| 15 | NISM-Series-X-B: Investment Adviser (Level 2) | SEBI | 180 | 150 | 60% | 25% | 3 | 3000 |
| 16 | NISM-Series-X-C: Investment Adviser Certification (Renewal) | SEBI | 60 | 50 | 50% | – | 3 | 2500 |
| 17 | NISM-Series-XIII: Common Derivatives | SEBI | 180 | 150 | 60% | 25% | 3 | 3000 |
| 18 | NISM-Series-XV: Research Analyst | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 19 | NISM-Series-XV-B: Research Analyst Certification (Renewal) | SEBI | 60 | 50 | 50% | – | 3 | 2500 |
| 20 | NISM-Series-XVI: Commodity Derivatives | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 21 | NISM-Series-XIX-C: Alternative Investment Fund Managers | SEBI | 180 | 150 | 60% | 25% | 3 | 3000 |
| 22 | NISM-Series-XIX-D: Category I and II Alternative Investment Fund Managers | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 23 | NISM-Series-XIX-E: Category III Alternative Investment Fund Managers | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 24 | NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors | SEBI | 120 | 100 | 60% | 10% | 3 | 1500 |
| 25 | NISM-Series-XXI-B: Portfolio Managers | SEBI | 180 | 150 | 60% | 25% | 3 | 3000 |
| 26 | NISM-Series-XXIII: Social Impact Assessors | SEBI | 120 | 100 | 60% | 25% | 3 | 1500 |
| 27 | NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) | SEBI | 60 | 50 | 50% | – | 3 | 1500 |
| 28 | NISM-Series-XVII: Retirement Adviser | PFRDA | 120 | 100 | 60% | 25% | 3 | 1500 |
| 29 | NISM-IFSCA-01: Certification Course on AML and Counter Terrorist Financing in the IFSC | IFSCA | 60 | 50 | 50% | – | 2 | 885 |
| 30 | NISM-Series-XII: Securities Markets Foundation | Non-Mandatory | 120 | 100 | 60% | – | 3 | 1003 |
This comprehensive table details various NISM certificate courses, outlining their mandating authority, duration, scoring criteria, validity, and fees, providing a clear overview of the requirements for each examination.
Frequently Asked Questions
What are the primary benefits of pursuing NISM Certificate Courses for a career in the Indian financial market?
NISM certifications provide industry-recognized validation of knowledge in specific financial domains, enhancing employability and demonstrating compliance with regulatory requirements for various roles within the Indian securities market. They are often a prerequisite or highly preferred for positions in broking, mutual funds, and investment advisory.
How do NISM certifications compare to other financial certifications available in India, such as those from NCFM or CISI?
NISM certifications are specifically mandated and developed by the National Institute of Securities Markets, under SEBI, making them the official standard for many regulatory functions in India. While NCFM (NSE Academy) and CISI offer valuable certifications, NISM holds unique regulatory weight for certain roles within the Indian financial ecosystem.
Given the 2026 context, what kind of job roles are most likely to benefit from specific NISM certifications, and what is the typical salary range for freshers?
In 2026, roles like Equity Dealer, Research Analyst, Investment Advisor, and Mutual Fund Distributor will significantly benefit from relevant NISM certifications. Freshers with NISM certifications can typically expect starting salaries ranging from INR 3.0 to 6.0 Lakhs per annum, depending on the role, company, and additional qualifications.
Are NISM certificate courses sufficient for a long-term career in finance, or are further qualifications usually required?
NISM certificates are an excellent foundation and often a mandatory starting point, but for long-term career growth and advanced roles, further qualifications like an MBA in Finance, CFA, or CFP are typically pursued. They serve as specialized knowledge boosters rather than comprehensive degree equivalents.
What is the typical duration and fee structure for most NISM certification exams and preparatory courses in 2026?
NISM certification exams are generally 2-hour online tests, while preparatory courses can range from 1 week to 2 months. Exam fees typically fall between INR 1,500 to 3,000, and preparatory course fees, if opted for, can range from INR 5,000 to 25,000 depending on the institute and course complexity.
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