NISM Academy22 live · 13 coming soon
NISM certification exams: pattern, syllabus and mock tests
Pick your exam to see its pattern, passing score, syllabus and how to prepare. 22 exams already have a free level check and full-length mock tests. The rest are coming soon, most requested first.
Mock tests available now
NISM Series V-AMutual Fund DistributorsThe exam you need to sell mutual funds and get your ARN from AMFI.
100 questions · 120 min · 50% to pass · no negative marking
NISM Series VIIIEquity DerivativesFor dealers and sales staff in the equity futures and options segment.100 questions · 120 min · 60% to pass · 25% negative
NISM Series XVResearch AnalystRequired for research analysts registered with SEBI.80 questions + 5 case studies · 120 min · 60% to pass · 25% negative
NISM Series X-AInvestment Adviser (Level 1)The first of two levels needed to register as a SEBI investment adviser.90 questions + 9 case studies · 180 min · 60% to pass · 25% negative
NISM Series VIISecurities Operations and Risk ManagementFor operations, back-office and risk staff at brokers and clearing members.100 questions · 120 min · 50% to pass · 25% negative
NISM Series ICurrency DerivativesFor people dealing in exchange-traded currency futures and options.100 questions · 120 min · 60% to pass · 25% negative
NISM Series XIISecurities Markets FoundationA broad introduction to Indian securities markets. A good first exam.100 questions · 120 min · 60% to pass · no negative marking
NISM Series V-BMutual Fund FoundationA shorter mutual fund exam for distributing a limited set of simple schemes.50 questions · 120 min · 50% to pass · no negative marking
NISM Series VIDepository OperationsFor depository participant staff handling demat accounts and transfers.100 questions · 120 min · 60% to pass · 25% negative
NISM Series XXI-APMS DistributorsFor people who distribute portfolio management services.100 questions · 120 min · 60% to pass · 10% negative
NISM Series II-ARTA – CorporateFor staff of registrars and share transfer agents handling company shares and issues.100 questions · 120 min · 50% to pass · no negative marking
NISM Series II-BRTA – Mutual FundFor RTA staff who process mutual fund transactions and investor records.100 questions · 120 min · 50% to pass · no negative marking
NISM Series III-ASecurities Intermediaries Compliance (Non-Fund)For compliance officers at brokers, DPs, merchant bankers and other non-fund intermediaries.100 questions · 120 min · 60% to pass · 25% negative
NISM Series III-CSecurities Intermediaries Compliance (Fund)For compliance officers at mutual funds, AIFs, REITs and InvITs.100 questions · 120 min · 60% to pass · 25% negative
NISM Series IVInterest Rate DerivativesFor people working in the interest rate futures segment of an exchange.100 questions · 120 min · 60% to pass · 25% negative
NISM Series V-DSpecialized Investment Fund DistributorsFor distributors who sell Specialized Investment Funds (SIFs) as well as mutual funds.150 questions · 180 min · 60% to pass · 10% negative
NISM Series IXMerchant BankingFor merchant banker staff working on IPOs, open offers, buybacks and delistings.100 questions · 120 min · 60% to pass · 25% negative
NISM Series X-BInvestment Adviser (Level 2)The second exam SEBI-registered investment advisers must pass, after Level 1.90 questions + 6 case studies · 180 min · 60% to pass · 25% negative
NISM Series XVICommodity DerivativesFor dealers and sales staff in the commodity derivatives segment.100 questions · 120 min · 60% to pass · 25% negative
NISM Series XIX-AAIF (Category I & II) DistributorsFor distributors and placement agents of Category I and II AIFs.80 questions + 5 case studies · 120 min · 60% to pass · 10% negative
NISM Series XXIVAML & CFT Provisions in Securities MarketsA short certification on anti-money laundering rules for securities market staff.50 questions · 60 min · 50% to pass · no negative marking
NISM-IFSCA-01AML & CFT in the IFSCIFSCA-mandated course on AML and CFT for capital market intermediaries in GIFT City.50 questions · 60 min · 50% to pass · no negative marking
Coming soon
Exam details are ready; mock tests and notes are on the way. Tap the ones you want next (no sign-up) and we build the most requested first.
NISM Series X-CInvestment Adviser (Renewal)The shorter renewal exam for investment advisers who already hold X-A and X-B.
50 questions · 60 min · 50% to pass · no negative marking
NISM Series XIIICommon DerivativesOne exam that covers equity, currency and interest rate derivatives together.150 questions · 180 min · 60% to pass · 25% negative
NISM Series XV-BResearch Analyst (Renewal)The shorter renewal exam for research analysts who already hold Series XV.50 questions · 60 min · 50% to pass · no negative marking
NISM Series XVIIRetirement AdviserRequired for retirement advisers registered with PFRDA.100 questions · 120 min · 60% to pass · 25% negative
NISM Series XIX-BAIF (Category III) DistributorsFor distributors and placement agents of Category III AIFs.80 questions + 5 case studies · 120 min · 60% to pass · 10% negative
NISM Series XIX-CAIF ManagersFor AIF managers and their key investment team, covering all AIF categories.90 questions + 6 case studies · 180 min · 60% to pass · 25% negative
NISM Series XIX-DCategory I & II AIF ManagersFor managers of Category I and II AIFs and their key investment team.60 questions + 4 case studies · 120 min · 60% to pass · 25% negative
NISM Series XIX-ECategory III AIF ManagersFor managers of Category III AIFs and their key investment team.60 questions + 4 case studies · 120 min · 60% to pass · 25% negative
NISM Series XXI-BPortfolio ManagersFor principal officers and staff of portfolio management services (PMS) firms.90 questions + 6 case studies · 180 min · 60% to pass · 25% negative
NISM Series XXIIISocial Impact AssessorsFor professionals who assess the impact of organisations listed on the Social Stock Exchange.85 questions + 3 case studies · 120 min · 60% to pass · 25% negative
NISM Series XXV-AResearch Services (Sales & Non-Core)For sales and support staff at research analyst firms who don’t write research.50 questions · 60 min · 50% to pass · no negative marking
NISM Series XXV-BInvestment Advice (Sales & Non-Core)For sales and support staff at investment adviser firms who don’t give advice.50 questions · 60 min · 50% to pass · no negative marking
SEBI Investor Awareness TestInvestor Awareness Test (Level 1)A free test from SEBI and NISM on the basics every investor should know.25 questions · 60 min · 40% to pass · no negative marking
About these pages
Exam details are taken from NISM’s published workbooks and notices and were last reviewed October 2026. NISM can change fees, patterns and syllabus, so always confirm on the official NISM site before you book.