1️⃣ Introduction
The National Institute of Securities Markets (NISM) offers a wide range of certification modules—commonly referred to as “NISM Series”—each designed to qualify individuals working in different segments of India’s financial markets.
Whether you’re a student exploring finance, a professional in mutual funds or equities, or someone preparing for SEBI registration, understanding the full list of NISM modules is crucial. This guide covers all current modules from Series I to Series XXV, including what each certification is for and who should take it.
These certifications are not just regulatory requirements—they also serve as stepping stones for long-term success, credibility, and industry readiness.
2️⃣ Complete List of NISM Certification Modules (2025 Updated)
This table covers all NISM modules including exam duration, fees, marks, pass percentage, and validity. Discontinued modules are listed at the bottom for reference.
| Sr. | Module Name | Duration | Fees (₹) | Max Marks | Questions | Pass % | Negative Marking | Validity (Years) |
|---|---|---|---|---|---|---|---|---|
| 1 | SEBI Investor Awareness Test | 1 hr | Free | 50 | 50 | 50% | – | 2 |
| 2 | NISM Series I: Currency Derivatives | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 3 | NISM Series II-A: RTA (Corporate) | 2 hrs | 1500 | 100 | 100 | 50% | – | 3 |
| 4 | NISM Series II-B: RTA (Mutual Fund) | 2 hrs | 1500 | 100 | 100 | 50% | – | 3 |
| 5 | NISM Series III-A: Compliance (Non-Fund) | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 6 | NISM Series IV: Interest Rate Derivatives | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 7 | NISM Series V-A: Mutual Fund Distributors | 2 hrs | 1500 | 100 | 100 | 50% | – | 3 |
| 8 | NISM Series V-B: Mutual Fund Foundation | 2 hrs | 1200 | 50 | 50 | 50% | – | 3 |
| 9 | NISM Series VI: Depository Operations | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 10 | NISM Series VII: SORM | 2 hrs | 1500 | 100 | 100 | 50% | 25% | 3 |
| 11 | NISM Series VIII: Equity Derivatives | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 12 | NISM Series IX: Merchant Banking | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 13 | NISM Series X-A: IA Level 1 | 3 hrs | 3000 | 150 | 135 | 60% | 25% | 3 |
| 14 | NISM Series X-B: IA Level 2 | 3 hrs | 3000 | 150 | 120 | 60% | 25% | 3 |
| 15 | NISM Series X-C: IA Renewal | 1 hr | 2500 | 50 | 50 | 50% | – | 3 |
| 16 | NISM Series XII: Securities Markets Foundation | 2 hrs | 1770 | 100 | 100 | 60% | – | 3 |
| 17 | NISM Series XIII: Common Derivatives | 3 hrs | 3000 | 150 | 150 | 60% | 25% | 3 |
| 18 | NISM Series XV: Research Analyst | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 19 | NISM Series XV-B: RA Renewal | 1 hr | 2500 | 50 | 50 | 50% | – | 3 |
| 20 | NISM Series XVI: Commodity Derivatives | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 21 | NISM Series XVII: Retirement Adviser | 2 hrs | 1500 | 100 | 100 | 60% | 25% | 3 |
| 22 | NISM Series XIX-A: AIF Cat I & II | 2 hrs | 1770 | 100 | 100 | 60% | 10% | 3 |
| 23 | NISM Series XIX-B: AIF Cat III | 2 hrs | 1770 | 100 | 100 | 60% | 10% | 3 |
| 24 | NISM Series XIX-C: AIF Managers | 3 hrs | 3000 | 150 | 120 | 60% | 25% | 3 |
| 25 | NISM Series XXI-A: PMS Distributors | 2 hrs | 1500 | 100 | 100 | 60% | 10% | 3 |
| 26 | NISM Series XXI-B: Portfolio Managers | 3 hrs | 3000 | 150 | 120 | 60% | 25% | 3 |
| 27 | NISM Series XXIII: Social Impact Assessors | 2 hrs | 1770 | 100 | 100 | 60% | 25% | 3 |
| 28 | NISM Series XXIV: AML & CFT in Securities Markets | 1 hr | 885 | 50 | 50 | 50% | – | 3 |
| 29 | IBBI Valuation – Land & Building | 2 hrs | 5900 | 100 | 90 | 60% | 25% | – |
| 30 | IBBI Valuation – Plant & Machinery | 2 hrs | 5900 | 100 | 90 | 60% | 25% | – |
| 31 | IBBI Valuation – Securities / Financial Assets | 2 hrs | 5900 | 100 | 90 | 60% | 25% | – |
3️⃣ Most Popular & Mandatory NISM Certifications
While NISM offers over 25 certifications, a few of them stand out as mandatory or career-defining. These modules are either required by SEBI regulations or widely recognized by financial firms across India. If you’re not sure where to start — these are the most recommended.
📘 NISM Series V-A
Mutual Fund Distributors
Mandatory for anyone selling or advising on mutual fund products.
📈 NISM Series VIII
Equity Derivatives
Required for working in equity derivatives segment (dealers/traders).
🧠 NISM Series XV
Research Analyst
Mandatory for publishing equity research or market analysis reports.
💼 NISM Series X-A & X-B
Investment Adviser Level 1 & 2
Required for SEBI Registered Investment Advisers (RIA).
🔐 NISM Series VI
Depository Operations
Essential for back-office and depository system roles.
These certifications act as building blocks for regulatory compliance, career growth, and industry recognition. Start with these if you’re aiming for a finance role or SEBI registration.
4️⃣ How to Choose the Right NISM Module
With over 25 modules available, choosing the right NISM certification depends on your career goals, current role, or regulatory requirements. Whether you are a beginner, student, employee, or aspiring entrepreneur — there’s a NISM module tailored for you.
Use this guide to make your decision:
- 🎯 Beginner or Student: Start with Series XII (Securities Market Foundation) to understand market basics
- 💼 Mutual Fund Distributor: Go for Series V-A (Mandatory by SEBI)
- 📈 Equity/Derivatives Dealer: Choose Series VIII (Equity Derivatives)
- 🧠 Research & Analysis Career: Pick Series XV (Research Analyst)
- 📝 Start Advisory Business: Clear Series X-A & X-B (For RIA registration)
- 🏢 Operations & Compliance Role: Go with Series VI or Series VII
Still unsure? Browse the full module list above or explore your path through NISM’s official resources.
