1️⃣ Introduction
The National Institute of Securities Markets (NISM), established by SEBI, offers a wide range of certifications that validate the knowledge and regulatory compliance of professionals working in India’s financial markets.
Whether you’re a mutual fund distributor, a research analyst, an investment adviser, or someone just starting out in capital markets, NISM certifications act as a gateway to professional credibility, SEBI registration, and better job opportunities.
With over 25+ modules available, it can be overwhelming to decide where to begin. That’s why we’ve created this guide to highlight the Top 10 Most Popular NISM Certifications — based on their demand, usefulness, industry requirement, and impact on career growth.
Let’s explore which certifications stand out and who they’re best suited for.
2️⃣ Selection Criteria for “Most Popular” NISM Modules
With over 25+ certification modules offered by NISM, it’s important to understand which ones stand out and why. In this article, we’ve handpicked the Top 10 most popular NISM certifications using a combination of data, industry relevance, and regulatory importance.
Here are the key factors we considered:
- 📈 High Exam Registration Volume: Based on the number of candidates registering for the exam year after year.
- 📋 SEBI-Mandated Requirement: Certifications that are mandatory to work as a registered adviser, analyst, distributor, or intermediary.
- 💼 Industry Demand & Job Role Alignment: Modules that align with popular roles in mutual funds, broking, compliance, and research.
- 🎓 Accessibility & Entry-Level Flexibility: Exams that are easy to start with — especially for students, freshers, and new market learners.
- 🌟 Career Growth Potential: Certifications that open doors to SEBI registration, regulatory compliance, and advisory businesses.
Using these criteria, we’ve compiled a list of the 10 most impactful and in-demand NISM certifications to help you make the right choice based on your goals.
3️⃣ Top 10 NISM Certifications (With Details)
Below are the most widely pursued and job-oriented NISM certifications across India, each with high industry demand and regulatory value:
1️⃣ NISM Series V-A: Mutual Fund Distributors
Most popular entry-level certification, mandatory to sell or distribute mutual funds. Suitable for students, freshers, and agents entering the MF industry.
2️⃣ NISM Series VIII: Equity Derivatives
Essential for dealers and traders in options and futures. Required for executing derivative trades on behalf of clients.
3️⃣ NISM Series X-A & X-B: Investment Adviser Level 1 & 2
Mandatory certifications for SEBI Registered Investment Advisers (RIAs). Covers advisory ethics, financial planning, and product suitability.
4️⃣ NISM Series XV: Research Analyst
Required to operate as a SEBI-registered Research Analyst. Ideal for those in equity research, stock recommendations, and valuation.
5️⃣ NISM Series XII: Securities Market Foundation
Best suited for beginners, interns, and commerce students. Covers fundamentals of markets, regulations, and instruments.
6️⃣ NISM Series VI: Depository Operations
Mandatory for roles involving depository services, DP operations, account management, and record-keeping.
7️⃣ NISM Series I: Currency Derivatives
Useful for forex market professionals and brokers handling USD-INR and other currency pairs on NSE/BSE.
8️⃣ NISM Series IV: Interest Rate Derivatives
Niche certification, important for professionals working in bond, treasury, and interest rate risk management roles.
9️⃣ NISM Series VII: Securities Operations & Risk Management
Preferred for mid/back-office operations, clearing and settlement desks, and risk control functions.
🔟 NISM Series XXIV: AML & CFT (Anti-Money Laundering)
Increasingly demanded in compliance, audit, and regulatory reporting teams across banks, AMCs, and brokerages.
4️⃣ Quick Comparison Table – Top 10 NISM Certifications
This table gives a quick overview of the top 10 NISM certifications to help you compare key features at a glance:
| Module | Duration | Questions | Passing % | Fees | Negative Marking | Validity |
|---|---|---|---|---|---|---|
| Series V-A: Mutual Fund Distributors | 2 hrs | 100 | 50% | ₹1500 | No | 3 Years |
| Series VIII: Equity Derivatives | 2 hrs | 100 | 60% | ₹1500 | Yes (25%) | 3 Years |
| Series X-A: IA Level 1 | 3 hrs | 135 | 60% | ₹3000 | Yes (25%) | 3 Years |
| Series X-B: IA Level 2 | 3 hrs | 120 | 60% | ₹3000 | Yes (25%) | 3 Years |
| Series XV: Research Analyst | 2 hrs | 100 | 60% | ₹1500 | Yes (25%) | 3 Years |
| Series XII: Securities Market Foundation | 2 hrs | 100 | 60% | ₹1770 | No | 3 Years |
| Series VI: Depository Operations | 2 hrs | 100 | 60% | ₹1500 | Yes (25%) | 3 Years |
| Series I: Currency Derivatives | 2 hrs | 100 | 60% | ₹1500 | Yes (25%) | 3 Years |
| Series IV: Interest Rate Derivatives | 2 hrs | 100 | 60% | ₹1500 | Yes (25%) | 3 Years |
| Series XXIV: AML & CFT | 1 hr | 50 | 50% | ₹885 | No | 3 Years |
5️⃣ Who Should Choose Which Module?
With over 25 modules, it’s important to pick the right one depending on your career stage, goals, and area of interest. Here’s a quick guide to help you choose the best NISM certification for your profile:
- 🎓 Students & Beginners:
Start with Series XII – Securities Markets Foundation to learn the basics of stock markets, instruments, and intermediaries. - 🧑💼 Freshers & Graduates Looking for Jobs:
Go for Series V-A – Mutual Fund Distributors or Series VI – Depository Operations to get quick entry into asset management companies, broking firms, or DPs. - 📈 Equity Traders & Dealers:
You’ll need Series VIII – Equity Derivatives and optionally Series I – Currency Derivatives for working with derivatives desks. - 📊 Investment Planners & Wealth Advisors:
Must clear Series X-A and X-B – Investment Adviser Level 1 & 2 for SEBI RIA registration and advisory businesses. - 🧠 Analysts & Market Researchers:
Go for Series XV – Research Analyst if you want to provide equity recommendations or publish financial research. - 📚 Back Office, Compliance, and Settlement Roles:
Choose Series VII – SORM or Series VI – Depository Operations to work in operations or regulatory roles. - 🛡️ Compliance Officers & AML/KYC Teams:
Pick Series XXIV – AML & CFT to strengthen your compliance skills and regulatory readiness.
Choosing the right certification based on your goals ensures a smoother path into the finance industry and boosts your credibility with recruiters.
6️⃣ FAQs on Popular NISM Certifications
Yes, absolutely! You can register for and complete multiple NISM certifications depending on your career goals. Many professionals hold 3–4 different NISM modules.
If you’re new to financial markets, start with Series XII – Securities Market Foundation. It’s a perfect introduction before moving on to specific modules like Mutual Funds or Derivatives.
You need to pass both Series X-A (Level 1) and Series X-B (Level 2) for SEBI-registered RIA eligibility. These are mandatory under SEBI norms.
Yes. NISM certifications are mandated by SEBI and widely accepted across the finance industry, including banks, AMCs, brokerages, and fintechs.
Yes! Many people use NISM exams to enter new roles like compliance, trading, research, or advisory — even if they’re switching from unrelated fields.
No worries! You can reappear by paying the exam fee again. There’s no limit on attempts, and your score is not shared with employers unless you pass.
Modules like Series V-B (Mutual Fund Foundation) and Series XII (Foundation) are beginner-friendly and have no negative marking, making them easier for first-timers.
Most NISM certifications are valid for 3 years. You can renew them by either reappearing for the exam or attending a CPE (Continuing Professional Education) session.
