NISM Certification Exams: Frequently Asked Questions

1. Who can take NISM Certification Examinations?
NISM conducts certification examination for various Securities Market Participants and Intermediaries as mandated by Securities and Exchange Board of India (SEBI). However, anyone who is keen on learning about the Indian Securites Markets may also take the exam. There is no eligibility requirement with regards to age as well as educational qualification to take the NISM exam.

2. How to register for the NISM Certification Examinations?
To register for any of the NISM exams, one needs to fill in the prescribed Online Registration Form available on the NISM Online Certification System.

3. How to enroll for the NISM Certification Examinations?
After completing the registration process, one needs to choose the exam which one wishes to take, the Testing Centre, Exam date and time slot of their choice on the NISM Online Certification System and fill in the enrolment form. Once the enrolment form is filled and submitted, the candidate is enrolled for that specific exam.

4. What is the validity period of the Candidate’s enrolment?
Validity period of Candidate's enrolment for an examination shall be 180 days from the time of enrolment.

5. Can a candidate choose to reschedule the chosen exam date and time?
Yes, if you wish to modify the exam slot, NISM Online Certification System would allow for one modification request, if made at least 15 days prior to the exam date.

6. Where and when to take the test?
When a candidate enrolls for an Examination, the candidate has to choose the exam, the exam date, the exam time and the test centres. If registered and enrolled through NISM, one can take the exam at NISM, BSE and MCX-SX test centres.

7. How to prepare for the test?
Once a candidate enrols for a particular exam and pays the fee, the candidate would be able to download the soft copy of study material developed to assist the candidates in preparing for the NISM certification examination by logging into NISM Certification Portal. . While NISM certification examination is largely based on the study material provided, NISM does not guarantee that all questions in the examination will be from the study material. Candidates are advised to check the latest circulars and changes in the regulations,if any, that have been covered in any examinations.

8. How to take the Examination?
When the candidate arrives at the designated testing centre to take the exam, the Invigilator will verify his/ her identity by checking the Identity card, which can be either the candidates PAN card, Driving License, Passport, College ID card, Employee ID card, UID etc. On being satisfied after verifying the documents, the Invigilator lets the candidate take the exam.
The exams are online, where for each question, alternative answers are provided. The candidate needs to click on the alternative which he presumes to be correct. For Example,

Q. NISM is the acronym for
  1. National Institute of Stock Market
  2. National Institute of Securities Market
  3. Nations Institute of Securities Market

If the candidate thinks that alternative 'b' is the correct answer to this question, then click the mouse in the radio button provided against the alternative ‘b’ in order to highlight it. You can edit your answer by clicking on any other alternative.
Practice exams are also available on the NISM website to help candidates get accustomed to the pattern of the question paper.

9. How are results declared for the tests?
Only the candidates who have produced their Income Tax Permanent Account Number (PAN Card) during registration would receive the Passing Email Certificate for NISM Certification exam within two weeks of appearing for the examination at their registered email address. Candidates who produced other identification proofs will not receive the certificate. They would receive only the Scorecard at the end of the examination.

10. I have not provided my PAN information at the time of taking the certification examination. How do I obtain the certificate now?
Candidates who have not provided their PAN information during registration may furnish their PAN details to NISM, if enrolled through NISM Online Certification System.
After receiving and verifying PAN details, the candidate will receive the certificate from NISM, if enrolled through NISM Online Certification System. No additional payments are required for obtaining the certificate.

11. What is the fee structure for the NISM exams?
The all inclusive fees for all mandatory NISM Certification Examination is Rupees One Thousand Five Hundred Only (Rs. 1500/-) except NISM-Series-V-B: Mutual Fund Foundation Certification Examination i.e. Rs. One Thousand Two Hundred Only (Rs. 1200/- ). However, for all non mandatory NISM Certification Examinations the all inclusive fees is Rupees One Thousand Seven Hundred and Twenty Five Only (Rs.1725/-).

12. What is the assessment structure of the NISM exams?
The examination has to be completed in 2 hours. There shall be negative marking of 25% for each wrong answer of the marks assigned to a question. However for NISM-Series-V-A: Mutual Fund Distributors Certification Examination, NISM-Series-V-B: Mutual Fund Foundation Certification Examination and NISM Series XII: Securities Markets Foundation Certification Examination there is no negative marking. The passing score for the examination varies from the different examinations NISM conducts.Fee Structure & Validity

13. What is the Validity period of the Certificate?
The validity of the certificate which the candidate on successful completion of the NISM exam is 3 years.

14. How can I receive the study material for NISM Certification Examinations?
You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination. Candidate can buy NISM workbooks online through Taxmann Publications Private Ltd. Visit: to place your orders for NISM workbooks. If you prefer to order by phone , please call your nearest store directly to place your order.

15. Do I have to pay for the study material?
You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination. In case if you want to purchase a hardcopy of the workbook, you may contact Taxmann at Web Address:

16. What is the procedure to revalidate the certificate after 3 years when the certificate expires?
The certificate shall be revalidated for a period of three years when the candidate completes a programme of Continuing Professional Education (CPE) as specified by NISM.