NISM library
Pick your certification. Every NISM series, in one place.
Each series gets a dedicated shelf — concept-by-concept explainers with India-specific examples and a full-length mock test that mirrors the real exam.
About NISM
What is NISM, and why these certifications matter
The National Institute of Securities Markets (NISM) is a public trust established by SEBI in 2006 to raise the standard of India's securities markets through education and certification. Its exams set the minimum knowledge benchmark for people working across the industry.
For most market-facing roles a NISM certificate isn't optional — it's a regulatory requirement. To sell mutual funds you must clear NISM Series V-A (Mutual Fund Distributors) and register for an AMFI ARN; investment advisers, research analysts and derivatives dealers each have their own series. Browse the full list below to find the one for your role.
Each exam is an online, multiple-choice test with a 50–60% pass mark and (for most series) no negative marking. Certificates are typically valid for three years and renewable via CPE. The fastest way to prepare is to read the concept explainers, then drill full-length mock tests and the question library until you're consistently above the pass mark.
Already certified? Turn it into income — become a mutual fund distributor and start advising clients.
A quick primer on NISM certification.
NISM Series V-A — Mutual Fund Distributors
Open series →India's most-attempted NISM certification. Covers MF structure, regulation, distribution and investor advice.
NISM Series XIII — Common Derivatives
Mock tests →Common derivatives certification — for professionals covering both equity and currency derivatives.
NISM Series XXI-A — Portfolio Management Services Distributor
Mock tests →Distribution of Portfolio Management Services. Eligibility, conduct, disclosure.
NISM Series VIII — Equity Derivatives
Mock tests →Futures, options, hedging, trading strategies and the regulatory framework for equity derivatives.
NISM Series V-B — Mutual Fund Foundation
Mock tests →Entry-level mutual fund certification. Covers the basics every distributor needs.
NISM Series VII — Securities Operations & Risk Management
Mock tests →Back-office and operations certification. Settlement, risk and ops controls.
NISM Series X — Investment Adviser
Mock tests →Investment adviser certification — fee-only advice, fiduciary duty and SEBI's IA framework.
NISM Series XII — Securities Markets Foundation
Mock tests →A broad foundation across all corners of the Indian securities market.
NISM Series XV — Research Analyst
Mock tests →For SEBI-registered research analysts. Valuation, modelling, disclosure rules.
NISM Series XVII — Retirement Adviser
Mock tests →Retirement planning, NPS, PFRDA framework and the saving-to-payout journey.
NISM Series XVII-A — Currency Derivatives
Mock tests →Currency derivatives certification — USD-INR, EUR-INR, hedging and currency-market mechanics.
More ways to prepare
Mock tests
Full-length, exam-style papers with explanations on every option.
Courses
Structured, self-paced video courses with quizzes and certificates.
Question library
Search thousands of NISM questions with answers and explanations.
30-day study plan
A day-by-day plan to clear NISM V-A in a month.