NISM

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About NISM

In pursuance of the announcement made by the Finance Minister in his Budget Speech in February 2005, Securities and Exchange Board of India (SEBI) established the National Institute of Securities Markets (NISM) in Mumbai.

SEBI, by establishing NISM, has articulated the desire expressed by the Indian government to promote securities market education and research.

Towards accomplishing the desire of Government of India and vision of SEBI, NISM has launched an effort to deliver financial and securities education at various levels and across various segments in India and abroad. To implement its objectives, NISM has established six distinct schools to cater the educational needs of various constituencies such as investor, issuers, intermediaries, regulatory staff, policy makers, academia and future professionals of securities markets.

NISM brings out various publications on securities markets with a view to enhance knowledge levels of participants in the securities industry.

NISM is mandated to develop and implement certification examinations for professionals employed in various segments of the Indian securities markets.

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IMPORTANT ANNOUNCEMENT PERTAINING TO NISM CERTIFICATIONS

In case of NISM modules, payment of examination fees made to NSE for NISM modules shall be considered as valid only until 31-Jul-2014. Candidates need to enroll for the test(s) on or before 31-Jul-2014. Refer to NSE circular reference no. NSE/NCFM/26788 dated 27-May-2014 .

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Test Details

Module Series Name of Module Information
NISM-Series I Currency Derivatives Certification Examination More
NISM-Series-II A Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination More
NISM-Series-II B Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination More
NISM-Series-III A Securities Intermediaries Compliance (Non-Fund) Certification Examination

Revised Examination available from September 18, 2014
More
NISM-Series-III B Issuers Compliance Certification Examination

Examination available from 17th May 2014
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NISM-Series-IV Interest Rate Derivatives Certification Examination

Revised Examination available from October 1, 2014
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NISM Series-V A Mutual Fund Distributors Certification Examination

Revised Examination available from October 21, 2014
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NISM Series-V B Mutual Fund Foundation Certification Examination

Revised Examination available from 29th April 2014
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NISM-Series-V C Mutual Fund Distributors (Level 2) Certification Examination More
NISM Series-VI Depository Operations Certification Examination More
NISM-Series-VII Securities Operations and Risk Management Certification Examination More
NISM-Series-VIII Equity Derivatives Certification Examination

Revised Examination available from 22nd May 2014
More
NISM-Series-IX Merchant Banking Certification Examination More
NISM-Series-X A Investment Adviser (Level 1) Certification Examinatio

Revised Examination available from 13th May 2014
More
NISM-Series-X B Investment Adviser (Level 2) Certification Examination More
NISM-Series-XI Equity Sales Certification Examination More
NISM-Series-XII Securities Markets Foundation Certification Examination More

Re-evaluation policy for NISM Certification Examinations


Details about the Module

Details about the Module

Details about the Module

Details about the Module

Details about the Module

  • NISM-Series-IV: Interest Rate Derivatives Certification Examination

    The examination seeks to create a common minimum knowledge benchmark for persons working in the Interest Rate Derivatives market segment, in order to enable a better understanding of fixed income securities markets and exchange traded interest rate derivative products, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement.
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  • NISM-Series-V A: Mutual Fund Distributors Certification Examination

  • The examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds including:

    1. Individual Mutual Fund Distributors
    2. Employees of organizations engaged in sales and distribution of Mutual Funds
    3. Employees of Asset Management Companies specially persons engaged in sales and distribution of Mutual Funds

    The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

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  • NISM-Series-V B: Mutual Fund Foundation Certification Examination

  • The examination seeks to create common minimum knowledge benchmark for new cadre of mutual fund distributors, as per SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012, involved in selling and distributing simple and performing mutual fund schemes:

    1. Postal agents
    2. Retired government and semi-government officials (class III and above or equivalent) with a service of at least 10 years
    3. Retired teachers with a service of at least 10 years
    4. Retired bank officers with a service of at least 10 years, and other similar persons (such as Bank correspondents) as may be notified by AMFI/AMC from time to time

    The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

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  • NISM-Series-V C : Mutual Fund Distributors (Level 2) Certification Examination
  • NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination is a voluntary examination.

    The examination seeks to create a common knowledge benchmark for associated persons, i.e., distributors, agents or any persons employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products and advisory functions, in order to enable a better understanding of features of advanced mutual fund products, fund valuation, fund performance measurements, investor service and related regulations.

    NISM has specified the NISM-Series-V-A: Mutual Fund Distributors Certification Examination as the mandated certification examination for distributors, agents or any persons employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products vide NISM communiqué NISM/Certification/Series-V-A: MFD/2010/01 dated May 05, 2010. SEBI has further mandated the same vide notification No. LAD-NRO/GN/2010-11/09/6422 dated May 31, 2010.

    National Institute of Securities Markets (NISM) now announces the launch of a higher level examination, for those candidates who wish to assess themselves against higher standards of overall expertise related to mutual funds sales, distribution and advisory functions.

    The NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination is suitable for:

    • Mutual fund distributors and agents
    • Persons employed or engaged in the sale and/or distribution of mutual fund products
    • Persons to be employed or engaged in the sale and/or distribution of mutual fund products
    • Students interested in gaining advanced knowledge of mutual fund products, sales, distribution and related regulations

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Details about the Module

Details about the Module

  • NISM-Series-VIII: Equity Derivatives Certification Examination
  • The examination seeks to create a common minimum knowledge benchmark for associated persons functioning as approved users and sales personnel of the trading member of an equity derivatives exchange or equity derivative segment of a recognized stock exchange.

    The examination aims to enable a better understanding of various derivatives products available in equity derivatives markets, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement. The examination also covers knowledge competencies related to the understanding of the financial structure in India and the importance of the different rules and regulations governing the Indian securities market, especially those related to the equity derivatives segment.

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  • NISM Series-IX: Merchant Banking Certification Examination
  • In order to create a common minimum knowledge benchmark for employees working with SEBI registered Merchant Bankers and performing various SEBI regulated functions such as those relating to IPO, FPO, Open offer, Buy-back, Delisting etc., and are involved in, or deal with any of the following:

    1. The investors, issuers or clients of intermediaries
    2. Assets or funds of investors or clients
    3. Redressal of investor grievances
    4. Internal control or risk management
    5. Activities having a bearing on operational risk
    6. Maintain books and records pertaining to above activities.

    Or for those people who are interested in making a career in the Merchant Banking. The exam will further seek to ensure basic understanding of various aspects of capital market functions, the processes involved in various functions of registered Merchant Bankers and the regulatory environment in which it operates.

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  • NISM-Series-X A: Investment Adviser (Level 1) Certification Examination
  • The examination seeks to create a common minimum knowledge benchmark for all associated persons registered as an investment adviser and partners and representatives of investment advisers under SEBI (Investment Advisers) Regulations, 2013 and offering investment advisory services.

    NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the level 1 examination and NISM would also be launching the level 2 of the Investment Adviser Certification Examination.

    An associated person shall be required to pass both the levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination) to fulfill the requirements under Regulation 7(2) of the SEBI (Investment Advisers) Regulations, 2013.

    The certification aims to enhance the quality of investment advisory and related services in the financial services industry.


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Details about the Module

  • NISM-Series-X B: Investment Adviser (Level 2) Certification Examination
  • NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination along with the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination seeks to create a common minimum knowledge benchmark for all associated persons registered as an investment adviser and partners and representatives of investment advisers under SEBI (Investment Advisers) Regulations, 2013 and offering investment advisory services.

    An associated person shall be required to pass both the levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination) to fulfill the requirements under Regulation 7(2) of the SEBI (Investment Advisers) Regulations, 2013.

    The certification aims to enhance the quality of investment advisory and related services in the financial services industry.


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  • NISM-Series-XI: Equity Sales Certification Examination
  • This examination is a voluntary examination.

    The examination seeks to create a common minimum knowledge benchmark for all persons involved in equity sales in order to enable a better understanding of equity markets, better quality investor service, operational process efficiency and risk controls.

    It seeks to ensure a basic understanding of the various aspects of the equity products, the process flow involved in trading, clearing and settlement of these products and the regulatory environment under which the market operates.

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  • NISM Series-XII: Securities Markets Foundation Certification Examination
  • This examination is a voluntary examination.

    The NISM-Series-XII: Securities Markets Foundation Certification Examination is for entry level professionals, who wish to make a career in the securities markets. This certification examination will also be useful to all those individuals who are interested in acquiring a basic knowledge of the Indian Securities markets, including:

    1. Entry level professionals in the securities markets
    2. Employees of intermediaries functioning in the securities industry
    3. Professionals in other industries interested in gaining knowledge of the securities markets
    4. Students
    5. Housewives
    6. Teachers

    The purpose of this exam is to impart basic knowledge of the Indian securities markets to the participants and related rules and regulations.

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Details about the Module

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