National Institute of Securities Markets (India)
NISM certifications (SEBI)
Reality check
- Official fees
- ₹2k–₹3k
- Per module incl. GST — ₹1,500 for Mutual Fund Distributor (V-A) and Research Analyst (XV), ₹3,000 for Investment Adviser (X-A and X-B each)
- Months to complete
- 1–3
- Pass rate
- ≈50–70% per module; pass mark 50% (V-A) or 60% (X-A, XV) with negative marking on X-A and XV
- Training
- None mandatory
- None
Recommend when: First market job or SEBI licensing; 1–3 months each
Hold back when: Presented as a career-defining credential
Official fees in INR (registration, exams, membership — coaching excluded), realistic months including any mandatory training, and the awarding body's published pass rate. Verify with the awarding body before you register.
- Who it is for
- Anyone starting in Indian capital markets; mandatory for research-analyst and investment-adviser roles in India.
- Structure
- To be confirmed by the awarding body TBC
- Eligibility
- None; Class 12 students can register.
- Duration
- 2–4 weeks per module.
- Exam windows
- On demand at NISM test centres.
- Experience requirement
- None.
- What comes next
- CFA Level I.
Facts last reviewed: 2026-10-23