The certificate that opens finance careers in India.
NISM, the National Institute of Securities Markets, was set up by SEBI. Its exams are how the market checks that people who sell or service investments know the rules. Here is what each exam covers, who needs it, what it costs and how to book it.
Small exam. Big door.
For most finance careers that touch investors, a NISM certificate is the first box an employer or regulator checks.
SEBI requires anyone who sells or distributes mutual funds, including staff who deal with investors, to pass NISM V-A. Without it, AMFI will not issue an ARN.
Banks, fund houses, brokers and wealth firms often ask for NISM certification for investor-facing roles. Walking in with it already done sets you apart.
V-A is a two-hour exam at a test centre with a ₹1,500 NISM fee. Your result shows on screen the moment you submit.
Each certificate lasts three years. V-A can be renewed through NISM’s CPE programme, so you don’t have to sit the full exam again.
The four exams, compared.
Tap an exam for its full guide: syllabus weightage, chapter list, study plan and the traps to watch for.
| Exam | Questions | Duration | Pass mark | Negative | NISM fee | Valid for | Free prep here |
|---|---|---|---|---|---|---|---|
| Series V-AMutual Fund Distributors | 100 | 120 min | 50% | None | ₹1,500 | 3 years | 12 ch · 450 Qs |
| Series V-DSIF and Mutual Fund Distributors | 150 | 180 min | 60% | Yes | ₹3,000 | 3 years | 13 ch · 400 Qs |
| Series XIIICommon Derivatives | 150 | 180 min | 60% | Yes | ₹3,000 | 3 years | 14 ch · 300 Qs |
| Series XXI-APMS Distributors | 100 | 120 min | 60% | Yes | ₹1,500 | 3 years | 12 ch · 300 Qs |
Exam pattern and fees as published by NISM when we last checked. Always confirm on certifications.nism.ac.in before you pay.
Start from what you want to do.
Employers and regulators set their own requirements and they change from time to time. When a job description names an exam, take that one.
From exam to your first client.
Passing NISM is the starting line. For mutual fund distribution, this is the sequence.
Everything to prepare, ₹0.
Read every chapter on the web. The app adds the full question banks, practice mocks and the Final exam.
Common questions.
What is NISM?
The National Institute of Securities Markets, an educational institution set up by SEBI. It runs the certification exams that SEBI requires for many market roles, from mutual fund distribution to derivatives and portfolio management.
Do I need a degree or work experience?
No minimum education or experience is required for NISM V-A. To get an ARN from AMFI afterwards you must be 18 or older and have a PAN. Check the NISM portal for the rules of the exam you choose.
Where do I take the exam?
At an NISM test centre, on a computer. You book the centre, date and slot on the NISM portal, and the result shows on screen when you submit.
How long is a NISM certificate valid?
Three years. For V-A you can renew through NISM’s Continuing Professional Education (CPE) programme instead of sitting the exam again. Your ARN validity follows the certificate, so note the date.
Can I retake the exam if I fail?
Yes. Enrol again on the portal and pay the fee again. Use the gap to rework the chapters where you lost marks.
Does FundsSchool book my exam or take a fee?
No. You register and pay NISM directly on certifications.nism.ac.in. FundsSchool takes no part of the fee and is not affiliated with NISM.
Is a FundsSchool certificate the same as NISM certification?
No. Our certificate shows you completed the FundsSchool preparation programme. Only NISM issues NISM certificates, after you pass its exam.