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What is NISM? 

The National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI), the regulator of the securities markets in India. The institute carries out a wide range of capacity building activities at various levels aimed at enhancing the quality standards of and increase the participation in the securities markets. The institute’s six schools of excellence and the National Center for Financial Education works in synergy towards professionalized securities markets.

Schools of Excellence

  • School for Securities Education (SSE) 
  • School for Certification of Intermediaries (SCI)
  • School for Regulatory Studies and Supervision (SRSS)
  • School for Investor Education and Financial Literacy (SIEFL)
  • School for Corporate Governance (SCG)
  • School for Securities Information and Research (SSIR)

NISM envisions a catalytic role in promoting securities markets research and education, through,

  • Close interface with policy makers and regulators
  • Continuous knowledge creation and dissemination
  • Enabling stakeholders to enhance knowledge, skill and awareness through research based inputs
  • Serving as a role model for other institutions in and outside India to enhance the quality of interaction in securities markets.

What are NISM certifications? 

The School for Certification of Intermediaries (SCI) at NISM is engaged in developing Certification Examination for professional employed in various segments of the Indian securities markets. These examinations are being developed by NISM as mandated under SEBI (Certification of Associated Persons in the Securities Markets) Regulation, 2007. Presently these examinations are delivered through various Tst Administrators appointed by NISM in more than 150 cities across India. The NISM Certifications Portal is a a centralized portal for access to all information related to NISM Certification Examinations as well as Continuing Professional Education (CPE). The portal also provides educational content to educate and help professionals entering the securities markets.

About CPE

On expiry of the validity of the certificate possessed by an associated person, the certificate shall be revalidated, provided the associated person either successfully completes a programme of Continuing Professional Education as may be specified by NISM during 12 months preceding the date of expiry of the certificate, or passes the relevant NISM certification examination before the expiry of the existing certificate.

List of NISM Certification


1. For whom is this examination mandated?

NISM has specified this examination to be the requisite standard for associated persons including distributors, agents, brokers, sub-brokers or called by any other name, employed or engaged or to be employed or engaged in the sale and/or distribution of mutual fund products.

2. What is the fee structure?

For the fees structure refer the table above 

3. What is the assessment structure?

The examination will be of 100 marks, will have 100 questions, and should be completed in 2 hours. There shall be no negative marking. The passing score for the examination is 50%.

4. Is there a study material available for preparing for this examination?

You will receive a soft copy of the workbook/study material after enrolment for the examination. For non-receipt of soft copy of the workbook/study material, you may contact the respective Test Administrator - NISM: certification@nism.ac.in

5. 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.Candidate can buy NISM workbooks online through Taxmann Publications Private Ltd.

6. What is the validity period of the certificate?

The certificate will be valid for 3 years from the date of the examination.

7. How do I renew my certificate?

To renew your current certificate, you need to appear for NISM CPE for Mutual Fund Distributors or successfully pass the NISM Mutual Fund Distributors Certification Examination before the expiry of such certificate.

8. Can I request for re-evaluation of NISM Certification Examinations?

NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.

“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of selection of only one correct answers from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.

9. Does Testprep Training offer Money Back Guarantee for the Exam Simulator?

Yes, we offer a 100% unconditional money back guarantee. In case you are not able to clear the exam for then, you can request for the full refund. Please note that we only refund the cost of product purchased from Testprep Training and not the AWS Certification Exam cost.

10. Is there any assistance from Testprep Training in terms of exam preparation?

Yes, Testprep Training offers email support for any certification related query while you are preparing for the exam using our practice exams. Your query will be handled by experts in due course.

11. Can we try the free test before purchasing the practice exam?

Yes, testprep training offers free practice tests for AWS Certified Advanced Networking Specialty which can be used before the final purchase for a complete test.

12. Do you provide any preparation guidance for this certification exam?

Yes, our experts frequently blog about the tips and tricks for exam preparation.

13. Do you offer any discount on the bulk purchase?

Yes, we offer nearly 50% discount for the order more than 10 products at a time. You can reach the testprep training Helpdesk for more details. The member of the support staff will respond as soon as possible.

14. For how long is the license valid after purchase in Testprep Training?

Once purchased, the practice exams can be accessed for the lifetime.