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NISM (National Institute of Securities Markets) certifies six exams covered here: V-A for mutual fund distributors, V-D for SIF distributors, X-A and X-B for SEBI-registered Investment Advisers, XV for Research Analysts, and XXI-A for PMS distributors. Pass marks run 50–60%, exams take 2–3 hours, and each has its own negative-marking rule — compared below.
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Bhavik Dalwadi, 27 October 2026 — 72.5 out of 100 against a pass mark of 60. Report your own pass and we send you ₹199 back.
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Picking the wrong certification wastes months. The most common mistake: candidates sit X-A alone, not realising SEBI requires X-B too for fresh Investment Adviser registration, or sit V-A when their actual goal (Research Analyst work) needs XV instead. Match the certification to the registration you actually need before you pay an exam fee, not after.
A question bank and a score tell you where you stand. BullWiser also tells you what to study next. These features come with a free account.
Every mock you take is saved to your free account. A readiness score (average of your last 3 mocks) and an estimated pass chance show how close you are to the pass mark. See the dashboard →
Download a report for every mock: score, change from your last attempt and a SWOT analysis. Mock-pack buyers also get chapter results, timing and a 7-day plan. Sample PDF
After each mock, every chapter is marked weak (below 60%), watch (60–74%) or strong (75%+), so you know exactly where marks are leaking.
The dashboard names the one chapter worth fixing next, so you revise where it matters instead of re-reading the whole workbook.
Average seconds per question plus your fastest and slowest areas, so you see where time is lost, not just marks.
Every attempt with date, score and pass/fail in one place, across all six NISM series under a single login.
Learn the syllabus, take a cold mock, fix the priority chapter, watch your pace, then re-test: a simple plan that works for any series.
Timed full-length mocks with NISM-accurate marking, including negative marking where the exam has it.
Every chapter page has free sample questions with explanations, and key chapters now carry exam-focused study notes in plain English.
Solved numerical questions and formula sheets for the calculation-heavy chapters.
Daily, weekly and all-time top scorers, a little healthy competition while you prepare.
Buy a mock pack, clear the real NISM exam, and claim ₹199 to your UPI. Conditions apply.
Passed mock attempts come with a certificate that anyone can check on BullWiser's verify page.
Investment Adviser (SEBI RIA) needs both X-A and X-B. SIF distributors need V-A first, then V-D.
Mon–Fri, 9:30 PM on Google Meet. All 15 chapters, case studies and live doubt-solving. New batch on the 5th of every month. ₹3,999.
See the live course →A private dashboard with every student's scores and weak chapters. Free 30-day pilot for your first batch.
Request a free pilot →Exam pattern, fees and question banks, side by side. Every figure below is sourced from NISM's own workbooks and published exam circulars.
For anyone selling or distributing mutual funds — MFDs, bank RMs, distributor staff. Mandatory to hold and renew an ARN.
For SEBI-registered Research Analysts and their associated persons who publish research reports or recommendations.
First of two mandatory papers for SEBI Registered Investment Advisers (RIAs) — personal financial planning & investment basics.
Second, companion RIA paper — insurance, retirement planning, taxation, estate planning and behavioural finance.
For MFDs who also want to distribute Specialised Investment Funds (SIF) — SEBI's new higher-ticket category between mutual funds and PMS/AIFs.
Mandatory for anyone engaged by a portfolio manager to distribute Portfolio Management Services (SEBI notification, 7 September 2021).
The official NISM registration process — identical for all six series above, only the module and fee change.
Register on NISM's official certification portal at cert.nism.ac.in and upload your KYC documents — PAN card, a passport-size photograph, and Aadhaar details. New profiles are typically verified within 24–72 hours.
Once your profile is approved, log in and select the NISM series you want to attempt (V-A, XV, X-A, X-B, V-D or XXI-A), then choose a computer-based test center and date. Registration is open year-round — there's no fixed exam season.
Fees are paid online at the time of booking (see the comparison above for each series' fee) and are non-refundable except in cases like failed or duplicate payments.
Arrive at your chosen center with a valid photo ID. NISM exams are objective/MCQ-based and computer-scored, so your result is available immediately or within a few working days.
On passing, your certificate is valid for 3 years from the exam date. Renewal is via a CPE (Continuing Professional Education) program taken in the 12 months before expiry — a short classroom or online (eCPE) course, not a full re-exam.
There's no cap on re-attempts. You can re-register and rebook immediately — though each attempt requires a fresh, full fee payment.
The same five-step cycle works for every series above — only the chapter weightage changes.
Before you study anything, sit a full mock test. This is your honest baseline — not a score to feel good or bad about, just data on where you stand.
A chapter worth 10 marks where you scored 40% matters far more than a 2-mark chapter you already know cold. Prioritize accordingly.
Work through chapter-wise questions with explanations rather than re-reading the full workbook linearly, top to bottom.
Short chapter-wise practice — not another full mock — to confirm the specific gap actually closed before moving on.
If your readiness score is 70%+ against a 50–60% pass bar, you have real margin for exam-day nerves and any negative marking.
Legally required to hold and renew your ARN. Without it you can't get empanelled with AMCs or earn mutual-fund distribution commission — it's the baseline credential for every MFD in India.
Legally required to publish research or recommendations as a Research Analyst. Beyond the SEBI mandate, it builds credibility with institutional and retail clients who rely on your calls.
Both papers together are required to register as a SEBI RIA. This unlocks fee-based advisory income and a fiduciary standing distinct from a distributor — you're paid to advise, not to sell product.
Required before you can distribute Specialised Investment Funds. SIFs sit between mutual funds and PMS/AIFs on ticket size, so this certification typically opens up a materially higher-commission client relationship than plain MF distribution.
Required to distribute Portfolio Management Services. PMS has a ₹50 lakh minimum investment, so this certificate lets you serve high-net-worth clients with discretionary and advisory portfolios alongside your mutual fund business.
The questions people ask Google most about NISM exams, answered from NISM's and SEBI's own pages.
Anyone. NISM's certification FAQ says there is no age or educational qualification needed to take a NISM exam, so students, working professionals and people already in the industry can all register. Degree requirements only come in later if you apply to SEBI to register as an Investment Adviser or Research Analyst — not for the exam itself.
Create a profile on NISM's certification portal (cert.nism.ac.in), then enrol for the series you want and pick your date and slot. Registration is open all year. Give your PAN while registering — NISM says only candidates who provide their PAN receive the certificate. The How to Enroll steps above walk through it.
NISM's certifications page currently says exams are conducted in online remote-proctored mode, on a Windows laptop or desktop with a webcam and microphone (phones and tablets are not allowed). The same page also lists exam availability in 150+ cities, so the options can differ by series — check what the portal offers for your exam when you book.
Going by the official exam pattern, X-A and X-B are the hardest: 150 marks, a 60% pass mark, 25% negative marking and case-study questions. XV also needs 60% with 25% negative marking. V-D and XXI-A need 60% but deduct only 10% per wrong answer. V-A is the most approachable — 50% to pass and no negative marking. Real pass rates from BullWiser mocks are on NISM Research.
You can enrol again and retake it. Each attempt needs a fresh enrolment and the full exam fee; NISM's FAQs do not publish a cap on attempts. Before rebooking, take a chapter-wise mock to find the chapters that cost you marks rather than re-reading the whole workbook.
Pick by the job, because SEBI ties each role to a specific certificate: V-A to distribute mutual funds, V-D to also distribute Specialised Investment Funds, XXI-A to distribute PMS, XV for research analysts, and X-A plus X-B together for SEBI-registered investment advisers. Not sure? Use the role picker at the top of this page.
A NISM certificate makes you eligible for roles where SEBI requires it — for example, mutual fund distribution needs V-A, and research roles with SEBI-registered research analysts need XV. It is an entry requirement, not a job guarantee: employers still look at your sales, advisory or analysis skills.
Three years. To stay certified, pass the exam again before it expires or complete NISM's one-day Continuing Professional Education (CPE) programme. NISM issues certificates through DigiLocker and runs a Skill Registry verification service for checking a certificate — both are linked from NISM's certifications page.
As per NISM's fee table: ₹1,500 for V-A, XV and XXI-A, and ₹3,000 for X-A, X-B and V-D, plus payment gateway charges. NISM revises fees from time to time, so confirm on nism.ac.in before you pay.
Sources: NISM certifications & fee table, NISM certification FAQ. Checked 1 October 2026.
Everything a NISM candidate needs outside the mocks themselves — where to sit the exam, what each paper covers, which series applies to you, and what the certificate lets you do afterwards.
NISM exam centres and dates · How to register for a NISM exam · NISM exam pattern 2026 · NISM exam fees 2026 · Negative marking rules · Certificate validity and renewal · NISM certificate download · NAV cut-off time
NISM V-A syllabus 2026 · NISM XV syllabus 2026 · NISM X-A syllabus 2026 · NISM V-D pattern and syllabus · NISM XXI-A pattern and syllabus · NISM V-A pass marks · NISM X-A pass marks and pattern
NISM V-A vs XV · NISM X-A vs X-B · NISM V-D vs V-A vs XIII · Best NISM mock test websites compared
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