NISM Certification Examination
  conducted by BSE on behalf of National Institute of Securities Markets (NISM)
  as their Test Administrator

 

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About Certification  

About NISM-Series-I: Currency Derivatives Certification Examination
(NISM-Series-I: CD Examination)


OBJECTIVES OF TEST : The examination seeks to create a common minimum knowledge benchmark for persons working in the Currency Derivatives market segment, in order to enable a better understanding of currency markets and exchange traded currency derivatives products, better quality investor service, operational process efficiency and risk controls. more>>

ASSESSMENT STRUCTURE : The NISM-Series-I: CD Examination is for 100 marks, consisting of 100 questions of 1 mark each, and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%.


About NISM-Series-II-A: Registrars and Transfer Agents (Corporate) Certification Examination - (NISM-Series-II-A: RTA (Corp) Examination)

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the corporate R&T function, in order to enable better quality investor service, operational process efficiency and risk controls. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of securities and securities markets
  • Understand broadly the role and functions of the R&T Agents in the corporate securities issuance and transaction process.
  • Know the regulatory environment in which the R&T Agents operate in India.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score on the examination is 50%.


About NISM-Series-II-B: Registrars and Transfer Agents (Mutual Fund) Certification Examination - (NISM-Series-II-B: RTA (MF) Examination)

Workbook for NISM RTA-MF Exam has been revised. The exam as per existing workbook is available till January 2, 2013 and ceases to exist after that. Candidates taking the exam on or after January 3, 2013 will have to take the exam as per revised workbook. Corrigendum will be dispatched to registered address.

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the mutual fund R&T function, in order to enable better quality investor service, operational process efficiency and risk controls. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of securities and securities markets
  • Understand broadly the role and functions of the R&T Agents in the mutual fund issuance and transaction process.
  • Know the regulatory environment in which the R&T Agents operate in India.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score on the examination is 50%.


About NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination

The examination seeks to create a common minimum knowledge benchmark for all persons engaged in compliance function with any intermediary registered as Stock Brokers, Sub-brokers, Depository Participants, Merchant Bankers, Underwriters, Bankers to the Issue, Debenture Trustees and Credit Rating Agencies. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Understand the structure of financial and securities markets in India; financial intermediaries and the types of products available in the Indian market.
  • Understand the regulatory framework and the role of the various regulators in the financial system.
  • Understand the Importance of Compliance function and the scope and role of the compliance officer in the Indian securities market.
  • Understand the various regulations and rules of the Indian securities market as related to the defined group of intermediaries.
  • Understand the importance of compliance of the rules and regulations and the penal actions initiated in case of any default or failure.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question.


About 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. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of fixed income securities markets and specifically interest rate derivative markets in India and other markets.
  • Understand the analytical framework required for Bond Futures market in India along with trading and hedging strategies involved.
  • Understand the clearing, settlement and risk management as well as the operational mechanism related to exchange traded interest rate derivatives.
  • Know the regulatory environment in which the interest rate derivatives markets operate in India.

ASSESSMENT STRUCTURE : The NISM Series IV: Interest Rate Derivatives Examination will be of 100 marks, will have 100 questions, and should be completed in 2 hours. There will be negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%.


About 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: more>>

  • Individual Mutual Fund Distributors
  • Employees of organizations engaged in sales and distribution of Mutual Funds
  • 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.

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of mutual funds, their role and structure, different kinds of mutual fund schemes and their features
  • Understand how mutual funds are distributed in the market-place, how schemes are to be evaluated, and how suitable products and services can be recommended to investors and prospective investors in the market.
  • Get oriented to the legalities, accounting, valuation and taxation aspects underlying mutual funds and their distribution.
  • Get acquainted with financial planning as an approach to investing in mutual funds, as an aid for mutual fund distributors to develop long term relationships with their clients.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be negative marking of 25% of the marks assigned to a question.


About 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: more>>

  • Postal agents
  • Retired government and semi-government officials (class III and above or equivalent) with a service of at least 10 years
  • Retired teachers with a service of at least 10 years
  • 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.

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • • Know the basics of mutual funds, their role and structure, different kinds of mutual fund schemes and their features
  • Know how mutual funds are distributed in the market-place, how specified schemes are to be evaluated and how suitable schemes can be recommended by this cadre of distributors to prospective investors.
  • Know the rules and regulations related to distribution of specified products.
  • Know the basics of financial planning as an approach to investing in mutual funds.

ASSESSMENT STRUCTURE : The examination consists of 50 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be no negative marking.


About NISM-Series-VI: Depository Operations Certification Examination
Revised Examination available from February 16, 2012.Please check Corrigendum for Revisions.

The examination seeks to create a common minimum knowledge benchmark for associated persons engaged or employed by a registered depository participant in: (a) dealing or interacting with clients; (b) dealing with securities of clients; (c) handling redressal of investor grievances; (d) internal control or risk management; (e) activities having a bearing on operational risk; or (f) maintenance of books and records pertaining to the above activities The certification aims to enhance the quality of services as rendered by the Depository Participants. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of the Indian securities market and the depository system, the need for depository and the key features of the depository system in India.
  • Understand the institutional structure of the depository system in India and the business partners of a depository.
  • Understand the regulatory framework in which the depositories and its DPs function, their eligibility criteria, registration procedure, rights and obligations etc.
  • Know the various functions of the Depository and its Depository Participants (DPs) such as dematerialisation, trading and settlement, pledging and hypothecation.
  • Understand how a demat account is opened, documents required to open an account and significance of Power of Attorney (POA).

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question.


About NISM-Series-VII: Securities Operations and Risk Management Certification Examination

The examination seeks to create a common minimum knowledge benchmark as the requisite standard for associated persons of a registered stock-broker / trading member / clearing member in recognized stock exchanges, involved in (a) assets or funds of investor or clients (b) redressal of investor grievances, (c) internal control or risk management and (d) activities having a bearing on operational risk. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of the Indian securities market, the different products traded and the various market participants and the respective roles they play in the Indian securities market.
  • Understand the regulatory framework and the role of the Securities Exchange Board of India.
  • Know the various functions of the Front Office, Middle Office and Back Office in a Securities Broking Firm.
  • Understand the trade life cycle, the steps and participants involved in the trade life cycle and the role of the back office in a securities broking firm.
  • Understand how the risks are managed in a securities broking firm, the clearing and settlement process.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 50%. There shall be negative marking of 25% of the marks assigned to a question.


About NISM-Series-VIII: Equity Derivatives Certification Examination (NISM-Series-VIII: ED 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. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of the Indian equity derivatives market.
  • Understand the various trading strategies that can be built using futures and options on both stocks and stock indices.
  • Understand the clearing, settlement and risk management as well as the operational mechanism related to equity derivatives markets.
  • Know the regulatory environment in which the equity derivatives markets operate in India.

ASSESSMENT STRUCTURE : The NISM-Series-VIII: ED Examination will be a 100 marks examination to be completed in 2 hours. It will have 100 questions of 1 mark each. There will be negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%.


About NISM-Series-IX: Merchant Banking Certification Examination (NISM –Series-IX:MB 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:

  • The investors, issuers or clients of intermediaries
  • Assets or funds of investors or clients
  • Redressal of investor grievances
  • Internal control or risk management
  • Activities having a bearing on operational risk
  • 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. more>>

OBJECTIVES OF TEST : The examination aims to enable a better understanding of various regulations in the Merchant Banking Domain. 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. On successful completion of the examination the candidate should:

  • Know the basics of the Merchant Banking in India.
  • Understand the functioning of Merchant Bankers related to Issue Management Process, Substantial Acquisition of Equity Shares, Buyback of Equity Shares and Delisting of Shares.
  • Know the regulatory environment in which the Merchant Bankers operates in India.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score on the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question.


About NISM-Series-XI: Equity Sales Certification Examination (NISM –Series-XI:ES 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. more>>

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of the Indian equity market.
  • Understand the characteristics of equity, associated risks and returns and taxation aspects.
  • Understand the clearing, settlement and risk management as well as the operational mechanism related to equity market.
  • Know the regulatory environment in which the equity market operates in India.

ASSESSMENT STRUCTURE : The Examination will consist of 100 questions of 1 mark each adding to 100 marks. The examination should be completed in 2 hours. There shall be negative marking of 25% of the marks assigned to a question. The passing score for the examination will be 50 marks.


About NISM-Series-XII: Securities Markets Foundation Certification Examination (NISM –Series-IX:SMF 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: more>>


  • Entry level professionals in the securities markets.
  • Employees of intermediaries functioning in the securities industry.
  • Professionals in other industries interested in gaining knowledge of the securities markets.
  • Students.
  • Housewives.
  • Teachers.

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

OBJECTIVES OF TEST : On successful completion of the examination the candidate should:

  • Know the basics of the Indian Securities Markets.
  • Know the various processes involved in Primary and Secondary Markets
  • Understand the schemes and products in Mutual Funds and Derivatives Markets in India.
  • Know the steps in financial planning process.

ASSESSMENT STRUCTURE : The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be no negative marking.


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You can reach BSE officials on following address, phone number and email.
 
BSE LTD.
(NISM Test Administrator)
18th & 19th Floor, P.J.Towers, Dalal Street,
Mumbai – 400 001
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Bharucha Marg Behind Commerce House,
Mumbai 4000 23
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