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NISM Certifications: Applicable Amendments and Notifications

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NISM Certifications · what changed for your attempt

NISM Certifications: applicable amendments and notifications

Checked against NISM's official announcements, as of 12 October 2026. Each item links the official notice; read it before you rely on it.

NISM runs its certification tests on demand, so there are no attempts as such. When it revises a module it issues a communique on its circulars page naming the date from which the revised test (new test objectives and workbook) replaces the old one.

At a glance

UpdateTypeApplies to
Series XV Research Analyst: revised exam from 20 January 2026WorkbookCurrent tests
Series XXI-A PMS Distributors: revised exam structure from 15 March 2025WorkbookCurrent tests

Workbook · notice of 5 Dec 2025

Series XV Research Analyst: revised exam from 20 January 2026

NISM updated the Series XV Research Analyst exam with new test objectives and a new workbook. The old version was available only until 19 January 2026. The revised paper has 80 one-mark MCQs plus 5 cases of 4 one-mark questions (100 marks, 2 hours, 60% to pass, 25% negative marking). Technical Analysis, Company Financial Analysis and Valuation Principles carry the most marks.

What to do: Study from the revised Series XV workbook and test objectives only, and practise case-based questions as well as standalone MCQs.

Effective: With effect from January 20, 2026 (20 Jan 2026) · Attempts: Current tests

Chapters affected: Introduction to Research Analyst Profession (NISM-Series-XV: Research Analyst); Introduction to Securities Market (NISM-Series-XV: Research Analyst); Terminology in Equity and Debt Markets (NISM-Series-XV: Research Analyst); Fundamentals of Research (NISM-Series-XV: Research Analyst); Economic Analysis (NISM-Series-XV: Research Analyst); Industry Analysis (NISM-Series-XV: Research Analyst); Company Analysis - Business and Governance (NISM-Series-XV: Research Analyst); Company Analysis - Financial Analysis (NISM-Series-XV: Research Analyst); Corporate Actions (NISM-Series-XV: Research Analyst); Valuation Principles (NISM-Series-XV: Research Analyst); Fundamental Analysis of Commodities (NISM-Series-XV: Research Analyst); Fundamentals of Risk and Return (NISM-Series-XV: Research Analyst); Qualities of a Good Research Report (NISM-Series-XV: Research Analyst); Legal and Regulatory Environment (NISM XV) (NISM-Series-XV: Research Analyst); Technical Analysis (NISM-Series-XV: Research Analyst)

Official source: NISM - Communique: NISM Series XV Research Analyst Certification Examination, dated December 05, 2025 · NISM - Series XV revised exam, Annexure I (syllabus, structure and weightages) · NISM - Series XV revised test objectives, Annexure II

Workbook · notice of 3 Mar 2025

Series XXI-A PMS Distributors: revised exam structure from 15 March 2025

NISM revised the Series XXI-A PMS Distributors exam, including its test objectives, workbook and exam structure; the old version stopped on 14 March 2025. The current test has 100 one-mark MCQs in 2 hours, a 60% pass mark and 10% negative marking. The portfolio management process and operational aspects of portfolio managers carry the highest weightages.

What to do: Use the revised XXI-A workbook and test objectives; older editions do not match the current test.

Effective: With effect from March 15, 2025 (15 Mar 2025) · Attempts: Current tests

Chapters affected: Investments (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Introduction to Securities Markets (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Investing in Stocks (NISM XXI-A) (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Investing in Fixed Income Securities (NISM XXI-A) (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Derivatives (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Collective Investment Vehicles (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Role of Portfolio Managers (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Operational Aspects of Portfolio Managers (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Portfolio Management Process (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Performance Measurement and Evaluation of Portfolio Managers (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Taxation (NISM XXI-A) (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors); Regulatory, Governance and Ethical Aspects of Portfolio Managers (NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors)

Official source: NISM - Communique: Series XXI-A PMS Distributors Certification Examination/2025/01 dated March 03, 2025 · NISM - Series XXI-A revised exam, Annexure I (syllabus outline and structure)

Chapters to revise with these changes in mind

This page lists only items we could verify on NISM's or the regulator's own website, summarised in our words. If NISM publishes a newer applicability notice, it overrides this page. Check for new notices: NISM - Circulars.

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