NISM Certifications · exam guide

NISM Certifications Eligibility

Checked against NISM's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

NISM sets no minimum qualification or age for its certification examinations. Each module is open to the professionals it is meant for, to interested students and professionals, and to any other individual.

• The official FAQ for each module lists three groups who can take it: the associated persons the module is mandated for, interested students or professionals, and any other individual.
• No educational qualification, age limit or work experience is stated as a condition for taking any of the eight modules covered here.
• Registration on the NISM certification portal needs a PAN card, a recent colour photograph and proof of address, plus educational qualification and employment details.
• A certificate is issued only to candidates who have given a valid PAN that NISM has verified against Income Tax records; the certificate carries the name as per those records.
• Who must hold each certificate (all eight are listed by NISM as mandated by SEBI):
• Series V-A Mutual Fund Distributors: distributors, agents, brokers, sub-brokers and others employed or engaged in the sale or distribution of mutual fund products (NISM communique of 5 May 2010).
• Series VI Depository Operations: associated persons of a registered depository participant who deal with clients or client securities, handle investor grievances, internal control or risk management, operational risk, or the related books and records (NISM communique of 10 February 2011).
• Series VII Securities Operations and Risk Management: associated persons of a registered stock broker, trading member or clearing member involved in client assets or funds, investor grievances, internal control or risk management, or operational risk (NISM communique of 11 November 2010).
• Series VIII Equity Derivatives: approved users and sales personnel of trading members in the equity derivatives segment of a recognised stock exchange.
• Series X-A and X-B Investment Adviser: an individual investment adviser, the principal officer of a non-individual investment adviser registered under the SEBI (Investment Advisers) Regulations, 2013, and persons associated with investment advice must pass both levels.
• Series XV Research Analyst: associated persons must pass it to meet Regulation 7(2) of the SEBI (Research Analysts) Regulations, 2014.
• Series XXI-A PMS Distributors: associated persons engaged by a portfolio manager as distributors of portfolio management services (SEBI notification SEBI/LAD-NRO/GN/2021/48 of 7 September 2021).