NISM Certifications · exam guide
How the NISM Certifications Exam Is Conducted
Checked against NISM's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.
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Each module is a separate computer-based multiple-choice examination taken at a test centre, with silent calculators allowed and strict identity checks.
- Mode: computer-based test at a test centre. None of the eight modules covered here is marked by NISM as remote-proctored; NISM runs some other examinations only in online remote-proctored mode, using a laptop or desktop with webcam and microphone.
- Durations and marks: V-A, VI, VII, VIII, XV and XXI-A are 2 hours for 100 marks; X-A and X-B are 3 hours for 150 marks.
- Question formats: V-A, VI, VII, VIII and XXI-A have 100 one-mark multiple-choice questions. X-A has 90 one-mark questions, 6 caselets of 5 one-mark questions and 3 caselets of 5 two-mark questions (135 questions). X-B has 90 one-mark questions and 6 caselets of 5 two-mark questions (120 questions). XV (revised from 20 January 2026) has 80 one-mark questions and 5 cases of 4 one-mark questions.
- Language: V-A is offered in English and Hindi.
- Report to the test centre 30 minutes before the slot start time; late arrivals are not allowed in and are marked absent with no refund or rescheduling.
- Bring the admit card (printed or soft copy) and one original photo ID: PAN card, Aadhaar, driving licence or passport, or one of these stored in DigiLocker with a photograph.
- Candidates bring their own calculator and pen. NISM allows all types of calculators as long as they are silent and have no computer connectivity.
- Phones, books, papers, tablets, cameras and other gadgets must be switched off and kept outside the test centre or in the assigned locker. Food and drink are not allowed.
- Rough work is done only on the rough sheets given by the invigilator, which must be returned before leaving. The test centre may be under CCTV surveillance.
- Candidates who need special accommodation must apply to NISM in the prescribed form at least 10 days in advance.
Official sources
- NISM - Certification examinations (list with duration, marks, pass mark, negative marks, validity, fees)
- NISM - Candidate instructions (rules and guidelines for exam candidates)
- NISM - How to register and enrol for NISM certification examination, CPE and eCPE (guidelines, June 2025)
- NISM - Series V-A: Mutual Fund Distributors
- NISM - FAQ, Series V-A: Mutual Fund Distributors
- NISM - Series X-A: Investment Adviser (Level 1)
- NISM - FAQ, Series X-B: Investment Adviser (Level 2)
- NISM - Series XV: Research Analyst
- NISM - Series XXI-A: Portfolio Management Services (PMS) Distributors