NISM Certifications · exam guide

NISM Certifications Rules and Regulations

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

A certificate is valid for 3 years. It can be renewed before it expires by passing the examination again or by completing the relevant one-day CPE programme in the last 12 months of validity.

• Certificate validity: 3 years from the date of the examination.
• Renewal: before the certificate expires, pass the relevant NISM examination again, or complete the relevant one-day Continuing Professional Education (CPE) programme during the 12 months before the expiry date. The renewed certificate is valid for 3 years from the expiry date of the existing one.
• CPE programmes are one day (about six hours) in a classroom, with a test at the end. An eCPE option lets candidates complete the requirement online, and NISM treats it as equal to the classroom programme.
• CPE or eCPE enrolment opens 12 months before expiry. An expired certificate cannot be renewed through CPE or eCPE; the candidate must pass the examination again.
• Investment advisers holding valid X-A and X-B certificates can also renew through the Series X-C renewal examination: about 3 hours of pre-recorded training, then a 1-hour online proctored test of 50 one-mark questions, pass mark 50%, no negative marking.
• Research analysts holding a valid XV certificate can renew through the Series XV-B renewal examination: 2 to 3 hours of video content, then a 1-hour online proctored test of 50 one-mark questions, pass mark 50% (25 marks), no negative marking.
• A candidate may hold only one certificate per examination. A person who already holds a certificate can take the same examination again only for renewal, in the last 12 months of its validity. Multiple certificates for the same examination can be cancelled and may lead to debarment.
• An enrolment can be rescheduled only once, at least 4 days before the exam date.
• Unfair means, cheating, impersonation, forgery and any disclosure of question bank content lead to expulsion from the exam hall, cancellation of the result, and in serious cases debarment from NISM examinations for 6 months or more and a police complaint.
• Leaving the test centre without submitting the examination leads to disqualification with no refund or rescheduling.
• NISM may audit applications at random and ask for documents such as employment details, educational certificates, PAN and address proof within 30 calendar days; certificates are cancelled if the documents are not received.