NISM Certifications study guide
Every chapter of all four papers, broken into 653 topics. Each topic shows the concept, a step-by-step way to solve questions, the quickest method for the exam, the mistakes students make and worked examples.
Paper V-A: NISM-Series-V-A: Mutual Fund Distributors
Objective, MCQ · 12 chaptersLegal and Regulatory Framework
- SEBI Mutual Fund Regulations and Regulatory Structure
- Mutual Fund Structure: Sponsor, Trustee, AMC and Custodian
- Scheme Related Regulations and Investment Restrictions
- Valuation, Expenses, NAV and Disclosure Norms
- Distributor Regulation: AMFI Registration, ARN and Code of Conduct
- Investor Rights, KYC, Grievance Redressal and Unit Holder Protection
- Taxation Basics and Related Legislation for Mutual Funds
Taxation
- Basics of Income Tax and Residential Status
- Capital Gains Taxation on Mutual Fund Units
- Taxation of Dividends and Income Distribution
- Securities Transaction Tax and TDS for Mutual Funds
- Tax Treatment of Mutual Fund Schemes Themselves
- Tax Saving Schemes: ELSS and Section 80C
- Tax Planning, Set-off of Losses and Other Provisions
Risk, Return and Performance of Funds
- Types of Investment Risk in Mutual Funds
- Measures of Risk: Standard Deviation, Beta and Sharpe Ratio
- Measuring Returns: Absolute, CAGR and XIRR
- Net Asset Value and Total Return Calculations
- Benchmarking and Tracking Error
- Risk-Adjusted Performance and Fund Evaluation
- Riskometer and Risk-o-meter Classification
Paper VII: NISM-Series-VII: Securities Operations and Risk Management
Objective, MCQ · 8 chaptersSettlement Process
- Settlement Cycles and Rolling Settlement
- Clearing and Settlement Agencies and Their Roles
- Pay-in and Pay-out of Funds and Securities
- Settlement of Institutional and Custodial Trades
- Shortages, Auctions and Close-out
- Settlement Guarantee Fund and Default Handling
- Settlement of Other Segments and Corporate Actions
Paper VIII: NISM-Series-VIII: Equity Derivatives
Objective, MCQ · 10 chaptersLegal and Regulatory Environment
- Securities Contracts (Regulation) Act, 1956 and Derivatives
- SEBI Act, 1992 and Role of SEBI
- Regulation of Derivatives Trading and Eligibility Criteria
- Membership, Exchange and Clearing Corporation Requirements
- Investor Protection, Grievance Redressal and Dispute Resolution
- Taxation and Other Regulations for Derivatives
Paper VI: NISM-Series-VI: Depository Operations
Objective, MCQ · 13 chaptersForeign Portfolio Investors (FPI)
- FPI Regulatory Framework and SEBI FPI Regulations
- FPI Categories and Eligibility Criteria
- FPI Registration Process and Role of DDP
- Investment Conditions and Limits for FPIs
- Operational Aspects: Demat, Custodians and Settlement
- Offshore Derivative Instruments and Participatory Notes
- Compliance, Monitoring and Taxation of FPIs
Paper X-A: NISM-Series-X-A: Investment Adviser (Level 1)
Objective, MCQ · 20 chaptersInvesting in Stocks
- Equity Shares and Features of Stock Investing
- Primary Market, IPOs and Secondary Market Trading
- Stock Market Indices and Market Capitalisation
- Fundamental Analysis and Financial Statements
- Valuation Ratios and Equity Valuation Models
- Technical Analysis
- Equity Investment Strategies and Risks
- Taxation of Equity Investments
Portfolio Performance Measurement and Evaluation
- Return Measures: HPR, CAGR, XIRR and Time-Weighted Return
- Risk Measures: Standard Deviation, Beta and Tracking Error
- Risk-Adjusted Performance: Sharpe, Treynor, Alpha, Sortino
- Benchmarking and Choosing Appropriate Benchmarks
- Performance Attribution Analysis
- Portfolio Monitoring, Review and Rebalancing
- Performance Reporting and GIPS Standards
Paper X-B: NISM-Series-X-B: Investment Adviser (Level 2)
Objective, MCQ · 20 chaptersRetirement Products
- Retirement Products Overview and Classification
- Employees' Provident Fund and Public Provident Fund
- Employees' Pension Scheme and Gratuity
- National Pension System (NPS)
- Annuities and Pension Plans from Insurers
- Senior Citizen Savings Scheme and Other Fixed Income Options
- Mutual Funds and Systematic Withdrawal Plans for Retirement
- Reverse Mortgage and Other Retirement Income Sources
Concepts in Taxation
- Basics of Income Tax and Tax Structure
- Important Definitions: Assessee, Person, Previous Year, Assessment Year
- Residential Status and Scope of Total Income
- Heads of Income and Computation of Total Income
- Deductions under Chapter VI-A and Rebates
- Tax Rates, Slabs, Surcharge and Cess
- TDS, Advance Tax and Return Filing
Capital Gains
- Capital Asset and Transfer: Basic Concepts
- Computation of Capital Gains and Cost of Acquisition
- Indexation and Cost Inflation Index
- Taxation of Listed Securities and Mutual Funds
- Taxation of Other Assets: Property, Gold and Unlisted Shares
- Capital Gains Exemptions: Sections 54 to 54F and 54EC
- Set-off, Carry Forward of Capital Losses and Advance Tax
Taxation of Debt Products
- Taxation of Interest on Bonds and Debentures
- Capital Gains on Bonds and Debentures
- Taxation of Debt Mutual Funds
- Taxation of Zero Coupon Bonds, Deep Discount Bonds and T-Bills
- Tax-Free Bonds, Sovereign Gold Bonds and Other Debt Instruments
- Bond Stripping, Accrued Interest and Cum/Ex-Interest Transactions
Taxation of Equity Products
- Taxation of Equity Shares and Equity Mutual Funds
- Securities Transaction Tax (STT) and Other Transaction Costs
- Taxation of Dividend Income and Buybacks
- Taxation of Equity Derivatives (F&O) and Intraday Trading
- Set-off and Carry Forward of Capital Losses
- Taxation of Other Equity Products (ESOPs, Bonus, Rights, IPOs)
Paper XV: NISM-Series-XV: Research Analyst
Objective, MCQ · 15 chaptersLegal and Regulatory Environment (NISM XV)
- SEBI Research Analyst Regulations, 2014
- Code of Conduct and Compliance for Research Analysts
- Securities Laws: SCRA, SEBI Act and Companies Act
- Insider Trading and Market Abuse Regulations
- Regulatory Framework for Intermediaries and Investor Protection
- Ethics, Anti-Money Laundering and Related Regulations
Paper XXI-A: NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors
Objective, MCQ · 12 chaptersPerformance Measurement and Evaluation of Portfolio Managers
- Return Measures: Absolute, CAGR, XIRR and TWRR
- Risk Measures: Standard Deviation, Beta and Tracking Error
- Risk-Adjusted Performance: Sharpe, Treynor, Alpha, Sortino
- Benchmarking and Peer Comparison of Portfolio Managers
- SEBI Performance Reporting and Disclosure Norms for PMS
- Performance Attribution and Evaluating Portfolio Managers
Regulatory, Governance and Ethical Aspects of Portfolio Managers
- SEBI (Portfolio Managers) Regulations, 2020 Overview
- Client Onboarding, Agreement and Disclosure Document
- Operational Requirements, Fees and Investment Restrictions
- Registration and Obligations of PMS Distributors
- Code of Conduct, Ethics and Conflict of Interest
- Inspection, Grievance Redressal and Penalties