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Pick your NISM exam. Get the whole prep kit.

Chapter-wise study guides, glossaries, flashcards, practice worksheets, and a full timed mock exam that matches the real format — question count, marks, duration, and negative marking — for each certification. Choose an exam below and everything on the site narrows to just that one.

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Mutual Fund Distributors

NISM-Series-V-A

The mandatory exam for anyone who wants to sell or distribute mutual funds in India and earn an AMFI ARN. The most widely taken NISM exam by far.

100 Q · 100 marks2 hrsNo negative marking
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Investment Adviser (Level 1)

NISM-Series-X-A

The knowledge benchmark for SEBI-registered Investment Advisers and their representatives — personal financial planning, markets, products, and portfolio management. Paired with X-B to complete IA registration.

135 Q · 150 marks3 hrs25% negative marking
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PMS Distributors

NISM-Series-XXI-A

The knowledge benchmark for distributors of Portfolio Management Services — portfolio manager roles, the PMS process, performance evaluation, taxation, and regulation.

100 Q · 100 marks2 hrs10% negative marking
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Mutual Fund – SIF Distributors

NISM-Series-V-D

Mutual fund distribution plus equity and interest-rate derivatives — the certification for distributing Specialized Investment Fund (SIF) strategies.

150 Q · 150 marks3 hrs10% negative marking
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Coming later

Equity Derivatives & Research Analyst

NISM-Series-VIII & XV

Equity Derivatives (for dealers/sales staff in F&O) and Research Analyst (for SEBI-registered analysts) are planned after the kits above.

Both 100 Q · 100 marks2 hrs
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