National Institute of Securities Markets (NISM)

In pursuance of the announcement made by the Finance Minister in his Budget Speech in February 2005, Securities and Exchange Board of India (SEBI) established the National Institute of Securities Markets (NISM) in Mumbai.

SEBI, by establishing NISM, has articulated the desire expressed by the Indian government to promote securities market education and research.

Towards accomplishing the desire of Government of India and vision of SEBI, NISM has launched an effort to deliver financial and securities education at various levels and across various segments in India and abroad. To implement its objectives, NISM has established six distinct schools to cater the educational needs of various constituencies such as investor, issuers, intermediaries, regulatory staff, policy makers, academia and future professionals of securities markets.

NISM brings out various publications on securities markets with a view to enhance knowledge levels of participants in the securities industry.

NISM is mandated to develop and implement certification examinations for professionals employed in various segments of the Indian securities markets.

NISM-Series-I: Currency Derivatives Certification Examination (NISM-Series-I: CD Examination)

The examination seeks to create a common minimum knowledge benchmark for persons working in the Currency Derivatives market segment, in order to enable a better understanding of currency markets and exchange traded currency future products, better quality investor service, operational process efficiency and risk controls.

NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the corporate R&T function, in order to enable better quality investor service, operational process efficiency and risk controls.

NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents – Mutual Fund Certification Examination

Know the regulatory environment in which the R&T Agents operate in India

Understand broadly the role and functions of the R&T Agents in the mutual fund issuance and transaction process.

NISM-Series-IV: Interest Rate Derivatives Certification Examination

The examination seeks to create a common minimum knowledge benchmark for persons working in the Interest Rate Derivatives market segment, in order to enable a better understanding of fixed income securities markets and exchange traded interest rate derivative products, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement.

NISM-Series-V-A: Mutual Fund Distributors Certification Examination

The examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds including:

Individual Mutual Fund Distributors
Employees of organizations engaged in sales and distribution of Mutual Funds
Employees of Asset Management Companies specially persons engaged in sales and distribution of Mutual Funds

The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

The examination seeks to create a common minimum knowledge benchmark for persons working in Registrars to an Issue and Share Transfer Agents (R&T Agent) organizations in the mutual fund R&T function, in order to enable better quality investor service, operational process efficiency and risk controls.

NISM-Series-VI: Depository Operations Certification Examination

The examination seeks to create a common minimum knowledge benchmark for associated persons engaged or employed by a registered depository participant in:

dealing or interacting with clients;
dealing with securities of clients;,
handling redressal of investor grievances;
internal control or risk management;
activities having a bearing on operational risk; or
maintenance of books and records pertaining to the above activities

The certification aims to enhance the quality of services as rendered by the Depository Participants.

NISM-Series-VII: Securities Operations and Risk Management Certification Examination

The examination seeks to create a common minimum knowledge benchmark as the requisite standard for associated persons of a registered stock-broker / trading member / clearing member in recognized stock exchanges, involved in

assets or funds of investor or clients
redressal of investor grievances,
internal control or risk management and activities having a bearing on operational risk.

Certified Personal Financial Advisor (CPFA) Examination

About Certified Personal Financial Advisor (CPFA) Examination

This examination has been jointly developed by NISM and FPCIL and is a voluntary examination.

The examination seeks to create a common minimum knowledge benchmark for all persons involved in financial advisory including:

Individual Financial Advisors
Employees of organizations engaged in financial advisory services, including Stock Broking and Distribution Houses, Banks, Wealth Management Companies, Asset Management Companies, Insurance Companies, Consumer Credit Companies etc.

The certification aims to enhance the quality of financial advisory and related services in the financial services industry. It is also ideal for students who wish to pursue a career in investment advisory and financial planning.