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Category: NISM

  • NISM-Series-V-D: Mutual Fund & SIF Distributors Exam 2026 – Complete Guide

    All You Need to Know about NISM V-D MFD and SIF Exam 2026

    NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination is the new benchmark for professionals involved in selling and distributing mutual funds and Specialized Investment Funds (SIFs) in India.

    It combines core mutual fund distribution knowledge with focused derivatives understanding tailored to SIF strategies, moving beyond the earlier reliance on the generic NISM-Series-XIII Common Derivatives exam for SIF distribution eligibility.

    Why This New Exam Matters in 2026

    Specialized Investment Funds are a recent SEBI innovation that sit between traditional mutual funds and portfolio management services in terms of strategy flexibility and risk profile.

    As SIFs scale, regulators want distributors and AMC sales teams to demonstrate both mutual fund literacy and derivatives awareness in a single, role-appropriate certification rather than piecing together multiple unrelated modules.

    Quick Background: What Are Specialized Investment Funds (SIFs)?

    Specialized Investment Funds are mutual fund schemes that can use long–short, market-neutral and other advanced strategies within a mutual fund regulatory framework.

    They typically target more sophisticated investors, have higher minimum investment amounts, and use derivatives such as futures and options for hedging, tactical positioning and limited unhedged exposures.

    Because of this, SIFs come with more detailed disclosures on risks, leverage-like exposures, liquidity management and downside scenarios than plain-vanilla equity or debt mutual funds.

    Earlier Route: NISM-Series-XIII for SIF Distribution

    When SIFs were first introduced, SEBI permitted AMCs to engage mutual fund distributors to sell SIF schemes provided those distributors had passed the NISM-Series-XIII Common Derivatives Certification Examination.

    NISM-Series-XIII is a broad-based derivatives exam designed for dealers, traders and sales personnel across equity, currency and interest rate derivatives segments, focusing on trading mechanics, clearing, settlement and risk management.

    For mutual fund distributors, this created a fragmented path: NISM-Series-V-A for mutual fund distribution, plus NISM-Series-XIII purely to become eligible to distribute SIFs.

    New Path: NISM-Series-V-D for Mutual Fund & SIF Distributors

    NISM-Series-V-D has been introduced specifically to create a common minimum knowledge benchmark for everyone involved in selling and distributing mutual fund and SIF products.

    It is intended for individual mutual fund and SIF distributors, employees of distribution organisations, and AMC employees engaged in sales and distribution of mutual fund and SIF schemes.

    Instead of a derivatives-only exam designed for exchange trading roles, NISM-Series-V-D integrates mutual fund distribution content with derivative topics that are directly relevant to how SIFs are structured and managed.

    Official Exam Pattern and Passing Criteria

    • Exam format: Computer-based, multiple-choice questions.
    • Total questions: 150.
    • Total marks: 150 (1 mark per question).
    • Duration: 3 hours.
    • Exam fee: ₹3,000 plus applicable taxes.
    • Negative marking: 10% of the marks assigned to a question for every wrong answer.
    • Passing score: 60% (90 marks out of 150).

    This makes NISM-Series-V-D more demanding than the standard mutual fund distributor exam, with a larger syllabus, longer duration and the added challenge of negative marking.

    High-Level Syllabus Overview

    The exam syllabus is organised into three major modules:

    • Module 1 (45 marks): Mutual Fund Distributors.
    • Module 2 (35 marks): Equity Derivatives.
    • Module 3 (20 marks): Interest Rate Derivatives.

    Module 1 builds the mutual fund foundation, while Modules 2 and 3 add equity and interest rate derivatives knowledge that connects directly to SIF strategies.

    Module 1: Mutual Fund Distributors (45 Marks)

    This module covers the complete mutual fund value chain – from investor goals and risk profiling to scheme selection and investor servicing.

    • Investment Landscape: Investors’ financial goals, time horizon, inflation, savings vs investments, asset classes, investment risks, behavioural biases and asset allocation approaches.
    • Concept and Role of a Mutual Fund: Definition, role, investment objectives, investment policy, key concepts, advantages and limitations, SEBI scheme categorisation and newer products like Smart Beta and Quant funds.
    • Legal Structure of Mutual Funds in India: Sponsors, trustees, mutual fund trust, AMC, custodian, AMC organisation structure and roles of service providers such as fund accountants, registrars, auditors, distributors, KRAs, valuation agencies and depositories.
    • Legal and Regulatory Framework: Role of SEBI, key mutual fund regulations, investment restrictions and diversification norms, advertisement code and guidelines, investors’ rights and obligations, SCORES and grievance redressal, AMFI Code of Ethics and Code of Conduct.
    • Scheme Related Information: Scheme Information Document (SID), Statement of Additional Information (SAI), Key Information Memorandum (KIM), addenda, mandatory disclosures (NAV, Total Expense Ratio, dashboards, portfolio disclosure, financial results, annual reports) and non-mandatory disclosures.
    • Fund Distribution and Channel Management Practices: Types of distributors, distribution channels (online partners, stock exchange platforms, MF Utility, distributor apps, AMC platforms, new-age investment platforms), empanelment process, trail commissions, additional commissions for B-30 towns, transaction charges, GST, commission disclosure, AMC due diligence, and distinctions between distributor and investment adviser roles.
    • NAV, TER and Pricing: Fair valuation principles, net assets and NAV computation, mark-to-market, total expenses, perpetual bonds, dividends and distributable reserves, loads and their impact, accounting/reporting norms and segregated portfolios.
    • Taxation: Taxation of mutual fund schemes and investors (capital gains, dividend income, stamp duty, STT, set-off of gains and losses, Section 80C benefits, TDS and GST on mutual fund transactions).
    • Investor Services: NFO process, offer price and ongoing subscription price, direct vs regular plans, IDCW and growth options, unit allotment, statements of account, investor categories, application form filling, purchase/redemption/switch mechanisms, cut-off time and time stamping, KYC requirements (including minors, NRIs and institutional investors), FATCA/CRS, systematic transactions (SIP, SWP, STP, DTP, switches), non-financial transactions (nomination, pledge, demat, folio changes, transmission) and turnaround time standards.
    • Risk, Return and Performance of Funds: General and specific risk factors, drivers of returns, scheme performance drivers across equity, debt, gold and real estate, measures of returns (simple, annualised, compounded, CAGR), SEBI norms on performance representation, risk sources in different scheme types, and risk measures such as variance, standard deviation, beta, modified duration, weighted average maturity and credit ratings.
    • Mutual Fund Scheme Performance and Selection: Benchmarks (PRI vs TRI), criteria for choosing benchmarks, use of benchmarks to evaluate schemes, quantitative measures such as Sharpe ratio, Treynor ratio, alpha and tracking error, sources of performance information (scheme documents, AMFI, AMC websites and factsheets), scheme selection based on investor profile, risk level and strategy, and practical dos and don’ts while selecting schemes.

    Module 2: Equity Derivatives (35 Marks)

    This module ensures that distributors understand how SIF and advanced mutual fund strategies use equity derivatives.

    • Basics of Derivatives: Meaning of derivatives, history and growth drivers, key products (forwards, futures, options and swaps), market participants (hedgers, speculators, arbitrageurs), OTC vs exchange-traded markets, uses and risks of derivatives.
    • Understanding Index: Definition and economic purpose of indices, types and computation methods, attributes for index construction (liquidity, representativeness, impact cost), index maintenance and revision, and major equity indices in India.
    • Introduction to Equity Futures and Forwards: Forward and futures contracts, features and limitations, exchange-traded equity futures contract specifications, key terminology (lot size, tick size, margin, contract cycle), advantages vs disadvantages of forwards and futures, payoff diagrams, cost-of-carry and expectations models, convergence of cash and futures prices, and uses of equity futures for hedging, trading and arbitrage.
    • Introduction to Equity Options: Options basics, contract specifications, moneyness (ITM, ATM, OTM), intrinsic value and time value, payoff diagrams for call and put buyers and writers, comparison between futures and options, determinants of option price and their impact, option Greeks, common option pricing models, implied volatility and profitability analysis for different strikes.
    • Strategies Using Equity Futures and Options: Hedging strategies, directional trading strategies, arbitrage and spread trades, put-call parity and synthetic positions, delta hedging, and use of open interest, traded volume, futures prices and put-call ratio to interpret market positioning.

    Module 3: Interest Rate Derivatives (20 Marks)

    This module connects fixed income and interest rate risk with the derivative tools used in debt-oriented SIFs and advanced MF strategies.

    • Introduction to Interest Rate and Fixed Income Markets: Key interest rate concepts, fixed income securities and cash flow patterns, equity vs debt, risk-free rate, term structure and yield curves, day-count conventions and business day adjustments, accrued interest, spot (zero) rates and holding period returns, yield measures (coupon, current yield, yield-to-maturity), bond pricing, risk measures such as duration, rupee duration, PVBP and convexity, and the economic role of debt markets.
    • Interest Rate Derivatives: Economic role and functions of interest rate derivatives, drivers of IRD market growth, key market players, and differences between OTC and exchange-traded IR derivatives.
    • Exchange-Traded Interest Rate Futures: Definition, payoff diagrams, contract specifications (underlying, spot price, futures price, contract cycle, tick size, value date, expiry date, trading cycle), tick value, rationale for IRFs in India, comparison with forward rate agreements (FRAs), and pricing of interest rate futures.
    • Exchange-Traded Interest Rate Options: Options basics in the IR context, European vs American options, moneyness concepts, determinants of option price, option Greeks, implied volatility, payoff diagrams and contract specifications, and pros and cons vs OTC options.
    • Strategies Using IR Derivatives: Roles of hedgers, speculators and arbitrageurs in IR derivatives markets, hedging various types of interest rate exposures, common trading strategies and spreads, arbitrage opportunities and limitations of IR derivatives for hedgers.

    V-D vs V-A vs XIII: Which Exam Should You Choose?

    With multiple NISM certifications available, it helps to clearly position NISM-Series-V-D relative to NISM-Series-V-A and NISM-Series-XIII.

    Exam Primary Focus Typical Roles Pattern & Difficulty SIF Relevance
    NISM-Series-V-A Mutual fund distribution for standard MF schemes. ARN holders, bank RMs and other retail MF distributors. 100 questions, 2 hours, 1 mark each, 50% passing, no negative marking. Indirect; covers mutual fund basics, but not SIF-specific derivatives.
    NISM-Series-V-D Mutual fund & SIF distribution with integrated derivatives content. MF distributors and AMC sales staff dealing with both MF and SIF products. 150 questions, 3 hours, 1 mark each, 60% passing, 10% negative marking, fee ₹3,000 + taxes. Direct; designed as the main benchmark for MF/SIF distribution roles.
    NISM-Series-XIII Common derivatives across equity, currency and interest rate segments. Dealers, traders and sales/support staff in derivatives segments. 150 questions, 3 hours, negative marking; syllabus focused on trading mechanics and market infrastructure. Historically used to make MF distributors SIF-eligible; content is generic to derivatives markets rather than MF/SIF advisory.

    Suggested Preparation Strategy for NISM-Series-V-D

    A practical way to prepare for NISM-Series-V-D is to build your learning in phases and then integrate it through mock tests and case-based practice.

    • Phase 1 – Mutual Fund Foundations: Master investor goals, asset allocation, scheme categorisation, regulatory framework, documentation, distribution practices and taxation using mutual fund workbooks and quality MF practice tests.
    • Phase 2 – Derivatives Basics: Build conceptual clarity on futures, options, indices and interest rate derivatives, focusing on payoffs, moneyness, Greeks and pricing logic rather than memorising formulas mechanically.
    • Phase 3 – Connect to SIF Use-Cases: Read a few SIF scheme documents and examples of long–short and duration management strategies so you can see how derivative structures appear inside SIF portfolios.
    • Phase 4 – Exam Technique: Practise 150-question mock tests to get comfortable with the three-hour duration and negative marking, using a two-pass method (high-confidence questions first, medium-confidence questions next, low-confidence questions last).

    If you already hold the mutual fund distributor certification, your focus area will be the new derivatives and SIF-specific content plus mastering exam technique for the larger paper.

    Career and Regulatory Implications

    As SIFs gain traction, AMCs and distributors will increasingly need professionals who can explain both traditional mutual fund schemes and advanced SIF strategies in a clear, compliant way.

    NISM-Series-V-D offers a single, role-aligned certification that signals competence in mutual funds, derivatives and SIF use-cases, improving investor protection and career mobility for distributors, relationship managers and AMC sales staff.

    For distributors who want to move beyond standard mutual fund sales and work with HNI and sophisticated investors on SIF allocations, NISM-Series-V-D is likely to become a key credential in the coming years.

    Frequently Asked Questions (FAQ)

    Is NISM-Series-V-D mandatory for all mutual fund distributors?

    NISM recognizes different certifications for different roles. NISM-Series-V-A remains the baseline exam for general mutual fund distribution, while NISM-Series-V-D is targeted at those involved in selling and distributing both mutual funds and Specialized Investment Fund products.

    If I already have NISM-Series-V-A, do I still need to write NISM-Series-V-D?

    If you plan to distribute only conventional mutual fund schemes, NISM-Series-V-A may be sufficient. If you want to handle SIF products or work closely with AMCs on SIF launches and advanced strategies, NISM-Series-V-D will provide the integrated mutual fund plus derivatives competence that regulators and AMCs expect.

    Does NISM-Series-XIII become redundant after NISM-Series-V-D?

    No. NISM-Series-XIII continues to be relevant for derivatives-segment roles in exchanges, brokerage houses and trading desks. NISM-Series-V-D simply offers a better, more contextual path for mutual fund and SIF distributors than relying on a generic derivatives exam alone.

    How difficult is NISM-Series-V-D compared to other NISM exams?

    NISM-Series-V-D is more demanding than a standard mutual fund module because it combines a full mutual fund syllabus with equity and interest rate derivatives content, includes 150 questions in three hours and has negative marking.

    With a structured study plan and sufficient mock practice, however, the exam is manageable for distributors and AMC staff who already have practical exposure to mutual funds and basic derivatives.

  • Revised NISM Certification Registration Process

    All the candidates who have to register for NISM Certification exams need to go through the Revised NISM Certification registration process.  This will be effective from 09 Apr 2017. Earlier the registration process of NISM Certification requires Scanned Copies of PAN Card and Photograph.  But AADHAR scan copy is made mandatory for new registrations for candidates who register o NISM Certification portal from 09 Apr 2017.

    The change is applicable for candidates of NISM Certification examinations, Continuous Professional Education (CPE) Programs or e-CPE Programs.

    Scanned Documents Required for Revised NISM Certification Registration Process

    PAN Card:  Scanned PAN Card image with size not to exceeding 1 MB. Make sure there are no special characters in the file name of scanned PAN Copy. It should contain alphabets, numbers, hyphen, spaces only.  If scanned image is more than 1 MB it can be edited in MS paint (Available free cost cost with all windows Operating systems).  Just select resize option and change % so that new image size becomes less than 1 MB.

    PHOTO : The following specifications must be followed while using scanned photograph.

    1. The photograph must be less than 6 months old. The photograph must be of passport size and in jpeg/jpg format.
    2. The photograph must be at least 2 inches x 2 inches (51x51mm)
    3. The photograph must be coloured.
    4. There should be no other objects in the photos –no toys, decorations or other people.
    5. The focus must be clear and sharp.
    6. The image should be front facing – photos showing profiles or taken from oblique angles are not accepted
    7. Full face of the candidate must be visible in the photograph.

    Photograph of the candidate is mandatory for appearing for examination.  Candidates may not be allowed to appear for examination without uploading proper photograph.

    If you are facing problem in uploading PAN try to change the name as per the above specifications and also try to change the jpg to JPG.

    No Auto Approvals for New Registrations

    At present one can visit NISM Certification Registration Portal register with their details.  They need to upload PAN Scan copy and scan copy of their photograph.  After submitting the form, they receive an email for the mail id they have registered with.  Once they click the link of NISM from their registered mail id, their account gets activated.  They can immediately start registering for the examination.

    The process is no longer automated. Henceforth, all the fresh registrations done on NISM certifications website are not auto approved.  They are approved manually after verification by NISM Staff.  It means it takes time from the time of registration to activation of the account.  As per the data, it may take up to 3 Working Days (Excluding holidays) for an account get approved.  As one can register for NISM Exam / CPE / e-CPE one should register at the earliest possible to get accounts approved well in time.  It may take longer time too if some data / scan images are not in order.

    At present NISM registration form has option to enter AADHAR Number and Passport numbers which are optional.  But from 09 April entering AADHAR Number and uploading scan image of AADHAR mandatory.

    Instructions of Existing Registered users of NISM Certification Portal

    If candidates are already registered before this change, they can register for exams or CPE programs.  But certifications will be given only after updating AADHAR data along with scanned image.  This need to be approved by NISM like new registrations

    Existing candidates can go to their Profile page and Edit the details to include AADHAR Number and scan image.  If any other mandatory details are missing, they need to fill them too at the time of update.  Once they are approved, they can get certificates as usual.

    As the changes are taking effect from April 9, to update the process, the site will be on maintenance on 09th April 2017.

  • How To Register For NISM Exam

    In this article I will explain how to register for NISM Exam.  The common question asked by many new students is how to register online for NISM Certification Exam.  If one goes to nism.ac.in which is official site of NISM, they need to search for a link to register.  One can reach directly by visiting this link to register for NISM exams.

    By clicking the above link you will reach the page which looks like the image below

     

    Click Register button and you will be displayed with a popup window as below asking to keep the scan copies of PAN Card and Photograph.  Please ensure that they are in JPEG format and the size is below 1 MB.  If your scanned copies exceed the size, you can simply edit the image by using paint program (If using windows Operating system).  Also keep education qualification and employment details ready. For educational qualifications and employment fields, scan copies are not required.  But the details are mandatory to fill (On registration page, all the fields marked with Red Star mark need to be completed).

     

    A candidate can use email id which is not in the NISM Database earlier.  If the email id is already registered, it will display the following error

    Entered E-mail Address is already present in the system. Please try another one.

    It happens mostly because you have already registered with the email id and forgot.  In this case, simply use “forgot password” Option available in earlier page.  If email id does not registered with NISM earlier the following message will be displayed and candidate can proceed further.

    Entered E-mail Address is available.

    Please make sure that you are entering your email id which is in use.  You will receive your study material, certificate on this email id.  More over, you need to activate a link sent by NISM to this email address to activate your account.  Even if you register for NISM Exam online, it will not be activated, unless activation link to your email is clicked.  Also if you are an employee and have official email id, prefer to use personal email id as changing jobs may get your official email account not accessible. Also provide alternative email address to be sure of receiving emails in case of some problem with earlier email.

    Keep in mind the following guidelines while scanning and saving your PAN Card and Photograph.

    1)   Photo size not to exceed 1 MB.

    2)  Photo File name should contain alphabets, numbers, hyphen, spaces only.

    3)  Photo File name should NOT contain more than one fullstop i.e. “.”.  (usually the file name already contains . before extension of jpeg. Avoid further . in file name).

    If you face any problem in uploading scanned files, try in another browser.  Providing address details are mandatory.  Now a days study material and certificate are sent to email id only.  No physical copies are sent to address.  Study material and certificates can be downloaded from NISM certification site after login.

    Most people still use NCFM as synonym for NISM certifications.  Please note that w.e.f. 20 Jan 2015, Registration / Enrolment/ Payment   for NISM certification examinations can be done only through NISM Certification portal. You can not register for NISM Exams through NSE website.

    Who can register for NISM Exam or Whats the qualification for NISM?

    NISM does not specify any educational qualification to register for NISM examination.  But filling Educational qualification details are mandatory.  Options are available to enter details from Class 1.  Most common answer in FAQ of NISM for who can take NISM exams are,

    1. Interested students/professionals
    2. Any other individuals.

    And those who are associated with the roles associated with the module.  So if you are able to read this article and understand, most probably you can register for NISM Exam and pass too.

    For any query related to NISM Certifications you may contact

    NISM Certification Helpdesk :

    +91-8080806476
    (09:30 hrs to 17:30 hrs)
    (Mondays to Fridays).

    Still facing problem to register for nism exams online?  Or need help in registering online for NISM Exams?  Contact us with the nature of problem faced by you and we shall try to help.

  • How To Become a Retirement Adviser (Individual) In India?

    To become Retirement adviser one must register with PFRDA (Pension Fund Regulatory and Development Authority). PFRDA has made it mandatory to register with them to offer retirement advisory services from June 2016. As per Gazette published “Retirement adviser” means any person being an individual, registered partnership firm, body corporate, or any registered trust or society, which desires to engage in the activity of providing advice on National Pension System or other pension scheme regulated by Authority to prospects/subscribers or other persons or group of persons and is registered as such under these regulations”.

    How to get registered as Retirement Adviser?

    One must register as retirement adviser and offer retirement advisory services offered by NPS or any other pension scheme regulated by PFRDA after commencement of Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations, 2016.

    An Individual who fulfills the requirement can apply to PFRDA to register in Form A available on the regulators website along with supporting documents and Non -refundable application fee of Rs 500.

    NISM is the accredited institute under the regulations. Other than the exempted individuals under the regulations, individuals must pass NISM-Series-XVII: Retirement Adviser Certification Examination to be eligible to register as retirement adviser with PFRDA. CIBIL Score certificate must be attached (CIBIL Score should not be less than 700 and not older than 6 months). Graduation is minimum eligible qualification and the same must be valid at all times.

    Registration fee shall be 1000 rupees for individuals and they also need to provide a security deposit of Rs 10000.

    Exempted Individuals from NISM Retirement Adviser Certification Exam

    (i) an Investment Adviser registered with Securities and Exchange Board of India under its regulations.

    (ii) any CERTIFIED FINANCIAL PLANNER (CFP) or ASSOCIATE FINANCIAL PLANNER (AFP)- Retirement Planning
    Certification/s, awarded by Financial Planning Standards Board India (FPSB India). AFP is awarded by FPSBI to individuals who passed Retirement Planning & Employee Benefits Module and registered with FPSB India as AFP. FPSB India has established AFP Certification to enable product based advisory and specialized advisory services in a niche segment like retirement advisory, investment planning, insurance advisory etc.,

    By Completing CFP one is eligible for exemptions to register as SEBI Registered Investment Adviser (RIA) and also as retirement adviser. Individuals other than Registered Investment Adviser & CFP/AFP need to pass Retirement Adviser Certification exam conducted by NISM. The exam is of 2 hours duration for 100 marks. Each wrong answer carries 25% negative marks and the required pass mark is 60%.

    How to renew as retirement adviser?

    Certificate of registration as retirement adviser is valid for 3 years. One need to renew atleast 3 months before the validity period. Initial eligibility conditions are applicable for renewal process too. It means if one get registered as Retirement Adviser by passing NISM Certification, at the time of renewal he must have valid NISM retirement adviser certification or be a CFP/ AFP (Retirement Planning and Employee benefits). The renewal fee shall be Rs 1000.

    What are the fees that can be charged by Retirement Adviser?

    Retirement can charge three type of fee from the subscribers to whom he/she has given retirement advise as per regulations and these fees are
    a) On boarding charges of Rs 120 (Rupees One hundred and twenty only).

    b) Subsequent transaction charges of minimum 20 rupees per transaction (Maximum of Rs 100 per year).

    c) Advisory fee – Details of advisory fee will be notified later.

    More operating guidelines, processes to be followed, infrastructure, risk profiling requirements are given in the gazette

    Retirement advisory services in India are nascent stages. Many people, specially rural people are not aware of the importance and benefits of regulated pension products. It will be the role of retirement advisers to promote, educate and bring these people on board of NPS system.  India will have majority of population in the old age after 20-30 years (India’s advantage at present is it has highest population in the working age).  Due to non – availability of suitable social security schemes for old aged people, pension products will go a long way to help them in the golden age of retired life.  Its where retirement advisers play a pivotal role in educating people about these products and help them to save enough for their old age.  At the same time retirement advisers will be benefited by the way of fee commensurate with the services offered by them.

  • How To Become An Investment Adviser?

    After introduction of  SECURITIES AND EXCHANGE BOARD OF INDIA (INVESTMENT ADVISERS) REGULATIONS, 2013, no one in India can not act as investment advisor unless registered with SEBI under these regulations.  If any person is acting as IA (Investment Advisor) by the time of notification of these regulations, they must get registered under these provisions with in 6 months.

    Who are not required to register as Investment Advisor with SEBI

    1.  Anyone offering a general comment on economy, financial or securities markets without specifying particular products for investment.
    2. Investment advice given in widely available public mediums like news papers without any considerations
    3. IRDA registered insurance agents or brokers solely offering insurance products.
    4. PFRDA registered pension advisors who are offering investment advice on pension products
    5. AMFI registered mutual fund distributors who receive fees from investors under SEBI (Mutual Funds) 1996 regulations.
    6. Stock Brokers, Sub-brokers, Portfolio Managers and Merchant Bankers registered under respective Regulations, who provide any investment advice to their clients solely incidental to their primary activity. etc.,

    Investment Advisers Registration Requirements

    Registration requirements for investment advisers under SEBI Investment Advisers Regulations are applicable at the time of registration and also applicable at all the times of continuation.

    1.  A professional qualification or post-graduate degree or post graduate diploma.
    2. A graduate in any discipline with an experience of at least five years in activities relating to advice in financial products or securities or fund or asset or portfolio management.
    3. A certification on financial planning or fund or asset or portfolio management or investment advisory services from NISM or any other organization or institution including fpsbindia or others provided they are accredited by NISM.

    The certification of registration as investment adviser is valid for 5 years from the date of issue and must be renewed to continue as investment adviser before expiry of the license.  Usually such renewal of investment adviser license must be made before 3 months of expiry of the license.

    Individuals or partners need to pay a fee of 5000 rupees as application fee and 10000 rupees as registration fee.  Application fee for body corporate is  5000 rupees and registration fee is 1 lakh rupees.

    Exemptions to register as investment adviser

    NISM has accredited the following certifications for Investment Advisers under Regulation 7(2) of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.  Persons with these qualifications can apply to SEBI for registration without any further exams.

    1.  Certified Financial Planner (CFP) offered by Financial Planning Standards Board India (FPSB India)
    2. Chartered Wealth Manager (CWM) offered by American Academy of Financial Management India Pvt. Ltd.

    and other certification that may be accredited by NISM in due course.

    How to be an investment adviser?

    Along with the two ways mentioned above, NISM conducts examinations to get eligibility to register as investment adviser.  Two examinations form NISM need to be passed if this path is chosen to register as investment adviser.

    The exams offered by NISM for eligibility to register as investment adviser in India are

    1. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and
    2. NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination.

    These exams are of two hours duration and conducted by NISM all over India.

    For complete details about investment adviser regulations of SEBI please read the gazette notification in this regard.

     

  • Difference Between NISM Certification and NCFM Certification?

    One of the most confused topic for new people looking for career in securities market is what is the difference between NISM Certification and NCFM Certification?  Before the establishment of NISM NCFM certification was very popular.  Even today most people think NCFM certifications have same validity as earlier.  But NISM was established by SEBI for conducting the mandatory financial certifications to be acquired by market participants.  This has diluted the importance of NCFM offered certifications.

    Free NISM VIII Equity Derivatives Mock Tests

    Another difference is Number of test centers NSE has established all over India through its subsidiary nse.it for conducting these examinations.  Although NISM does not own many testing centers, it uses these centers of NSE, BSE, MCX-SX and some other institutes.

    NCFM (NSE Certification For Financial Markets) have many more modules to test one’s knowledge.  It has many certifications to cover most of the skills required for working in BFSI Sector.  Although, NISM has some non-mandatory certifications, most of the certificates it offered or mandatory in nature and carry authority of SEBI to enforce the requirement of these certifications.

    The main difference between NISM certification and NCFM certification is, NISM has authority of market regulator SEBI behind it.  It can mandate a particular certificate for associated persons dealing with a particular security market activity.  NCFM is an educational and training arm of National Stock Exchange of India(NSE).  And now its certifications offered under NCFM are optional in most of the activities of securities markets in India.  They can be pursued to test one’s knowledge in that particular domain.  For example NCFM Certification in Technical Analysis is not mandatory to work in securities market.  But completing this technical analysis module exam gives additional value to candidate’s resume.  It can give an edge if attending for an interview for a job involving technical analysis.

    https://www.high-endrolex.com/13

    NSE has come up with some innovative ideas in promoting their certifications.  They have introduced proficiency certifications for candidates who passed a particular set of exams which are mostly theme based.  Also NCMP (NSE Certified Market Professional) is an good idea in which they have level 1 to level 5 for candidates who passed selected modules.  For example to get level 1 one must pass 3-4 NCFM modules out of the modules specified for this purpose.  NCMP Level 5 is highest at present that is awarded to candidates with 11 or more modules .

    If the purpose is just go get a entry level job one may go for NISM certificate in that particular area.  For students looking for a job as equity dealer one must pass the exam offered by NISM for this purpose.  NCFM otherwise gives more options to test one’s knowledge and give more value to one’s resume which can be added advantage while attending for interviews in BFSI sector.

    Rather than looking at difference between NISM Certifications and MCFM Certifications, think of how both of them complement job prospects.  NCFM has professional reputation for its certifications and most companies accept them as a certificate endorsing the skill in that area.  Its a good idea to complete mandatory NISM certifications and some selected NCFM certifications which are of your interest.

    Free NISM VIII Equity Derivatives Mock Tests

  • NISM Training Institutes In Guntur | NCFM Coaching

    RARE Academy is one of the best training institutes in guntur, Andhra pradesh.  RARE academy is established with an aim of providing much needed skills for candidates looking for a career in financial sector.  Our coaching for nism certifications and ncfm training is not limited to curriculum for the module.  We put more stress on the practical application of the knowledge for the particular certification.  In recent skill survey  studies carried out on many college students of various streams, it is found that most of the pass outs do not have employable skills.  This is one of the most common issues faced by students while attending interviews.  Lack of skills often result in denying of jobs.

    NISM Training Institutes in Guntur

    RARE Academy, 3/7, Brodipet, Guntur – 522002

    We focus on required skills for performing the jobs.  For example, we provide practical training for all the students who undergo nism series viii certification for equity derivatives module.  The practical training includes all the daily routine one is expected to do while in job as terminal operator. Most fundamental mistake most candidates do is just pass the exam and get certified without any practical knowledge.  NISM Certification or NCFM certifcates can take one for interviews for the job but without practical knowledge its very hard to get a job.

    Our practical training includes hands on practicals in our computer lab on trading terminals, technical analysis software, back office operations etc.,  Although passing one NISM exam may be enough to get a job one needs to know more than the subject matter for the exam.  Many times candidates need to answer clients with questions which are not part of the certification.  For example if some one passes derivatives module, the same person may need to place orders for cash (capital market segment) too.  But most people are not competent enough to deal that segment.  The problem is that Both NISM and NCFM certifications are too modular in nature.  We take a holistic view of trading operations and teach what is need to be known by the candidates to deal with their clients.

     

    Our approach in training is a fusion of theory and practicals.  Its our belief that equipping a candidate well to deal with clients requires a focus both on practicals and theory.  Our classes are conducted in highly interactive manner to allow students of our NISM training institutes in guntur to get the best out of the training.

    We DO NOT offer job guarantee nism courses or ncfm courses.  In fact, we project our nism training classes and ncfm certification courses as skill improvement, career oriented programs.  We do not offer them as instant job offering courses.  Some candidates often ask for job guarantee with our NISM certification training too as some others are advertising for it.  But as insider in the industry, we know the limitations of such offers.

    Most people think without such assurance there is no use of joining training institute for NISM or NCFM coaching.  But these certifications will give edge for students in finance domain while attending interviews.  These financial certifications show that the candidate has domain knowledge and more importantly to learn and improve skills in the field of study.

    We are committed to offer quality training for NISM and NCFM for students and other professionals in and around Guntur and Vijayawada.  Training is provided by highly qualified finance professional with impeccable knowledge and experience at practical level.  Our Chief Trainer is a CFA from ICFAI, practicing Certified Financial Planner with NSE Certified Market Professional (Level 4) Certification.  He is also NISM empanelled trainer for CPE programs.  If you are looking for a career in financial markets with NISM or NCFM certifications, we invite you to visit our institute to experience the difference with other similar institutes.  We assure you best training and provide an edge while looking for a job.

  • NISM Certification For Career In Financial Sector (Is It Useful??)

    Many students ask whether they can use NISM certification for career if they are already in jobs? Some candidates want to know to get a job with passing these exams. Some students are looking for these to add extra qualifications in their resume.  Can these nism certification modules are suitable to all of them?  The good news is that these certifications are suitable for all those persons.  Its useful for better job growth, entry into financial markets for job or adding edge to one’s resume while attending interviews.

    Before we see whether passing nism modules can help in this regard, let us know a little about NISM.  National Institute of Securities Market (NISM) got its foundation with the budget of 2005-06.  In that budget the finance minister has proposed for it’s establishment.  It was mentioned that he is proposing to authorize SEBI (Securities and Exchange Board of India) to setup NISM.  The purpose of this new establishment is felt to provide the following.

    1.  To teach Intermediaries in Securities market.

    2.  To give Training to intermediaries involved in the functioning of securities market.

    3.  And to promote research activities for increasing participation in securities market and enhance quality of standards at various levels.

    NISM Certification For Career (Job Or Own Business)

    So, we can see that NISM is an educational initiative of SEBI.  We also know that SEBI is financial markets regulator in India.  This itself carries a lot of weight to the certifications of NISM.  More than that, SEBI mandates most of these financial certifications to securities market participants. Persons who are associated with various activities of securities market like stock exchanges, mutual fund houses etc., require these.  Due to this fact of mandatory requirement of most of these certifications to work for specific roles, NISM Certification For Career is definitely useful.

    For example, there are thousands of stock brokers and sub brokers who operate all over the country.  Most of them deals with clients dealing in equity derivatives segment of recognized stock exchanges like NSE, BSE or MCX-SX.  To execute such orders from clients each terminal must have an approved user.  Each approved user is mandated by SEBI to have NISM Equity Derivatives Exam Certificate (NISM Series – VIII).  Without passing the exam one can not operate and execute trades on behalf of their clients.

    Similarly, NISM series V A Mutual fund distributors exam is mandatory for persons associated with Mutual fund industry.  It can be distribution and advising of mutual fund investments.  Even independent financial advisers who sell mutual funds on individual basis must have this certifications.  Most people often do not know that mutual fund distributors require this.  The confusion is due to the fact that, distributors usually display their AMFI (Association of Mutual Funds In India) ARN (AMFI Registration Number) while selling mutual funds.  But to register with AMFI and get theri ARN one must pass this financial certification module conducted by NISM.

    When we talk of suitability of NISM certification for career, we just do not mean a job with some institution.  Career can be establishing own business either as sub- broker for carrying out transactions in stock exchanges or be an IFA (Independent Financial Adviser) to distribute mutual funds.  In fact most of the people complete these nism certifications for starting their own business.

    Whether its for a job with some financial institute or for establishing a business on their own in securities market, one must consider passing nism certifications.  In some cases one can employ a person with these certificates and carry on the business.  But having own certification is beneficial even for gaining knowledge in their own business.  The best thing is passing these exams need not be a hectic task and one can pass them with reasonable effort.