NISM Exam Syllabus 2024 - Exam Pattern, Course-wise Subjects, Sub-topics

1

NISM-Series-I: Currency Derivatives Certification Examination

• Introduction to Currency Markets

• Foreign Exchange Derivatives

• Exchange Traded Currency Futures

• Strategies Using Currency Futures

• Trading in Currency Futures

• Clearing, Settlement and Risk Management in Currency Futures

• Exchange Traded Currency Options

• Accounting and Taxation

• Regulatory Framework for Currency Derivatives

• Codes of Conduct and Investor Protection Measures

2

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

• Introduction to Securities

• Characteristics of Equity Shares

• Characteristics of Debt Securities

• Characteristics of Other Securities

• Basics of Mutual Funds

• SEBI – Role and Regulations

• Public Offer of Securities

• Modes of allotment of shares other than Public Offers

• Processes related to Public Offering of Shares

• Roles and Responsibilities in a Public Issue

• Depository Services

• Processes Related to Depositories

• Investor Interface with the R&T Agent

• Secondary Market Transactions

• Client Servicing

3

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

• Introduction to Securities

• Characteristics of Equity Shares

• Characteristics of Debt Securities

• Characteristics of Other Securities

• SEBI – Role and Regulations

• Basics of Registrars and Transfer Agents

• Registrar and Transfer Agents Regulations

• Basics of Mutual Funds

• Mutual Fund Structure and Constituents

• Mutual Fund Products

• Operational Concepts of Mutual Funds

• Investors in Mutual Funds

• Banking Operations in Mutual Funds

• Financial Transactions

• Non-Financial Transactions

4

NISM Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination

Part A – Understanding the Financial and Regulatory Structure in India

• Introduction to the Financial System

• Regulatory Framework – General View

• Introduction to Compliance

• SEBI Act, 1992

• Securities Contracts (Regulation) Act,

• Securities Contracts (Regulation) Rules, 1957

• SEBI (Intermediaries) Regulations, 1992

• SEBI (Prohibition of Insider Trading) Regulations, 1992

• SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2015

• Prevention of Money Laundering Act 2002

• SEBI (KYC Registration Agency) Regulations, 2011

Part B – Understanding Intermediary Specific Regulations

• SEBI (Stock Brokers and Sub-brokers) Regulations, 1992, Listing Agreement and SEBI (Delisting of Securities) Guidelines, 2003

• SEBI (Alternate Investment Funds) Regulation, 2012

• SEBI (Merchant Bankers) Regulations, 1992, SEBI (Delisting of Equity Shares) Regulations, 2009, SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 and SEBI Takeover Code and SEBI (BuyBack of Securities) Regulations, 2018

• SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011

• SEBI (Delisting of Equity Shares) Regulations, 2009

• obligations of the Intermediary under the SEBI (Buyback of Securities) Regulations, 2018

• SEBI (Issue of Capital Disclosure and Requirements) Regulations, 2009

• SEBI (Depositories) Regulations, 1996

• SEBI (Depositories and Participants) Regulations, 2018

• SEBI (Bankers to an Issue) Regulations, 1994

• SEBI (Underwriters) Regulations, 1993

• SEBI (Debenture Trustees) Regulations, 1993

• SEBI (Credit Rating Agencies) Regulations, 1999

• SEBI (Custodian of Securities) Regulations, 1996

5

NISM-Series-IV: Interest Rate Derivatives Certification Examination

• Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market Instruments

• Interest Rate Derivatives

• Exchange Traded Interest Rate Futures

• Exchange Traded Interest Rate Options

• Strategies Using Exchange Traded Interest Rate Derivatives

• Trading Mechanism in Exchange Traded Interest Rate Derivatives

• Clearing, Settlement and Risk Management in Exchange Traded Interest Rate Derivatives

• Regulatory Framework for Exchange Traded Interest Rate Derivatives

• Accounting and Taxation

• Code of Conduct and Investor Protection Measure

6.

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

• Investment Landscape

• Concept and Role of a Mutual Fund

• Legal Structure of Mutual Funds in India

• Legal and Regulatory Framework

• Scheme Related Information

• Fund Distribution and Channel Management Practices

• Net Asset Value, Total Expense Ratio and Pricing of Units

• Taxation

• Investor Services

• Risk, Return, and Performance of Funds

• Mutual Fund Scheme Performance

• Mutual Fund Scheme Selection

7

NISM-Series-V-B: Mutual Fund Foundation Certification Examination

• Concept and Role of a Mutual Fund

• Fund Structure and Constituents

• Mutual Fund Products

• Performance of Mutual Funds

• Mutual Funds Taxation

• Offer Document

• Fund Distribution and Sales Practices

• Investor Transactions

• Investment Services

• Asset Classes

• Financial Planning Concepts

• Helping Investors with Financial Planning

• Legal and Regulatory Environment

8

NISM-Series-VI: Depository Operations Certification Examination

• Introduction to the Capital Market

• Introduction to Depository

• Depository and its Business Partners

• Functions of Depository Participant -Account Opening

• Functions of Depository Participant – Account Operations

• Functions of Depository Participant – Transmission and Nomination

• Functions of Depository Participant -Dematerialization

• Functions of Depository Participant -Trading and Settlement

• Special Services- Pledge and Hypothecation

• Special Services- Public Offering and Corporate Action

• Special Services- Debt Instruments and Government Securities

• Foreign Portfolio Investor

• Investor Services

9

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

• Introduction to the Securities Market

• Market Participants in the Securities Market

• Introduction to the Securities Broking Operations

• Risk Management

• Clearing Process

• Settlement Process

• Investor Grievances and Arbitration

• Other Services Provided by Brokers

10

NISM-Series-VIII: Equity Derivatives Certification Examination

• Basics of Derivatives

• Understanding Index

• Introduction to Forwards and Futures

• Introduction to Options

• Strategies using Equity futures and Equity options

• Trading Mechanism

• Introduction to Clearing and Settlement System

• Legal and Regulatory Environment

• Accounting and Taxation

• Sales Practices and Investors Protection Services

11

NISM Series-IX: Merchant Banking Certification Examination

• Introduction to Capital Market

• Introduction to the Merchant Banking

• Registration, Code of Conduct & General Obligations of Merchant Bankers in India

• Issue Management – Important Terms

• Issue Management – Process and Underwriting

• Issue Management – General Obligations of Merchant Bankers and Due Diligence

• Other Merchant Banking Activities-Mergers, Acquisitions & Takeovers

• Other Merchant Banking Activities – Disinvestment, Buyback of Equity Shares

12

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination

Module 1: PERSONAL FINANCIAL PLANNING

• Introduction to Personal Financial Planning

• Time Value of Money

• Evaluating the Financial Position of Clients

• Debt Management and Loans

Module 2: INDIAN FINANCIAL MARKETS

• Introduction To The Indian Financial Markets

• Securities Market Segments

Module 3: INVESTMENT PRODUCTS

• Introduction To Investment

• Investing In Stocks

• Investing In Fixed Income Securities

• Understanding Derivatives

Module 4: INVESTMENT THROUGH MANAGED PORTFOLIO

• Mutual Funds

• Portfolio Manager

• Overview Of Alternative Investment Funds (Aifs)

Module 5: PORTFOLIO CONSTRUCTION, PERFORMANCE MONITORING AND EVALUATION

• Introduction To Modern Portfolio Theory

• Portfolio Construction Process

• Portfolio Performance Measurement And Evaluation

Module 6: OPERATIONS, REGULATORY ENVIRONMENT, COMPLIANCE AND ETHICS

• Operational Aspects Of Investment Management

• Key Regulations

• Ethical Issues

• Grievance Redress Mechanism

13

NISM Series-X-B: Investment Adviser (Level 2) Certification Examination

Module 7: RISK MANAGEMENT AND INSURANCE PLANNING

• Basics Of Insurance

• Life Insurance Products

• Non-Life Insurance Products

Module 8: RETIREMENT PLANNING

• Retirement Planning Basics

• Retirement Products

• Miscellaneous Aspects Of Retirement Planning

Module 9: TAXATION

• Concepts In Taxation

• Capital Gains

• Income From Other Sources

• Taxation Of Debt Products

• Taxation Of Equity Products

• Taxation Of Other Products

• Tax Provisions For Special Cases

Module 10: ESTATE PLANNING

• Basics Of Estate Planning

• Tools For Estate Planning

Module 11: BEHAVIOURAL FINANCE

• Basics Of Behavioural Finance

• Behavioural Finance In Practice

Module 12: COMPREHENSIVE INVESTMENT ADVICE

• Risk Profiling For Investors

• Comparison Of Products Across Categories

• Case Studies In Comprehensive Financial Advice

14

NISM Series-XII: Securities Markets Foundation Certification Examination

• Understanding Securities Markets And Performance

• Securities: Types, Features And Concepts Of Asset Allocation And Investing

• Primary Markets

• Secondary Markets

• Mutual Funds

• Derivative Markets

15

NISM-Series-XIII: Common Derivatives Certification Examination

• Basics of Derivatives

• Introduction to the Underlying Markets

• Introduction to Forwards and Futures

• Strategies Using Futures

• Introduction to Options – Options on Equities and Currencies

• Option Trading Strategies – Strategies using Equity Options and Currency options

• Introduction to Trading, Clearing, Settlement & Risk Management

• Legal and Regulatory Environment

• Accounting and Taxation

• Sales Practices, Code of Conduct and Investor Protection Measures

16

NISM-Series-XV: Research Analyst Certification Examination

• Introduction To Research Analyst Profession

• Introduction To Securities Market

• Terminology In Equity And Debt Markets

• Fundamentals Of Research

• Economic Analysis

• Industry Analysis

• Company Analysis – Business And Governance

• Company Analysis – Financial Analysis

• Corporate Actions

• Valuation Principles

• Fundamentals Of Risk And Return

• Qualities Of A Good Research Report

• Legal And Regulatory Environment

17

NISM-Series-XVI: Commodity Derivatives Certification Examination

• Introduction to Commodity Markets

• Commodity Futures

• Commodity Options

• Commodity Indices

• Uses of Commodity Derivatives

• Trading Mechanism

• Clearing Settlement and Risk Management of Commodity Derivatives

• Accounting and Taxation

• Legal & Regulatory Environment of Commodity Derivatives

18

NISM-Series-XVII: Retirement Adviser Certification Examination

• Fundamental Concepts in Retirement Planning

• Financial Markets and Investment Products

• Retirement Planning

• Retirement Planning Products: National Pension System

• Evaluating Fund Performance and Fund Selection

• Other Investment Products

• Retirement Planning Strategies

• Special Situations in Retirement

• Regulations and Regulators

19

NISM-Series-XVIII: Financial Education Certification Examination

• Introduction

• Key Concepts in Personal Finance

• Financial Planning and Budgeting

• Savings Related Products

• Investment in Securities Market

• Insurance related Products

• Pension, Retirement and Estate Planning

• Borrowing Related Products

• Government schemes for various savings and investment options

• Tax Savings Options

• Caution against Ponzi Schemes and unregistered Investment Advisers

• Grievance Redressal Mechanism

20

NISM Series XIX-A: Alternative Investment Funds (Category I and II) Distributors

• Overview Of Alternative Investments

• Alternative Investment Funds In India

• Concepts In The Aif Industry

• Aif Regulatory Framework

• Alternative Investment Fund Structuring

• Risk And Return – Fund And Investor Perspective

• Investment Process And Governance Of Funds

• Fund Due Diligence – Investor Perspective

• Legal Documentation And Negotiation – Investor Perspective

• Fund Monitoring, Reporting And Exit

• Valuation

• Taxation – India Specific

• Good Practices

21

NISM Series XIX-B: Alternative Investment Funds (Category III) Distributors

• Overview Of Alternative Investments

• Growth Of Alternative Investment Funds In India And Suitability Of Category Iii Aifs

• Introduction To Category Iii Aif Ecosystem

• Category Iii Aif: Fund Structures And Service Providers

• Regulatory Framework

• Fees Structure, Fund Performance And Benchmarking

• Category Iii Aif Investment Strategies And Due Diligence Process

• Valuation

• Taxation

• Good Practices

22

NISM-Series-XX-Taxation in Securities Markets Certification Examination

• Introduction To Securities Markets And Securities

• Concepts In Taxation

• Capital Gains

• Income From Other Sources

• Taxation Of Debt Products

• Taxation Of Equity Products

• Taxation Of Other Products

• Business Income

• Taxation In The Hands Of Intermediaries

• Taxation – In The Hands Of Foreign Portfolio Investors (Fpis)

• Tax Implications Of Ifsc

• Tax Provisions For Special Cases

• Indirect Taxes In Securities Markets

23

NISM-Series-XXI-A: Portfolio Management Services (PMS) Distributors Certification Examination

• Investment Landscape

• Introduction to Securities Markets

• Investing in Stocks

• Investing in Fixed Income Securities

• Derivatives

• Mutual Fund

• Role of Portfolio Managers

• Operational Aspects of Portfolio Managers

• Portfolio Management Process

• Performance measurement and evaluation of Portfolio Managers

• Taxation

• Regulatory, Governance and Ethical Aspects of Portfolio Managers

24

NISM-Series-XXI-B: Portfolio Managers Certification Examination

• Investment Landscape

• Introduction to Securities Markets

• Investing in Stocks

• Investing in Fixed Income Securities

• Derivatives

• Mutual Fund

• Role of Portfolio Managers

• Operational Aspects of Portfolio Managers

• Portfolio Management Process

• Taxation

• Regulatory, Governance and Ethical Aspects of Portfolio Managers

• Introduction to Indices

• Behavioural Finance

• Introduction to Modern Portfolio Theory

• Introduction to Capital Market Theory

• Risk

• Equity Portfolio Management Strategies

• Fixed Income Portfolio Management Strategies

• Performance measurement and evaluation of Portfolio Managers

• Portfolio Rebalancing

25

NISM-Series-XXII: Fixed Income Securities Certification Examination

• Overview Of The Indian Debt Market

• Types Of Fixed Income Securities

• Risks Associated With Investing In Fixed Income Securities

• Pricing Of Bonds

• Yield Measures And Total Return

• Term Structure Of Interest Rates

• Measuring Interest Rate Risk

• Indian Money Market

• Government Debt Market

• Corporate Debt Market

26

NISM Series-XXIII: Social Auditors Certification Examination

• Introduction To Social Sector And Indian Financial Markets

• Introduction To Trading, Clearing, Settlement And Risk Management On Stock Exchanges

• Social Stock Exchange: Introduction, Funding Structures And Instruments

• Registration And Listing On Social Stock Exchanges

• Social Audit And Social Auditors

• Social Audit Standard Framework

• Social Impact Assessment

• Social Impact Assessment (Case Studies)

• Disclosure Norms, Reporting Requirements By Social Auditors And Penalties

• Taxation

• Key Regulations

27

IBBI Valuation Examination in the Asset Class: Land and Building

• Principles of Economics - Microeconomics and Macroeconomics

• Book-keeping and Accountancy

• General Laws

• Introduction to Statistics

• Environmental Issues in Valuation

• Professional/Business Ethics and Standards

• Laws related to Real Estate

• Valuation of Real Estate

• Income Approach to Value

• Market Approach to Value

• Cost Approach to Value

• Various purposes of Valuation

• Principles of Insurance and Loss Assessment

• Report writing

• Important Case Laws on principles of valuation of Real Estate:

• Case Studies:

28

IBBI Valuation Examination in the Asset Class: Plant and Machinery

• Principles of Economics - Microeconomics and Macroeconomics

• Book-keeping and Accountancy

• General Laws

• Introduction to Statistics

• Environmental Issues in Valuation

• Professional/Business Ethics and Standards

• Law - Plant and Machinery

• Valuation of Plant and Machinery

• Identification and Physical Verification of Plant, Machinery and

• Equipment (PME)

• Cost Approach

• Market Approach- Sales comparison method

• Income Approach

• Process of Valuation

• Broad categories of machines

• Leasing of plant and machinery

• Purpose of valuation of plant and machinery

• Machine Tools, Factory, Utility Equipment and Electrical Installations

• Industrial Processes

• Principles of Insurance and Loss Assessment

• Report writing

• Important Case Laws on principles of valuation of plant and machinery

• Case Studies:

29

IBBI Valuation Examination in the Asset Class: Land and Building

• Macroeconomics

• Finance and Financial Statement Analysis

• Professional/Business Ethics and Standards

• General laws

• Financial reporting under Indian Accounting Standards (Ind AS) :

• Overview of Valuation

• Valuation Approaches

• Valuation Application

• Fixed Income Securities

• Intangible Assets

• Judicial Pronouncements on Valuation

• Case Studies