National Institute of Securities Markets
National Institute of Securities Markets (NISM) is an Indian public trust and also the sole professional body for Financial Market Dealers in India along with being the staff college of SEBI established in 2006 by the Securities and Exchange Board of India (SEBI) the regulator for the securities market in India. The institute has a flagship programme which includes Post Graduate Programme in Securities Market , Post Graduate Programme in Financial Technology and Securities & Investments Law Programme. It also offers certification programmes, academic programmes, training programmes, capacity building and skill development programmes in securities markets. The institute also provides financial education and standards to improve financial literacy in the country. The institute is located in Vashi, Navi Mumbai, India. A 72-acre campus at Patalganga (off-Mumbai-Pune Expressway), for the institute, was inaugurated by Narendra Modi, incumbent Prime Minister of India, on 24 December 2016. NISM is an powerful autonomous body governed by a Board of Governors. Ajay Tyagi, the Chairman of SEBI, is the incumbent chairman of NISM. Shri SK Mohanty, Whole Time Member, SEBI has taken additional charge as the Director of NISM. The Institute is divided into six schools that address the different participants of the Indian financial market.
History
In the Budget Speech of February 2006, P Chidambaram, the erstwhile Union Finance Minister, proposed to authorize the Securities and Exchange Board of India to set up a National Institute of Securities Markets for teaching and training intermediaries in securities markets and promoting research. Accordingly, NISM was established in 2006. NISM seeks to add to market quality through educational initiatives. It is an autonomous body governed by its Board of Governors. An International Advisory Council provides strategic guidance to NISM.
Structure
The activities of NISM are carried out under six schools. These are as follows:[1]
School for Securities Education (SSE)
The School for Securities Education (SSE) offers academic programmes specialized in securities markets. The programmes offered under SSE are
- Post Graduate Diploma in Management (Securities Markets) (PGDM(SM))
- Post Graduate Programme in Securities Markets (PGPSM)
- Post Graduate Diploma in Quantitative Finance (PGDQF)
- Certificate in Securities Law (CSL)
- Certificate in Treasury Management (CTM)
- Post Graduate Diploma in Financial Engineering and Risk Management (PGDFERM)
- Post Graduate Diploma in Data Science (PGDDS)
School for Investor Education and Financial Literacy (SIEFL)
SIEFL is aimed at working on various initiatives on Financial Literacy. There are three programmes in NISM that address financial education.
- Financial education in schools: NISM program to introduce financial literacy in schools.
- A dedicated website for Investor Education NCFEIndia.org[2]
- Investor workshops in the face-to-face format. Workshops that are conducted in various towns and cities.
School for Certification of Intermediaries (SCI)
The School for Certification of Intermediaries (SCI) at NISM is engaged in developing certification examinations for professionals employed in various segments of the Indian securities markets. These examinations are being developed by NISM as mandated under SEBI Certification of Associated Persons in the Securities Markets (CAPSM) Regulation, 2007.
NISM Certification Examinations: Module-wise Details
| Sr. No | NISM Modules | Certification Examination | Test Duration | Fees (Rs) | Maximum Marks | No. of Questions | Pass Mark (%) | Negative Marks (%) | Certificate Validity (in years) |
|---|---|---|---|---|---|---|---|---|---|
| 1 | NISM Series I | Currency Derivatives Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 2 | NISM Series II A | Registrars and Transfer Agents (Corporate) Certification Examination | 2hrs | 1500/- | 100 | 100 | 50 | 25 | 3 |
| 3 | NISM Series II B | Registrars and Transfer Agents (Mutual Fund) Certification Examination | 2hrs | 1500/- | 100 | 100 | 50 | 25 | 3 |
| 4 | NISM Series-III-A | Securities Intermediaries Compliance (Non-Fund) Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 5 | NISM Series-III-B | Issuers Compliance Certification Examination+ | 2hrs | 1770/- | 100 | 100 | 60 | 25 | 3 |
| 6 | NISM Series IV | Interest Rates Derivatives Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 7 | NISM Series V A | Mutual Fund Distributors Certification Examination | 2hrs | 1500/- | 100 | 100 | 50 | - | 3 |
| 8 | NISM-SeriesV-B | Mutual Fund Foundation Certification Examination | 2hrs | 1200/- | 50 | 50 | 50 | - | 3 |
| 9 | NISM-Series-V-C | Mutual Fund Distributors (Level 2) Certification Examination+ | 2hrs | 1770/- | 100 | 68 | 60 | 25 | 3 |
| 10 | NISM Series VI | Depository Operations Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 11 | NISM Series VII | Securities Operations and Risk Management Certification Examination | 2hrs | 1500/- | 100 | 100 | 50 | 25 | 3 |
| 12 | NISM-Series-VIII | Equity Derivatives Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 13 | NISM Series-IX | Merchant Banking Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 14 | NISM-Series-X-A | Investment Adviser (Level 1) Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 15 | NISM-Series-X-B | Investment Adviser (Level 2) Certification Examination | 2hrs | 1500/- | 100 | 68 | 60 | 25 | 3 |
| 16 | NISM-Series-XI | Equity Sales Certification Examination+ | 2hrs | 1770/- | 100 | 100 | 50 | 25 | 3 |
| 17 | NISM Series-XII | Securities Markets Foundation Certification Examination+ | 2hrs | 1770/- | 100 | 100 | 60 | - | 3 |
| 18 | NISM Series-XIII | Common Derivatives Certification Examination | 3hrs | 3000/- | 150 | 150 | 60 | 25 | 3 |
| 19 | NISM Series-XIV | Internal Auditors for Stock Brokers Certification Examination+ | 2hrs | 1770/- | 100 | 100 | 60 | 25 | 3 |
| 20 | NISM Series-XV | Research Analyst Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 21 | NISM-Series-XVI | Commodity Derivatives Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 22 | NISM-Series-XVII | Retirement Adviser Certification Examination | 2hrs | 1500/- | 100 | 100 | 60 | 25 | 3 |
| 23 | NISM-Series-XVIII | Financial Education Certification Examination+ | 2hrs | 1416/- | 50 | 50 | 50 | - | 3 |
| 24 | IBBI- Valuation Examination in the Asset Class | Land and Building | 2hrs | 1500/- | 100 | 96 | 60 | 25 | - |
| 25 | IBBI- Valuation Examination in the Asset Class | Plant and Machinery | 2hrs | 1500/- | 100 | 96 | 60 | 25 | - |
| 26 | IBBI- Valuation Examination in the Asset Class | Securities or Financial Assets | 2hrs | 1500/- | 100 | 92 | 60 | 25 | - |
School for Securities Information and Research (SSIR)
SSIR undertakes several initiatives that seek to support research in securities markets.
The Network for Securities Markets Data (NSMD), a project undertaken by the SSIR, will act as a single point access to Indian securities markets related data and will boost the research and analysis activities on Indian securities markets.
School for Regulatory Studies and Supervision (SRSS)
SRSS organizes executive education for officers of SEBI, stock exchanges, government officers, depositories, capital markets division of the ministry and participants of capital markets from other jurisdictions including SAARC nations and IOSCO nations.
SRSS also initiated training programmes for Internal Auditors of Stock Brokers. SRSS organizes round table for mutual fund trustees.
The school has also undertaken a project "Securities Market Simulator" which simulates the working of securities markets to facilitate training and research activities on Indian markets.
School for Corporate Governance (SCG)
SCG conducts workshops and round table conferences in matters pertaining to Corporate Governance and initiatives for capacity building in the corporate governance space.