Stock Broker Certification Training: Which NISM Exams Apply to Authorised Partners and Advisors

What Is NISM Certification?

NISM certification examinations are designed to establish minimum competency standards for people working in different functions of the securities market.

Several NISM examinations are mandated by SEBI for specific roles. These cover areas including derivatives, securities operations, investment advice and research analysis.

The important point is that there is no single NISM exam that applies to everyone working with a stock broker.

The certification depends on what you actually do.

What Is an Authorised Person?

An Authorised Person (AP) is a person or entity appointed by a stock broker to provide access to the broker's services and perform permitted activities under the applicable regulatory framework.

An Authorised Person is not the same as an Investment Adviser or Research Analyst.

This distinction matters because the certification requirements are linked to the activities being performed.

If an AP's role involves activities that fall under a particular regulated function, the relevant certification requirements need to be considered accordingly.

NISM Exams Relevant to Stock Market Professionals

NISM currently lists several certification examinations that are mandated by SEBI for specific securities-market functions.

Some of the more relevant ones include:

NISM Series VII – Securities Operations and Risk Management

The NISM-Series-VII: Securities Operations and Risk Management certification is relevant to professionals involved in securities-market operations and related functions.

It covers areas such as trading, clearing, settlement, risk management and operational processes.

For someone working in a stock broking environment, this can be particularly relevant where the role involves securities operations.

NISM Series VIII – Equity Derivatives

Professionals dealing with equity derivatives may need the NISM-Series-VIII: Equity Derivatives certification where the applicable regulatory requirements prescribe it.

The examination covers concepts relating to futures and options, trading strategies, risk management and the functioning of the equity derivatives market.

It is important to note that simply being associated with a broker does not automatically mean every person needs this certification. The requirement depends on the person's role.

NISM Series XIII – Common Derivatives

The NISM-Series-XIII: Common Derivatives examination covers derivatives across relevant market segments.

It is another certification listed by NISM as mandated by SEBI for specified associated-person functions.

Professionals should check the specific certification requirement applicable to their designated role rather than choosing an exam solely because they work for a stock broker.

What Certification Does an Investment Adviser Need?

Investment advice is a separate regulated function.

NISM currently lists:

• Series X-A: Investment Adviser (Level 1)
• Series X-B: Investment Adviser (Level 2)
• Series X-C: Investment Adviser Certification (Renewal)

These certifications apply to the relevant investment-adviser functions under the applicable SEBI framework.

This is an important distinction.

An Authorised Person helping clients access a broker's services should not automatically present themselves as an Investment Adviser simply because they hold a NISM certificate.

Providing personalised investment advice is a separate regulated activity.

What About Research Analysts?

Research is another separate area.

The NISM-Series-XV: Research Analyst Certification Examination is the relevant certification for specified research-related roles. NISM states that the examination applies to associated persons registered as Research Analysts and individuals involved in the preparation or publication of research reports or research analysis.

There has also been an important change in 2026.

SEBI introduced a lighter certification requirement for certain Persons Associated with Research Services (PARS) who perform sales and other non-core services and have client contact but are not directly involved in research-related activities.

These professionals are now required to obtain the NISM-Series-XXV-A: Persons Associated with Research Services (Sales and Other Non-Core Services) certification. Other PARS continue to fall under the Series XV requirement.

That distinction is particularly useful for people working in sales, relationship management and client-facing roles.

What About People Associated With Investment Advice?

NISM also lists Series XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services).

This certification is designed for specified persons associated with investment-advice functions who perform sales and other non-core services rather than providing the regulated advice themselves.

Again, the role matters.

Someone supporting an investment-adviser business in a sales or non-core capacity may fall under a different certification requirement from the person actually providing investment advice.

Which NISM Exam Should You Choose?

A simple way to approach it is:

Role / Function	Relevant NISM Certification
Securities operations	Series VII
Equity derivatives functions	Series VIII
Common derivatives functions	Series XIII
Investment Adviser	Series X-A / X-B
Research Analyst	Series XV
Research sales/non-core services	Series XXV-A
Investment-advice sales/non-core services	Series XXV-B

This is only a broad guide. The exact certification requirement depends on the person's designated function and the applicable SEBI regulations.

NISM Certification and an Authorised Partner Career

For someone planning to build a career as an Authorised Partner with a stock broker, certification is only one part of the journey.

Understanding the securities market, client communication, compliance requirements and the broker's products is equally important.

At Ashika, prospective partners can explore the opportunities available through its broking ecosystem and understand the requirements applicable to the role they are interested in. The right certification should be selected based on the activities the partner will actually perform.

A certificate can demonstrate knowledge. It does not, by itself, authorise someone to perform every type of financial activity.

The Bottom Line

NISM certification requirements are role-specific, not simply broker-specific.

An Authorised Person, Research Analyst, Investment Adviser and client-facing sales professional can have very different responsibilities—and therefore different certification requirements.

Before enrolling for an exam, first identify your exact role and the activities you will perform. Then check the latest NISM and SEBI requirements applicable to that function.

For anyone planning a career in India's securities market, choosing the right certification is a practical first step towards building the required knowledge and staying aligned with the regulatory framework.