Apply for your ARN card or renew online by using filling the application form on CAMS.

Click here to apply / renew now

CAMS offers you the facility to enquire your transaction status with AMFI.

Click here to check the status of your transaction with AMFI

CAMS has designed “Data Compass” a service customized for distributors. Data Compass brings distilled data with razor sharp pointers such as share and rank vis’ a vis industry and customized peer group across a number of dimensions and parameters. Business trends such AUM, Gross Sales, Net Sales, SIP are presented at Schemes, AMC, City, investor segment level with your rank and share vs. peer group distributors. With Data Compass, your sales strategy can now be sharply tuned to the market developments and peer group performance.

Click here to request a free-demo

CAMS offers the convenience of filling and submitting various service request forms like correction in name, email id, contact details, change in mode of holding, registration of Nominee, financial and non-financial transaction requests, PAN based service request and so on.

Click here to visit service request section on CAMS

With digiSIP you can start an SIP in just 7 business days, significantly reducing the current lead time of 30 days. It is truly 100% digital process designed to bring speed, ease and certainty to commencing new SIPs online.

Click here to use digiSIP

Locate a Service Centre – CAMS in your vicinity

Get your GSTIN details here

Use CAMS centralized registration form to register yourself as an Investment Advisor

Click here to get and print RIA registration form

You can now register your email id and request for a daily mailback of details of investments in direct plans made under your RIA code.

Click here to get and print mailback registration form

Know Your Distributor (KYD) is a process set out by AMFI to strengthen the registration procedure and to ensure correctness of information in the ARN registration application. This is now Mandatory and applicable for all registered Distributors as well as new applicants and renewal applicants.

Click here to find your KYD status

Request for any change in contact details across Karvy serviced funds based on PAN, by submitting duly signed request form to nearest ISC of Karvy.

Download the form to be duly signed by all unit holders.

Request for change or registration of Nomination across Karvy serviced funds based on PAN, by submitting duly signed request form to nearest ISC of Karvy.

Download the form to be duly signed by all unit holders.

Check the status of any of your individual transaction carried out under any of the Karvy serviced Mutual Funds. It Provides data upto 30 days.

Click here to check investor transaction status on Karvy

You can use Karvy’s common transaction form to request various financial and non-financial transactions like change in address, change in bank details, additional purchase, switch, redemption and so on.

Click here to download common transaction form - Karvy

Download Karvy’s Central Know Your Customer Registry form here

National Automated Clearing House (NACH) is mandatory for New SIP Registrations. It is a one-time registration process which allows an investor to make lump sum / SIP investments in mutual funds. NACH is a centralized and improved clearing service.

Download NACH Form here

Download Karvy’s service request form for cancellation of SIP / STP / SWP

Already registered with Karvy distributor section?

Click here to login

You can register and enroll for NISM Certification Examination and CPE Program by filling in the Online Registration Form available on the NISM Online Certification System at https://certifications.nism.ac.in

Login to https://certifications.nism.ac.in, using your registered email id and password

Complete your profile using your PAN, Address, uploading Photograph etc. and await approval.

Click here for NISM Certification Examinations & Fee Structure

You need to follow these steps to enroll for the examination

1. Step 1: Selection of Examination
2. Step 2: Check Seat Availability
3. Step 3: Select a Time Slot
4. Step 4: Make Payment
5. Step 5: Print Admit Card

Note:

1. You can view and if required reschedule your enrollment only once and 15 days prior to the respective Examination Date.
2. The copy of your certificate will be available in the My Examinations section (post login), after you appear and clear the respective examination.
3. NISM certificates are valid for a period of 3 years from the date of examination.

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

1. Investment Landscape
   1. Understand the parameters of the Indian Economy Describe about Investors and their Financial Goals
   2. Understand Savings and Investment
   3. Discuss Different Asset Classes
   4. Understand the classification of Investment Risks
   5. Explain Risk Measure and Management Strategies
   6. Understand Behavioral Biases in Investment Decision Making
   7. Understand Risk Profiling
   8. Explain the Asset Allocation
   9. Comparison between the two approaches - Do-it-yourself and Taking Professional Help
2. Concept & Role of a Mutual Fund
   1. Explain the concept of mutual fund
   2. Understand the classifications of mutual funds
   3. Describe the Growth of the mutual fund industry in India
3. Legal Structure of Mutual Funds in India
   1. Describe the structure of mutual funds in India
   2. Understand the key constituents of a Mutual Funds
   3. Understand the organisation structure of Asset Management Company
   4. Understand the role and support functions of service providers of mutual funds
   5. Explain the Role and Function of AMFI
4. Legal and Regulatory Framework
   1. Describe role of regulators in India
   2. Discuss role of Securities and Exchange Board of India
   3. Know the Due Diligence process followed by AMCs for distributors of mutual funds
   4. Explain Investor Grievance and Redressal standards (Explain about SCORES)
   5. Understand AMFI Code of conduct for Intermediaries
5. Scheme Related Information
   1. Understanding the Mandatory Documents and their purpose, objective and significance
   2. Explain the Non-Mandatory Disclosures
6. Fund Distribution and Channel Management Practices
   1. Explain the role and importance of mutual fund distributors
   2. Understand the classification of mutual fund distributors
   3. Explain the modes of distribution
   4. Understand the Pre-requisites to become Distributor of the Mutual Fund
   5. Explain Revenue for a mutual fund distributor
   6. Know the Commission Disclosure mandated by SEBI
   7. Explain the Due Diligence Process by AMCs for Distributors of Mutual Funds
   8. Discuss Nomination facilities to Agents / Distributors and Payment of Commission to Nominee
   9. Explain about change of distributor
7. Net Asset Value, Total Expense Ratio and Pricing of Units
   1. Discuss the Fair Valuation Principles
   2. Compute net assets of a mutual fund scheme and NAV
   3. Explain about Dividends & Distributable Reserves
   4. Know about the Concept of Entry and Exit Load and its impact on NAV
   5. Know about the Key Accounting and Reporting Requirements applicable to mutual funds
   6. Know about the NAV, Total expense ratio and pricing of units for the Segregated Portfolio
8. Taxation
   1. Understand Applicability of various taxes in respect of mutual funds
   2. Understand about Capital gains, Capital gains (Long term & Short term) tax and Indexation.
   3. Understand about the Dividend Income and Dividend Income tax
   4. Understand the difference between dividend distribution tax and capital gains tax
   5. Understand the basics of Setting off Gains and Losses under Income Tax Act
   6. Understand about Securities Transaction Tax
   7. Understand about Tax benefit under Section 80C of the Income Tax Act for investment pertaining to mutual funds
   8. Understand about Tax Deducted at Source (TDS) in mutual funds
   9. Understand Applicability of GST in mutual funds
9. Investor Services
   1. Describe the NFO Process
   2. Explain about the New Fund Offer Price /On-going price for subscription
   3. Discuss Different types of investment plans and options
   4. Explain how the mutual fund units are allotted to the investor
   5. Describe the content and periodicity of Statement of Accounts for investments
   6. Describe different types of Mutual Fund Investors
   7. Explain how to fill in the application form for mutual funds
   8. Describe the financial transactions with mutual funds (Purchase, Redemption and Switches)
   9. Explain Cut-off time and Time Stamping
   10. Describe the KYC requirement for mutual fund investors
   11. Explain the different types of systematic transactions
   12. Explain operational aspects of systematic transactions
   13. Explain Non – Financial Transactions in Mutual Funds
   14. Discuss change in Status of Special Investor Categories
   15. Explain Investor Transactions – turnaround times
10. Risk, Return and Performance of funds
    1. Understand the General and Specific Risk Factors
    2. Explain the Factors that affect mutual fund performance
    3. Describe Drivers of Returns and Risk in mutual fund Scheme
    4. Understand the Measures of Returns
    5. Know about the SEBI norms regarding representation of returns by mutual funds in India
    6. Explain risks in fund investing with a focus on investors
    7. Understand the Measures of Risk
    8. Explain certain provisions with respect to Credit risk
11. Mutual Fund Scheme Performance
    1. Explain the concept of Benchmarks
    2. Compare Price Return Index and Total Return Index
    3. Identify the Basis of choosing an appropriate performance benchmark
    4. Describe the use of market benchmarks to evaluate Equity Fund Performance
    5. Describe the use of market benchmarks to evaluate Debt Fund Performance
    6. Describe the use of market benchmarks to evaluate Other Schemes
    7. Explain Quantitative Measures of Fund Manager Performance
    8. Define Tracking Error
    9. Understand the different Sources for disclosure of scheme performance (Scheme documents, AMFI and AMC website and Fund Fact Sheet)
12. Mutual Fund Scheme Selection
    1. Explain Scheme Selection based on Investor needs, preferences and risk-profile
    2. Explain Risk Levels in mutual fund schemes
    3. Explain Scheme Selection based on investment strategy of mutual funds
    4. Explain Selection of Mutual Fund scheme offered by different AMCs or within the scheme category
    5. Know about selecting options in mutual fund schemes
    6. Know about Do’s and Don’ts while selecting mutual fund schemes

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

1. Concept and Role of a Mutual Fund 
   1. Know the concept of securities markets and its role in the Indian Economy
   2. Understand the concept of mutual fund and compare and contrast with conventional investment avenues such as Bank Deposits, Post Office Deposits, Public Provident Fund.
   3. Understand the mutual fund industry and related concepts
   4. List the advantages and limitations of a mutual fund
   5. Understand the two plans or routes for investors to invest in a mutual fund
   6. Know about the different kind of investment options available to the investors
   7. Explain the role of new cadre of mutual fund distributors
2. Fund Structure and Constituents
   1. Know the basic legal structure of mutual funds in India and understand their role
   2. Understand the role and support functions of service providers of mutual funds
   3. Understand the organisation structure of Asset Management Company
3. Mutual Fund Products
   1. Understand the classification of mutual fund schemes
   2. Explain the categorisation and definition of open-end mutual fund schemes
4. Performance of Mutual Funds
   1. Understand the classification of mutual fund schemes
   2. Understand the concepts of Entry Load and Exit Load and their application in calculating the Net Asset Value (NAV)
   3. Understand the calculation of returns for an investor investing in mutual fund schemes
   4. Understand the concept of risk in a mutual fund investment
   5. Understand the measures of risk adjusted return
   6. Understand the measures of risk adjusted return
5. Mutual Funds Taxation
   1. Understand the different types of taxes associated with mutual fund schemes
   2. Select different schemes of mutual funds based on their tax implication
6. Offer Document
   1. Know the process of New Fund Offer (NFO)
   2. Understand the key components of an offer document
7. Fund Distribution and Sales Practices
   1. Know various distribution channels for mutual funds
   2. Know the pre-requisites to be fulfilled to become a distributor of a mutual fund
   3. Know the transaction charges and commission structure for mutual fund distributors
   4. Know the regulations, guidelines and code of conduct for selling mutual fund schemes
8. Investor Transactions
   1. Know the types of investors eligible to invest in mutual fund schemes
   2. Understand the compliance requirements for mutual fund investors
   3. Know the KYC process followed by distributors through KYC Registered Agency (KRA)
   4. List the types of investor transactions in mutual funds
   5. Understand the different transaction mediums for purchase and repurchase (sale) of mutual fund
   6. Know the cut-off timing for subscription and redemption of mutual fund schemes
   7. Understand the concept of dematerialisation and mutual fund transactions through stock exchanges
9. Investment Services
   1. Describe the mutual fund investment plans
   2. Understand the systematic transaction processes
   3. Describe the contents and periodicity of Statement of Account (SoA) and Consolidated Account Statement (CAS) to the investor
   4. Explain the process for nomination and pledge
   5. List investor services and facilities offered by AMCs
10. Asset Classes
    1. Understand the objective behind investing in different asset classes through mutual funds
11. Financial Planning Concepts
    1. Understand the basics of Financial Planning
    2. Relate financial planning to financial goals and the time horizon for their achievement
    3. Relate Financial Goals with Investment Requirements
12. Helping Investors with Financial Planning
    1. Understand the steps of financial planning
    2. Know various stages of Life Cycle and investment needs
    3. Know various stages of Wealth Cycle and investment needs
    4. Understand the importance of risk profiling
    5. Understand financial planning with the help of model portfolios
    6. Understand the important parameters for selecting mutual fund schemes
    7. Understand taxation and liquidity aspects while selecting growth and dividend option within a mutual fund scheme
    8. Identify the sources of data to track mutual fund performance
13. Legal and Regulatory Environment
    1. Know the role of SEBI in regulating mutual funds
    2. List the functions of AMFI
    3. Understand Investors rights and obligations

NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination

1. Mutual Fund Structures
   1. Fund of Funds
   2. Exchange Traded Funds
   3. Real Estate Mutual Funds
   4. Venture Capital Funds
   5. Private Equity Funds
   6. International funds
2. Legal and Regulatory Environment of Mutual Funds
   1. Regulatory Framework for Real Estate Mutual Funds
   2. Investment Norms for Mutual Funds
   3. SEBI Norms for Mutual Funds’ investment in Derivatives
   4. SEBI norms with respect to change in controlling interest of an AMC
   5. Changes in Mutual Fund Schemes
3. Fund Distribution and Sales Practices
   1. Internet and Mobile Technologies
   2. Stock Exchanges
4. Investment and Risk Management
   1. Fundamental Analysis
   2. Technical Analysis
   3. Quantitative Analysis
   4. Debt Investment Management
   5. Issues for a Debt Fund Manager
   6. Derivatives
   7. Application of Derivatives
5. Valuation of Schemes
   1. Equities
   2. Debt
   3. Non-Performing Assets and Provisioning for NPAs
   4. Gold
   5. Real Estate
6. Accounting
   1. Net Asset Value
   2. Investor Transactions
   3. Distributable Reserves
   4. Unique Aspects of Real Estate Schemes Accounting
7. Taxation
   1. Taxes for AMCs: Securities Transaction Tax and Income Distribution Tax
   2. Taxes for Investors: Securities Transaction Tax, Taxes on Dividend, Capital Gains, Set-off and Carry Forward of Losses, Dividend Stripping and Bonus Stripping.
8. Investor Services
   1. New Fund Offer
   2. Open-end Fund
   3. Closed-end Fund
   4. Exchange Traded Fund
   5. Nomination and Pledge
9. Scheme Evaluation
   1. Measures of Return
   2. Measures of Risk
   3. Benchmarks and Relative Returns
   4. Risk-adjusted Returns
   5. Limitations of Quantitative Evaluation
10. Asset Classes and Alternate Investment Products
    1. Historical Returns
    2. Perspectives on Asset Class Returns
    3. Alternative Investment Products
11. Cases in Financial Planning
    1. Practical Aspects of Financial Planning (cases/examples)
12. Ethics and Investor Protection
    1. Code of Conduct
    2. Mis-selling
    3. Safeguards in Mutual Fund Structure
    4. Regulatory Steps for Protecting Investors Against Fraud

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

1. Introduction to Indian Financial Market
   1. Understand the macro-economic parameters of Indian Economy
   2. Understand the features of Indian Financial Markets
   3. Know the structure of Indian Financial Markets
   4. Understand the role of the participants in the Indian Financial Markets
   5. Know the role of various Regulators regulating Indian Financial Markets (In brief)
2. Securities Market Segments
   1. Understand the nature, functions and types of issues in Primary Markets
   2. Know the role and function of Secondary Markets
   3. Understand the various types of various Corporate Actions
3. Mutual Funds  
   1. Understand the meaning and features of a mutual fund
   2. Know the key terms and concepts associated with mutual funds
   3. Know the regulatory framework for mutual funds
   4. Know the various types of mutual fund products
   5. Understand the taxation of Mutual Fund Products
   6. Know the investment options in mutual funds
   7. Know the processes associated with investing in mutual funds
   8. Understand the uses and processes of conducting systematic transactions
   9. List the benefits of investing with mutual funds
4. Investment Products
   1. Understand the various types of small savings instruments
   2. Understand the various types of fixed income / debt instruments
   3. Know the various types of alternate investments
   4. Know the concept of direct equity as an investment option
5. Managing Investment Risk
   1. Know the concept of Risk
   2. Know the Common Types of Risk
   3. Understand the ways of measuring risk
6. Measuring Investment Returns
   1. Understand the concept of return
   2. Understand the various return concepts
   3. Understand the concept of compounding
   4. Know the computation of Real rate of return vs. nominal return
   5. Know the computation of Tax adjusted return
   6. Understand the concept of Risk-adjusted Returns
7. Concept of Financial Planning
   1. Understand what constitutes financial planning
   2. Know the need for financial advisory services
   3. Understand the scope of financial advisory services
   4. Understand the business model for the delivery of financial advice to client
   5. Understand assets, liabilities and net worth
   6. Understand the preparation of budget
   7. Know the financial planning delivery process
8. Asset Allocation and Investment Strategies
   1. Know the various Asset classes 
   2. Learn about Portfolio construction
   3. Understand the concept of Practical asset allocation and Rebalancing Strategies
   4. Know the need for portfolio monitoring and re-balancing
9. Insurance Planning
   1. Understand the need for insurance in personal finance
   2. List the requirements for a risk to be insurable
   3. Understand the role of insurance in personal finance.
   4. Know the various steps involved in Insurance Planning
   5. Know the types of Insurance Products
   6. Understand about the Life Insurance Products
   7. Understand about the Non-Life Insurance Products
   8. Understand the life insurance needs analysis (Human life approach, Needs approach)
10. Retirement Planning
    1. Understand the retirement planning process
    2. Understand and estimate retirement corpus
    3. Determine the retirement corpus
    4. Learn about the various retirement products and their features
11. Tax and Estate Planning
    1. Understand Income tax principles
    2. Understand Tax aspects of Investment products
    3. Learn about the Wealth Tax Act and its implication for clients
    4. Know about Estate Planning
12. Regulatory Environment and Ethical Issues
    1. Understand the provisions of the SEBI (Investment Advisers) Regulations, 2013
    2. Understand the overall framework of the regulatory system
    3. Learn about the roles of regulators: MoF, MCA, SEBI, RBI, IRDA, PFRDA
    4. Understand the role of Self regulatory organizations
    5. Understand the provisions of PMLA, 2002
    6. Know the codes of conduct by SEBI, AMFI, etc
    7. Know the ethical issues in providing financial advice
    8. Understand investor complaint redressal mechanism

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

1. Understanding Securities Markets and Performance
   1. Know the working of equity markets
   2. Understand key equity market indicators
   3. Know the risk and return from equity investing
   4. Learn about the various tools and options in equity investing – direct, IPOs, Mutual funds and PMS
   5. Know the working of debt markets
   6. Understand debt market analytics and indicators
   7. Understand risk and return in debt investing
   8. Learn about the various debt products – saving schemes, bonds, deposits and debt mutual funds.
   9. Understand derivative markets, products and strategies
   10. Understand how derivatives can be used to hedge
   11. Know the interpretation of derivative indicators
   12. Understand the structure of Foreign Exchange Market; difference between spot and forward exchange rates; settlement periods; effect of interest rates
   13. Know calculation of forward exchange rates using: premiums and discounts; interest rate parity
2. Knowing Operational Aspects of financial transactions
   1. Know Investor types and the acquisition process
   2. Learn about PAN, KYC and other processes
   3. Know about the processes of Dematerialisation and Rematerialisation
   4. Learn about the PoA and other agreements
   5. Understand the processes involved for account opening of NR investors
   6. Consolidating, reorganising and folio-keeping
   7. Understand the process flow in Special situations: minor turns major, NRI to RI and RI to NRI
   8. Know the Operational aspects related to joint accounts, lien, nomination, transmission
   9. Learn about the documentation required for financial advice
3. Personal Financial Planning
   1. Learn about the computation and interpretation of personal finance ratios
   2. Understand cash flow analysis and determine surplus
   3. Understand Budgetary mechanism for households
   4. Understand contingency planning
   5. Understand about the estimation of financial goals
4. Comprehensive Financial Planning
   1. Understanding Leverage and debt counselling
   2. Understand Interpretation of liquidity, investment and long-term needs
   3. Learn about Prioritising and Financing the financial goals
   4. Learn about Risk profiling and processes in financial planning
   5. Know about evaluating insurance needs for life and general insurance
   6. Know about evaluating choices in retirement planning
   7. Understand about the preparation and interpretation of comprehensive financial planning solutions for the household
5. Product analysis and selection
   1. Understanding risk, return and portfolio construction principles
   2. Learn about Return targets, risk profile and optimisation
   3. Understand the impact of market cycles on asset allocation and product selection
   4. Know about evaluation and selection of equity funds, debt funds and other funds
   5. Learn about portfolio performance and  evaluate the investment alternatives
   6. Understand the evaluation of mutual fund portfolios for revisions and rebalancing
   7. Understand and Interpret the impact of elements of macroeconomic policies on asset allocation
   8. Understand behavioural biases in decision making and portfolio management
6. Regulatory and Compliance Aspects
   1. Understand Disclosure requirements
   2. Understand compliances related to  transactions
   3. Learn about document costing, taxation and procedures
   4. Understand Regulation relating to insurance, pension and investment products
   5. Understand Investor queries, grievance redressal, and service elements
7. Case studies in Comprehensive Financial Advice 
   1. Understand practical aspects of providing financial advice through case studies

NISM-Series-XV: Research Analyst Certification Examination

1. Introduction to Research Analyst Profession
   1. Understand the Primary role of a Research Analyst
   2. Know the Primary responsibilities of a Research Analyst
   3. Know the Basic principles of interaction with Companies / Clients
   4. Understand the Important qualities of a Research Analyst
2. Introduction to Securities Market
   1. Know about “Securities” and “Securities Market”
   2. Understand Product Definitions / Terminology
   3. Know the Structure of Securities Market
   4. Know Various market participants and their activities
   5. Learn about the Kinds of transactions
   6. Know about Dematerialization and Rematerialization of securities
3. Terminology in Equity and Debt Markets
   1. Know about the Terminology in Equity Market
   2. Know about the Terminology in Debt Market
   3. Understand the Types of Bonds
4. Fundamentals of Research
   1. Learn about investing
   2. Understand the Research on businesses or stocks
   3. Understand Fundamental Analysis - Top down approach and Bottom up approach
   4. Understand Technical Analysis
   5. Know about Behavioral Finance
5. Economic Analysis
   1. Understand the basic principles of microeconomics
   2. Know the basic principles of macroeconomics
   3. Know the Introduction to various macroeconomic variables
   4. Know about the Sources of information for economic analysis
6. Industry Analysis
   1. Understand Dr. Michael Porter’s five force model for industry analysis
   2. Understand Political, Economic, Socio-cultural, Technological, Legal and Environmental (PESTLE) Analysis
   3. Understand Boston Consulting Group (BCG) Analysis
   4. Understand Structure Conduct Performance (SCP) Analysis
   5. Know the Key Industry Drivers
   6. Understand the Regulatory environment/framework
   7. Know about the Sources of information for industry analysis
7. Company Analysis – Qualitative Dimensions
   1. Understand Business and Business Models
   2. Know the Competitive Advantages/Points of differentiation over the competitors
   3. Understand Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis
   4. Know about Quality of management (including independent directors) and governance
   5. Understand Pricing power and sustainability of this power
   6. Know about the Organization structure
   7. Understand Critical business drivers/success factors
   8. Know about the Risks in the business
   9. Understand Compliance orientation of the company
   10. Know about the Documentation on Guidance v/s Actuals
   11. Know about the Sources of information for analysis
8. Company Analysis – Quantitative Dimensions
   1. Know the History of Business Vs. Future of Business
   2. Understand the Basics of Profit and Loss Account (P/L)
   3. Understand the Basics of Balance Sheet (B/S)
   4. Understand the Basics of Cash Flows
   5. Know about the Contingent Liabilities, Off-balance sheet items, Accounting Policies, Notes to Accounts
   6. Know the Basics of Taxation affecting to Companies
   7. Know about the Important points to keep in mind while looking at financials
   8. Know about the Quality of business in the past through quantitative lenses
   9. Peeping in to future with caution
   10. Understand Peer Comparison
   11. Know the History of Equity expansion
   12. Understand about Dividend and earnings history
   13. Know the History of corporate actions
   14. Know the Ownership and Insiders’ Sales and Purchase of stocks in the past
9. Corporate Actions
   1. Understand the philosophy of corporate actions
10. Valuation Principles
    1. Know the difference between Price and Value
    2. Understand why Valuations are required
    3. Know the Sources of Value in a Business – Earnings and Assets
    4. Learn about the Discounted Cash Flows model for Business Valuation
    5. Learn about Absolute Valuations vs. Price-Value sense
    6. Know the Earnings based Valuation Matrices
    7. Know the Assets based Valuation Matrices
    8. Understand the Relative Valuations - Trading Multiples and Transaction Multiples
    9. Know the Sum-Of-The-Parts (SOTP) Valuation
    10. Know the other Valuation Parameters in new age economy and businesses
    11. Understand the Capital Asset Pricing Model
    12. Understand the Objectivity of Valuations
    13. Know some important considerations in the context of Business Valuation
11. Fundamentals of Risk and Return
    1. Understand the Concept of return of investment and return on investment
    2. Know the Calculation of simple, annualized and compounded returns
    3. Learn about the Risks in investments
    4. Know the Concepts of market risk (Beta)
    5. Understand Sensitivity analysis to assumptions
    6. Know the Concept of Margin of Safety
    7. Know the Comparison of equity returns with bond returns
    8. Know the Basic Behavioral Biases influencing investments
    9. Know about some pearls of wisdom from Investment Gurus across the world
12. Qualities of a good Research Report
    1. Learn about the Qualities of a good Research Report
    2. Know about the Checklist based approach to the Research Reports
    3. Know about the sample checklist for Investment Research Reports
13. Legal and Regulatory Environment
    1. Understand the Regulatory infrastructure in Financial Markets s
    2. Understand the Important regulations in Indian Securities Market
    3. Know the Code of Conduct/Ethics for Research Analysts
    4. Know the Disclosure Requirements for Research Analysts
14. Annexure:
    1. Case Studies (Some cases from history on market events)
    2. Suggested Readings
    3. Reference websites

NISM-Series-XVII: Retirement Adviser Certification Examination

1. Fundamental Concepts in Retirement Planning
   1. Need for Retirement Planning
   2. Basic financial concepts associated with retirement planning
   3. Features of the retirement goal
   4. Advantages and importance of starting retirement savings early
   5. Risk of Underestimating Retirement Goals
   6. Emotional Aspects of Retirement
2. Financial Markets and Investment Products
   1. Need for Making Investments to Reach Retirement Goals
   2. Difference between Savings and Investments
   3. Asset Class and Sub-Asset Classes
   4. Features of Different Asset Classes
   5. Asset Class Returns
   6. Common Risks in Investments
   7. Matching Investor Needs to Asset Class Features
   8. Impact of Macro-Economic Factors on Asset Classes
   9. Asset Allocation
   10. Financial System and Investment Products
3. Retirement Planning
   1. Evaluate Client’s Current Situation
   2. Learn the Process of Setting the Retirement Goal
   3. Investing for Accumulation
   4. Post-retirement Stage
   5. Risks in Distribution Stage
   6. Monitor and Update the Retirement Plan
   7. Behavioural Bias in Decision Making
4. Retirement Planning Products: National Pension System
   1. National Pension System
   2. Working of NPS
   3. Subscribing to the NPS
   4. Investing in the NPS
   5. Tax aspects of subscribing to the NPS
5. Evaluating Fund Performance and Fund Selection
   1. Return on Investment
   2. Different types of return calculations
   3. Measures of risk in an investment
   4. Benchmarks
   5. Performance Evaluation
   6. Matching investor’s retirement needs to product
6. Other Investment Products
   1. Mandatory Retirement Benefit Schemes
   2. Voluntary Retirement Products
7. Retirement Planning Strategies
   1. Bridging Shortfall in Retirement Corpus
   2. Periodic Investments
   3. Retirement Income from Multiple Sources
   4. Bucket Strategy
   5. Tax Advantages in Different Stages of Retirement
   6. Automating Investments
8. Special Situations in Retirement
   1. Debt Obligations in Retirement
   2. Documents for Effective Retirement Planning
9. Regulations and Regulators
   1. Indian Regulatory System
   2. Role of Pension Fund Regulatory and Development Authority (PFRDA)
   3. Role of Regulators
   4. Regulations for Retirement Advisers
   5. Ethics beyond Regulations
   6. Subscriber Grievance Redressal Mechanism

NISM Series XVIII - Financial Education Certification Examination

1. Introduction
   1. Need for Financial Literacy.
   2. Role of financial education in achieving financial well being.
   3. Importance of Financial Planning.
2. Key Concepts in Personal Finance
   1. Key concepts of Personal Finance: Savings, Investment, Borrowing, Income and Expenses, Surplus/Deficit, Assets and Liabilities, Inflation, Time Value of Money, Active and Passive Income, Instant and Delayed Gratification, etc.
   2. Power of compounding and Rule of 72.
   3. Concept of Rupee Cost Averaging.
3. Financial Planning and Budgeting
   1. Define Financial Planning.
   2. Financial Planning Process.
   3. Steps involved in Financial Planning Process.
   4. SMART financial goals.
   5. Three pillars of investments.
   6. Concepts of risk and return.
   7. Budgeting and its importance in financial planning.
4. Savings Related Products
   1. Types of bank accounts: Savings account, Current account, fixed deposits, recurring deposits.
   2. Various modes of transfer through banking channel: NEFT, RTGS, IMPS, UPI.
   3. Account opening process and importance of KYC norms.
   4. Do’s and don’ts while using digital payments.
   5. Credit cards and Debit cards.
   6. Role of Reserve Bank of India.
5. Investment in Securities Market
   1. Investment avenues offered by Securities Markets.
   2. Primary Market and Secondary Market.
   3. Operational aspects of securities markets: placement of orders, contract note, pay-in and pay-out, trading and settlement cycle.
   4. Various risks involved in investing in securities markets.
   5. Benefits of investing through Mutual Funds.
   6. Mutual Fund categorization and product labeling of mutual funds.
   7. Systematic Investment Plan (SIP) and its advantages.
   8. Role played by Commodity Derivatives markets in hedging of commodity price risk.
   9. Products traded in Commodity Derivatives Exchanges and their usefulness to various stakeholders.
6. Insurance related Products
   1. Role of Insurance as risk management tool.
   2. Various types of Insurance products and their key features.
   3. Regulatory role of IRDAI.
7. Pension, Retirement and Estate Planning
   1. Importance of Pension and its role in providing financial security in old age.
   2. National Pension System (NPS).
   3. Ties-I and Tier-II accounts of NPS.
   4. Investment options under NPS.
   5. Key features of retirement planning.
   6. Estate Planning and importance of nomination, will and PoA.
8. Borrowing Related Products
   1. Borrowing, Collateral and Equated Monthly Installments (EMI).
   2. Documents required for obtaining Loans.
   3. Various loan products offered by Financial Institutions and their key features.
   4. 5Cs of Credit.
   5. Credit Information Organizations and Credit Score.
9. Government schemes for various savings and investment options
   1. Salient features of various Government Schemes.
   2. Insurance schemes of Government of India and their important features.
   3. Pension schemes of Government of India and their important features.
   4. Borrowing schemes of Government of India and their important features.
10. Tax Savings Options
    1. Concept of Income Tax.
    2. Various deductions allowed under Income Tax Act.
11. Caution against Ponzi Schemes and unregistered Investment Advisers
    1. Ponzi schemes and their broad characteristics.
    2. Various financial frauds: Investment frauds, Lottery frauds, Mass marketing frauds, Credit card frauds.
    3. Do’s and don’ts while dealing with Investment Advisers.
12. Grievance Redressal Mechanism
    1. SEBI SCORES.
    2. Grievance Redressal mechanism in Securities Markets.
    3. Grievance Redressal mechanism in Banking industry.
    4. Grievance Redressal mechanism in Insurance industry.
    5. Grievance Redressal mechanism in Pension industry.
    6. Grievance Redressal Agencies and the category of complaints they try to resolve.

Series-V-A: Mutual Fund Distributors

Series-¬V-B: Mutual Fund Foundation

Series-V-C: Mutual Fund Distributors (Level 2)+

Series-X-A: Investment Adviser Level 1

Series-X-B: Investment Adviser (Level 2)

Series-XV: Research Analyst

Series-XVII: Retirement Adviser

Series-XVIII: Financial Education+

Complete guidelines on NISM Registration and Enrollment Online

Schedule of NISM CPE Programs for Mutual Fund Distributors

Examination Centers

Continuing Professional Education (CPE)

eCPE

Joint Certification