Taking into account international experience and the needs of the Indian financial markets, with a view for protecting interests of investors in financial markets and more importantly, for minimising risks of losses arising out of deficient understanding of markets and instruments, National Stock Exchange introduced in 1998 a facility for testing and certification by launching NSE's Certification in Financial Markets (NCFM).

NCFM is an online testing system, a revolutionary concept in administration of examinations and the only one of its kind today in the country. It tests the practical knowledge and skills required to operate in the financial markets in a secure and unbiased manner and awards certificates based on relative merits thus ensuring that the calibre of persons entering this field is kept high in the best interests of a mature and vibrant market.

The entire process of testing, assessing and scores reporting in the NCFM is fully automated. The system is operated through an intranet facility by using a central World Wide Web server with terminals located at each of the designated test centres to be used as an examination front end. Communication between the central server and the test centres is achieved through VSAT/leased line network.

The Test is also offered through the Internet to enable candidates outside the designated test centres to take tests at their convenience. This allows flexibility in terms of testing centres, dates and timing and provides easy accessibility and convenience to candidates.

The easy accessibility as well as flexibility involved in the NCFM programme has resulted in its wider acceptance among market intermediaries, students and regulators.

Test Details
Who can join NCFM?
No formal educational background is necessary for registration to the NCFM programme. Nor is there an age requirement. However, candidates are expected to be numerate and comfortable with written English.


How to join NCFM?
One can join NCFM by registering himself for the programme by filling up part-I of the prescribed registration form. The candidate may enroll for the chosen module by filling up part-II of the said form. The details regarding the test center, date and time of test are informed to the candidate.


Is there any deadline for registration/enrollment after receipt of study material?
There is absolutely no deadline. The candidates are registered / enrolled throughout the year.


Is it necessary to take test of all modules of the NCFM?
No. A candidate can seek testing and certification in any module of his choice.


When and where to take the test?
The test is conducted everyday on week days (except on Exchange specified holidays) at all six NSEIL offices viz., Mumbai, New Delhi, Kolkata, Chennai, Hyderabad and Ahmedabad. Such tests are also offered from any other location in India, if there is adequate demand for the same.


How to prepare for the test?
On submission of the prescribed form along with the test fees, the candidate is supplied with study material for all modules except for AMFI-Mutual Fund Modules, Corporate Governance Module and Compliance Officers Modules. The study material for Mutual Funds Modules is available at: Association of Mutual Funds in India, 709, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai - 400 021. Telephone  Nos.:6610 1886/7, 2287 6338/9 Fax Nos.:6610 1889/6610 1916 and email:amfi@bom5.vsnl.net.in.

NCDEX distributes the training material of Commodities Market Module free of cost only to their active members and to others at a cost of Rs.500/- plus courier charges. Kindly contact NCDEX office for this training material at NCDEX, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051. Tele.No.:(022)56406789, Fax : (022)56406899. No study material will be provided for Compliance Officers Modules. The candidates are required to refer to the relevant books, circulars, manuals etc., as per the given curriculum, on their own.


Can I postpone the Test?
Once a test date and time slot have been allotted, the test can not be rescheduled. You may seek fresh enrollment.


How to take the test?
On arrival at the designated test centre on the specified day, the test administrator verifies identity of the candidate and grants him access to the test terminal. In case of online enrollment, candidates are required to bring hall ticket with their photograph duly affixed on it alongwith photo id proof (as mentioned on the hall ticket) which is verified by the test administrator before allowing the candidate to take the test.


Taking the test on the NCFM’s automated testing system is very simple. The candidate is provided a practice test to familiarise himself before the actual test. On punching the registration number, the system generates a completely new and unique question paper consisting of questions selected randomly from a vast question bank. The system ensures that although the candidates get different questions in a question paper, the same level of difficulty is maintained for each of them. The questions are followed by four probable answers. The correct alternative needs to be indicated by click of the mouse. The time remaining to complete the paper is constantly displayed on the top right-hand corner. Once the candidate completes answering the question paper, he submits the same for evaluation. The answers are evaluated immediately and the marks are provided to him on the spot by the computer. There is, however, a system of negative marking for incorrect answers.

The method of answering questions is shown here with an example:

Q: NSE was incorporated in

a. June, 1994
b. November, 1992
c. April, 1993
d. December, 1993

If you think that alternative 'b' is the correct answer to this question, then click the mouse in the circle provided against the alternative ‘b’ in order to highlight it. You can edit your answer by clicking on any other alternative.

Model tests are also available on the NSE website. In order to familarise yourself about the pattern of the question paper, you may attempt model test papers of Derivatives Market (Dealers) Module, NSDL-Depository Operations Module, Capital Market (Dealers) Module, Securities Market (Basic) Module, Commodities Market Module, FIMMDA-NSE Debt Market (Basic) Module, Compliance Officers (Brokers) Module, Compliance Officers (Corporates) Module and Surveillance in Stock Exchanges Module.


When do I get my result?
Marks are provided to the candidate immediately on submission of the answer paper. A certificate is mailed to the successful candidates within 15 days of the test.


Can I get any assistance during the test?
The candidate can bring only a scientific calculator and a pen to the examination hall and nothing else. No assistance is available during the test. Rough sheets are provided to the candidate for carrying out their workings. A backup sheet is provided to the candidate to list out the answers selected by him. The candidate is required to return the rough sheets and the backup sheet to the invigilator before leaving the test room. A candidate found using any unfair means (including use of mobile telephone) or in possession of any incriminating material during the test will be expelled from the examination hall and his test would be cancelled. The decision of the invigilator in this regard shall be final.


How long is the Certification valid?
The certificate remains valid for 5 years from the date of the test for all modules except Derivatives Market (Dealers) Module, Commodities Market Module, Information Security Auditors Module and AMFI-Mutual Fund (Basic) Module. In case of AMFI-Mutual Fund (Basic) Module the certificate remains valid for life-time. In case of Information Security Auditors Module the certificate remains valid for 2 years. In case of Commodities Market Module and Derivatives Market (Dealers) Module the certificate remains valid for 3 years. In case of Derivatives Market (Dealers) Module, the certificate can be extended to 5 years by undergoing a prescribed and approved refresher course. This ensures that the candidate continuously updates his knowledge and skill. The course contents are revised frequently in tune with changes in the environment ensuring that the candidates passing out are equipped with the latest skills required in the industry. The NCFM Committee determines the standard of knowledge, skill and expertise necessary for different types of specialised functions in the financial markets at operational and supervisory levels and the questions to be included in the question bank.


Can I cancel my scores?
You cannot have your scores cancelled. You may reappear for the same test to improve your scores by seeking fresh enrollment in the same module. In case of Information Security Auditors Module a certificate is issued only when candidate clears Part-1 and Part-2. In case, candidate wants to improve score in the said module, he has to clear again both Part - 1 and Part - 2 in order to obtain certificate with the revised scores.


How much to pay?
A candidate is required to pay a one-time fee of Rs.200/- (currently exempted) at the time of registration. He is also required to pay Rs. 1000/- for each test at the time of enrollment for all modules except for Commodities Market Module, Information Security Auditors Module (Part-1) and Information Security Auditors Module (Part-2).

In case of Commodities Market Module the candidate requires to make a payment of Rs. 1200/-. In case of Information Security Auditors Module (Part-1) and Information Security Auditors Module (Part-2) the candidate requires to make a payment of Rs. 1500/- for each part. In case of Financial Markets: A Beginners’ Module the candidate requires to make a payment of Rs. 500/-. If desired by the candidate, test scores are reported for the first time free of cost to the desired person. Every subsequent score reporting requires payment of Rs. 50/-. Duplicate certificate is issued at a fee of Rs. 200/-.

Here's a quick recap of the fees Test Centers & number module