The NCFM Programme

A critical element of financial sector growth is the development of a pool of human resources with the right skills and expertise in each segment of the industry to provide quality intermediation to market participants. In order to dispense quality intermediation, personnel working in the industry need to (i) follow a certain code of conduct usually achieved through regulations and (ii) possess requisite skills and knowledge acquired through a system of testing and certification.

Taking into account international experience and the needs of the Indian financial markets, NSE introduced a facility for testing and certification, by launching NSE's Certification in Financial Markets (NCFM).

It is an on-line testing system, a revolutionary concept in administration of examinations.


NCFM tests the practical knowledge and skills required to operate in the financial markets.

• Introduced in 1998, the first of its' kind in Financial Markets.

• Fully automated testing, assessing, score reporting facility, minimizing misconduct and malpractices.

• Over 250,000 candidates tested till date.

• NCFM conducts tests in over 35 locations across the country.

• Currently NCFM offers certification in 13 modules.

• Testing can be conducted outside India, based on certain requirements.

The Financial Markets are going to be the turf of certified professionals very soon due to regulatory compulsions and / or initiatives of the industry. By imparting comprehensive knowledge and skill in a chosen field, NCFM enhances career opportunities for NCFM Certified persons.

NCFM tests expertise in the following 13 modules

Securities Market (Basic) Module

This module equips the candidates with the knowledge and fundamentals of the securities market as a whole.

FIMMDA-NSE Debt Market (Basic) Module

The module equips the candidates with the knowledge and skills required for debt market operations and covers areas related to the structure of Debt markets in India, products and participants, Repos, Reverse Repos, Bond market indices, valuation of Bonds, yield curve and term structures etc.

Financial Markets: A Beginners' Module

Surveillance in Stock Exchanges Module

This module has been prepared for those who are keen to acquire some basic but key information about the stock markets as an initial step towards becoming a more informed investor. This module will act as a means of satisfying some of the initial queries on the stock markets and has been prepared with the objective of introducing the functioning and role of the financial markets in India to all those interested in this topic.

The module seeks to equip the surveillance staff with the requirements of surveillance in the stock market and covers regulations, principals and practices adopted by stock exchanges for their surveillance activity.

NSDL - Depository Operations Module

Derivatives Market (Dealers) Module

To accelerate the pace of professionalisation of the depository operations, the Depository Operations module was jointly developed by NSE and NSDL. This module equips the candidates with knowledge about depository operations.

SEBI Committee on 'Regulatory Framework for Financial Derivatives in India' had recommended that all brokers-members and sales persons/dealers in the derivatives market must pass a certification programme. Based on the Committee's recommendations, SEBI issued guidelines for the conduct of the certification examination. The Derivatives Market (Dealers) Module certifies brokers-members and sales persons/dealers in the derivatives market and covers concepts of trading, pricing of futures and options, pay-off diagrams, market indices, trading strategies, clearing & settlement, risk management, accounting and legal issues pertaining to derivatives etc.

Commodities Market Module

The module equips the candidates with the knowledge and skills required for dealers in Commodities Market and includes topics such as instruments available for trading, pricing commodity derivatives, hedging, speculation and arbitrage with commodity futures, clearing & settlement, risk management, accounting and legal issues pertaining to commodity derivatives.

Capital Market (Dealers) Module

AMFI - Mutual Fund (Basic) Module

This module equips the candidates with the knowledge and skills required for dealing in capital market operations. Rules and regulations governing the trading, clearing & settlement, risk management etc. are covered in this module. Candidates also get a practical knowledge of legal aspects governing the capital markets, fundamental valuation concepts such as future value and present value of a cash flow, value of annuity, comparative financial statements, ratio analysis etc.

AMFI - Mutual Fund (Advisors) Module

These two modules have been developed by Association of Mutual Funds in India to build a cadre of mutual fund advisors and disseminate knowledge about the working of the mutual funds.

The study material for these two modules is available for sale at AMFI's office:

Association of Mutual Funds in India (AMFI)

106, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai-400 021 Tel. No.: (022) 56373907 156373908/22836738/22836739 Fax.: No.: (022) 56373909/22836795 e-mail:

Corporate Governance Module

Since the commencement of the liberalisation process, the economic scenario has begun to alter radically. Globalisation has not only significantly heightened business risks, but also compelled companies to adopt international norms of transparency and good governance. Companies are now required to adopt Corporate Governance policies and practices in earnest, which recognise the challenge of the new business reality. In view of this increased focus on Corporate Governance, NCFM has introduced a new module, Corporate Governance Module. The Corporate Governance Module has been jointly developed by National Stock Exchange (NSE) and The Institute of Company Secretaries of India (lCSI) to strengthen knowledge on Corporate Governance.

Compliance Officers (Brokers) Module

Compliance Officers (Corporates) Module

Market intermediaries need to have comprehensive knowledge and a proper understanding of the Acts governing the Securities Markets, Rules and Regulations of the Exchange, Listing Procedures, etc. A proper understanding and knowledge of these rules and regulations would enable an organization to adhere to the required compliance standards and not fall short of meeting any existing guidelines. Compliance Officers modules tests the candidates on their knowledge of the relevant rules, regulations and guidelines governing the securities markets and corporates.

How to appear for NCFM Modules?

One can appear for NCFM modules by registering himself for the programme either through the on-line registration facility or off-line facility. Off-line registration can be done by filling up the prescribed registration form which can be collected from the nearest NSE office or can be downloaded from our website (click on icon 'NCFM' on the home page)

Features of On-line registration

• On-line registration through NSE's website at

• Different modes for payment of fees (currently Credit Cardl Cash)

• Access for updating candidate profile.

• Ability to schedule tests for any Exchange specified test centers as per requirement.

• Complete transperancy with regard to payment of fees & enrollment details.

• Generation of Hall ticket & checking of account balances.

• Request for other services like Duplicate Certificate, additional study material etc.

User Assistance for Online Registration is available in our website (click on icon 'NCFM' on the home page» Procedures» Online Registration).

Currently NCFM tests are conducted in the following Thirteen modules:

Test Centres

Sr. Name of Duration No. of Max Pass Certificate Fees Sr. No. Test Centre Telephone and Fax Numbers
No. Module (in mins) Questions Mars Marks Validity 1 National Stock Exchange of India Ltd. Tel: 022-26598100 114
(%) (in years) "Exchange Plaza", Bandra Kurla Complex, 022-26598252
1 Derivative Market (Dealers) Module 120 60 100 60 3 1000 Bandra (E), Mumbai 400 051 Fax: 022-26598393
2 Capital Market (Dealers) Module 105 60 100 50 5 1000 2 National Stock Exchange of India Ltd. Tel: 011-23344313-27
"Thapar House", Western Wing, Mezzanine Floor, Fax: 011-23366658
3 Securities Market (Basic) Module 105 60 100 60 5 1000
Janpath Lane, 124, Janpath, New Delhi 110001
4 FIMMDA-NSE Debt Market (Basic) Module 120 60 100 60 5 1000
3 National Stock Exchange of India Ltd. Tel: 033-24631802-205
5 Surveillance in Stock Exchanges Module 120 50 100 60 5 1000 Park View Apartments, First Floor 033-24631809-12
6 NSDL - Depository Operations Module 75 60 100 60 5 1000 99 Rash Behari Avenue, Kolkatta 700 029 Fax: 033-24631806/1791
7 Commodities Market Module 120 60 100 50 3 1200 4 National Stock Exchange of India Ltd. Tel: 044-28475100
7th Floor, Arihant Nitco Park, 90 Fax: 044-28473633
8 AMFI-Mutual Funds (Basic) Module 90 62 100 50 1000
Dr. Radhakrishna Salai, Mylapore, Chennai 600004

9 AMFI-Mutual Funds (Advisors) Module 120 69 100 50 5 1000
5 National Stock Exchange of India Ltd. Tel: 040-23324880/3
10 Corporate Governance Module 90 100 100 60 5 1000 8-2-677/A/3/l, Road no. 12, Banjara Hills, Hyderabad 500034 Fax: 040-23324632
11 Financial Markets: A Beginners' Module 60 60 100 50 5 500 6 National Stock of India Ltd. Tel: 079-26580212-13
12 Compliance Officers (Brokers) Module 60 60 100 60 5 1000 406 Sakar II, Near Ellis Bridge, Ahmedabad 380006 Fax: 079-26576123
13 Compliance Officers (Corporates) Module 60 60 100 60 5 1000 7 Any other place (depending on demand)
00 00 Flagship index of NSE

Company Name Symbol Company Name Symbol
Asea Brown Boveri Ltd. ABB Jet Airways Ltd. JETAIRWAYS
Associated Cement Companies Ltd. ACC Mahanagar Telephone Nigam Ltd. MTNL
Bajaj Auto Ltd. BAJAJAUTO Mahindra & Mahindra Ltd. M&M
Bharat Heavy Electricals Ltd. BHEL Maruti Udyog Ltd. MARUTI
Bharat Petroleum Corporation Ltd. BPCL National Aluminium Company Ltd. NATIONALUM
Bharti Tele- Ventures Ltd. BHARTI Oil & Natural Gas Corporation Ltd. ONGC
Cipla Ltd. CIPLA Oriental Bank of Commerce ORIENTBANK
Dabur India Ltd. DABUR Punjab & National Bank PNB
Dr. Reddy's Laboratories Ltd. DRREDDY Ranbaxy Laboratories Ltd. RANBAXY
Gas Authority of India Ltd. GAIL Reliance Energy Ltd. REL
Glaxosmithkline Pharmaceuticals India Ltd. GLAXO Reliance Industries Ltd. RELIANCE
Grasim Industries Ltd. GRAS 1M Sat yam Computer Services Ltd. SATYAMCOMP
Gujarat Ambuja Cements Ltd. GUJAMBCEM Shipping Corporation of India SCI
HCL Technologies Ltd. HCLTECH State Bank of India SBIN
HDFC Bank Ltd. HDFCBANK Steel Authority of India Ltd SAIL
Hero Honda Motors Ltd. HEROHONDA Sun Pharmaceutical Industries Ltd. SUNPHARMA
Hindalco Industries Ltd. HINDALCO Tata Chemicals Ltd. TATACHEM
Hindustan Lever Ltd. HIND LEVER Tata Consultancy Services Ltd. TCS
Hindustan Petroleum HIND PETRO Corporation Ltd. Locomotive Co. Ltd. TATAMOTORS
Housing Development Finance Corporation Ltd. HDFC Tata Iron & Steel Co. Ltd. TATASTEEL
IT C Ltd. ITC Tata Power Co. Ltd. TATAPOWER
ICICI Banking Corporation Ltd. ICICIBANK Tata Tea Ltd. TATATEA
Indian Petrochemicals Corporation Ltd. IPCL Videsh Sanchar Nigam Ltd. VSNL
Infosys Technologies Ltd. INFOSYSTCH Wipro Ltd. WIPRO
Larsen & Toubro Ltd. LT Zee Telefilms Ltd. ZEETELE For more information, Please contact NSEIL at Tel: 91-22-26598252, 26598216 Fax: 91-22-26598393. You may visit our website