NCFM faq

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 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 taking the test?
Yes. Test fees are valid for 180 days from the date of payment. Candidates need to enroll for the test(s) within 180 days from payment of fees.

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 Corporate Governance Module, Compliance Officers Modules, Risk Analysis & Insurance Planning Module, Retirement Planning & Employee Benefits Module, Investment Planning Module, Tax Planning & Estate Planning Module and Examination 5/Advanced Financial Planning Module, Financial Modeling Module and FLIP Modules.

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, Akruti Corporate Park, 1st Floor, Near G.E. Garden, LBS Marg, Kanjurmarg (West), Mumbai 400078. Tel No: 022-66406789.
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 alongwith relevant 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. If required, 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 negative marking is applicable to all modules, except Beginners’ Modules, FPSB Modules, Financial Modeling Module and CPFA Module
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 the same.

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 to 20 working days from the test date. However, in case of Risk Analysis & Insurance Planning Module, Retirement Planning & Employee Benefits Module, Investment Planning Module and Tax Planning & Estate Planning Module, a certificate is mailed within 30 to 40 days from the test date.

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 back-up sheet has be be filled up simultaneously by the candidate during the test. 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 validity differs for different modules. To view the list of all modules with their certificate validity and fees details, please click here

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.

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?
To view the list of all the modules along with their fee details please click here.

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/-

Score Reporting	Scorecard is issued on the spot to the candidate after the completion of test (only if photograph uploaded). This service is free of charge.For subsequent requests for scorecard a demand draft of Rs. 50/- is payable. (Payment through demand draft only)
Duplicate Certificate	Rs. 200/- payable by demand draft, enclosed with the application letter giving details of the test (Certificate is issued to only successful candidates). Payment through demand draft only.

Payment can be made through the OFFLINE mode by means of Demand Draft only. The Demand Draft should be in favour of 'National Stock Exchange of India Limited’, payable at the nearest NSE office. Candidates can also avail of the ONLINE mode of payment wherein payment can be made by credit card / debit card / netbanking / cash payment in designated ICICI branches. Fees once paid shall not be refunded. Payment for FPSB Modules i.e. Risk Analysis & Insurance Planning Module, Retirement Planning & Employee Benefits Module, Investment Planning Module, Tax Planning & Estate Planning Module and Examination 5/Advanced Financial Planning should be made by the ONLINE mode of payment only.

Who should I address my queries?
For all enquiries/help regarding the NCFM programme, kindly contact the test administrator at the nearest test centre. Additional information on the NCFM programme can also be obtained at NSE's web-site: nseindia.com or by sending an email at ncfm@nse.co.in

Candidates who wish to, may courier their forms to The NCFM Dept. at the following addresses depending on their choice of test center :

Test Centres