Which one is better NCFM or NISM? Are they meaningful? Why or why not?

NCFM and NISM, both certificates are at par with each other. The basic difference among the certificates is that NCFM is organized by NSE (National Stock Exchange of India Ltd.) and NISM is conducted by SEBI (Securities Exchange Board of India). 

• Both these certificates have different categories of modules specializing in mutual funds, derivatives, interest rates, equity research, technical and fundamental analysis, etc. You can do either of the two certifications, based on what domains are available as per your interest. 
• NCFM started with the objective of spreading financial literacy at a basic level for every individual. While NISM is a mandatory requirement for anyone who wants to begin their career in security markets in India. 

NCFM and NISM certifications are definitely meaningful. These will help you improve your knowledge in finance as well as add points to your resume.