Practise the exact NISM pattern: 8 papers, with negative marking where it applies. Then see your projected scores, paper by paper.
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NISM Certifications has 8 papers. Mutual Fund Distributors, Securities Operations and Risk Management, Equity Derivatives, Depository Operations, Investment Adviser (Level 1), Investment Adviser (Level 2), Research Analyst and Portfolio Management Services (PMS) Distributors are objective (MCQ). Negative marking applies in Securities Operations and Risk Management, Equity Derivatives, Depository Operations, Investment Adviser (Level 1), Investment Adviser (Level 2), Research Analyst and Portfolio Management Services (PMS) Distributors. Each NISM series is a separate certification exam with its own pass mark: 50% in Series V-A and VII, and 60% in Series VIII, VI, X-A, X-B, XV and XXI-A. Individual investment advisers and principal officers registered under the SEBI (Investment Advisers) Regulations, 2013 must pass both X-A and X-B.
| Paper | Marks | Duration | Type | Negative marking |
|---|---|---|---|---|
| Series V-A: Mutual Fund Distributors | 100 | 2 hours | Objective (MCQ) | None |
| Series VII: Securities Operations and Risk Management | 100 | 2 hours | Objective (MCQ) | 25% of the question's marks (0.25 marks) for each wrong answer |
| Series VIII: Equity Derivatives | 100 | 2 hours | Objective (MCQ) | 25% of the question's marks (0.25 marks) for each wrong answer |
| Series VI: Depository Operations | 100 | 2 hours | Objective (MCQ) | 25% of the question's marks (0.25 marks) for each wrong answer |
| Series X-A: Investment Adviser (Level 1) | 150 | 3 hours | Objective (MCQ) | 25% of the question's marks for each wrong answer: 0.25 on a 1-mark question, 0.5 on a 2-mark caselet question |
| Series X-B: Investment Adviser (Level 2) | 150 | 3 hours | Objective (MCQ) | 25% of the question's marks for each wrong answer: 0.25 on a 1-mark question, 0.5 on a 2-mark caselet question |
| Series XV: Research Analyst | 100 | 2 hours | Objective (MCQ) | 25% of the question's marks (0.25 marks) for each wrong answer |
| Series XXI-A: Portfolio Management Services (PMS) Distributors | 100 | 2 hours | Objective (MCQ) | 10% of the question's marks (0.1 marks) for each wrong answer |
Every chapter below has its own practice set. Your diagnostic mock tells you which ones to open first.
Independent MCQs (90 x 1 mark) (90) · Caselets, 6 x 5 questions of 1 mark (30) · Caselets, 3 x 5 questions of 2 marks (30)
MCQs (90 x 1 mark) (90) · Caselets, 6 x 5 questions of 2 marks (60)
MCQs (80 x 1 mark) (80) · Case-based questions, 5 x 4 questions of 1 mark (20)
Timed mocks with real negative marking, so you learn when to skip, not just what to answer.
Write by hand, upload a photo, and get marks plus the exact points an examiner would look for.
Your wrong answers return as revision cards on a schedule, until you stop getting them wrong.
NISM (National Institute of Securities Markets) was established by SEBI. Each NISM series is a separate, computer-based multiple choice certification exam, and the certificate is valid for 3 years from the date of the examination.
Series V-A Mutual Fund Distributors, VII Securities Operations and Risk Management, VIII Equity Derivatives, VI Depository Operations, X-A Investment Adviser (Level 1), X-B Investment Adviser (Level 2), XV Research Analyst and XXI-A Portfolio Management Services (PMS) Distributors. Each has its own full mock in the official pattern.
Each module is passed on its own; there is no combined result across modules. The pass mark is 50% in Series V-A and VII, and 60% in Series VIII, VI, X-A (90 of 150 marks), X-B, XV and XXI-A.
Yes, in most modules, as a share of the marks assigned to the question: 25% in Series VII, VIII, VI, X-A, X-B and XV, so a wrong answer costs 0.25 on a 1-mark question and 0.5 on a 2-mark caselet question. Series XXI-A deducts 10%, and Series V-A has no negative marking.
There are no fixed exam windows. Candidates book a test centre, date and time slot of their choice.
Series X-A has 150 marks in 3 hours: 90 MCQs of 1 mark, 6 caselets of 5 questions of 1 mark and 3 caselets of 5 questions of 2 marks (135 questions). Series X-B has 150 marks in 3 hours: 90 MCQs of 1 mark and 6 caselets of 5 questions of 2 marks (120 questions). Both pass at 60%. Individual investment advisers and principal officers registered under the SEBI (Investment Advisers) Regulations, 2013 must pass both.
From 20 January 2026: 80 MCQs of 1 mark and 5 case-based questions with 4 questions of 1 mark each, 100 marks in 2 hours, pass 60%, with 25% of the marks assigned to a question deducted for a wrong answer.
Yes. The diagnostic mock on the module of your choice and the daily 10-question quiz are free, with no card required.
One free diagnostic shows which paper is costing you the attempt.
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