NISM Certifications · exam guide

NISM Certifications Passing Marks and Results

Checked against NISM's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Each module is passed on its own. The pass mark is 50% or 60% of the maximum marks depending on the module, and most modules deduct a share of the question's marks for a wrong answer.

• Series V-A Mutual Fund Distributors: pass mark 50%; no negative marking.
• Series VI Depository Operations: pass mark 60%; negative marking of 25% of the marks assigned to a question.
• Series VII Securities Operations and Risk Management: pass mark 50%; negative marking of 25%.
• Series VIII Equity Derivatives: pass mark 60%; negative marking of 25%.
• Series X-A Investment Adviser (Level 1): pass mark 60% (90 of 150 marks); negative marking of 25% of the marks assigned to a question.
• Series X-B Investment Adviser (Level 2): pass mark 60% of 150 marks; negative marking of 25%.
• Series XV Research Analyst: pass mark 60% (60 of 100 marks); negative marking of 25%.
• Series XXI-A PMS Distributors: pass mark 60%; negative marking of 10%.
• Negative marking is a percentage of the marks of the question answered wrongly, so a wrong answer on a 2-mark caselet question in X-A or X-B costs twice as much as on a 1-mark question.
• There is no aggregate across modules: each series gives its own certificate.
• A score is generated at the end of the exam at the test centre. A candidate who believes a question or answer has an error must raise it on the spot, before leaving the test centre; NISM then reviews the claim before the scorecard is issued.
• Certificates are issued as soft copies only, downloadable from the portal and also issued through DigiLocker.