NCFM Mock Test: Capital Market (Dealers) Module
Up to 30 full-length mock tests of 60 questions each, built on the official syllabus, with an explanation for every answer.
About the NCFM exam
The NCFM Capital Market (Dealers) Module from NSE Academy covers securities market basics, market participants, trading membership, the trading system and order types, clearing and settlement, risk management, the legal framework and basic valuation.
Who should take it: Dealers and staff of trading members, and students who want a practical certification in how the equity cash market works.
NCFM exam pattern
| Questions | 60 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 105 minutes |
| Passing score | 50% |
| Negative marking | −0.42 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NCFM question bank
Our 50-question bank for NCFM covers every section below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Securities Market Basics5 practice questions
- Market Participants4 practice questions
- Trading Membership5 practice questions
- Trading System & Orders10 practice questions
- Clearing & Settlement8 practice questions
- Risk Management & Margins6 practice questions
- Legal Framework6 practice questions
- Fundamental Valuation Concepts6 practice questions
Free NCFM sample questions
Try five questions from our bank. Each mock test gives you 60 like these, with your score, chapter-wise analysis and explanations at the end.
In the primary market:
- Investors trade already-listed shares among themselves
- Only government securities are traded
- Securities are issued by the company for the first time (or additionally) to raise capital
- Derivatives are settled daily
Show answer & explanation
Answer: C. Securities are issued by the company for the first time (or additionally) to raise capital
The primary market is the new-issue market where funds flow to the issuer; existing securities trade in the secondary market.
The two depositories in India are:
- NSE and BSE
- SEBI and RBI
- NSE Clearing and ICCL
- NSDL and CDSL
Show answer & explanation
Answer: D. NSDL and CDSL
National Securities Depository Ltd and Central Depository Services (India) Ltd hold securities in electronic form.
After SEBI's rationalisation (2018), existing sub-brokers had to either become trading members or migrate to the category of:
- Authorised Person
- Portfolio Manager
- Investment Adviser
- Depository Participant
Show answer & explanation
Answer: A. Authorised Person
SEBI merged the sub-broker category into Authorised Persons, who act as agents of a trading member.
Orders in NSE's trading system are matched on the basis of:
- Size of order
- Price-time priority
- Client's net worth
- Alphabetical order of broker codes
Show answer & explanation
Answer: B. Price-time priority
The best-priced order gets priority; among orders at the same price, the earlier one is matched first.
The standard settlement cycle for equity trades in India's cash market is:
- T+1
- T+2
- T+3
- T+5
Show answer & explanation
Answer: A. T+1
India completed migration to T+1 rolling settlement for all listed equities in January 2023.
NCFM mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 600 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 900 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 1,200 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 1,800 questions | ₹449 incl. GST |
Official resources
Links open the official website. We do not host or alter official material.
NCFM mock test FAQs
How many questions are there in the NCFM exam?
The NCFM paper has 60 multiple-choice questions for 100 marks, to be completed in 105 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NCFM?
Yes. −0.42 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NCFM?
You need 50% to pass. Our mock tests show pass or fail against the same mark.
How many NCFM mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NCFM study material?
The official syllabus and notifications are published by the conducting body — see the Official resources section on this page.