NISM mock tests
NISM (National Institute of Securities Markets) certifications are required by SEBI for many roles in India's securities market — mutual fund distribution, derivatives dealing, investment advice, research, depository and broking operations, compliance, AIFs and PMS. Pick your series below for its pattern, syllabus, free sample questions and mock test plans.
NISM exams
Mutual Funds
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series V-A Mutual Fund Distributors | 100 | 120 min | 50% | −0.25 mark per wrong answer |
| NISM Series V-B Mutual Fund Foundation | 50 | 60 min | 50% | No negative marking |
| NISM Series V-D Mutual Fund – Specialized Investment Fund (SIF) Distributors | 100 | 120 min | 60% | −0.25 mark per wrong answer |
Derivatives
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series I Currency Derivatives | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series IV Interest Rate Derivatives | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series VIII Equity Derivatives | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XIII Common Derivatives | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XVI Commodity Derivatives | 100 | 120 min | 60% | −0.25 mark per wrong answer |
Advisory & Research
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series X-A Investment Adviser (Level 1) | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series X-B Investment Adviser (Level 2) | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series XV Research Analyst | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series XVII Retirement Adviser | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXIII Social Impact Assessors | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXV-A Persons Associated with Research Services (Sales and Other Non-Core Services) | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXV-B Persons Associated with Investment Advice (Sales and Other Non-Core Services) | 100 | 120 min | 60% | −0.25 mark per wrong answer |
Operations & Compliance
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series II-A Registrars to an Issue and Share Transfer Agents – Corporate | 100 | 120 min | 50% | −0.25 mark per wrong answer |
| NISM Series II-B Registrars to an Issue and Share Transfer Agents – Mutual Fund | 100 | 120 min | 50% | −0.25 mark per wrong answer |
| NISM Series III-A Securities Intermediaries Compliance (Non-Fund) | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series III-C Securities Intermediaries Compliance (Fund) | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series VI Depository Operations | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series VII Securities Operations and Risk Management | 100 | 120 min | 50% | −0.25 mark per wrong answer |
| NISM Series IX Merchant Banking | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXIV AML and CFT Provisions in Securities Markets | 100 | 120 min | 60% | −0.25 mark per wrong answer |
AIF & PMS
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series XIX-A Alternative Investment Funds (Category I and II) Distributors | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XIX-B Alternative Investment Funds (Category III) Distributors | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XIX-C Alternative Investment Fund Managers | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series XIX-D Category I and II Alternative Investment Fund Managers | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series XIX-E Category III Alternative Investment Fund Managers | 100 | 180 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXI-A Portfolio Management Services (PMS) Distributors | 100 | 120 min | 60% | −0.25 mark per wrong answer |
| NISM Series XXI-B Portfolio Managers | 100 | 180 min | 60% | −0.25 mark per wrong answer |
Foundation
| Exam | Questions | Time | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series XII Securities Markets Foundation | 100 | 120 min | 60% | No negative marking |
Patterns are indicative — confirm them in each exam's latest official notification.
How to prepare for a NISM exam
Read NISM's free official workbook for your series first — the exam is set from it. Then take full-length mock tests under the real time limit, review every explanation, and use the chapter-wise score to go back to weak chapters before the next test. Most NISM exams carry negative marking of 25% per wrong answer, so practise skipping questions you are unsure of.
What our NISM mock tests include
Each mock test has the same number of questions, time limit, pass mark and negative marking as the real NISM exam. Questions are spread across every workbook chapter, and every answer has an explanation.
NISM mock test FAQs
Which NISM exams can I practise on Success4Sure?
NISM Series I, NISM Series II-A, NISM Series II-B, NISM Series III-A, NISM Series III-C, NISM Series IV, NISM Series V-A, NISM Series V-B, NISM Series V-D, NISM Series VI, NISM Series VII, NISM Series VIII, NISM Series IX, NISM Series X-A, NISM Series X-B, NISM Series XII, NISM Series XIII, NISM Series XV, NISM Series XVI, NISM Series XVII, NISM Series XIX-A, NISM Series XIX-B, NISM Series XIX-C, NISM Series XIX-D, NISM Series XIX-E, NISM Series XXI-A, NISM Series XXI-B, NISM Series XXIII, NISM Series XXIV, NISM Series XXV-A, NISM Series XXV-B.
How much do NISM mock tests cost?
Each exam has its own plan: 10 Days (10 mock tests, ₹199), 15 Days (15 mock tests, ₹279), 20 Days (20 mock tests, ₹349), 30 Days (30 mock tests, ₹449). Prices include GST, and every exam has a free demo test.
Are these real exam questions?
No. All questions are original and written to the official syllabus and pattern. We do not use or sell actual exam questions.