NISM PracticeWhat this site is
NISM, the National Institute of Securities Markets, conducts the certification examinations that people working in India's securities markets take: distributors of mutual funds, dealers in derivatives, research analysts, investment advisers and many others. This site is a place to practise for some of them. It has questions written by us on the subjects of four examinations, each with the answer and a line of reasoning; a test that times you and applies the examination's own pass mark and negative marking; and guides to the rules and the arithmetic.
What it is not
It is not NISM, and it is not a bank of real examination questions. NISM keeps its questions confidential, and its FAQ says they are not disclosed. Any site that claims to have them is either wrong or doing something it should not. Our questions test the same ideas in our own words. They are a check on your reading of the official workbook, never a replacement for it.
Facts with dates
Fees, pass marks and marking rules are the things candidates most need and that websites most often get wrong, because they copy from each other and never update. Every such figure here was read on the examination's own page on nism.ac.in on 12 November 2026, and the pages say so. A few at a glance: the Mutual Fund Distributors examination had 100 questions in 120 minutes, a pass mark of 50% and no negative marking; Equity Derivatives had a pass mark of 60% and a deduction of 25% of a question's marks for a wrong answer; certificates were valid for three years. The full table covers thirteen examinations. Rules change, so confirm on NISM's page.
How to use the site
- Choose your examination: which exam?
- Get the current workbook from nism.ac.in and follow a plan: how to prepare.
- After each chapter, try our questions on it in practice mode.
- Make the calculations automatic: NAV and returns, option payoffs, futures pricing, and the formula sheet.
- In the last week, take timed tests, and if your paper has it, learn to live with negative marking.
- Read exam day the evening before.
What we leave out
Tax rates, expense limits, margins, lot sizes, cut-off times and similar figures are set by the regulator and the exchanges and are revised. We do not put them in questions, because a stale figure taught confidently does harm. Learn them from the workbook in force when you sit the paper. We also make no claims about jobs or pay.
Questions people ask
Is this site run by NISM?
No. It is an independent study site and uses nothing from NISM's workbooks or question bank.
Are the practice questions free?
Yes, all 124 of them, with answers and explanations, and no login.
Which examinations have practice questions here?
Mutual Fund Distributors (V-A), Securities Markets Foundation (XII), Equity Derivatives (VIII) and Research Analyst (XV).
Where do your exam facts come from?
From each examination's page on nism.ac.in, read on 12 November 2026. Check NISM's page before you enrol.
An independent practice site. NISM is the National Institute of Securities Markets. This site is not connected with, approved by or paid by NISM or SEBI, and uses none of their logos. The questions are our own; none is taken from NISM's question bank, workbooks or mock tests, and a score here does not predict a result. Examination facts were read on nism.ac.in on 12 November 2026 and can change: check the page of your module on nism.ac.in before you pay or prepare. Nothing here is investment advice.