NISM PracticeNISM examinations: fees, pass marks and negative marking
Thirteen NISM certification examinations side by side, with each figure as shown on that examination's page on nism.ac.in on 12 November 2026.
| Examination | Fee (₹) | Minutes | Questions | Marks | Pass mark | Negative marking |
|---|---|---|---|---|---|---|
| Series V-A: Mutual Fund Distributors | 1,500 | 120 | 100 | 100 | 50% | None |
| Series V-B: Mutual Fund Foundation | 1,200 | 120 | 50 | 50 | 50% | None |
| Series XII: Securities Markets Foundation | 1,003 | 120 | 100 | 100 | 60% | None |
| Series VIII: Equity Derivatives | 1,500 | 120 | 100 | 100 | 60% | 25% |
| Series XV: Research Analyst | 1,500 | 120 | 100 (80 single questions and 5 cases of 4 questions) | 100 | 60% | 25% |
| Series I: Currency Derivatives | 1,500 | 120 | 100 | 100 | 60% | 25% |
| Series XVI: Commodity Derivatives | 1,500 | 120 | 100 | 100 | 60% | 25% |
| Series XIII: Common Derivatives | 3,000 | 180 | 150 | 150 | 60% | 25% |
| Series VI: Depository Operations | 1,500 | 120 | 100 | 100 | 60% | 25% |
| Series VII: Securities Operations and Risk Management | 1,500 | 120 | 100 | 100 | 50% | 25% |
| Series X-A: Investment Adviser (Level 1) | 3,000 | 180 | 135 (90 single questions and 9 caselets) | 150 | 60% | 25% |
| Series X-B: Investment Adviser (Level 2) | 3,000 | 180 | 120 (90 one-mark questions and 6 caselets of 5 two-mark questions) | 150 | 60% | 25% |
| Series XXI-A: Portfolio Management Services (PMS) Distributors | 1,500 | 120 | 100 | 100 | 60% | Applies; see NISM |
Payment gateway charges are extra on every fee. Certificate validity was shown as 3 years on every one of these pages. NISM issues a passing certificate only to candidates who have furnished their PAN in their registration details.
How to read the table
Pass mark is a percentage of total marks: 60% of a 150-mark paper is 90 marks. Negative marking of 25% means a quarter of the marks of a question is deducted for a wrong answer: 0.25 for a one-mark question and 0.5 for a two-mark question. A question left unanswered costs nothing. The practical effect is large: in a 100-mark paper with a 60% pass mark and negative marking, a candidate with 64 correct answers and 36 wrong ones scores 55 and fails. Our page on negative marking has a calculator and explains when to leave a question.
What the table shows about difficulty
The two mutual fund examinations and the foundation examination have no negative marking. Every specialised examination we read has it. The mutual fund papers and the Securities Operations and Risk Management paper pass at 50%; the rest at 60%. Three papers, Common Derivatives and the two Investment Adviser levels, are longer: 150 marks in three hours, at double the fee. The adviser and research analyst papers include case-based questions, in which a short passage with figures is followed by several questions. None of this says how hard the subject matter is for you, but it does show where careless guessing is punished.
This is not NISM's full list
NISM conducts many more examinations than these thirteen, including those for registrars and transfer agents, compliance officers, merchant bankers, interest rate derivatives, retirement advisers, alternative investment funds and portfolio managers, and it adds and revises examinations. We listed the ones whose pages we read ourselves. For any other, and to confirm these, go to the "Certification Examinations" section of nism.ac.in. For the PMS Distributors examination, NISM's page indicated negative marking but we did not capture the exact wording, so we point you to the page instead of stating a figure.
Fees change
The fee of ₹1,003 for the Securities Markets Foundation examination was shown as effective from 1 June 2026, which is a reminder that fees are revised. Look at the figure on NISM's page on the day you enrol, and enrol only on NISM's own portal. See registration, fees and validity.
Choosing
The examination you need is decided by the work you will do and by what the regulator or your employer requires for it. Which exam should I take? groups the examinations by subject.
Questions candidates ask
Which NISM exams have no negative marking?
On the pages we read on 12 November 2026: Mutual Fund Distributors (V-A), Mutual Fund Foundation (V-B) and Securities Markets Foundation (XII).
What is the pass mark in NISM exams?
50% for some examinations and 60% for others. The table shows the figure for each of thirteen examinations.
How long is a NISM certificate valid?
Each of the thirteen pages we read showed a certificate validity of three years.
Examinations with practice on this site
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.