NISM PracticeNISM examinations: questions and answers
The questions candidates ask most, answered briefly, with the date on which each fact was read on NISM's site.
About this site
Is this the official NISM website?
No. This is an independent study site, not connected with NISM or SEBI. NISM's website is nism.ac.in.
Are your questions from the real exam?
No. They are written by us. NISM's question bank is confidential and its FAQ says questions and answers are not disclosed.
Is the site free?
Yes. All questions, the practice test and the guides are free, with no login.
Can you register me for an exam?
No. Enrol only on NISM's own portal, which is linked from each examination's page on nism.ac.in.
The examinations
What is NISM?
The National Institute of Securities Markets, which conducts certification examinations for people working in the securities markets.
What kind of questions are asked?
Multiple choice questions. Some examinations, such as Investment Adviser and Research Analyst, also have case-based questions, as their pages describe.
What is the pass mark?
50% for some examinations, such as Mutual Fund Distributors, and 60% for others, such as Equity Derivatives, on the pages we read on 12 November 2026.
Is there negative marking?
Not in the Mutual Fund Distributors, Mutual Fund Foundation and Securities Markets Foundation examinations. Most specialised examinations deduct 25% of a question's marks for a wrong answer.
How long is the exam?
120 minutes for most; 180 minutes for the 150-mark papers.
Fees, certificate and renewal
What is the fee?
₹1,500 for several 100-mark examinations, ₹1,200 for Mutual Fund Foundation, ₹1,003 for Securities Markets Foundation and ₹3,000 for the 150-mark papers, plus payment gateway charges, as read on 12 November 2026.
How long is the certificate valid?
Three years on every page we read.
How is the Mutual Fund Distributors certificate renewed?
NISM's FAQ says by attending the NISM CPE for Mutual Fund Distributors or passing the examination again, before expiry.
Is PAN needed?
NISM's pages say a passing certificate is issued only to candidates who have furnished or updated their PAN in their registration details.
Can I ask for re-evaluation?
NISM's FAQ says no re-evaluation is permitted, as answers are assessed objectively by the system.
Preparing
What should I study?
The current official workbook for your examination, with the test objectives and curriculum from its page on nism.ac.in.
How long does preparation take?
About four weeks at one to two hours a day for a 100-mark paper, for most people.
Should I guess in a negative marking paper?
Only when you can rule out one or two options. A blind guess among four gains almost nothing on average.
Does a good score here mean I will pass?
No. Our bank is small and is not NISM's. Use it to find weak topics.
Where to read more
Each answer has a fuller page behind it. The table of all exams has every figure side by side. Negative marking, registration, fees and validity and which exam deal with the rules; how to prepare and exam day with method. For anything about your own enrolment, result or certificate, only NISM can answer: use the contact details on nism.ac.in.
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.