NISM Exam Pattern, Passing Marks and Negative Marking (Series-Wise)

Short answer: Most NISM exams are 2-hour, computer-based tests for 100 marks with multiple-choice questions. The passing mark is 50% for Series V-A (Mutual Fund Distributors) with no negative marking, and 60% with 25% negative marking for most others such as Series VIII, I and XV. Certificates are generally valid for 3 years.

Series-wise pattern

Series	Exam	Marks	Duration	Pass mark	Negative marking
V-A	Mutual Fund Distributors	100	2 hours	50%	None
VIII	Equity Derivatives	100	2 hours	60%	25%
I	Currency Derivatives	100	2 hours	60%	25%
VII	Securities Operations and Risk Management	100	2 hours	50%	25%
XV	Research Analyst	100	2 hours	60%	25%
X-A	Investment Adviser (Level 1)	150	3 hours	60%	25%

NISM revises exam structures and fees from time to time. Treat this table as a study guide and confirm the current test details for your series on the official NISM website before you register.

What negative marking means

With 25% negative marking, each wrong answer deducts one quarter of the marks of that question. On a 1-mark question, four wrong answers cancel one right answer. Practical rule: attempt a question if you can eliminate at least two options; skip pure guesses.

Question types

• Multiple-choice knowledge questions from the official workbook
• Numerical questions (returns, NAV, margins, option payoffs)
• Case-based questions in some series, such as Research Analyst and Investment Adviser

Exam fees and validity

Fees for the most popular series are modest and are paid to NISM at registration; the Investment Adviser exams cost more. Most certificates are valid for three years. Before expiry you can renew by passing the exam again, or through Continuing Professional Education (CPE) where NISM offers it.

15-day preparation plan

Days	Task
1 to 8	Read the official workbook, 2 chapters a day, making short notes
9 to 11	Revise notes; practise chapter-wise questions
12 to 14	Take one full mock test daily under timed conditions; review every error
15	Light revision of formulas and regulations; rest well

Aim for at least 10 marks above the pass mark in mocks before you book the slot.

Exam-day tips

• Carry the admit card and original photo ID as specified by NISM.
• Do one quick pass for easy questions, then return to the hard ones.
• Watch the clock: about 70 seconds per question on a 100-question paper.
• In negative-marking papers, do not guess blindly.

Need structured help? Our NISM certification courses include chapter explanations in Hindi and English and full mock tests. New to the topic? Read what is NISM certification.

FAQs

What is the passing mark for the NISM mutual fund exam?

50%, with no negative marking, for Series V-A: Mutual Fund Distributors.

Is there negative marking in NISM Series VIII?

Yes, 25% of the marks of the question for each wrong answer.

How soon do I get the result?

For most series the score is displayed on screen when you finish, and the certificate is issued online afterwards.

Can I retake the exam if I fail?

Yes. You can register again by paying the fee; there is no limit on attempts.