NISM exam guide
NISM passing marks for every exam
One table: pass mark, questions, time and negative marking for the 13 NISM exams we cover.
NISM pass marks, questions and time
| Exam | Title | Questions | Marks | Minutes | Pass | Negative marking |
|---|---|---|---|---|---|---|
| NISM Series V-A | Mutual Fund Distributors | 100 | 100 | 120 | 50% | None |
| NISM Series XII | Securities Markets Foundation | 100 | 100 | 120 | 60% | None |
| NISM Series VIII | Equity Derivatives | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series X-A | Investment Adviser (Level 1) | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series XV | Research Analyst | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series XXI-A | Portfolio Management Services (PMS) Distributors | 100 | 100 | 120 | 60% | 10% of marks |
| NISM Series XIX-A | Alternative Investment Funds (Category I and II) Distributors | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series XI | Equity Sales | 100 | 100 | 120 | 50% | 25% of marks |
| NISM Series I | Currency Derivatives | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series X-B | Investment Adviser (Level 2) | 120 | 150 | 180 | 60% | 25% of marks |
| NISM Series V-D | Mutual Fund: Specialized Investment Fund Distributors | 150 | 150 | 180 | 60% | 10% of marks |
| NISM Series VI | Depository Operations | 100 | 100 | 120 | 60% | 25% of marks |
| NISM Series XXI-B | Portfolio Managers | 120 | 150 | 180 | 60% | 25% of marks |
How to read this
- Pass % is the share of total marks you need. Series V-A needs 50%, most others need 60%.
- Negative marking takes marks off a wrong answer in some exams. Where it applies, leave a question blank if you are unsure.
- Where there is no negative marking, attempt every question.
Aim for 15 marks above the pass mark in your mocks before you book. See a 4-week plan.
Frequently asked questions
What is the passing mark in NISM Series V-A?
50% of the total marks, with no negative marking.
Is there negative marking in NISM exams?
It depends on the exam. Series V-A and XII have none. Several others, such as VIII and XV, have 25% negative marking.
How many questions are in a NISM exam?
Most have 100 questions in 120 minutes. The longer exams, such as X-B and XXI-B, run 3 hours.
How many marks should I score in mocks?
Aim for about 15 marks above the pass mark before you book the real exam.
More NISM guides
Rules and fees change. Check cert.nism.ac.in before you book.
UpperCrust Academy is independent study material from UpperCrust Wealth. It is not affiliated with NISM, SEBI or AMFI. For education only. Not investment advice. Always confirm the latest syllabus and rules on the official NISM website.