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NISM Series XI: Equity Sales exam preparation
The broking professional's licence: markets, regulation, IPOs, trading, risk management, settlement, surveillance and client handling.
NISM Series XI exam pattern
NISM Series XI syllabus, unit by unit
The exam covers 9 units. The percentage is the share of questions each unit usually carries, so spend your time in that proportion.
Unit 1 Indian securities markets: an overview7%
Structure of the market, its instruments and participants.
- Primary and secondary markets.
- Exchanges, depositories, clearing corporations.
Unit 2 Regulatory framework15%
The laws and rules that apply to brokers and their clients. The most rule-heavy unit; learn exact terms.
- SEBI Act, SCRA, Depositories Act.
- Stock broker regulations and client documentation.
- Insider trading and fraud rules.
- PMLA and KYC.
Unit 3 Primary markets17%
IPOs and other issuance routes from the broker's perspective: eligibility, process, categories and allotment.
- IPO process and categories.
- Book building and allotment.
- Rights issue, OFS, QIP, buyback.
Unit 4 Secondary markets5%
How the exchange market works for cash equity.
- Trading cycle and sessions.
- Market segments.
Unit 5 Market indicators10%
Indices and signals used to read the market.
- Sensex and Nifty.
- Breadth and volatility.
- Participant flows.
Unit 6 Trading and risk management20%
The largest unit: orders, margins and how brokers control risk. The details of margins and surveillance frequently appear.
- Order types and validity.
- Price bands and circuit filters.
- Margins and exposure limits.
- Short selling, BTST, T2T.
Unit 7 Clearing and settlement10%
How a trade turns into delivery and payment.
- Rolling settlement and pay-in/pay-out.
- Clearing corporation role.
- Shortages and auctions.
Unit 8 Market surveillance6%
How exchanges and brokers detect and deter market abuse.
- Types of abuse.
- Surveillance measures.
- Broker's duties.
Unit 9 Client management10%
Dealing with clients correctly: onboarding, communication, suitability and complaints.
- Onboarding and risk profile.
- Communication and ethics.
- Complaints and records.
Try 4 sample questions
These are from Mock 1. Open the free mock to see the correct answer and the reason behind each one.
Q1. Which term is described here? Retail and certain other investors apply through UPI, where the money is blocked in the investor's account until allotment.
- UPI in IPO
- Honest communication
- Additional surveillance measure
- Insider trading regulations
Q2. Which statement best describes “Order validity”?
- Close-out is the compulsory settlement of a position that cannot be delivered, at a price determined by the exchange.
- Segments include normal, trade-for-trade and surveillance-restricted ones, each with different conditions on trading.
- Retail and certain other investors apply through UPI, where the money is blocked in the investor's account until allotment.
- Orders can be day orders, valid until the end of the trading day, or have other validity depending on the platform.
Q3. Which term is described here? A broker must issue a contract note for every trade within 24 hours of execution, showing price, time, quantity and charges.
- Complaint handling
- Anchor investor
- Bid lot
- Contract note
Q4. Which term is described here? Onboarding includes KYC, risk profiling, signing documents and explaining services, fees and risks.
- Short selling
- Client onboarding
- Disclosures
- Index circuit breaker
How to prepare for NISM Series XI
- Download the study guide and read the first three pages.
- Study the biggest units first. Their weight shows on this page.
- Take Mock 1 after one pass through the guide.
- Move to the next mock only when you clear the pass mark by 15 marks.
- Redo every wrong answer. Each one names its unit.
The app also lists your weak units after each mock and runs in English, Hindi or Gujarati. Mock tests and study material are in English.
Frequently asked questions
How many questions are there in NISM Series XI?
The NISM Series XI (Equity Sales) exam has 100 multiple-choice questions carrying 100 marks, to be answered in 120 minutes.
What is the passing score for NISM Series XI?
The pass mark is 50%. Aim to clear 65% in practice mocks before you book the real exam.
Is there negative marking in NISM Series XI?
Yes. The negative marking is 25% of marks. Practise leaving a question blank when you are unsure.
Is the NISM Series XI study guide free?
Yes. UpperCrust Academy gives a free 39-page study guide PDF for NISM Series XI, written unit by unit.
Are the NISM Series XI mock tests free?
Yes. You get 5 full-length mock tests with the answer and the reason for every question. Sign in once with your mobile number or Google to start.
Is this affiliated with NISM?
No. UpperCrust Academy is independent preparation material from UpperCrust Wealth. Confirm the latest syllabus and exam rules on the official NISM website.
More NISM exams
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.