What is the passing mark for NISM exams?

Passing marks vary by exam. NISM Series V-A requires 50%, while Series VIII, X-A and XV require 60%. Our result page shows your score against the required passing percentage.

Free NISM Mock Tests 2026

Q: Are these NISM mock tests completely free?

Yes. All mock tests on FreeNISMMockTest.com are 100% free. No login, no registration, no payment required.

Q: Which NISM exams are covered?

We cover NISM Series I (Currency Derivatives), V-A (Mutual Fund Distributors), VI (Depository Operations), VIII (Equity Derivatives), X-A (Investment Adviser), XV (Research Analyst), XVII (Retirement Adviser) and more.

Q: Is there negative marking in NISM exams?

Yes. Most NISM exams have 0.25 marks negative marking for each wrong answer. Our mock tests simulate this accurately.

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Frequently Asked Questions about NISM Exams

Are these NISM mock tests completely free?

Yes. Every mock test on FreeNISMMockTest.com is 100% free. There is no login, no registration and no payment of any kind. Simply click on any exam and start practising instantly.

Which NISM exams are covered on this website?

We cover all major NISM certification exams including Series I (Currency Derivatives), Series V-A (Mutual Fund Distributors), Series VI (Depository Operations), Series VIII (Equity Derivatives), Series X-A (Investment Adviser Level 1), Series XV (Research Analyst), Series XVII (Retirement Adviser) and more. New exams are added regularly.

What is the passing mark for NISM certification exams?

Passing marks vary by exam series. NISM Series V-A (Mutual Fund Distributors) requires 50 out of 100 marks to pass. Series VIII (Equity Derivatives), Series X-A (Investment Adviser) and Series XV (Research Analyst) require 60 out of 100 marks. Each exam card clearly displays the required passing percentage.

Is there negative marking in NISM exams?

Yes. Most NISM certification exams carry a negative marking of 0.25 marks for every incorrect answer. Our mock tests simulate this accurately and your final score is displayed after applying negative marking.

How long is the NISM exam and how many questions are asked?

Most NISM exams are 2 hours (120 minutes) with 100 questions of 1 mark each. Series X-A and Series XV are 3 hours (180 minutes). The exact duration and question count are shown on each exam's start screen.

Can I retake the mock test multiple times?

Yes. You can retake any mock test as many times as you want for free. Questions are shuffled in a different order each time so you get a fresh practice experience with no limit on retakes.

Is FreeNISMMockTest.com affiliated with NISM or SEBI?

No. FreeNISMMockTest.com is an independent educational platform and is not affiliated with, endorsed by or registered with NISM or SEBI. These mock tests are for practice and study purposes only. Please refer to the official NISM website at nism.ac.in for authoritative information.

About NISM Certification Exams

NISM (National Institute of Securities Markets) is an educational initiative set up by SEBI (Securities and Exchange Board of India). NISM offers a wide range of certification examinations for professionals working in the Indian securities markets. Passing the relevant NISM certification exam is mandatory for various roles in the financial services industry — including mutual fund distributors, equity derivatives dealers, research analysts, investment advisers, and depository operations professionals.

FreeNISMMockTest.com provides free online practice mock tests for all major NISM certification exams. Our platform helps candidates prepare for their certification exams with timed mock tests, detailed answer explanations, topic-wise performance analysis, and negative marking simulation — exactly replicating real exam conditions. No login or registration is required to take any mock test on this platform.

Popular NISM Certification Exams

NISM Series V-A (Mutual Fund Distributors): This is one of the most popular NISM certifications, mandatory for all AMFI-registered Mutual Fund Distributors (ARN holders). The exam covers mutual fund basics, SEBI and AMFI regulations, types of mutual funds, NAV calculation, SIP, SWP, STP, taxation, and investor services. The exam has 100 questions, 120 minutes duration, and requires 50% to pass.

NISM Series VIII (Equity Derivatives): Mandatory for dealers and sales persons in the equity derivatives segment. Covers futures contracts, options contracts, option Greeks (Delta, Gamma, Theta, Vega), trading strategies, clearing and settlement, and SEBI regulations for derivatives markets. Requires 60% passing marks.

NISM Series XV (Research Analyst): Required for all SEBI-registered Research Analysts who publish research reports or recommendations on securities. Covers financial statement analysis, DCF valuation, technical analysis, macroeconomics, and SEBI Research Analyst Regulations 2014.

NISM Series X-A (Investment Adviser Level 1): Mandatory for individuals seeking to register as SEBI Investment Advisers. Covers financial planning, risk profiling, investment products (NPS, PPF, ELSS, insurance), and SEBI Investment Adviser Regulations 2013.

NISM Series I (Currency Derivatives): Required for currency derivatives dealers and traders. Covers forex markets, USD/INR futures and options, hedging strategies for importers and exporters, FEMA regulations, and interest rate parity theory.

How to Prepare for NISM Exams

The most effective way to prepare for any NISM certification exam is to study the official NISM workbook for your specific exam series, then practice with mock tests to assess your preparation. Our free mock tests simulate real exam conditions with a countdown timer, negative marking of 0.25 marks per wrong answer, and a question navigator — exactly like the actual NISM exam interface.

After completing each mock test, review the detailed explanations provided for every question. Pay special attention to topics where your score is below 60% in the topic-wise analysis. Retake the mock test regularly — questions are shuffled on every attempt so you cannot memorise the order.

Why Choose FreeNISMMockTest.com

Unlike other NISM mock test platforms that charge Rs. 149 to Rs. 599 for practice tests, FreeNISMMockTest.com provides all mock tests completely free of charge. There is no account creation, no login, and no payment required. Simply select your exam and start practising instantly. Our platform covers 14 NISM certification exam series with a total of 495 practice questions, all with detailed explanations based on the official NISM syllabus.

Disclaimer: FreeNISMMockTest.com is an independent educational platform and is not affiliated with, endorsed by, or registered with NISM, SEBI, or AMFI. Mock tests are for practice purposes only. Always refer to the official NISM workbook available at nism.ac.in for authoritative study material.