Every NISM certification exam is a computer-based test taken at an approved test centre. NISM stopped remote-proctored exams on 1 January 2023, so you always sit the exam at a centre. The pattern still differs a lot between series, especially the question mix and the negative-marking rule. This table is the official pattern as published by NISM.
| Series | Questions | Marks | Duration | Pass mark | Negative marking | Fee | Validity |
|---|---|---|---|---|---|---|---|
| V-A (mutual fund distributors) | 100 MCQs | 100 | 120 min | 50 (50%) | None | Rs 1,500+ | 3 years |
| XV (research analysts) | 80 MCQs + 5 case studies of 4 questions | 100 | 120 min | 60 (60%) | 25% | Rs 1,500+ | 3 years |
| X-A (investment advisers, Level 1) | 90 MCQs + 9 caselets of 5 questions | 150 | 180 min | 90 (60%) | 25% | Rs 3,000+ | 3 years |
| X-B (investment advisers, Level 2) | 90 MCQs + 6 caselets of 5 questions | 150 | 180 min | 90 (60%) | 25% | Rs 3,000+ | 3 years |
| V-D (mutual fund and SIF distributors) | 150 MCQs | 150 | 180 min | 90 (60%) | 10% | Rs 3,000+ | 3 years |
Fees are the base fee published by NISM; payment-gateway charges are extra. Negative marking is a percentage of the marks assigned to the question that you answer wrongly.
V-A is 100 straightforward one-mark MCQs. XV keeps 80 one-mark MCQs and adds 5 case studies with 4 one-mark questions each, so 20 of the 100 marks test applying analysis to a scenario. X-A has 90 one-mark MCQs (90 marks) and 9 caselets: 6 caselets of five one-mark questions and 3 caselets of five two-mark questions, which adds up to 60 case-based marks. X-B has 90 one-mark MCQs and 6 caselets of five two-mark questions, again 150 marks in all. V-D, the Specialised Investment Fund distributor exam launched on 22 July 2026, is 150 one-mark MCQs and no case-based questions. See the full V-D exam pattern and syllabus and V-D vs V-A vs XIII.
In V-A a blank answer and a wrong answer both score zero, so attempt every question. In XV, X-A, X-B and V-D a wrong answer costs marks, so your skip-or-guess decisions matter; the negative marking guide shows the arithmetic and the rule that follows from it. In the case-based series, practise on mocks that include full caselets, because recall-only MCQ practice does not prepare you for applied questions.
Each pass mark is fixed rather than relative to other candidates, every certificate is valid for 3 years, and you need to give your PAN at registration to receive the certificate. Registration and slot booking are on cert.nism.ac.in; see how to register for the steps.
Related: exam pattern for every series, negative marking, exam fees, how to register and certificate validity and renewal.
They are computer-based tests taken at approved NISM test centres. NISM discontinued remote-proctored exams from 1 January 2023.
XV, X-A and X-B deduct 25% of the marks assigned to a question for a wrong answer, and V-D deducts 10%. V-A has no negative marking.
V-A needs 50 out of 100. XV needs 60 out of 100. X-A, X-B and V-D each need 90 out of 150, which is 60%.
V-A and XV are 120 minutes. X-A, X-B and V-D are 180 minutes.
Yes. BullWiser has one free full-length mock for each series that follows that exam's marks, duration, pass mark and negative-marking rule. The V-A and XV free mocks need no login.
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