Home › NISM Prep › Free NISM Mock Tests Online 2026: V-A, XV, X-A, X-B, V-D and XXI-A

Free NISM Mock Tests Online 2026: V-A, XV, X-A, X-B, V-D and XXI-A

A useful NISM mock has to behave like the real exam: the same marks, the same time limit, the same pass mark and the same negative-marking rule. This page lists every series BullWiser offers a free mock for, the official exam pattern each one is built around, and how to use the mocks so they change your score rather than just measure it.

Free NISM mock tests by series

Series	For	Official exam pattern	Pass	Negative marking	Question bank	Free mock
V-A	Mutual fund distributors	100 MCQs, 100 marks, 120 min	50%	None	2,000+	Start
XV	Research analysts	80 MCQs + 5 case studies, 100 marks, 120 min	60%	25%	660+	Start
X-A	Investment advisers, Level 1	90 MCQs + 9 caselets, 150 marks, 180 min	60%	25%	3,850+	Start
X-B	Investment advisers, Level 2	90 MCQs + 6 caselets, 150 marks, 180 min	60%	25%	700+	Start
V-D	Mutual fund and SIF distributors	150 MCQs, 150 marks, 180 min	60%	10%	900+	Start
XXI-A	PMS distributors	100 MCQs, 100 marks, 120 min	60%	10%	800	Start

Exam pattern as published by NISM. Negative marking is a percentage of the marks assigned to the question, so a wrong answer on a one-mark question costs 0.25 marks in XV, X-A and X-B, and 0.1 marks in V-D and XXI-A.

What is free and what is paid

Each series has one full-length mock that is free. For V-A and XV you can take it without logging in. Every attempt draws a fresh random set of questions from that series' question bank, so a repeat attempt is not the same paper.

When you want more practice, the mock pack unlocks unlimited full-length mocks with chapter-wise analytics for Rs 199 per series. Several series also offer a Rs 299 bundle that adds the notes PDF; the current offer is shown on each series' mock page. All of it is a one-time payment with lifetime access and no subscription.

How to use a mock so it improves your score

Most candidates who fail do not lack knowledge, they do not know where they are weak. A mock only helps if you use the result.

Take the free mock first, cold. Do it under exam conditions before you study. The score is your baseline and the chapter breakdown is your study plan.
Sort your wrong answers by chapter. Three lost marks in a high-weight chapter matter more than three in a small one. For V-A, the chapter-wise weightage guide shows which chapters carry the most marks.
Fix the weak chapters, then test again. Use the chapter practice pages and notes, then take another full mock a week later. Re-taking a mock straight away tests your memory of the answers, not the concepts.
Take a final mock two or three days before the exam. Treat it as a rehearsal: same time of day, same time limit, no pauses. Aim to score comfortably above the pass mark.

If your series has negative marking, practise your skipping decisions in the mocks too. A wrong answer costs a quarter of a mark in XV, X-A and X-B, so the first time you deal with that pressure should not be in the exam hall. The NISM XV guide explains the maths.

Which series should you take?

V-A is the base certification for mutual fund distributors. V-D is the newer certification, launched in July 2026, for distributing Specialised Investment Fund products. XXI-A is mandatory for anyone who distributes Portfolio Management Services. XV is for people who publish research and is required for SEBI research analyst registration. X-A and X-B are the two Investment Adviser levels, for giving personalised advice to clients. Each serves a different registration, so pick by the work you want to do. The NISM certification guide compares all of them side by side.

Exam day facts

You register for the real exam on cert.nism.ac.in, and a PAN is needed to receive the passing certificate. NISM's published exam fee is Rs 1,500 plus gateway charges for V-A, XV and XXI-A, and Rs 3,000 plus gateway charges for X-A, X-B and V-D. Each certificate is valid for 3 years. Confirm fees and slots on nism.ac.in before you book.

Free V-A Mock Test

100 questions, 2-hr timer, no login for the free attempt

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Free XV Mock Test

80 MCQs + 5 case studies with the real negative marking

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Frequently Asked Questions

Which website has free NISM mock tests?

BullWiser (bullwiser.com/nism) has a free full-length mock test for NISM Series V-A, XV, X-A, X-B, V-D and XXI-A. The V-A and XV free mocks need no login.

How many free mock tests do I get?

One full-length mock per series is free. After that, a mock pack unlocks unlimited full-length mocks with chapter-wise analytics for Rs 199 per series, a one-time payment with lifetime access and no subscription.

Do the mocks follow the real NISM exam rules?

Yes for the rules that decide your score: each series mock uses that exam's total marks, duration, pass mark and negative-marking rule, and every attempt draws a fresh random set of questions from the series question bank.

Is there negative marking in NISM mock tests?

It depends on the series, exactly as in the real exam. V-A has none. XV, X-A and X-B deduct 25% of the marks for a wrong answer, and V-D and XXI-A deduct 10%.

How many mocks should I take before the exam?

At least three: one cold as a diagnostic, one after you have studied your weak chapters, and one two or three days before the exam. Aim to score comfortably above the pass mark, not just on it.

Which NISM series should I take?

V-A if you distribute mutual funds, V-D if you also want to distribute Specialised Investment Funds, XV if you want to publish research as a research analyst, and X-A then X-B if you want to give personalised investment advice as an Investment Adviser.

BullWiser is an independent financial education platform, not affiliated with NISM or SEBI. Exam fees, dates and rules can change — always confirm on the official portal nism.ac.in before registering. Mock tests and readiness scores are preparation aids and do not guarantee a pass. Last updated: September 2026.