Is the NISM pass reward a refund?

No. It is a cash reward paid by BullWiser to eligible users who buy a mock pack and then clear the real NISM exam. It is paid by UPI after we verify your certificate or scorecard.

How much is the reward?

The reward equals the amount you paid for the mock pack or bundle, up to a maximum of Rs 199 per series.

Which NISM series are covered?

Series V-A, X-A, X-B, XV and V-D, for mock packs and bundles bought on or after 21 September 2026.

How long do I have to claim?

Take the real exam within 90 days of buying the pack and submit your claim within 30 days of the exam date.

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NISM Pass Reward: clear the real exam and get ₹199 cash back

₹199 cash reward

Buy a BullWiser mock pack or bundle for any NISM series, practise properly, clear the real NISM exam, and we pay the reward to your UPI ID once your certificate is verified. Conditions apply, please read them below.

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How it works

Buy the mock pack or bundle for the series you are preparing (V-A, X-A, X-B, XV or V-D) while signed in to your BullWiser account.
Practise with at least 4 full mocks of that series on BullWiser, before your real exam date.
Take the real NISM exam and pass it. The exam must fall within 90 days of your purchase.
Claim within 30 days of the exam date. Upload your NISM certificate or scorecard, add the certificate number and your UPI ID.
We verify and pay. Once your claim is approved, the reward is sent to your UPI ID, usually within 7 working days.

Who is eligible

You bought a BullWiser mock pack (₹199) or mock bundle (₹299) for the series, on or after 21 September 2026. Free attempts, free numericals and other products are not covered.
You used the same signed-in account to buy and practise, and that account has completed at least 4 full mock attempts for the series on or before your real exam date.
You passed the real NISM exam for that series. Passing BullWiser mocks does not count.
The name on the certificate or scorecard matches the name you give us, and the UPI ID is in your own name.
One reward per user per series.

How much you get

The reward equals what you actually paid for the pack or bundle, up to ₹199 per series. If you bought the ₹299 bundle (mocks plus notes), the reward is still ₹199. If you paid a discounted price using a referral or promo code, the reward is the discounted amount you paid.

What we check

We review each claim by hand. We look at your certificate or scorecard, the exam date, the purchase date and your mock history on BullWiser. We may ask for a clearer image or extra proof. A claim can be rejected if the proof is unclear, edited, does not match your account, or the same certificate or UPI ID has already been used. If a claim is rejected you can correct it and submit once more.

This is a cash reward, not a refund. Your purchase of the mock pack is a normal, final purchase and stays valid whether or not you claim. The reward is a separate payment from BullWiser to users who clear the real exam. It may be paid net of any tax that BullWiser is required by law to deduct, and we may ask for your PAN for that purpose.

Changes to the offer

BullWiser may change, pause or end this offer for future purchases at any time. If you bought your pack while the offer was showing on this site, the terms that applied on your purchase date continue to apply to your claim. BullWiser Analytics Pvt. Ltd. makes the final decision on whether a claim meets these conditions, and any attempt to claim with false or edited documents will be rejected and the account may be blocked.

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Frequently asked questions

Is this a refund?

No. It is a cash reward for clearing the real exam. Your mock pack purchase itself is not refunded or reversed.

Which series are covered?

NISM Series V-A (Mutual Fund Distributors), X-A and X-B (Investment Adviser), XV (Research Analyst) and V-D (Derivatives).

I passed before the offer started. Can I claim?

The reward applies to packs bought on or after 21 September 2026 and to exams taken after the purchase.

I passed the real exam but did not use the mocks much.

The reward is meant for people who prepared with BullWiser mocks, so at least 4 full mock attempts for that series are needed before your exam date.

How will I be paid?

By UPI to the ID you give in your claim, after approval. Questions? Write to [email protected].

This page describes a promotional cash reward offered by BullWiser Analytics Pvt. Ltd. to buyers of its NISM mock packs. It is not an assurance that you will pass any NISM exam. BullWiser is not affiliated with NISM or SEBI. NISM and the names of NISM certification series belong to their respective owners. Conditions apply.