NISM mock test gives you free online practice for all major NISM Series certifications mandated by SEBI. Each full length test has 100 multiple choice questions in 2 hours, exactly matching the real National Institute of Securities Markets exam format. Select your series, start your practice test, and get your score with detailed explanations instantly after submission.
NISM Mock Test: Choose Your Series First
NISM has 28 active certification series, and your mock test must match the exact series you are preparing for. Each series has its own syllabus, passing score, and negative marking rule. Picking the wrong practice test wastes your preparation time. Match your career goal to the right series below.
- Mutual fund distribution career: practice NISM Series VA (Mutual Fund Distributors) mock tests
- Stock market trading and derivatives career: practice NISM Series VIII (Equity Derivatives) mock tests
- Investment advisory registration: practice NISM Series X-A (Investment Adviser Level 1) mock tests
- SEBI registered research analyst career: practice NISM Series XV (Research Analyst) mock tests
- Depository operations and clearing: practice NISM Series VI (Depository Operations) mock tests
- Securities operations at broking firms: practice NISM Series VII (Securities Operations and Risk Management) mock tests
- Currency derivatives trading: practice NISM Series I (Currency Derivatives) mock tests
NISM Exam Pattern for Major Series
Knowing the exact exam pattern before attempting any NISM mock test helps you set up your practice under the right time and scoring rules.
| NISM Series | Subject Area | Questions | Duration | Pass Score | Negative Marking | Certificate Validity |
|---|---|---|---|---|---|---|
| Series VA | Mutual Fund Distributors | 100 | 120 minutes | 50% | None | 3 years |
| Series I | Currency Derivatives | 100 | 120 minutes | 60% | 25% per wrong answer | 3 years |
| Series VII | Securities Operations and Risk Management | 100 | 120 minutes | 50% | 25% per wrong answer | 3 years |
| Series VIII | Equity Derivatives | 100 | 120 minutes | 50% | 25% per wrong answer | 3 years |
| Series X-A | Investment Adviser Level 1 | 100 | 120 minutes | 60% | 25% per wrong answer | 3 years |
| Series XV | Research Analyst | 100 | 120 minutes | 60% | 25% per wrong answer | 3 years |
| Series XXV-A | Persons Associated with Research Services | 50 | 60 minutes | 50% | None | 3 years |
Series VA is the only major NISM certification with zero negative marking. All other high demand series, like Series VIII, X-A, and XV, deduct 0.25 marks for every wrong answer. Your mock test practice strategy must reflect this difference.
NISM Series VA Mock Test: Mutual Fund Distributors
NISM Series VA mock tests cover the complete syllabus for Mutual Fund Distributors certification, which is mandatory under SEBI and AMFI rules for all individuals and employees involved in selling mutual funds. The real exam has 100 questions for 100 marks in 120 minutes with 50 marks needed to pass and no negative marking.
Key topics in Series VA mock tests:
- Mutual fund concepts: structure, types, NAV calculation, and fund categories
- Regulatory framework: SEBI mutual fund regulations, AMFI guidelines, and investor protections
- Investor services: KYC process, systematic plans, redemption procedures, and grievance redressal
- Risk and return: standard deviation, Sharpe ratio, beta, and portfolio diversification
- Taxation of mutual funds: capital gains, dividend tax, and indexation benefit
- Financial planning: goal based investing, asset allocation, and investor profiling
Since Series VA has no negative marking, attempt all 100 questions in your NISM Series VA mock test. Even your best guess on unknown questions is risk free.
NISM Series VIII Mock Test: Equity Derivatives
NISM Series VIII Equity Derivatives mock tests are mandatory practice for anyone working in equity derivatives dealing, trading, or sales at SEBI registered brokers and exchanges. The real exam passes at 50 marks but carries 25% negative marking. Every wrong answer costs you 0.25 marks. Accuracy matters more than speed in this series.
Key topics in Series VIII mock tests:
- Derivative instruments: futures, options, swaps, and forward contracts on NSE and BSE
- Options pricing: intrinsic value, time value, moneyness, and Black Scholes model concepts
- Greeks: delta, gamma, theta, vega, and rho for options positions
- Trading strategies: spreads, straddles, strangles, covered calls, and protective puts
- Clearing and settlement: NSCCL, mark to market margins, VaR margins, and exposure limits
- Risk management: position limits, circuit breakers, and surveillance mechanisms
NISM Series XV Mock Test: Research Analyst
NISM Series XV is mandatory for SEBI registered research analysts and requires the highest pass score at 60 marks out of 100 with 25% negative marking. This is the most difficult NISM certification. Practice tests for Series XV must include numerical valuation problems and SEBI regulation based questions alongside fundamental analysis concepts.
Key topics in Series XV mock tests:
- Equity research: top down and bottom up analysis approaches
- Financial statement analysis: P&L, balance sheet, cash flow ratios, and DuPont analysis
- Valuation methods: DCF, P/E, P/BV, EV/EBITDA, and comparable company analysis
- Industry and company analysis: Porter’s Five Forces, SWOT, and competitive positioning
- SEBI Research Analyst Regulations: registration, conflicts of interest, disclosure norms
- Macroeconomic analysis: GDP, inflation, interest rate cycles, and currency impact on stocks
Target 75 or above in every Series XV NISM mock test before the real exam. The 25% negative marking and 60% pass requirement leave less room for error than any other series.
NISM Series X-A Mock Test: Investment Adviser Level 1
NISM Series X-A is mandatory for Level 1 of SEBI registered investment adviser registration, requiring 60% pass marks and carrying 25% negative marking. Practice tests cover financial planning, portfolio management, insurance, estate planning, and SEBI Investment Adviser Regulations in detail.
Key topics in Series X-A mock tests:
- Personal financial planning: life cycle stages, goal setting, and net worth analysis
- Investment products: stocks, bonds, mutual funds, NPS, PPF, and fixed deposits compared
- Insurance planning: life, health, term, and annuity products and their regulatory framework
- Tax planning: income tax slabs, deductions under Section 80C to 80U, and capital gains
- Retirement and estate planning: EPF, NPS, Gratuity, Will, and succession planning
- SEBI Investment Adviser Regulations: registration, code of conduct, and client disclosure norms
NISM Negative Marking Series: Specific Practice Strategy
6 of the 7 most popular NISM series carry 25% negative marking (0.25 marks per wrong answer), so guessing randomly in these mock tests directly hurts your score. Use a 3 rule framework when you face uncertain questions in negative marking series.
- Rule 1: Attempt any question where you can eliminate at least 2 of 4 options with confidence
- Rule 2: Skip any question where all 4 options seem equally possible to you
- Rule 3: Return to skipped questions in the final 10 minutes and apply elimination again
Practice this framework in every NISM mock test for Series I, VII, VIII, X-A, and XV. Tracking your accuracy on attempted questions separately from overall score shows your real guessing quality.
NISM Mock Test Score Benchmarks by Series
Set specific score targets for your NISM mock tests based on the pass mark of your series. Consistent scores at these benchmarks before your exam date signal real readiness.
| NISM Series | Real Pass Mark | Target Mock Test Score | Exam Ready Signal |
|---|---|---|---|
| Series VA | 50% | 65% or above | 3 consecutive tests above 65% |
| Series I | 60% | 72% or above | 3 consecutive tests above 70% |
| Series VII | 50% | 65% or above | 3 consecutive tests above 65% |
| Series VIII | 50% | 65% or above | 3 consecutive tests above 65% |
| Series X-A | 60% | 72% or above | 3 consecutive tests above 72% |
| Series XV | 60% | 75% or above | 3 consecutive tests above 75% |
Always target a mock test score 12 to 15 percentage points above the actual pass mark. This buffer accounts for exam day pressure and slight variation in question difficulty between your practice tests and the real NISM exam.
How to Attempt NISM Mock Test for Maximum Improvement
Follow these 4 steps to extract the most learning from every NISM practice test session.
Step 1: Attempt Only After 50% Syllabus Completion
Start your first NISM full length mock test only after finishing at least 50% of the official NISM workbook for your series. Attempting a test too early gives you a discouraging score that does not reflect your real preparation level and wastes a fresh test attempt.
Step 2: Use Strict 120 Minute Timing
Set a timer for exactly 120 minutes and stop when it ends. Do not continue answering after the timer. Real NISM computer based tests at testing centers cut off automatically. Practising with a hard stop builds the time discipline you need on exam day.
Step 3: Review Every Wrong Answer Before Your Next Test
Spend 30 to 45 minutes reviewing all wrong answers immediately after each mock test session. For each wrong answer, read the explanation, understand why your chosen option was wrong, and note the concept in a revision notebook. Review that notebook 2 days before attempting the next mock test.
Step 4: Track Unit Wise Accuracy, Not Just Total Score
Your total percentage score hides the real pattern. A 62% total with 30% accuracy in the SEBI Regulations unit means your weak point is regulations, not the overall content. Fix the weak unit before the next mock test attempt, not after the real exam.
NISM Mock Test Study Plan: 21 Days to Exam Ready
Use this schedule to prepare for any NISM series with enough mock test practice to pass on your first attempt.
- Days 1 to 14: Read the official NISM workbook for your series, 1 to 2 units per day with notes
- Day 15: Attempt your first full length 100 question NISM mock test under strict 120 minute timing
- Days 16 to 17: Revise the 3 weakest scoring units from your Day 15 mock test results
- Day 18: Attempt your second full length mock test and compare score against your Day 15 result
- Days 19 to 20: Revise the units where your score did not improve between mock test 1 and 2
- Day 21: Attempt your third full length mock test, target your benchmark score for your series
If your Day 21 score hits the benchmark shown in the table above, schedule your real NISM exam within 7 days. Any longer gap risks syllabus forgetting, especially for regulation based questions in Series XV and X-A.
NISM Certificate Validity and What Happens After You Pass
Most NISM certificates are valid for 3 years from your exam pass date. After 3 years, renew through a CPE programme (Continuing Professional Education) at a cost of Rs. 2,500 for online eCPE or Rs. 3,000 for classroom CPE. If your certificate has already expired, you must retake the full exam and pay the exam fee again.
- NISM certificate validity: 3 years for all major mandatory series
- Renewal option within 12 months before expiry: CPE programme, no re-examination needed
- Renewal after expiry: full exam retake at Rs. 1,500 to Rs. 3,000 depending on series
- Certificate received: within 15 days of passing the exam via email and NISM portal
Regular NISM mock test practice during your renewal preparation covers the updated syllabus content, especially when SEBI issues circular changes that NISM reflects in newer workbook editions.
NISM Mock Test FAQs
Attempt at least 5 to 7 full length NISM mock tests before your exam date. Space them 3 to 4 days apart with targeted revision between attempts. Candidates who complete 10 to 15 full practice tests consistently report higher first attempt pass rates.
No, NISM Series VA (Mutual Fund Distributors) has zero negative marking. Attempt all 100 questions in your Series VA mock test and in the real exam since wrong answers do not reduce your score. Most other series, like Series VIII, X-A, and XV, carry 25% negative marking per wrong answer.
The NISM Series VA and Series VIII pass mark is 50 out of 100, while Series I, X-A, and XV require 60 out of 100. Set your mock test target 12 to 15 points above the real pass mark to build a safety buffer for exam day.
The official NISM workbooks and real exams are primarily in English. Some third party practice platforms provide NISM mock tests with Hindi explanations. The real computer based exam at NISM testing centers across India runs in English for all series.
All major NISM certificates are valid for 3 years from the date of passing. Renew before expiry through a CPE programme to avoid retaking the full exam. Series VA certificate holders working as mutual fund distributors must renew through AMFI registered CPE providers approved by NISM.
