NISM mock tests

Mutual Fund Distributors Certification Examination

A practice paper for the Mutual Fund Distributors certification, drawn to the same syllabus weightages the examination publishes. Every question carries an explanation, so a wrong answer teaches you something.

• 100 questions
• 120 min
• Pass at 50%
• No negative marking

Mutual Fund Foundation Certification Examination

A practice paper for the Mutual Fund Foundation certification, the shorter qualification for the new cadre of mutual fund distributors. Fifty questions, no negative marking and a pass at 25, exactly as the examination has it — and an explanation for every answer.

• 50 questions
• 120 min
• Pass at 50%
• No negative marking

Equity Derivatives Certification Examination

A practice paper for the Equity Derivatives certification. It deducts a quarter mark for a wrong answer and passes at 60, exactly as the examination does, so a score here means the same thing a score there would.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Securities Operations and Risk Management Certification Examination

A practice paper for the Securities Operations and Risk Management certification — client onboarding, margins, clearing, settlement and grievance redressal. It deducts a quarter mark for a wrong answer and passes at 50, exactly as the examination does.

• 100 questions
• 120 min
• Pass at 50%
• −25% per wrong answer

Depository Operations Certification Examination

A practice paper for the Depository Operations certification — account opening, dematerialisation, settlement, pledge, transmission and corporate actions. It deducts a quarter mark for a wrong answer and passes at 60, exactly as the examination does.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Securities Markets Foundation Certification Examination

A practice paper for the Securities Markets Foundation certification — the entry-level paper covering the market as a whole: securities and asset allocation, the primary and secondary markets, mutual funds and derivatives. A hundred questions, no negative marking and a pass at 60, exactly as the examination has it, and an explanation for every answer.

• 100 questions
• 120 min
• Pass at 60%
• No negative marking

Research Analyst Certification Examination

A practice paper for the Research Analyst certification — economic and industry analysis, financial statements, valuation, technical analysis and the regulatory framework. NISM presents twenty of its hundred marks as five case studies of four questions each; every question is worth one mark, so the marking here matches, but this paper serves a hundred standalone questions rather than reproducing the caselets.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Currency Derivatives Certification Examination

A practice paper for the Currency Derivatives certification — the currency market itself, futures and options on the rupee pairs and the permitted cross-currency pairs, hedging strategies, the trading and clearing mechanism, and the regulatory framework RBI and SEBI share. A hundred questions, negative marking of a quarter mark and a pass at 60, exactly as the examination has it.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Commodity Derivatives Certification Examination

A practice paper for the Commodity Derivatives certification — the commodity market and its value chain, futures with physical delivery, options that devolve into futures, hedging for producers and processors, the trading and clearing mechanism, and the framework SEBI has run since the Forward Markets Commission merged into it. A hundred questions, negative marking of a quarter mark and a pass at 60.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Securities Intermediaries Compliance (Non-Fund) Certification Examination

A practice paper for the Securities Intermediaries Compliance (Non-Fund) certification — the paper compliance officers take. Twenty-three chapters, because the syllabus is organised regulation by regulation: the financial system and the compliance function, then one chapter each for the SEBI regulations from stock brokers through to proxy advisers. A hundred questions, negative marking of a quarter mark and a pass at 60.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Interest Rate Derivatives Certification Examination

A practice paper for the Interest Rate Derivatives certification — the fixed income market and bond mathematics first, then futures and options on interest rates, hedging a bond portfolio, the trading and clearing mechanism, and the framework RBI and SEBI share. A hundred questions, negative marking of a quarter mark and a pass at 60.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Merchant Banking Certification Examination

A practice paper for the Merchant Banking certification — what a merchant banker does, registration and the code of conduct, the vocabulary and the process of an issue, due diligence and the certificate that carries the liability, and then takeovers, buy-backs and disinvestment. A hundred questions, negative marking of a quarter mark and a pass at 60.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Common Derivatives Certification Examination

A practice paper for the Common Derivatives certification, the single paper that covers equity, currency and interest rate derivatives together. The longest examination served here: 150 questions in three hours, negative marking of a quarter mark, pass at 90.

• 150 questions
• 180 min
• Pass at 60%
• −25% per wrong answer

AML and CFT Provisions in Securities Markets Certification Examination

A practice paper for the AML and CFT certification — the Prevention of Money Laundering Act and its Rules, the FATF standard, SEBI’s guidelines for intermediaries, KYC norms, and what enforcement and laundering typologies actually look like in a securities market. Fifty questions in an hour, no negative marking, pass at 25.

• 50 questions
• 60 min
• Pass at 50%
• No negative marking

Retirement Adviser Certification Examination

A practice paper for the Retirement Adviser certification — longevity and inflation risk, the products a retirement plan is built from, the planning process itself, the National Pension System in detail, measuring fund performance, drawdown strategies, health and estate considerations, and the four regulators a retirement plan touches. A hundred questions, negative marking of a quarter mark and a pass at 60.

• 100 questions
• 120 min
• Pass at 60%
• −25% per wrong answer

Investment Adviser (Level 1) Certification Examination

A practice paper for the Investment Adviser (Level 1) certification, the broadest paper NISM sets — personal financial planning and the time value of money, the markets and every asset class, mutual funds, portfolio managers and alternative investment funds, portfolio theory and construction, operations, the key regulations, ethics and grievance redress. The real examination is 135 questions for 150 marks in three hours; this paper serves 135 questions of one mark each and applies the same 60% pass threshold.

• 135 questions
• 180 min
• Pass at 60%
• −25% per wrong answer