IBBI SFA Valuation Exam Mock Tests
The IBBI Valuation Examination for Securities or Financial Assets is a 2-hour online paper of 100 marks, with three case studies worth 26 and a 60% pass mark. Every wrong answer costs a quarter of its marks, and only about 1 in 7 attempts passed in IBBI's 2023-24 figures. These mocks follow the Phase 6 pattern so you know your score before you pay ₹5,900 to sit.
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- Full-length mocks
- Case-study practice
- General Laws sets
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Why candidates fail the IBBI SFA exam
Negative marking at 25% of each question's marks punishes the confident guess: 30 wrong one-mark answers cost 7.5 marks on top of the 30 already missed, and the bar is 60.
General Laws carries 18 marks across the Companies Act, the new Income-tax Act, 2025, the IBC, five SEBI regulations and FEMA, far wider than most CAs and finance professionals use day to day.
The 26 marks of case studies demand DCF and cost-of-capital working on a non-memory calculator, under time, where one misread input costs several linked 2-mark answers.
How IBBI Registered Valuer (SFA) is actually structured
The Securities or Financial Assets valuation exam is an online, computer-based test of objective multiple-choice questions at a proctored test centre, available on every working day. It runs 2 hours for 100 marks: IBBI's FAQ puts it at 87 questions, 74 of 1 mark and 13 of 2 marks, with the 13 two-mark questions in three case studies (12, 8 and 6 marks). A wrong answer loses 25% of that question's marks and you need 60% to pass. Only a non-memory calculator is allowed. From 21 August 2026 the Phase 6 syllabus applies: Valuation Application carries 33 marks, the case studies 26, General Laws 18 (Companies Act, Income-tax Act 2025, IBC, SEBI and FEMA rules), and macroeconomics, finance, Ind AS, ethics, valuation overview and approaches, and case law the rest. Before you can sit, you need an SFA qualification (ICAI, ICSI or ICMAI membership, an MBA or PGDBM in finance, or a PG in finance) with 3 years' experience, membership of a Registered Valuers Organisation and its 50-hour course.
Full IBBI Registered Valuer (SFA) exam pattern: marks, timing and passing score →
Everything about the IBBI Registered Valuer (SFA) exam
Syllabus, exam pattern, eligibility and the questions candidates ask most, each on its own page.
Built specifically for IBBI Registered Valuer (SFA) Premium
Full-length mocks
Timed 2-hour papers on the Phase 6 pattern, scored with 25% negative marking against the 60% pass mark.
Case-study practice
Transaction narratives with linked 2-mark questions on DCF, multiples, cost of capital and business combinations, worked step by step.
General Laws sets
Questions on the Companies Act, Income-tax Act 2025, IBC, SEBI takeover, insider trading, ICDR and delisting rules, and FEMA pricing.
Explained answers
Every question carries a short explanation of the rule or calculation it tests, not just the correct option.
A failed attempt means paying ₹5,900 again and waiting at least 21 days for the next one, with your registration on hold. Premium costs ₹399, once.
Updated for 2026
Content tracks the latest official syllabus and pattern.
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Questions people ask
What is the IBBI SFA valuation exam?
It is the Valuation Examination IBBI sets for the Securities or Financial Assets asset class under the Companies (Registered Valuers and Valuation) Rules, 2017. Passing it is one of the conditions for registering as a registered valuer for shares, securities and businesses, which Section 247 of the Companies Act requires for valuations under that Act. NISM runs enrolment and the test centres.
What is the exam pattern?
An online, proctored multiple-choice paper of 2 hours for 100 marks. IBBI's FAQ puts it at 87 questions: 74 of 1 mark and 13 of 2 marks, the 2-mark ones in three case studies worth 26 marks in all.
What are the passing marks, and is there negative marking?
You need 60% (60 out of 100). A wrong answer loses 25% of the marks assigned to that question: 0.25 on a 1-mark question, 0.5 on a 2-mark question.
Who is eligible?
Per Annexure IV of the Rules: a member of ICAI, ICSI or ICMAI, an MBA or PGDBM with finance specialisation, or a post-graduate in finance, with 3 years' experience. You must also join a Registered Valuers Organisation and complete its 50-hour SFA course before you sit.
What is the exam fee?
₹5,000 plus GST, which IBBI states as ₹5,900, for every enrolment. There is no limit on attempts, but you must wait 21 days between them.
When can I take the exam?
On any working day. You choose the date, time and test centre when you enrol on NISM's certification portal.
How hard is it?
IBBI's Annual Report 2023-24 shows 91 successful attempts out of 648 in Securities or Financial Assets, about 14% by our arithmetic.
What does ₹399 unlock?
Full-length timed mocks on the Phase 6 pattern with negative marking, case-study practice sets, General Laws questions, and an explanation on every answer.
What changed in Phase 6 for SFA?
From 21 August 2026 the syllabus covers the Income-tax Act, 2025 in place of the 1961 Act, the International Valuation Standards as updated in January 2025, and the Digital Personal Data Protection Act in the ethics module. Laws are read as notified on 30 June 2026.
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