NISM Previous Year Question Papers
NISM does not release past papers for any series. Here is what it does publish, and how to prepare without them.
There are no official NISM previous year question papers. NISM sets every certification exam from a confidential question bank and does not publish past papers, sample papers or answer keys for any series.
That is a rule, not an oversight. NISM's candidate instructions say it will not disclose or discuss questions or answers even when a candidate asks for re-evaluation, because doing so would breach the secrecy of the question bank.
What NISM's rules say about exam questions
From NISM's candidate instructions, which every candidate accepts when enrolling:
- check_circleGetting access to test questions before the exam counts as unfair means.
- check_circleDisclosing, publishing, copying or sharing the question bank or its answers, in any form, is treated as question bank theft.
- check_circleRough sheets must be handed back to the invigilator before you leave, so no questions leave the hall.
- check_circleA re-evaluation request can point to a specific question you think is wrong, but NISM will not show or discuss the questions and answers.
Be careful with "actual NISM papers" online
Since NISM never releases its questions, anything sold or shared as a real NISM paper is either practice material written by someone else or was taken from the exam against NISM's rules. Under those rules, a candidate caught with such material can have the exam cancelled and the certificate withheld.
What NISM does publish
| Resource | What it gives you |
|---|---|
| Official workbook for each series | The full syllabus, chapter by chapter. Free to download from NISM's study material page. |
| Exam structure on NISM's certifications page | Duration, maximum marks, pass mark, negative marking and certificate validity for each series. |
| Monthly test calendar | Which test centres have exam dates and slots in the coming months. |
What to practise with instead of past papers
A past paper is useful because it shows the pattern and the kind of question asked. You can get both without one.
- 1
Start with your series' workbook
Every question in the real exam comes from the workbook's chapters. Read it before you practise.
- 2
Learn the pattern from NISM's own numbers
Check your series' duration, total marks, pass mark and negative marking on NISM's certifications page, so your practice runs to the same rules.
- 3
Practise chapter by chapter
Answer topic-wise questions as you finish each chapter. Wrong answers show you what to reread.
- 4
Finish with full timed mock tests
A full mock written to the published pattern is the closest thing to a past paper. Take it under exam conditions and review every mistake.
FAQs
Does NISM publish previous year question papers?expand_more
No. NISM sets its exams from a confidential question bank and does not publish past papers, sample papers or answer keys for any series.
Where can I find NISM question papers with answers?expand_more
Official ones do not exist. What you will find online are practice questions written by others. Use ones built from the official workbook and the published exam pattern, and treat any claim of "real" NISM papers with caution.
Are NISM exam questions repeated?expand_more
NISM does not say how it draws questions from its bank, so no one outside NISM can tell you which questions repeat. Prepare from the workbook rather than hoping for repeats.
Can I see my NISM exam questions after the test?expand_more
No. Under NISM's re-evaluation policy you can flag specific questions you think contain errors, but NISM will not disclose or discuss the questions and their answers.
Series guides on past papers
Previous year papers, series by series
- NISM Series VIII: Equity DerivativesWhat exists for this series and how to practise without past papers.
- NISM Series IX: Merchant BankingWhat exists for this series and how to practise without past papers.
- NISM Series XXV-B: Persons Associated with Investment AdviceWhat exists for this series and how to practise without past papers.
- NISM Series XIII: Common DerivativesWhat exists for this series and how to practise without past papers.
- NISM Series XIX-C: Alternative Investment Fund ManagersWhat exists for this series and how to practise without past papers.
- NISM Series XXI-B: Portfolio ManagersWhat exists for this series and how to practise without past papers.
- NISM Series XIX-A: AIF (Category I and II) DistributorsWhat exists for this series and how to practise without past papers.
- NISM Series V-B: Mutual Fund FoundationWhat exists for this series and how to practise without past papers.
- NISM Series II-B: Registrars and Transfer Agents (Mutual Fund)What exists for this series and how to practise without past papers.
- NISM Series IV: Interest Rate DerivativesWhat exists for this series and how to practise without past papers.
- NISM Series XXIV: AML and CFT Provisions in Securities MarketsWhat exists for this series and how to practise without past papers.
Practice tests for your series
Mock tests written to each series' published pattern and workbook.
Mutual funds and PMS distribution
- NISM Series V-A: Mutual Fund DistributorsMutual fund products, how they are sold and how investors are serviced.
- NISM Series V-D: Mutual Fund, Specialized Investment Fund DistributorsSpecialized Investment Funds (SIFs) and how they are distributed.
- NISM Series XXI-A: Portfolio Management Services (PMS) DistributorsDistributing portfolio management services (PMS).
Derivatives
Investment advice and research
- NISM Series X-A: Investment Adviser (Level 1)The first of the two investment adviser papers.
- NISM Series X-B: Investment Adviser (Level 2)The second of the two investment adviser papers.
- NISM Series XV: Research AnalystEquity research, valuation and the rules for research analysts.
- NISM Series XV-B: Research Analyst Certification (Renewal)The renewal exam for Series XV research analysts.
- NISM Series XXV-A: Persons Associated with Research ServicesSales and other non-core roles in research services.
- NISM Series XXV-B: Persons Associated with Investment Advice (Sales and Other Non-Core Services)Sales and other non-core roles in investment advice.
Operations, RTA and compliance
- NISM Series VI: Depository OperationsDemat accounts and the work of a depository participant.
- NISM Series VII: Securities Operations and Risk ManagementBroking operations, clearing, settlement and risk management.
- NISM Series II-A: Registrars and Transfer Agents (Corporate)Registrar and share transfer agent work for companies.
- NISM Series III-A: Securities Intermediaries Compliance (Non-Fund)Compliance for securities intermediaries under SEBI rules.
More NISM certifications
- NISM Series XII: Securities Markets FoundationAn entry-level paper on how India's securities markets work.
- NISM Series IX: Merchant BankingMerchant banking and SEBI's rules for merchant bankers.
- NISM Series XVII: Retirement AdviserRetirement planning, NPS and the PFRDA rules.
- NISM Series XIX-D: Category I and II AIF ManagersManaging Category I and II alternative investment funds.
- NISM-IFSCA-01: AML and CFT in the IFSCAML and counter-terrorist financing rules in the GIFT IFSC.
- NISM Series II-B: Registrars and Transfer Agents (Mutual Fund)Registrars and Transfer Agents (Mutual Fund)
Practise with questions built from the workbook
Create a free account, pick your NISM series and take a free diagnostic test.