NISM Series I Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series I is scored and passed.
NISM Series I is a single paper of 100 multiple choice questions, each worth 1 mark, to be finished in 120 minutes. You pass with 60 marks, which is 60%. A wrong answer costs a quarter of a mark. The exam is computer-based, booked through NISM's certification portal and taken at a test centre.
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Series I at a glance
| Item | Detail |
|---|---|
| Questions | 100 multiple choice questions |
| Marks per question | 1 |
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 60 marks (60%) |
| Negative marking | 25% of a question's marks: 0.25 per wrong answer |
| Unanswered question | 0, no deduction |
| Mode | Computer-based, booked through NISM's certification portal, at a test centre |
| Software at the test centre | Microsoft Excel or LibreOffice, for numericals |
| Fee | ₹1,500 plus payment gateway charges |
| Certificate validity | 3 years |
How the score is worked out
Your score is the number of correct answers minus 0.25 for each wrong answer. Blanks score zero. So 70 correct, 20 wrong and 10 blank gives 70 minus 5, which is 65: a pass. 62 correct and 38 wrong gives 62 minus 9.5, which is 52.5: a fail, even though 62 answers were right.
The pass mark applies to the whole paper. The workbook states no minimum score per chapter.
Time per question
120 minutes for 100 questions is 72 seconds each. That is comfortable for a definition, but a cross-rate, futures pricing or option pay-off question can take longer. Answer the quick ones first and come back to the numericals.
Free account, this exam preselected.
How the 100 marks are spread
Weightage from the workbook's syllabus outline. With 1 mark per question, weightage equals marks.
Currency markets and derivatives basics
Chapters
1, 2
Marks
15
Currency futures and options
Chapters
3, 4
Marks
40
Strategies using currency derivatives
Chapters
5
Marks
10
Trading, clearing, settlement and risk management
Chapters
6, 7
Marks
20
Regulation, accounting and taxation, code of conduct
Chapters
8, 9, 10
Marks
15
Total
Chapters
1 to 10
Marks
100
| Chapter group | Chapters | Marks |
|---|---|---|
| Currency markets and derivatives basics | 1, 2 | 15 |
| Currency futures and options | 3, 4 | 40 |
| Strategies using currency derivatives | 5 | 10 |
| Trading, clearing, settlement and risk management | 6, 7 | 20 |
| Regulation, accounting and taxation, code of conduct | 8, 9, 10 | 15 |
| Total | 1 to 10 | 100 |
Question styles to expect
The workbook's chapter-end sample questions and its examination objectives point to these kinds of questions:
- check_circleDirect facts: which act governs what, which body regulates which part of the market
- check_circleCalculations: cross rates, the fair price of a currency future from interest rate parity, profit or loss on a futures or option position
- check_circlePay-off reading: what a long call, a short put or a spread earns at a given exchange rate
- check_circleConcepts: moneyness, option styles, the Greeks, implied volatility, the difference between futures and forwards
- check_circleProcess: margins, settlement, position limits and who does what in clearing
What the pattern means for you
Three things follow from these numbers. First, 60% is a real bar: with negative marking on, you need at least 68 correct if you attempt every question. Second, the weightage is uneven, so your study time should be too: chapters 3 and 4 alone carry 40 marks. Third, numericals take time, so practise them until the method is automatic and the clock stops being a worry.
The workbook also notes that its sample questions and examples are for reference only and that the actual exam's difficulty may differ, and that NISM does not guarantee every exam question will come from the workbook.
Confirm before you book
These details are from the March 2026 workbook and NISM's Series I exam page. NISM can change the pattern when it revises the workbook. Check the exam page before you book a slot.
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