NISM Series II-A Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series II-A is scored and passed.
NISM Series II-A is a single paper of 100 multiple choice questions, each worth 1 mark, to be finished in 120 minutes. You pass with 50 marks, which is 50%. There is no negative marking: a wrong answer costs nothing. The exam is computer-based, at a test centre you book on NISM's certification portal.
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Series II-A at a glance
| Item | Detail |
|---|---|
| Questions | 100 multiple choice questions |
| Marks per question | 1 |
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 50 marks (50%) |
| Negative marking | None |
| Unanswered question | 0 |
| Mode | Computer-based, at a test centre you book on NISM's certification portal |
| Calculation tools | Microsoft Excel or LibreOffice on the test centre workstation |
| Fee | ₹1,500 plus payment gateway charges |
| Certificate validity | 3 years |
How the score is worked out
Your score is the number of questions you answer correctly. Wrong answers and blanks both score zero. 50 correct answers is a pass, whatever happened on the other 50.
The pass mark applies to the whole paper. The workbook states no minimum score per chapter.
No negative marking, despite what you may have read
Some older third-party summaries say Series II-A deducts 25% for a wrong answer. The March 2026 workbook says plainly: "There shall be no negative marking." Answer every question.
Free account, this exam preselected.
How the 100 marks are spread
Weightage from the workbook's chapter-wise table. With 1 mark per question, weightage equals marks.
Securities basics: equity, debt, other securities, mutual funds
Chapters
1 to 5
Marks
21
SEBI: role and regulations
Chapters
6
Marks
14
Public issues and other allotments, and the RTA's role
Chapters
7 to 10
Marks
21
Depository services and processes
Chapters
11, 12
Marks
22
Investor interface with the RTA
Chapters
13
Marks
10
Secondary market transactions
Chapters
14
Marks
5
Client servicing
Chapters
15
Marks
7
Total
Chapters
1 to 15
Marks
100
| Chapter group | Chapters | Marks |
|---|---|---|
| Securities basics: equity, debt, other securities, mutual funds | 1 to 5 | 21 |
| SEBI: role and regulations | 6 | 14 |
| Public issues and other allotments, and the RTA's role | 7 to 10 | 21 |
| Depository services and processes | 11, 12 | 22 |
| Investor interface with the RTA | 13 | 10 |
| Secondary market transactions | 14 | 5 |
| Client servicing | 15 | 7 |
| Total | 1 to 15 | 100 |
Question styles to expect
The workbook says the exam covers the basics of securities and markets, and the processing of corporate offerings and the operations that follow. In practice that means questions like these:
- check_circleRegulation: what a SEBI regulation requires of an RTA or a listed company
- check_circleProcess: the steps of dematerialisation, transmission, a duplicate certificate or a public issue
- check_circleWho does what: whether the RTA, the depository, the DP, the sponsor bank or the issuer acts at a step
- check_circleDefinitions: terms such as red herring prospectus, green shoe option, ISIN, QIP and record date
What the pattern means for you
Three things follow. First, 50% is a lower bar than many NISM series, and with no deduction for wrong answers every correct answer counts in full. Second, the weightage is uneven: chapters 12, 6 and 13 alone carry 40 marks. Third, 120 minutes for 100 questions is 72 seconds each, which leaves time to re-read questions on procedure, where options often differ by one step.
The workbook also notes that its sample questions are for reference only and that the actual exam's difficulty may differ.
Confirm before you book
These details are from the March 2026 workbook and NISM's Series II-A 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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