How to Prepare for NISM Series II-A
Chapter order, time needed, and where marks are actually lost on the Registrars and Transfer Agents (Corporate) paper.
Series II-A is a regulation and procedure exam. It asks what an RTA does for a listed company and its investors, under which SEBI rule, in what order and with which form. The first five chapters are general securities basics; from chapter 6 on, almost everything is seen from the RTA's desk.
The pass mark is 50 out of 100, and there is no negative marking. NISM has not published a pass rate for Series II-A, so no one can tell you reliably how hard it is in numbers. What you can use is the weightage table, which tells you exactly where the marks are.
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Study order by weight
Chapters grouped by marks, from the workbook's chapter-wise weightage table.
Highest
Chapters
12 Processes related to Depositories (16), 6 SEBI: Role and Regulations (14), 13 Investor Interface with the R&T Agent (10)
Marks
40
High
Chapters
9 Public Offering Processes (8), 15 Client Servicing (7), 2 Equity Shares (6), 3 Debt Securities (6), 10 Roles in a Public Issue (6), 11 Depository Services (6)
Marks
39
Medium
Chapters
7 Public Offer of Securities (5), 14 Secondary Market Transactions (5)
Marks
10
Light
Chapters
1 Introduction to Securities (3), 4 Other Securities (3), 5 Mutual Funds (3), 8 Other Modes of Allotment (2)
Marks
11
| Priority | Chapters | Marks |
|---|---|---|
| Highest | 12 Processes related to Depositories (16), 6 SEBI: Role and Regulations (14), 13 Investor Interface with the R&T Agent (10) | 40 |
| High | 9 Public Offering Processes (8), 15 Client Servicing (7), 2 Equity Shares (6), 3 Debt Securities (6), 10 Roles in a Public Issue (6), 11 Depository Services (6) | 39 |
| Medium | 7 Public Offer of Securities (5), 14 Secondary Market Transactions (5) | 10 |
| Light | 1 Introduction to Securities (3), 4 Other Securities (3), 5 Mutual Funds (3), 8 Other Modes of Allotment (2) | 11 |
A study plan that follows the marks
The workbook's chapter order builds from basics, so read it in order, but give time in proportion to marks:
- 1
Chapters 1 to 5: securities basics
21 marks across five chapters. Read them quickly but carefully: equity terms and corporate actions in chapter 2, and yields and credit rating in chapter 3, come back later in the RTA's work.
- 2
Chapter 6: SEBI and its regulations
14 marks. Make one page per regulation: what it covers and what it requires of an RTA. Pay particular attention to the SEBI regulations for RTAs themselves.
- 3
Chapters 7 to 10: public issues
21 marks together. Learn the types of offer, the methods of issue including ASBA and UPI, and exactly what the RTA, the sponsor bank and the bankers to the issue each do.
- 4
Chapters 11 and 12: depositories
22 marks together, and chapter 12 is the heaviest in the paper at 16. Learn demat, remat, corporate actions through the depository, beneficial owner reporting, reconciliation and the IEPF credit as step-by-step flows.
- 5
Chapter 13 with its annexures
10 marks. Transfer, transmission, duplicate certificates, changes to investor details, AGMs and e-voting. The annexures give the standard operating procedures; read them with the chapter.
- 6
Chapters 14 and 15, then revise
Secondary market transactions and client servicing carry 12 marks between them. Read them, then spend the remaining time revising the heavy chapters and practising questions.
Free account, this exam preselected.
An example four-week schedule
Week 1: chapters 1 to 6. Week 2: chapters 7 to 11. Week 3: chapters 12 to 15 with the chapter 13 annexures. Week 4: revision and at least two full 100-question timed papers, with time between them to fix the weak chapters the first one shows. Stretch it if you are new to markets; compress it if you already work at an RTA.
Where marks are lost
- check_circleMixing up which party acts at a step: the RTA, the depository, the DP, the issuer or the sponsor bank
- check_circleConfusing similar processes: transfer and transmission, dematerialisation and rematerialisation, rights issue and preferential issue
- check_circleLearning the names of SEBI regulations without what they require
- check_circleLeaving chapter 12 for the last few days, although it carries 16 marks
- check_circleStudying from older notes that predate the March 2026 workbook and the 2025 RTA regulations
- check_circleLeaving a question blank: with no negative marking, a blank is a mark given away
How to know you are ready
Take a full paper under real conditions: 100 questions in 120 minutes. If you can score 50 with a margin, book your slot. If you are close but not there, use the weightage table to decide where to spend the next few days: a weak chapter worth 14 or 16 marks is a better target than one worth 2 or 3.
On exam day, read every option before choosing. Procedure questions often include an answer that is almost right, such as the correct step attributed to the wrong party. Answer every question before you submit.
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