NISM Series II-B Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series II-B is scored and passed.
NISM Series II-B, the Registrars to an Issue and Share Transfer Agents (Mutual Fund) Certification Examination, is one paper of 100 multiple choice questions worth 1 mark each, so 100 marks in all. You get 2 hours. The pass mark is 50 out of 100 (50%). There is no negative marking: a wrong answer scores zero, the same as a blank.
The exam is computer-based and taken at a test centre on a date and time slot you pick yourself. There are no case studies, no descriptive answers and no sectional cut-offs. The whole paper is single-answer MCQs drawn from the 15 chapters of NISM's Series II-B curriculum, which the syllabus page lists chapter by chapter.
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Series II-B at a glance
As NISM states it under Assessment Structure on the exam page and in its FAQ for this exam.
| Item | Detail |
|---|---|
| Questions | 100, all multiple choice with one correct option |
| Marks per question | 1 |
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 50 out of 100 (50%) |
| Negative marking | None. NISM's exam page carries the footnote "No Negative Marking" |
| Unanswered question | 0, no deduction |
| Case studies or sections | None. One flat paper, one overall pass mark |
| Mode | Computer-based at a test centre, on a slot you choose through NISM's certification portal |
| Result | Shown at the centre when you finish. A temporary mark sheet is issued there; candidates who gave their PAN at registration receive the certificate within two weeks |
How the score is worked out
Your score is simply the number of correct answers. There is nothing to subtract. 50 correct answers out of 100 is a pass; 49 is a fail. No chapter has its own minimum, so a weak chapter can be carried by a strong one.
Because a wrong answer costs nothing, there is no reason to leave any question blank. Answer every one of the 100, including the ones you are unsure of.
A two-pass method for the paper
No negative marking rewards a simple routine:
- 1
First pass: answer what you know
Go through all 100 in order. Answer what you are sure of and mark the rest for review.
- 2
Second pass: narrow the rest
Rule out the options that are clearly wrong and pick the best of what is left. Series II-B options usually differ by a timeline, a party or a document.
- 3
Last minute: fill every blank
A guess may score; a blank never does.
Free account, this exam preselected.
Time per question
120 minutes for 100 questions is 72 seconds each. Most Series II-B questions are recall of a process step, a timeline or a definition, and take under a minute. A few describe a transaction (a redemption received after cut-off, a nominee claim) and ask what the RTA should do; those take longer, and the two-pass method leaves room for them.
How NISM Series II-B tests the material
The paper is flat MCQ, but the 15 chapters produce different question styles:
- check_circleChapters I to IV (securities basics): definitions and which-is-which questions. Equity against debt, rights of a shareholder, corporate actions, yield on a debt security, what an ETF or a depository receipt is.
- check_circleChapters V to VII (SEBI, RTA basics, RTA regulations): rule questions. SEBI's role, the Investor Service Centre and Official Point of Acceptance, what a Qualified RTA is and the extra monitoring it faces, SEBI's RTA regulations (the 1993 set named in the curriculum was replaced in December 2025), cyber security and systems audit.
- check_circleChapters VIII to X (mutual fund basics, structure, products): the sponsor, trustees, AMC and custodian and who is responsible for what; open and close ended schemes, expense ratio, plan types, product labelling and scheme documents.
- check_circleChapters XI to XIII (operations, investors, banking): the densest source of questions. Applicable NAV and cut-off time, time stamping, NFO versus continuous offer, KYC norms, nomination, power of attorney, FATCA and CRS, payment mechanisms and third party verification.
- check_circleChapters XIV and XV (financial and non-financial transactions): the RTA's daily work. Purchase, redemption, switch and systematic transactions and their turnaround times; change of address, bank details or name, minor becoming major, transmission of units, pledge and lien marking, and MITRA, the Mutual Fund Investment Tracing and Retrieval Assistant.
- check_circleThe trap: Series II-B is a timelines paper. Cut-off times, turnaround times per transaction and the service timelines an RTA must meet are tested as precise figures, and the options often differ by a small margin. SEBI and AMFI revise these from time to time, so a figure from an old coaching note may now be the wrong option. Learn each one from the current workbook.
Delivery mode and the result
Series II-B is not a remote-proctored exam. You register on NISM's certification portal, then choose a test centre, a date and a time slot. There is no exam calendar to wait for. At the centre you take the paper on a workstation and click one answer per question.
Your result is known before you leave the centre. NISM issues a temporary mark sheet there, and candidates who registered with their PAN receive the certificate within two weeks; without a PAN, the mark sheet is all you get until you furnish it. NISM does not re-evaluate MCQ papers. If you believe a particular question or two had an error, raise it at the test centre before you leave; NISM considers only on-the-spot requests.
Fee, PAN rule, validity and CPE renewal are on the registration page. The chapter list and what each chapter covers is on the syllabus page. For practice, NISM's FAQ points to the chapter-end sample questions in its own workbook.
FAQs
Is there negative marking in NISM Series II-B?expand_more
No. NISM's exam page carries the footnote "No Negative Marking" and its FAQ repeats it. A wrong answer scores zero, the same as a blank, so attempt every question.
What is the pass mark for NISM Series II-B?expand_more
50 out of 100 (50%), which means 50 correct answers. There is one pass mark for the whole paper and no separate minimum for any chapter.
How many questions are in NISM Series II-B and how long is it?expand_more
100 multiple choice questions of 1 mark each, to be completed in 2 hours (120 minutes). That is 72 seconds per question on average.
Can I take the NISM Series II-B exam from home?expand_more
No. Series II-B is a test-centre exam. NISM runs some newer certifications in remote-proctored mode, but the RTA Mutual Fund exam page does not list it as one. You choose a centre, date and slot on the certification portal.
What happens if I fail NISM Series II-B?expand_more
You can register again on the same portal and book a fresh slot. The registration page covers booking and the PAN rule.
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