NISM Series II-A vs II-B: Corporate RTA or Mutual Fund RTA
Two RTA exams with almost the same name. Pick by the work you do.
Both exams are for staff of a Registrar to an Issue and Share Transfer Agent (RTA). The difference is the client. Series II-A is for RTA staff who service listed companies: the share register, IPO applications, transfers, dividends and depository work. Series II-B is for RTA staff in the mutual fund R&T function: folios, purchases, redemptions, switches and account statements.
Pick by the work you do, not by the company you work for. One RTA can run both businesses, and the two teams need different certificates. NISM does not allow a change of module after enrolment, so this matters before you pay.
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The two exams side by side
As NISM states them on each exam page.
Who it is for
Series II-A (Corporate)
RTA staff servicing listed companies
Series II-B (Mutual Fund)
RTA staff in the mutual fund R&T function
Questions
Series II-A (Corporate)
100 MCQs, 1 mark each
Series II-B (Mutual Fund)
100 MCQs, 1 mark each
Duration
Series II-A (Corporate)
2 hours
Series II-B (Mutual Fund)
2 hours
Pass mark
Series II-A (Corporate)
50 out of 100 (50%)
Series II-B (Mutual Fund)
50 out of 100 (50%)
Negative marking
Series II-A (Corporate)
None
Series II-B (Mutual Fund)
None, since 1 April 2025
Chapters
Series II-A (Corporate)
15
Series II-B (Mutual Fund)
15
Weightage published
Series II-A (Corporate)
Per chapter, in the workbook
Series II-B (Mutual Fund)
None
Fee
Series II-A (Corporate)
₹1,500 plus payment gateway charges
Series II-B (Mutual Fund)
₹1,500 plus payment gateway charges
Validity
Series II-A (Corporate)
3 years
Series II-B (Mutual Fund)
3 years
Mode
Series II-A (Corporate)
Test centre, slot you book
Series II-B (Mutual Fund)
Test centre, slot you book
| Series II-A (Corporate) | Series II-B (Mutual Fund) | |
|---|---|---|
| Who it is for | RTA staff servicing listed companies | RTA staff in the mutual fund R&T function |
| Questions | 100 MCQs, 1 mark each | 100 MCQs, 1 mark each |
| Duration | 2 hours | 2 hours |
| Pass mark | 50 out of 100 (50%) | 50 out of 100 (50%) |
| Negative marking | None | None, since 1 April 2025 |
| Chapters | 15 | 15 |
| Weightage published | Per chapter, in the workbook | None |
| Fee | ₹1,500 plus payment gateway charges | ₹1,500 plus payment gateway charges |
| Validity | 3 years | 3 years |
| Mode | Test centre, slot you book | Test centre, slot you book |
Where the syllabi overlap
Chapters matched by title and content. II-A numbers are from its March 2026 workbook, II-B from the December 2024 one.
Introduction to securities
Series II-A chapter
1
Series II-B unit
1
Equity shares
Series II-A chapter
2
Series II-B unit
2
Debt securities
Series II-A chapter
3
Series II-B unit
3
Other securities
Series II-A chapter
4
Series II-B unit
4
SEBI's role and regulations
Series II-A chapter
6
Series II-B unit
5
Basics of mutual funds
Series II-A chapter
5
Series II-B unit
8
SEBI's RTA regulations
Series II-A chapter
Inside 6
Series II-B unit
7
| Topic | Series II-A chapter | Series II-B unit |
|---|---|---|
| Introduction to securities | 1 | 1 |
| Equity shares | 2 | 2 |
| Debt securities | 3 | 3 |
| Other securities | 4 | 4 |
| SEBI's role and regulations | 6 | 5 |
| Basics of mutual funds | 5 | 8 |
| SEBI's RTA regulations | Inside 6 | 7 |
What the overlap is worth
The shared ground is the securities basics and SEBI. In II-A, chapters 1 to 4 carry 18 marks, chapter 5 on mutual fund basics 3, and chapter 6 on SEBI 14. In II-B, units 1 to 5 cover the same securities basics and SEBI ground, so if you hold II-A and take II-B, those five units are largely revision. Going the other way, II-A chapters 1 to 6 carry 35 marks, about a third of that paper.
The rest does not carry over. II-A spends its marks on public issues, ASBA and UPI, depositories, transfers and transmission of shares, and LODR. II-B spends its marks on mutual fund structure and products, applicable NAV and cut-off times, KYC and nomination, banking and payment checks, and the financial and non-financial transactions an RTA processes every day.
Free account, this exam preselected.
Same words, different rules
These terms appear in both workbooks but mean different work. They are where a candidate who studied the other exam loses marks.
- check_circleTransmission: in II-A it is shares passing on an investor's death through the company's register; in II-B it is mutual fund units passing to a nominee or legal heir, with its own RTA turnaround time.
- check_circleCorporate actions: in II-A, dividends, bonus and splits on shares; in II-B, IDCW payouts on units, paid within 15 days of the record date.
- check_circleInvestor service: in II-A, the investor interface for share certificates and changes; in II-B, Investor Service Centres that are official points of acceptance and must time stamp every transaction they accept.
- check_circleTimelines: II-B is built on mutual fund turnaround times (redemption paid within 3 working days, account statement within 5) that have no II-A equivalent.
Which one should you take?
If you process mutual fund folios or work at an Investor Service Centre: II-B. If you work on a company's share register, IPO processing or depository reconciliation: II-A. If you are a job seeker, look at the jobs you are applying for. Mutual fund RTA operations want II-B; corporate registry roles want II-A.
If your role spans both, ask your compliance team which the mandate names for you. They are separate certificates, each valid for three years, and each renewed through its own CPE programme.
II-A vs II-B questions
Is NISM 2A the same as NISM 2B?expand_more
No. Series II-A is the RTA exam for corporate (listed company) work. Series II-B is the RTA exam for mutual fund work. They are separate exams with separate certificates.
Which is harder, II-A or II-B?expand_more
NISM publishes no pass rate for either. Both have 100 questions, 2 hours, a 50% pass mark and no negative marking. II-B leans harder on exact timelines and cut-off times; II-A on public issue and depository processes.
Does passing II-A exempt me from any part of II-B?expand_more
NISM's exam pages mention no exemption between the two, so plan to sit the full II-B paper. The securities basics and SEBI units will be familiar.
I chose the wrong module when booking. Can I switch?expand_more
No. NISM does not allow a change of module after enrolment. Check the full name, NISM-Series-II-B: Registrars to an Issue and Share Transfer Agents (Mutual Fund), before you pay.
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