NISM Series II-B Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series II-B is NISM's own workbook, and it is free. NISM emails a soft copy after you enrol for the exam, and anyone can download it from NISM's study material page after filling in a short form. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's 15-chapter curriculum, so it is the base for everything. Chapters V to VII rest on SEBI rules that have changed since most notes were written, so read those three against SEBI's own text. The rest of the book is operations: what an RTA (registrar and transfer agent, the firm that keeps a mutual fund's investor records) does with every form that reaches it.
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How to get the workbook
- 1
After enrolment, check your email
NISM's FAQ for this exam says a soft copy of the workbook is sent free after you enrol. If it does not arrive, contact NISM's helpdesk.
- 2
Or download it from NISM's study material page
NISM's site has a free workbook download page. You key in your name, email, mobile, city and state, then pick the series. No enrolment is needed for this route.
- 3
Want a printed copy?
Taxmann Publications sells NISM workbooks in print, online. The content is the same as the free soft copy.
- 4
Check the version note on the first pages
NISM revises workbooks from time to time. If your copy predates a rule change you know about, download it again before you rely on it.
What to use, and what each is good for
NISM workbook (free soft copy)
Use it for
The full syllabus, worked examples and chapter-end sample questions
Watch out for
Any rule or timeline that changed after the version you hold
SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025
Use it for
Registration, obligations and code of conduct for RTAs, the ground for chapters V to VII
Watch out for
The curriculum still names the 1993 regulations. SEBI repealed them when the 2025 regulations came into force on December 15, 2025
SEBI (LODR) Regulations, 2015
Use it for
The RTA's duties towards listed companies and their investors, covered in chapter VII
Watch out for
A long text. Read only the RTA-facing parts; the workbook tells you which
SEBI circulars on QRTAs
Use it for
Enhanced monitoring (August 10, 2018) and the cyber security and cyber resilience framework for qualified RTAs (October 2019, modified in 2022)
Watch out for
Notes written before 2018 do not know the term QRTA at all
SEBI circular on MITRA (February 12, 2025)
Use it for
The platform for tracing inactive and unclaimed mutual fund folios, listed under chapter XV
Watch out for
Most older notes end at transmission of units and never mention it
Coaching notes and question PDFs
Use it for
Quick revision of terms and timelines
Watch out for
Many were made for an older workbook or for Series II-A, the corporate RTA exam
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook (free soft copy) | The full syllabus, worked examples and chapter-end sample questions | Any rule or timeline that changed after the version you hold |
| SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 | Registration, obligations and code of conduct for RTAs, the ground for chapters V to VII | The curriculum still names the 1993 regulations. SEBI repealed them when the 2025 regulations came into force on December 15, 2025 |
| SEBI (LODR) Regulations, 2015 | The RTA's duties towards listed companies and their investors, covered in chapter VII | A long text. Read only the RTA-facing parts; the workbook tells you which |
| SEBI circulars on QRTAs | Enhanced monitoring (August 10, 2018) and the cyber security and cyber resilience framework for qualified RTAs (October 2019, modified in 2022) | Notes written before 2018 do not know the term QRTA at all |
| SEBI circular on MITRA (February 12, 2025) | The platform for tracing inactive and unclaimed mutual fund folios, listed under chapter XV | Most older notes end at transmission of units and never mention it |
| Coaching notes and question PDFs | Quick revision of terms and timelines | Many were made for an older workbook or for Series II-A, the corporate RTA exam |
How to work through the workbook
Read the 15 chapters in four blocks. Each block has a different job in the paper.
- check_circleChapters I to IV, securities basics: equity, debt, hybrids, warrants, depository receipts, ETFs. Learn the definitions and the rights of each holder. These produce direct recall questions.
- check_circleChapters V to VII, regulation: the SEBI Act, investor protection rules, IEPF, the RTA regulations, LODR, QRTA monitoring, cyber security, systems audit, ultimate beneficial owner. Read with SEBI's text open. Note which body does what.
- check_circleChapters VIII to XII, mutual fund structure and investors: sponsor, trustees, AMC, custodian, scheme documents, NAV, applicable NAV and cut-off times, KYC, nomination, FATCA and CRS. The applicable NAV rules deserve a page of your own notes.
- check_circleChapters XIII to XV, the RTA's daily work: payment mechanisms and third-party verification, purchases, redemptions, switches, systematic transactions, account statements, and every non-financial change from address to transmission. Learn the turnaround times as a list.
- check_circleDo the chapter-end sample questions after each chapter, not at the end. They show you which facts the paper picks from that chapter.
Free account, this exam preselected.
Spot stale notes in ten seconds
Three checks. First, if the notes say II-B has negative marking, they are wrong; NISM's exam page says there is none. Second, if they cite the SEBI RTA Regulations, 1993 as current law, they were not updated after December 2025. Third, if they list fewer than 15 chapters or never mention MITRA, they follow an older curriculum. Notes written for Series II-A overlap on securities basics but skip the mutual fund operations chapters that fill most of this paper.
How Series II-B tests what you read
The paper is 100 multiple-choice questions of 1 mark each in 2 hours, with no negative marking. Most questions test one fact: a timeline, a cut-off time, a document, or which constituent is responsible for a task. The common trap is the near-miss option. A question on a redemption turnaround time may offer the purchase timeline as a choice, and a question on who appoints the AMC may offer the trustees and the sponsor side by side. The workbook's lists and tables are where these questions come from, so condense them into your own one-page sheets.
Chapters XIV and XV generate questions that read like a service desk case: an investor sends a form with a missing signature, a minor turns major, a nominee claims units. The answer is a process step or a document name from the workbook, not a judgement call. Because nothing is deducted for a wrong answer, attempt every question.
FAQs
Where can I download the NISM Series II-B workbook PDF?expand_more
From NISM's free study material download page on its website, after entering your name, email, mobile, city and state. NISM also sends a soft copy by email after you enrol for the exam.
Is the NISM II-B study material free?expand_more
Yes. NISM's FAQ says the soft copy is free, both after enrolment and as a download. Only the printed copy from Taxmann is paid.
Is the NISM workbook enough to pass Series II-B?expand_more
It covers all 15 chapters and the paper is set from it. Read chapters V to VII against SEBI's current RTA regulations and QRTA circulars, because the book may lag a rule change, and learn the timelines in chapters XIV and XV as lists.
Does NISM give sample questions or a mock test for II-B?expand_more
NISM's FAQ points candidates to the chapter-end sample questions and worked examples in the workbook, and its exam FAQ links to a mock test on NISM's own site.
Can I study from the Series II-A workbook instead?expand_more
No. Series II-A is the corporate RTA exam. The two share the securities basics chapters, but II-B's mutual fund structure, investor and transaction chapters are not in II-A. Use the II-B workbook.
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