NISM Series XII Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series XII is scored and passed.
NISM Series XII is a single paper of 100 multiple choice questions, each worth 1 mark, to be finished in 120 minutes. You pass with 60 marks, which is 60%. 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 XII at a glance
| Item | Detail |
|---|---|
| Questions | 100 multiple choice questions |
| Marks per question | 1 |
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 60 marks (60%) |
| Negative marking | None |
| Unanswered question | 0 |
| Mode | Computer-based, at a test centre you book on NISM's certification portal |
| Calculation tools | MS-Excel or LibreOffice on the test centre workstation |
| Fee | ₹1,003 inclusive of tax, 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, so there is no penalty for answering a question you are unsure of. 60 correct answers is a pass, whatever happened on the other 40.
The pass mark applies to the whole paper. The workbook states no minimum score per chapter.
Answer every question
With no negative marking, a blank can never score more than a guess. Before you submit, make sure no question is left unanswered.
Free account, this exam preselected.
How the 100 marks are spread
Weightage from the workbook's syllabus outline. With 1 mark per question, weightage equals marks.
| Chapter | Marks |
|---|---|
| 1. Understanding Securities Markets and Performance | 10 |
| 2. Securities, asset allocation and investing | 20 |
| 3. Primary Markets | 20 |
| 4. Secondary Markets | 20 |
| 5. Mutual Funds | 20 |
| 6. Derivatives Markets | 10 |
| Total | 100 |
Question styles to expect
The workbook's objectives are market basics, primary and secondary market processes, and mutual fund and derivative products. In practice that means questions like these:
- check_circleDefinitions: what a term means, such as a hybrid instrument, a book-built issue or an index fund
- check_circleComparisons: equity against debt, primary against secondary market, open-ended against closed-ended schemes
- check_circleProcess: the steps of a public issue, or how a trade is cleared and settled
- check_circleWho does what: which intermediary or regulator handles a given task
- check_circleNumericals: simple calculations, for which the test centre provides a spreadsheet
What the pattern means for you
Three things follow. First, 60% is the bar, and since nothing is deducted, every correct answer moves you towards it. Second, the four middle chapters carry 80 marks, so they deserve most of your time. Third, 120 minutes for 100 questions is 72 seconds each, which leaves room to check calculations and re-read flagged questions.
The workbook also notes that its sample questions and examples 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 XII 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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