NISM Series XVI Exam Pattern
100 marks, 2 hours, negative marking: exactly how Series XVI is scored and passed.
NISM Series XVI 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%. A wrong answer costs a quarter of a mark. The exam is computer-based, booked through NISM's certification portal and taken at a test centre.
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Series XVI 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 | 25% of a question's marks: 0.25 per wrong answer |
| Unanswered question | 0, no deduction |
| Mode | Computer-based, booked through NISM's certification portal, at a test centre |
| Software at the test centre | Microsoft Excel or LibreOffice, for numericals |
| Fee | ₹1,500 plus payment gateway charges |
| Certificate validity | 3 years |
How the score is worked out
Your score is the number of correct answers minus 0.25 for each wrong answer. Blanks score zero. So 70 correct, 20 wrong and 10 blank gives 70 minus 5, which is 65: a pass. 62 correct and 38 wrong gives 62 minus 9.5, which is 52.5: a fail, even though 62 answers were right.
The pass mark applies to the whole paper. The workbook states no minimum score per chapter.
Time per question
120 minutes for 100 questions is 72 seconds each. That is comfortable for a fact question, but a fair value, basis or hedge calculation can take longer. Answer the quick ones first and come back to the numericals.
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.
Commodity markets and indices
Chapters
1, 2
Marks
15
Commodity futures and options
Chapters
3, 4
Marks
30
Uses of commodity derivatives
Chapters
5
Marks
15
Trading, clearing, settlement and risk management
Chapters
6, 7
Marks
25
Regulation, accounting and taxation, code of conduct
Chapters
8, 9, 10
Marks
15
Total
Chapters
1 to 10
Marks
100
| Chapter group | Chapters | Marks |
|---|---|---|
| Commodity markets and indices | 1, 2 | 15 |
| Commodity futures and options | 3, 4 | 30 |
| Uses of commodity derivatives | 5 | 15 |
| Trading, clearing, settlement and risk management | 6, 7 | 25 |
| Regulation, accounting and taxation, code of conduct | 8, 9, 10 | 15 |
| Total | 1 to 10 | 100 |
Question styles to expect
The workbook's chapter-end sample questions and its examination objectives point to these kinds of questions:
- check_circleDirect facts: which act or body governs what, what an exchange must disclose
- check_circleCalculations: fair value from cost of carry, basis, the outcome of a long or short hedge
- check_circlePay-off reading: what a futures or option position earns at a given price
- check_circleConcepts: convenience yield, convergence, option Greeks, options on futures against options on goods
- check_circleProcess: delivery, margins, position limits, penalties for delivery default
What the pattern means for you
Three things follow from these numbers. First, 60% is a real bar: with negative marking on, you need at least 68 correct if you attempt every question. Second, the weightage is spread fairly evenly: four chapters at 15 marks each, so no single chapter carries the exam. Third, numericals take time, so practise them until the method is automatic.
The workbook also notes that its sample caselets and questions are for reference only, that the actual exam's difficulty may differ, and that NISM does not guarantee every exam question will come from the workbook.
Confirm before you book
These details are from the March 2026 workbook and NISM's Series XVI 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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