NISM Series XXIV 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 XXIV is NISM's own workbook, and it is free. You download the soft copy from NISM's study material page after filling in a short form. Printed copies are sold through Taxmann, NISM's publishing partner.
The workbook follows the exam's 8-chapter curriculum, from the basics of money laundering to a set of real PMLA cases. Most of it retells three documents in plain language: the Prevention of Money Laundering Act, 2002, the PML (Maintenance of Records) Rules, 2005, and SEBI's master circular on AML and CFT. Reading the workbook with those three beside it is the whole preparation.
How to get the free workbook
- 1
Open NISM's study material download page
Every NISM exam page carries a 'Study Material Download FREE' sidebar link leading to a short form on NISM's portal.
- 2
Fill in the form
It asks for your name, email, mobile number, city and state. There is no payment and no exam enrolment needed at this stage.
- 3
Download the Series XXIV workbook
Pick the AML and CFT Provisions in Securities Markets workbook from the list and save the PDF to your phone.
- 4
Buy a print copy only if you want one
Taxmann sells printed NISM workbooks online. The content matches the free PDF.
What to read alongside the workbook
Each companion maps to specific chapters. Read the workbook chapter first, then the source it summarises.
NISM Series XXIV workbook (free PDF)
Chapters it backs
All 8
Why it matters
The only material NISM writes for the exam.
Prevention of Money Laundering Act, 2002 (PMLA)
Chapters it backs
II and IV
Why it matters
The Act behind the whole subject, in force since July 1, 2005. Its definitions, the record-keeping and reporting duties of reporting entities, and the Schedule of offences are tested directly.
PML (Maintenance of Records) Rules, 2005
Chapters it backs
III
Why it matters
The record-keeping, client identification and FIU-IND reporting rules a compliance team runs on. Retention periods and reporting duties come from here.
SEBI master circular on AML and CFT (June 6, 2024)
Chapters it backs
V, VI and VII
Why it matters
SEBI's AML and CFT guidelines for securities market intermediaries under PMLA, the newest entry in its master circular list. Check SEBI's circulars page for later amendments.
FIU-IND and SEBI orders on the eight chapter VIII cases
Chapters it backs
VIII
Why it matters
The workbook summarises each case; the original orders are optional reading.
| Material | Chapters it backs | Why it matters |
|---|---|---|
| NISM Series XXIV workbook (free PDF) | All 8 | The only material NISM writes for the exam. |
| Prevention of Money Laundering Act, 2002 (PMLA) | II and IV | The Act behind the whole subject, in force since July 1, 2005. Its definitions, the record-keeping and reporting duties of reporting entities, and the Schedule of offences are tested directly. |
| PML (Maintenance of Records) Rules, 2005 | III | The record-keeping, client identification and FIU-IND reporting rules a compliance team runs on. Retention periods and reporting duties come from here. |
| SEBI master circular on AML and CFT (June 6, 2024) | V, VI and VII | SEBI's AML and CFT guidelines for securities market intermediaries under PMLA, the newest entry in its master circular list. Check SEBI's circulars page for later amendments. |
| FIU-IND and SEBI orders on the eight chapter VIII cases | VIII | The workbook summarises each case; the original orders are optional reading. |
How to use the workbook chapter by chapter
The eight chapters build on each other, so read them in order.
- check_circleChapter I: the three stages of laundering (placement, layering, integration) and the global and Indian initiatives.
- check_circleChapter II, PMLA 2002: definitions, who counts as a reporting entity, the duties to keep records and report to FIU-IND, and which authorities investigate.
- check_circleChapter III, the 2005 Rules: record-keeping, client identification, digital KYC, retention periods and reportable transactions.
- check_circleChapter IV, scheduled offences: what makes an offence 'scheduled' and which SEBI Act and Companies Act offences are listed.
- check_circleChapters V and VI, the AML, CFT and PF guidelines and SEBI's version: client due diligence, risk categorisation, written AML procedures, the Principal Officer and Designated Director, and suspicious transaction reporting.
- check_circleChapter VII, SEBI KYC norms: the KYC form, online KYC features, SARAL account opening for resident individuals and the KYC Registration Agency (KRA).
- check_circleChapter VIII, cases: read each case for the failure that caused the action, not the names.
Free account, this exam preselected.
How Series XXIV tests this material
The paper has 50 one-mark MCQs in 1 hour, the pass mark is 25 out of 50 (50%), and there is no negative marking, so every question should be attempted. Questions are recall and recognition: which authority receives suspicious transaction reports, how long a record must be kept, which stage of laundering a described act belongs to, whether a listed offence is scheduled, or what a case in chapter VIII was penalised for.
The trap is near-miss options. A question on record retention offers several periods; one on reporting offers FIU-IND, SEBI, RBI and the Enforcement Directorate; one on KYC offers two similarly named forms. Summaries round the rule off and lose marks here. The workbook and the Act give the exact period, recipient and form name. Read for the precise word, then test yourself with the options covered.
Spot stale or wrong notes in ten seconds
Check the exam description first. NISM's page says 50 questions of 1 mark each, 1 hour, pass at 25 out of 50 (50%), no negative marking, remote proctored. Notes that describe 100 marks, 120 minutes or a negative mark were not written for this exam. Also check the name: Series XXIV is "AML and CFT Provisions in Securities Markets". Some sites file it as "Securities Market Foundation", which is Series XII, a different exam with a different syllabus. Finally, any note on SEBI's AML guidelines should cite the June 6, 2024 master circular or later; older summaries describe superseded circulars.
FAQs
Where can I download the NISM Series XXIV study material PDF?expand_more
From NISM's study material download page, reached through the 'Study Material Download FREE' link on the Series XXIV exam page. Fill in the short form and download the workbook.
Is the NISM workbook enough to pass Series XXIV?expand_more
It is the base. The workbook covers all 8 chapters, there is no negative marking and the pass mark is 50%. Reading PMLA 2002 and SEBI's AML master circular alongside helps with the questions that turn on an exact period, recipient or form name.
Which SEBI circular should I read for the NISM AML CFT exam?expand_more
SEBI's master circular on AML and CFT dated June 6, 2024. It backs chapters V, VI and VII of the workbook.
Does NISM publish an edition date for the Series XXIV workbook?expand_more
Not on the public exam page. Download the current file from NISM rather than reusing an old copy, because AML rules and SEBI's circulars change often.
Is Series XXIV mandatory, and does the study material differ for employees?expand_more
No. NISM lists Series XXIV as a non-mandatory certification that aims to create awareness among employees of securities market intermediaries. There is one workbook for everyone.
Next steps
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