NISM Series XXV-B Previous Year Papers
The exam began in June 2026 and NISM publishes no past papers, so the format and curriculum are your paper.
There is no previous year question paper for NISM Series XXV-B. NISM does not release past papers for any of its exams, and this one started on June 1, 2026, so there is not even a past year to draw on. Any file sold as an XXV-B paper was not issued by NISM.
What NISM does publish is enough to prepare from: the exam format (50 multiple-choice questions in 1 hour), the six-session curriculum with its lettered learning points, and the free content on its YouTube channel. This page turns those into a paper you can practise with.
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About PDFs sold as real XXV-B papers
NISM conducts XXV-B only as an internet-based, remotely proctored test, so no question paper is ever printed or handed out. A PDF that claims to be the "2026 question paper" is at best a set of questions someone wrote from the syllabus or remembered. Use it, if at all, as a quiz on the curriculum and never as proof of what the exam asks.
What the paper looks like
The published format, the only firm thing about any XXV-B paper. The exam pattern page explains each line.
| Item | XXV-B |
|---|---|
| Questions | 50 multiple-choice questions, 1 mark each |
| Duration | 1 hour, about 72 seconds a question |
| Pass mark | 25 out of 50 (50%) |
| Negative marking | None |
| Delivery | Internet-based, remotely proctored from your own laptop or desktop |
| Source material | Six sessions on NISM's curriculum page, each with lettered learning points |
The question each session produces
NISM writes its learning points as 'define', 'understand' and 'identify' statements. Each verb maps to a question shape. Here is what each session gives an examiner.
- Session 1: Personal financial planning and financial markets
- Definition and sequence questions: the six steps of a financial plan in order, what risk tolerance means as against risk capacity, which factor changes a person's risk profile, and which regulator protects which market.
- Session 2: Securities markets and basics of investment
- Concept-contrast questions: saving against investment, one type of investment risk against another, why time matters through compounding, and what asset allocation and rebalancing each do for a long-term portfolio.
- Session 3: Financial asset classes
- Classification questions: whether an instrument is equity, government debt, corporate debt or a banking product, the risk attached to each, and the purpose and basic types of exchange-traded derivatives.
- Session 4: Financial products
- Feature and comparison questions: how a mutual fund is structured and categorised, how PMS, AIF and SIF differ from each other, and which retirement or insurance product meets a stated need.
- Session 5: Sales skills
- Situation questions: a client with a given profile, a negotiation that has stalled, or a service gap during a crisis, with the answer being the client-centric and ethical response rather than the fastest sale.
- Session 6: Professionalism, ethics and compliance
- Rule and boundary questions: what a person associated with investment advice may and may not do in an RIA setup, what fiduciary duty and suitability require, and the regulatory frame for advisory work in India.
Free account, this exam preselected.
How XXV-B tests this material, and where candidates slip
With no negative marking and a pass mark of 25 out of 50 (50%), the paper rewards answering every question. The marks are lost on near-synonyms. Sessions 1 and 2 are built on pairs that sound alike: risk tolerance and risk capacity, saving and investment, asset allocation and rebalancing. A question will describe one and offer the other as a distractor.
The second trap is role confusion. XXV-B is for persons who do sales and other non-core work for a registered investment adviser, not for the adviser. Sessions 5 and 6 keep returning to that line: advisory sales is not product selling, and a support person does not give the advice. Candidates who have sold mutual funds or insurance tend to answer from a distributor's habits and lose those questions.
How to practise without a paper
Build your own paper from what NISM publishes.
- 1
Work through NISM's YouTube content one session at a time
NISM says the exam content is freely available on its YouTube channel. Watch a session, then tick off its lettered points on the curriculum page before moving on.
- 2
Turn each lettered learning point into one question
Session 1 alone has five learning points, A to E. Write a one-line question for each, with the trap pair as the wrong option. Six sessions give you about 33 questions.
- 3
Sit timed sets of 50 questions in 1 hour
Pacing is the one thing the real paper adds. Keep to about a minute a question and leave nothing blank; a blank and a wrong answer score the same.
- 4
Review by session, not by score
A set where you pass overall but miss every session 6 question is a warning. Aim to clear 50% in each session before the real slot.
- 5
Read NISM's remote proctored exam instructions
The exam page links NISM's remote proctored exam FAQ and instructions. Read both after you book, so exam day is only about the questions.
FAQs
Is there a previous year question paper for NISM XXV-B?expand_more
No. NISM does not publish past papers for any series, and XXV-B was launched on June 1, 2026, so no earlier year's paper exists. Prepare from the curriculum and NISM's YouTube content.
What is the NISM 25 B exam?expand_more
NISM Series XXV-B is the Persons Associated with Investment Advice (Sales and Other Non-Core Services) Certification Examination. It is meant for people who do sales and other non-core work for a SEBI-registered investment adviser, as defined under Regulation 2(r) of the SEBI (Investment Advisers) Regulations, 2013. Staff who give the advice take Series X-A and X-B.
Can I take the NISM XXV-B exam from home?expand_more
Yes. XXV-B is conducted only in an internet-based, remotely proctored mode, not at a test centre. NISM's exam page links the remote proctored exam FAQ and instructions that list the technical requirements.
What happens if I fail NISM XXV-B?expand_more
You can register again and book a fresh slot; there is no fixed exam date. Before you rebook, find which sessions cost you marks: the pass mark is 25 out of 50 (50%), and with no negative marking any blank was a mark given away.
Are there numerical questions in NISM XXV-B?expand_more
The curriculum lists concepts rather than calculation methods, so expect a conceptual paper with at most a few simple arithmetic items on compounding or asset allocation. Risk and return are tested as ideas, not formulas.
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