NISM Mock Test 2026: Free Practice Papers for Every Series
Practice papers for twenty three NISM certification modules, including a full Hindi paper, from Mutual Fund Distributors to Research Analyst and the derivatives series. Every set is timed to the real exam pattern, every answer carries a full explanation, and a topic wise report card shows which chapters need another pass.
New to NISM? Read the NISM exam dates and series numbering guide to work out which series you need and how slot booking works.
Topic wise report card
Know precisely which NISM chapters need revision after every attempt.
Real exam format
Timed papers that follow the official NISM pattern and negative marking rules.
Explanation on every answer
Every question is explained, so a wrong answer teaches you something.
Try before you buy
Set 1 is free on every module. No commitment until you have seen the quality.
All NISM modules
NISM Series V-A: Mutual Fund Distributors
The most widely taken NISM certification, required for anyone distributing mutual funds · 10 full length sets · Set 1 free
NISM Series V-A: Mutual Fund Distributors (Hindi)
म्यूचुअल फंड वितरक परीक्षा, पूरी तरह हिंदी में · 10 full length sets · Set 1 free
NISM Series VIII: Equity Derivatives
For dealers and sales staff in the equity derivatives segment · 10 full length sets · Set 1 free
NISM Series XV: Research Analyst
Mandatory for research analysts issuing reports or recommendations · 10 full length sets · Set 1 free
NISM Series X-A: Investment Adviser (Level 1)
Entry level certification for registered investment advisers · 10 full length sets · Set 1 free
NISM Series X-B: Investment Adviser (Level 2)
The advanced adviser paper covering portfolio construction and advice · 10 full length sets · Set 1 free
NISM Series I: Currency Derivatives
For those dealing in the currency derivatives segment · 10 full length sets · Set 1 free
NISM Series IV: Interest Rate Derivatives
Covers the interest rate derivatives segment end to end · 10 full length sets · Set 1 free
NISM Series XIII: Common Derivatives
A combined derivatives paper spanning multiple segments · 10 full length sets · Set 1 free
NISM Series XVI: Commodity Derivatives
For dealers and sales staff in commodity derivatives · 10 full length sets · Set 1 free
NISM Series XIX-A: Alternative Investment Funds (Cat I and II)
For distributors of Category I and II alternative investment funds · 10 full length sets · Set 1 free
NISM Series XIX-B: Alternative Investment Funds (Cat III)
For distributors of Category III alternative investment funds · 10 full length sets · Set 1 free
NISM Series XXI-A: Portfolio Management Services Distributor
For those distributing portfolio management services · 10 full length sets · Set 1 free
NISM Series XIX-D: Category I and II Alternative Investment Fund Managers
For managers of Category I and II AIFs · 10 full length sets · Set 1 free · 80 questions carrying 100 marks, 60 standalone plus 4 case studies, matching the real paper
NISM Series XIX-E: Category III Alternative Investment Fund Managers
For managers of Category III AIFs · 10 full length sets · Set 1 free · Covers leverage, long short and complex strategies, benchmarking and fund level taxation
NISM Series XVII: Retirement Adviser Certification Examination
For advisers registered under the PFRDA Retirement Adviser Regulations · 10 full length sets · Set 1 free · 100 questions in 2 hours, covering the retirement planning process, the National Pension System, fund selection and the regulatory framework
NISM Series XII: Securities Markets Foundation
The entry level NISM module for anyone starting out in the securities markets · 10 full length sets · Set 1 free · 100 questions in 2 hours with no negative marking, covering primary and secondary markets, asset allocation, mutual funds and derivatives
NISM Series VI: Depository Operations
For staff of depository participants and anyone working in demat operations · 10 full length sets · Set 1 free · 100 questions in 2 hours, covering account opening, dematerialisation, trading and settlement, pledge and corporate actions
NISM Series XIX-C: Alternative Investment Fund Managers
For managers of AIFs and their key investment team across all three categories · 10 full length sets · Set 1 free · 150 marks in 3 hours, with 90 standalone questions and 6 long case studies of 5 questions each, covering fund structuring, fee waterfalls, valuation, taxation and the SEBI AIF regulations
NISM Series IX: Merchant Banking
For merchant bankers and their teams working on public issues, takeovers and buybacks · 10 full length sets · Set 1 free · 100 questions in 2 hours, built to the January 2026 workbook including the 2025 amendment to the capital requirements
NISM Series V-B: Mutual Fund Foundation
The entry paper for the new cadre of mutual fund distributors · 10 full length sets · Set 1 free · 50 questions in 2 hours, passing at 50 percent with no negative marking at all
NISM Series VII: Securities Operations and Risk Management
For operations, risk and back office staff at broking firms · 10 full length sets · Set 1 free · 100 questions in 2 hours, covering the trade life cycle, margining, clearing, settlement and investor grievances
NISM Series V-D: Mutual Fund Specialized Investment Fund Distributors
The new SIF distributor paper, applicable from 22 July 2026 · 10 full length sets · Set 1 free · 150 questions in 3 hours across three modules, mutual funds plus equity derivatives plus interest rate derivatives, with negative marking of only 10 percent