Series XII
Securities Markets Foundation
50 questionsPass mark 60%Negative marking None
NISM Series XII: Securities Markets Foundation
The foundation paper on the securities markets: what the markets are for and how they are measured, the main kinds of securities and how to spread money across them, how shares are first sold and then traded, mutual funds, and the basics of derivatives.
Questions1001 mark each
Duration120 min2 hours
Pass mark60%60 of 100 marks
Negative markingNonea blank and a wrong answer cost the same
NISM Series XII Securities Markets Foundation
Exam rules read on NISM's site on 17 October 2026. Check the current rules on NISM's site (opens in a new tab)
The NISM-Series-XII: Securities Markets Foundation Certification Examination is 100 questions worth 100 marks in 120 minutes, and 60% is the pass mark. There is no negative marking on this paper, so a blank is never better than a guess. The certificate is valid 3 years from the date of the examination. Every figure here was read from NISM's own published pages on 17 October 2026.
What the Series XII certification is for
The foundation paper on the securities markets: what the markets are for and how they are measured, the main kinds of securities and how to spread money across them, how shares are first sold and then traded, mutual funds, and the basics of derivatives.
Who takes it
Anyone starting out in the securities markets, such as students, new staff at market firms and investors who want the basics first.
Why it is on this site
The paper that covers the ground under every other exam here. Orders, settlement and returns work the same way as in the site's lessons.
Exam format at a glance
Questions1001 mark each
Total marks100100 × 1
Duration120 min2 hours
Pass mark60%60 of 100 marks
Negative markingNonea wrong answer costs nothing beyond the mark
Certificate validity3 yearsfrom the date of the examination
100 multiple-choice questions of 1 mark each in 120 minutes. 60% to pass. A wrong answer costs nothing, so never leave a question blank.
The examination fee is deliberately not printed here. NISM publishes it per certification and revises it from time to time, and a fee is the one figure on a page like this that somebody acts on with money — read the current one on nism.ac.in.
How the marking works — and what the quiz here does with it
Each question carries 1 mark, so the paper is scored out of 100 and 60 marks are needed to pass. There is no negative marking on this paper. A wrong answer and a blank both score nothing, which means a blank is never the better of the two: an uncertain answer is free to give.
The practice quiz here uses these same figures. Timed practice applies this pass mark and this deduction. Its clock runs at this paper's pace (120 minutes for 100 questions), scaled to the size of your set.
Syllabus units, and what each is worth
6 practice topics, in the order our questions are written. Each row links to the topic's full questions and answers. Each answer explains why the other options are wrong. No unit weightage was found in the official exam material, so this table has no marks column.
| Unit | Practice questions |
|---|---|
| Understanding Securities Markets and Performance | 15 |
| Securities: Types, Features and Concepts of Asset Allocation and Investing | 30 |
| Primary Markets | 30 |
| Secondary Markets | 30 |
| Mutual Funds | 30 |
| Derivative Markets | 15 |
Test yourself on this syllabus
It is marked with the pass mark and negative marking shown above.
150 Series XII practice questions
Answer one at a time and see the reason straight away. Or sit a timed set marked like this paper: 60% to pass, with no deduction for a wrong answer.
Start practising →NISM Series XII mock tests
Three fixed papers of 50 questions each, timed at this exam's pace, with its pass mark and negative marking. When you submit, you see your score and why each answer is right.
Take a mock test →Every series' practice set
The other certifications we hold questions for, each scored on its own published pass mark and marking rule — which are not the same as this paper's.
Browse every series →Which NISM exam applies to you
Which series fits your work, with the lessons and tools for each one.
Open the certification hub →The other certifications on this site
- Series VIII — Equity Derivatives
- Series V-A — Mutual Fund Distributors
- Series XV — Research Analyst
- Series VII — Securities Operations and Risk Management
- Series I — Currency Derivatives
- Series X-A — Investment Adviser (Level 1)
- Series IV — Interest Rate Derivatives
- Series VI — Depository Operations
- Series XVI — Commodity Derivatives
- Series XXI-A — Portfolio Management Services (PMS) Distributors
- Series XIII — Common Derivatives
- Series III-A — Securities Intermediaries Compliance (Non-Fund)
- Series IX — Merchant Banking
Sources & review date. The question count, total marks, duration, pass mark, negative marking and certificate validity above come from NISM's own pages for the NISM-Series-XII: Securities Markets Foundation Certification Examination, last read on 17 October 2026. Marks per question, marks needed to pass and marks lost per wrong answer are worked out from those figures. We found no published marks for each unit of this exam, so none are shown here. Other weightage tables are estimates. The unit headings follow the order of these practice questions. Compare them with NISM's published unit list.
NISM Series XII: common questions
How many questions are in the NISM Series XII exam?
The NISM-Series-XII: Securities Markets Foundation Certification Examination has 100 questions worth 100 marks in total, to be completed in 120 minutes (2 hours).
What is the passing score for NISM Series XII?
60%, which on a 100-mark paper means 60 marks. Checked against NISM's own published page for this examination on 17 October 2026.
Is there negative marking in NISM Series XII?
No. NISM applies no negative marking to this examination, which is why leaving an answer blank on this paper is never the better option: a guess can only help.
How long is the NISM Series XII certificate valid?
3 years from the date of the examination. NISM also runs a Continuing Professional Education programme for its certifications. Confirm the current revalidation route on nism.ac.in before your certificate expires.
Are the practice questions on this page from the NISM Series XII exam?
No. LearnNifty wrote all 150 of them from NISM's public syllabus for this certification. NISM does not publish its question bank. The questions help you practise the syllabus. They cannot predict the paper.
What does the NISM Series XII syllabus cover?
Our practice questions for this certification are sorted into 6 topics: Understanding Securities Markets and Performance, Securities: Types, Features and Concepts of Asset Allocation and Investing, Primary Markets, Secondary Markets, Mutual Funds, Derivative Markets. That is the structure the practice set follows. NISM publishes its own curriculum and test objectives for the examination on nism.ac.in, and the workbook current for your sitting is the only examinable material.
Where does LearnNifty get these NISM Series XII exam figures from?
The question count, time, pass mark, negative marking and certificate validity come from NISM's own exam pages, last read on 17 October 2026. The quiz here marks with the same figures. NISM changes them from time to time, so confirm them on nism.ac.in before you register.
Sit a Series XII paper marked on the figures above
Series XII questions written against the published syllabus and scored under this paper’s own rules — 60% to pass, with no deduction for a wrong answer. Practice mode explains every option as you go. Timed practice hides answers until you submit.
Open the Series XII practice questionsPaper Trading Try it on the practice trading desk