Series VIII
Equity Derivatives
150 questionsPass mark 60%Negative marking 25% / wrong answer
NISM practice questions
1,635 questions for 10 NISM exams. Each answer is explained.
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- Series V-A
Mutual Fund Distributors
150 questionsPass mark 50%Negative marking None - Series XV
Research Analyst
150 questionsPass mark 60%Negative marking 25% / wrong answer - Series VII
Securities Operations and Risk Management
150 questionsPass mark 50%Negative marking 25% / wrong answer - Series I
Currency Derivatives
150 questionsPass mark 60%Negative marking 25% / wrong answer - Series X-A
Investment Adviser (Level 1)
285 questionsPass mark 60%Negative marking 25% / wrong answer - Series IV
Interest Rate Derivatives
150 questionsPass mark 60%Negative marking 25% / wrong answer - Series VI
Depository Operations
150 questionsPass mark 60%Negative marking 25% / wrong answer - Series XVI
Commodity Derivatives
150 questionsPass mark 60%Negative marking 25% / wrong answer - Series XXI-A
Portfolio Management Services (PMS) Distributors
150 questionsPass mark 60%Negative marking 10% / wrong answer
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Exam format
| Exam | Questions | Duration | Pass mark | Negative marking |
|---|---|---|---|---|
| NISM Series VIII | 100 | 120 min | 60% | 25% |
| NISM Series V-A | 100 | 120 min | 50% | None |
| NISM Series XV | 100 | 120 min | 60% | 25% |
| NISM Series VII | 100 | 120 min | 50% | 25% |
| NISM Series I | 100 | 120 min | 60% | 25% |
| NISM Series X-A | 135 | 180 min | 60% | 25% |
| NISM Series IV | 100 | 120 min | 60% | 25% |
| NISM Series VI | 100 | 120 min | 60% | 25% |
| NISM Series XVI | 100 | 120 min | 60% | 25% |
| NISM Series XXI-A | 100 | 120 min | 60% | 10% |
Figures from NISM's website, read on 3 October 2026.
What these answers assume, and when it was last checked
Each question uses the rules listed below. We last checked them on 5 September 2026. A Budget or SEBI circular can change a rate, lot size or expiry day. If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.
- NSE uses Tuesday expiry and BSE uses Thursday expiry. This applies from 1 September 2025.
- The January 2026 index lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25.
- The October 2024 SEBI framework sets a minimum index contract value of Rs 15–20 lakh. Each exchange may list one weekly benchmark index.
- Option buyers pay the premium upfront from 1 February 2025. A short index option has an extra 2% Extreme Loss Margin on expiry day from 20 November 2024.
- Equity short-term capital gains are taxed at 20%. Long-term gains are taxed at 12.5% above Rs 1.25 lakh. Both rates apply from 23 July 2024.
- F&O income is non-speculative business income in ITR-3. NSE equity derivatives trade from 9:15 a.m. to 3:40 p.m.
- The final ten-minute session began on 3 August 2026. It aligns with the cash market Closing Auction Session.
- Most Securities Transaction Tax questions test the base and who pays. On an option sale, it is the premium and the seller pays. On a futures sale, it is the traded value and the seller pays.
- On exercise, Securities Transaction Tax uses intrinsic value: settlement price minus strike price. The buyer pays it.
- Two questions test the current rate. From 1 April 2026, option sales carry 0.15% on the premium and futures sales carry 0.05% on traded price. The earlier rates were 0.10% and 0.02% from 1 October 2024.
- This section uses the T+1 rolling settlement cycle. Obligations are fixed on T+1. A short delivery goes to buy-in auction on T+1 and settles on T+2.
- The trade-for-trade surveillance segment uses direct close-out. Funds pay in by 10:30 a.m. and pay out on or after 1:30 p.m. on settlement day.
- Securities pay in to the settlement pool by 10:30 a.m. They pay out directly to the client’s demat account by 3:30 p.m.
- The 3:30 p.m. deadline replaced 1:30 p.m. under SEBI’s 10 October 2024 circular. Direct client credit was required by SEBI’s 5 June 2024 circular.
- The optional T+0 cycle trades until 1:30 p.m. Obligations are fixed by 2:30 p.m. on the trade day. An early pay-in shortage is closed out directly.
- Cash-market Value at Risk margin is six times exponentially weighted moving-average volatility. It has a 9% floor for Group I, a 21.5% floor for Group II, and a fixed 50% or 75% level for Group III.
- Extreme Loss Margin is 3.5% for a share and 2% for a broad-market-index exchange traded fund. Mark-to-market margin is collected before the next day’s trading. The trade-for-trade segment has 100% upfront margin.
- Close-out uses the higher of the highest price from trade day to auction day and 20% above the auction day’s official close.
- A funds shortage costs 0.07% a day. The trading facility is withdrawn at a shortage of Rs 5 lakh or more.
- SCORES allows 21 calendar days, then two 15-day review levels. Online Dispute Resolution moves from conciliation to arbitration after the market participant and SCORES steps.
- At NSE, the Investor Protection Fund limit is Rs 35 lakh per investor for each defaulting or expelled member. This applies to claims arising after 13 August 2024.
- A Basic Services Demat Account has no annual maintenance charge up to Rs 4 lakh of holdings. It costs up to Rs 100 above that, until the Rs 10 lakh eligibility ceiling. These slabs apply from 1 September 2024.
- The rupee pairs are USD-INR, EUR-INR, GBP-INR and JPY-INR. The cross-currency pairs are EUR-USD, GBP-USD and USD-JPY.
- Each contract covers 1,000 units of the foreign currency, except JPY-INR. JPY-INR covers 100,000 yen and is quoted in rupees per 100 yen.
- The tick is 0.25 paise, or Rs 0.0025. It equals Rs 2.50 a contract.
- Rupee pairs trade from 9:00 a.m. to 5:00 p.m. A monthly contract stops trading at 12:30 p.m. two working days before the expiry month’s last business day.
- Final settlement is in cash at the FBIL reference rate on expiry day. FBIL, Financial Benchmarks India, has published this rate in place of the Reserve Bank since 2018. Premium-style European options are quoted in rupees. The buyer pays the premium in cash on T+1.
- Daily settlement is on T+1 and final settlement is on T+2.
- NSE Clearing circular 026/2020 sets SPAN margin plus Extreme Loss Margin. The futures margin is 0.50% for USD-INR, 0.15% for EUR-INR, 0.25% for GBP-INR and 0.35% for JPY-INR. A short option has 0.75%. These figures apply from 1 June 2020.
- A USD-INR client may hold 6% of total open interest or USD 20 million, whichever is higher. A trading member may hold 15% or USD 100 million.
- A resident user has one USD 100 million equivalent limit across all rupee pairs and exchanges. No document is needed below that limit, but a valid underlying contracted exposure must still exist. This clarification applies from 3 May 2024.
- The currency segment has no Securities Transaction Tax.
The exam figures (questions, time, pass mark, negative marking and certificate validity) come from NISM's own pages, read on 3 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
NISM practice questions: common questions
Are these the real NISM exam questions?
No. LearnNifty wrote every question from NISM's public syllabus. NISM does not publish its question bank, so nobody can offer you the real paper. Use these questions to check that an idea has gone in. Use the official NISM workbook to see what is examined.
How many practice questions are there?
1635 across the certifications covered here: 150 for Series VIII, 150 for Series V-A, 150 for Series XV, 150 for Series VII, 150 for Series I, 285 for Series X-A, 150 for Series IV, 150 for Series VI, 150 for Series XVI, 150 for Series XXI-A. Every one has the correct answer, why it is correct, and why each other option is wrong.
Where do I find the answers written out?
On the syllabus unit pages, 118 of them across these certifications. Pick a certification above, then a unit. That unit's questions are written out with all four options, the correct answer and why each other option is wrong.
Which NISM certifications do these practice questions cover?
10: 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). NISM offers many more examinations. The full current list is on nism.ac.in.
Does negative marking apply?
It depends on the paper: Series VIII deducts 25% of a question's marks for a wrong answer. Series V-A has no negative marking at all. Series XV deducts 25% of a question's marks for a wrong answer. Series VII deducts 25% of a question's marks for a wrong answer. Series I deducts 25% of a question's marks for a wrong answer. Series X-A deducts 25% of a question's marks for a wrong answer. Series IV deducts 25% of a question's marks for a wrong answer. Series VI deducts 25% of a question's marks for a wrong answer. Series XVI deducts 25% of a question's marks for a wrong answer. Series XXI-A deducts 10% of a question's marks for a wrong answer. A blank question never loses marks on any of them. Timed practice here applies each series' own rule.
How do I book a NISM exam?
You register and pay on NISM's own website, nism.ac.in. The steps and the fee change from time to time, so read them there on the day you book.
Are these practice questions kept up to date?
Each question is written against the rules printed on this page, last checked on 5 September 2026. A Budget or a SEBI circular can change a rate, a lot size or an expiry day. If one of those rules changes before your exam, treat the questions that use it as out of date. Then check NISM's current workbook.
Is the practice free?
Yes. You do not need to sign up. Your answers are saved in this browser.
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