Series II-ANew
Registrars to an Issue and Share Transfer Agents - Corporate
50 questionsPass mark 50%Negative marking None
NISM Series II-A practice questions
150 questions. Each answer is explained.
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Learn these topics
Practise one unit at a time
- Introduction to Securities10 questions · 3 of 100 marks in the exam (3%)
- Characteristics of Equity Shares10 questions · 6 of 100 marks in the exam (6%)
- Characteristics of Debt Securities10 questions · 6 of 100 marks in the exam (6%)
- Characteristics of Other Securities10 questions · 3 of 100 marks in the exam (3%)
- Basics of Mutual Funds10 questions · 3 of 100 marks in the exam (3%)
- SEBI – Role and Regulations10 questions · 14 of 100 marks in the exam (14%)
- Public Offer of Securities10 questions · 5 of 100 marks in the exam (5%)
- Modes of allotment of shares other than Public Offers10 questions · 2 of 100 marks in the exam (2%)
- Processes related to Public Offering of Shares10 questions · 8 of 100 marks in the exam (8%)
- Roles and Responsibilities in a Public Issue10 questions · 6 of 100 marks in the exam (6%)
- Depository Services10 questions · 6 of 100 marks in the exam (6%)
- Processes Related to Depositories10 questions · 16 of 100 marks in the exam (16%)
- Investor Interface with the R&T Agent10 questions · 10 of 100 marks in the exam (10%)
- Secondary Market Transactions10 questions · 5 of 100 marks in the exam (5%)
- Client Servicing10 questions · 7 of 100 marks in the exam (7%)
Exam format
| Questions | 100 · 1 mark each |
|---|---|
| Duration | 120 min · 2 hours |
| Pass mark | 50% · 50 of 100 marks |
| Negative marking | None · a wrong answer costs nothing beyond the mark |
| Certificate validity | 3 years · from the date of the examination |
NISM Series II-A Registrars to an Issue and Share Transfer Agents - Corporate
Exam rules read on NISM's site on 31 October 2026. Check the current rules on NISM's site (opens in a new tab)
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 If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.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 31 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
The written-out answers on this page are hidden while your timed set runs.
5 sample questions with answers
The other 145 are on the unit pages above, written out the same way.
Q1Compared with ordinary equity holders, what is the usual position of creditors when a company is wound up?
Option A. Their claims become ordinary equity automatically
Why it is wrong: Winding up does not automatically convert every debt into equity.
Option B. Their valid claims rank ahead of ordinary equity — Correct answer
Option C. Their valid claims rank behind ordinary equity
Why it is wrong: Ordinary equity is the residual claim, not the usual first claim.
Option D. Their claims disappear when trading stops
Why it is wrong: Stopping trading does not by itself extinguish valid creditor claims.
Answer: B. Creditors’ valid claims usually rank ahead of ordinary equity because equity holders receive only the residual value after prior claims. Remember: Ordinary equity stands behind prior claims on winding up.
Hint, shown before you answer in practice mode: Distinguish contractual claims from the residual ownership claim. Common mistake: Assuming ownership means first access to the company’s remaining assets.
II-A-006mediumconceptual
Q2An unhedged foreign-currency bond requires USD 10,000 repayment. The exchange rate rises from ₹80 to ₹85 per dollar. What is the extra rupee cost?
Option A. ₹5,000
Why it is wrong: ₹5,000 understates the stated dollar exposure by a factor of ten.
Option B. ₹8,50,000
Why it is wrong: ₹8,50,000 is the new total rupee payment, not the increase.
Option C. ₹8,00,000
Why it is wrong: ₹8,00,000 is the original rupee equivalent, not the increase.
Option D. ₹50,000 — Correct answer
Answer: D. The extra rupee cost is ₹50,000. Exchange-rate increase = ₹85 − ₹80 = ₹5 per dollar. Additional cost = USD 10,000 × ₹5 = ₹50,000. Remember: An unhedged foreign-currency obligation can become costlier when the rupee weakens.
Hint, shown before you answer in practice mode: Only the change in rupees per dollar creates the additional cost. Common mistake: Reporting the total repayment instead of the additional currency cost.
II-A-036mediumnumerical
Q3For this example only, an offer reserves 12% of 5 lakh shares for an eligible category. How many shares are reserved?
Option A. 60,000 shares — Correct answer
Option B. 50,000 shares
Why it is wrong: 50,000 shares applies 10% rather than the stated 12%.
Option C. 4,40,000 shares
Why it is wrong: 4,40,000 shares is the unreserved balance, not the reserved portion.
Option D. 6,000 shares
Why it is wrong: 6,000 shares understates the percentage calculation by a factor of ten.
Answer: A. The reserved quantity is 60,000 shares. Calculation: 5,00,000 × 12% = 60,000 shares. Remember: Calculate a reservation from the applicable offer terms and total relevant quantity.
Hint, shown before you answer in practice mode: Apply the percentage specified in this case to the total offer quantity. Common mistake: Treating an example percentage as a universal regulatory reservation.
II-A-066mediumnumerical
Q4An application’s tax identifier does not match the linked demat records. Which processing response best protects accurate allotment?
Option A. Create an extra demat account without the investor’s authority
Why it is wrong: Creating an account without authority is not a valid correction method.
Option B. Quietly replace it with another applicant’s matching identifier
Why it is wrong: Another applicant’s identifier would misstate ownership and identity.
Option C. Investigate and follow the authorised correction or rejection process — Correct answer
Option D. Ignore the mismatch because the subscription amount is large
Why it is wrong: A large subscription does not justify ignoring identity validation.
Answer: C. The RTA should investigate and follow the authorised process because an identity mismatch must not be bypassed or corrected using another person’s information. Remember: Identity checks protect accurate allotment and must not be bypassed.
Hint, shown before you answer in practice mode: Validation should protect the correct investor identity rather than force a successful upload. Common mistake: Treating a successful computer upload as more important than correct investor identity.
II-A-096mediumapplication
Q5What is a practical benefit of electronic voting for an eligible shareholder at a company meeting?
Option A. The shareholder receives additional shares for every vote
Why it is wrong: Voting does not itself create an entitlement to additional shares.
Option B. Voting can be submitted through the authorised electronic process — Correct answer
Option C. The shareholder can vote without owning an eligible interest
Why it is wrong: Electronic access does not remove eligibility requirements.
Option D. The shareholder can change other investors’ voting choices
Why it is wrong: One shareholder cannot use the facility to change others’ authorised votes.
Answer: B. Electronic voting lets an eligible shareholder submit a vote through the authorised electronic process rather than relying only on physical attendance. Remember: Electronic voting supports exercise of existing eligible voting rights.
Hint, shown before you answer in practice mode: Technology changes how eligible voting rights are exercised, not who owns those rights. Common mistake: Assuming an electronic channel creates voting rights that the investor did not already have.
II-A-126mediumconceptual
NISM Series II-A practice: common questions
Are these the real NISM Series II-A 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 for NISM Series II-A?
150 at the moment, across 15 practice topics, with one page per unit. It is a practice set, not a copy of the paper: the real NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination has 100 questions.
Where are all the questions and answers?
On the 15 practice topics listed above. There are 5 in full. Each unit's page has the rest, with all four options, the correct answer and why each other option is wrong.
Does negative marking apply to NISM Series II-A?
No. NISM applies no negative marking to Series II-A. A wrong answer costs nothing beyond the mark you did not earn, so a blank is never better than an attempt. Timed practice here uses the same rule.
How do I book the NISM Series II-A 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.
See the exam these questions follow
The Registrars to an Issue and Share Transfer Agents - Corporate exam page shows the question count, the time, the pass mark and the marking rule.
Open the NISM Series II-A exam pagePaper Trading Try it on the practice trading desk