VIA Capital

NISM Certification Practice

NISM Mock Test Center

Free, timed practice exams for India's most sought-after securities market certifications. Build confidence, test your knowledge, and learn from every answer.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.
Beginner

Mutual Fund Distributors

NISM-Series-V-A: Mutual Fund Distributors Certification Examination

Mandatory certification to earn commission on mutual fund distribution (ARN).

120 min 100 Qs Pass 50%No negative
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Intermediate

Securities Operations & Risk Management

NISM-Series-VII: Securities Operations and Risk Management Certification Examination

Mandatory for approved users and back-office / operations staff of stock brokers, depository participants, and clearing members.

120 min 100 Qs Pass 50%25% negative
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Intermediate

Equity Derivatives

NISM-Series-VIII: Equity Derivatives Certification Examination

Mandatory for approved users and sales dealers dealing in equity derivatives on NSE/BSE.

120 min 100 Qs Pass 60%25% negative
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Advanced

Investment Adviser Level 1

NISM-Series-X-A: Investment Adviser Level 1 Certification Examination

Mandatory (with Series X-B) for individuals who want to become SEBI-registered Investment Advisers (RIAs).

180 min 135 Qs Pass 60%25% negative
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Advanced

Investment Adviser Level 2

NISM-Series-X-B: Investment Adviser Level 2 Certification Examination

The second mandatory module for SEBI-registered Investment Advisers (RIAs), building on Level 1 with deeper advisory applications.

180 min 120 Qs Pass 60%25% negative
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Beginner

Securities Markets Foundation

NISM-Series-XII: Securities Markets Foundation Certification Examination

Entry-level certification that builds broad understanding of Indian securities markets for beginners and students.

120 min 100 Qs Pass 60%No negative
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Advanced

Research Analyst

NISM-Series-XV: Research Analyst Certification Examination

SEBI-mandatory for any individual issuing research reports or making public investment recommendations on securities.

120 min 100 Qs Pass 60%25% negative
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Intermediate

Commodity Derivatives

NISM-Series-XVI: Commodity Derivatives Certification Examination

Mandatory for approved users and sales dealers dealing in commodity derivatives on MCX/NCDEX.

120 min 100 Qs Pass 60%25% negative
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Intermediate

Portfolio Management Services Distributors

NISM-Series-XXI-A: Portfolio Management Services Distributors Certification Examination

Mandatory for individuals distributing or marketing Portfolio Management Services (PMS) products.

120 min 100 Qs Pass 60%25% negative
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Advanced

Portfolio Managers

NISM-Series-XXI-B: Portfolio Managers Certification Examination

Mandatory for principal officers and other employees of SEBI-registered Portfolio Management Services (PMS) firms.

180 min 120 Qs Pass 60%25% negative
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Daily Quick Quiz

10 random questions across all NISM modules — a fast way to warm up every day.

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