If you are preparing for a NISM certification exam in 2026, understanding the exam pattern and passing marks should be your first step. NISM conducts several certification examinations for different areas of the securities and financial markets, so the number of questions, total marks, duration and negative marking can vary from one exam to another.
The National Institute of Securities Markets (NISM) was established by SEBI and conducts certification examinations for professionals and other candidates seeking knowledge or certification in securities markets.
This guide explains the NISM exam pattern 2026, passing marks, negative marking, exam duration, question format, preparation strategy and official registration information in simple language.
NISM Exam Pattern 2026
There is no single exam pattern applicable to every NISM certification. The pattern depends on the particular NISM Series examination you choose.
For example, several NISM examinations have a 100-mark structure with a two-hour duration, while some examinations have 150 marks or a shorter 50-mark assessment.
The following table gives examples of the current NISM examination structure:
| NISM Exam | Duration | Maximum Marks | Passing Marks | Negative Marking |
| NISM-Series-I: Currency Derivatives | 120 minutes | 100 | 60% | 25% |
| NISM-Series-II-A: RTAs – Corporate | 120 minutes | 100 | 50% | No |
| NISM-Series-VII: Securities Operations & Risk Management | 120 minutes | 100 | 50% | 25% |
| NISM-Series-XII: Securities Markets Foundation | 120 minutes | 100 | 60% | No |
| NISM-Series-XVI: Commodity Derivatives | 120 minutes | 100 | 60% | 25% |
| NISM-Series-XVII: Retirement Adviser | 120 minutes | 100 | 60% | 25% |
| NISM-Series-XXI-B: Portfolio Managers | 180 minutes | 150 | 60% | 25% |
NISM’s official certification list confirms that examination requirements vary between different series. Candidates should therefore check the details of their particular certification before preparing for the exam.
What Are the NISM Passing Marks in 2026?
The passing marks depend on the certification examination.
For many NISM examinations, the qualifying requirement is 60%. For a 100-mark exam, this means a candidate generally needs at least 60 marks to pass.
However, some examinations have a 50% passing requirement. For example, NISM-Series-VII has a 50% passing score, while NISM-Series-II-A also has a 50% requirement.
Simple Passing Marks Calculation
| Total Marks | Passing Percentage | Passing Marks |
| 50 | 50% | 25 |
| 100 | 50% | 50 |
| 100 | 60% | 60 |
| 150 | 60% | 90 |
For instance, the NISM-Series-X-A Investment Adviser Level 1 examination has a total of 150 marks and requires 60%, which equals 90 marks.
Is There Negative Marking in NISM Exams?
Negative marking is not the same for every NISM examination.
Several NISM certification exams have negative marking of 25% of the marks assigned to a question. Other examinations do not have negative marking.
For example, NISM-Series-XVI has 25% negative marking, while NISM-Series-XII Securities Markets Foundation has no negative marking according to the current NISM information.
This makes it important to understand the rules of your particular examination before attempting questions randomly.
If your exam has negative marking, avoid guessing when you have no reasonable idea about the answer.
NISM Exam Questions and Question Pattern
Most traditional NISM certification examinations are computer-based examinations containing multiple-choice questions (MCQs).
However, the exact structure can change according to the certification.
Some examinations contain straightforward independent MCQs, while advanced examinations may include case-based questions or caselets.
For example, NISM-Series-X-A contains 90 independent MCQs along with case-based questions, making a total of 150 marks. The exam duration is three hours.
Therefore, candidates preparing for a particular NISM exam should download and read the official examination workbook and examination specifications instead of relying only on general NISM exam patterns.
NISM Exam Duration 2026
The duration also varies according to the certification.
A large number of NISM examinations provide 120 minutes, or two hours, for a 100-mark examination. Some higher-level examinations provide three hours.
For example, the NISM-Series-XXI-B Portfolio Managers examination has a maximum of 150 marks and a duration of 180 minutes.
Managing time is therefore an important part of NISM exam preparation.
NISM Official Registration Portal
Candidates can register for NISM certification examinations through the official certification system.
| Purpose | Official Portal / Information |
| NISM Certification Exams | NISM Certification Examinations |
| Exam Registration | NISM Certification Portal |
| NISM Official Website | National Institute of Securities Markets |
NISM’s certification information also states that candidates can select an available test centre, date and time slot after successful registration, depending on the examination.
How to Prepare for the NISM Exam in 2026
A good preparation strategy does not necessarily mean reading everything repeatedly. Start with the official NISM workbook for your selected certification.
1. Understand the syllabus
First identify the chapters and learning objectives covered in your examination.
2. Read the official workbook
NISM provides study material for its certification examinations. Focus on definitions, concepts, regulations, calculations, examples and important terminology.
3. Make short notes
Create your own notes for important concepts. This becomes particularly useful during the final revision.
4. Practise questions
Attempt practice questions after completing each major topic. This helps you identify areas where your understanding needs improvement.
5. Check negative marking
Before the exam, confirm whether your particular NISM Series has negative marking and understand how it is calculated.
6. Practise time management
Do not spend too much time on one difficult question. Mark it for review, where the exam interface allows, and continue with questions you can answer confidently.
Important NISM Exam Preparation Tip
One common mistake is preparing for a NISM examination using information from another NISM Series.
For example, a candidate may assume that every NISM exam has 100 questions, two hours and 60% passing marks. That is not correct.
NISM currently lists examinations with different combinations of duration, maximum marks, passing percentages and negative-marking rules.
Always verify the specific NISM Series, official workbook and examination specifications before booking your exam.
Frequently Asked Questions
What are the passing marks for NISM exams in 2026?
Passing marks depend on the NISM Series. Many examinations require 60%, while some require 50%. Candidates should check the official specifications for their selected certification.
Is NISM exam difficult?
The difficulty can vary according to the certification and the candidate’s preparation. Understanding the syllabus, studying the official workbook and practising questions can help candidates prepare effectively.
Does every NISM exam have negative marking?
No. Negative marking varies by examination. Some exams have 25% negative marking, while others have no negative marking.
How many marks are required to pass a 100-mark NISM exam?
If the examination has a 60% passing requirement, the candidate needs 60 marks out of 100. If its passing requirement is 50%, the candidate needs 50 marks.
Where can I register for a NISM certification exam?
Candidates can use the official NISM certification portal to register and check available examination details.
Final Update
The NISM Exam Pattern & Passing Marks 2026 depend on the specific certification series. While many NISM examinations use a 100-mark, two-hour format, there are important differences in passing percentage, negative marking, question structure and duration.
Before applying, check the official NISM certification page and the examination-specific information for the latest rules. This is especially important if you are preparing for a professional certification such as Investment Adviser, Research Analyst, Mutual Fund, Securities Operations, Commodity Derivatives or another NISM Series.
For accurate preparation, use the official NISM study material and examination specifications as your primary reference.
