Investing NISM passing criteria

NISM passing criteria for Series V certifications

From WebNotes, a public knowledge base. Last updated 19 May 2026. Reading time ~4 min.

NISM passing criteria define the marks and conditions for clearing the National Institute of Securities Markets (NISM) Series V examinations administered for mutual fund distribution and advisory certification. The criteria are uniform across NISM’s examination network and form the gatekeeping standard for credentialling.

For aspiring mutual fund distributors, understanding the passing framework is essential before sitting the examination. The pass marks differ across V-A, V-B, V-C, and negative marking adds a layer of strategy to answering.

Pass marks

Examination	Total marks	Pass mark	Pass percentage
V-A: Mutual Fund Distributors	100	50	50%
V-B: Mutual Fund Foundation	100	50	50%
V-C: MF Distributors Level 2	100	60	60%

V-C has a higher threshold reflecting its advanced status.

Negative marking

Rule

For each incorrect answer, 0.25 marks are deducted. Unanswered questions carry no penalty.

Strategic implication

If the candidate has any reasonable confidence in an answer, attempting it is better than leaving it blank (expected value calculation):

Random guess (1 in 4): Expected value = 0.25 - (0.75 × 0.25) = 0.0625 (slightly positive)
Confident attempt (>40% likely correct): Strongly positive expected value.

But: pure-random guessing is risky for a borderline candidate. Strategic answering favours marking confident questions first, then revisiting uncertain ones.

Examination conduct

Permitted

Online proctored mode at NISM-empanelled centres.
Practice questions during the test (use freely).
Scratch paper (provided by centre).

Not permitted

Mobile phones or electronic devices.
Reference materials.
Communication with other candidates.

Time management

V-A / V-B: 90 minutes for 100 questions = ~54 seconds per question.
V-C: 120 minutes for 100 questions = 72 seconds per question.

Strategy: First pass attempts confident questions; second pass revisits flagged uncertain ones.

Retake policy

If candidate fails:

Cooling period: No mandatory cooling period for V-A; can retake immediately.
Re-registration: Required; fresh fee.
No score carry-over: Each attempt is independent.

Results

Same-day result

NISM publishes provisional pass/fail status immediately after exam completion.

Certificate timeline

Pass: Certificate emailed within 7-15 working days.
Validity: 3 years from certificate date.
Renewal: Via re-examination or CPE credits .

Score reporting

NISM provides:

Total marks: Sum of correct answers minus penalty.
Subject-wise marks: Performance breakdown by syllabus area.
Topic-wise feedback: For self-assessment.

External references

References

NISM Series V workbooks (V-A, V-B, V-C).
NISM examination conduct guidelines.

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WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 19 May 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.