NISM Series XII: Securities Markets Foundation — Practice Questions & Mock Tests

566 practice questions covering the full 6-unit syllabus, a detailed explanation on every question, 566 memory hooks, and 3 full-length real-feel timed mock exams. The pass mark is 60% — we help you get there.

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Practice by topic

Securities Markets & Performance
62 questions · 10 marks
Functions of the securities market · Price discovery and signalling
Securities & Asset Allocation
132 questions · 20 marks
Equity, debt and hybrid instruments · Risk and return characteristics
Primary Markets
106 questions · 20 marks
IPO, FPO and rights issues · Fixed price vs book building
Secondary Markets
120 questions · 20 marks
Exchanges, brokers and the UCC · Order types and matching
Mutual Funds
112 questions · 20 marks
Structure and scheme types · NAV, loads and expenses
Derivatives Markets
62 questions · 10 marks
Forwards, futures and options · Hedging, speculation and arbitrage

Question sets

Practice — 11 sets, 316 questions with instant feedback →Real-feel exams — 3 full-length timed papers, scored to the 60% pass mark →
Candidate preparing for the NISM Series XII: Securities Markets Foundation exam

About the NISM XII exam

The NISM Series XII: Securities Markets Foundation Certification Examination covers the groundwork of the Indian securities markets — how markets work and are regulated, the instruments traded on them, primary and secondary market mechanics, mutual funds and derivatives. It is the usual starting point for anyone entering the industry.

The exam has 100 multiple-choice questions of 1 mark each, a duration of 120 minutes, and a passing score of 60%. There is no negative marking, so every question is worth attempting. The fee is Rs 1,003 — the lowest of the common NISM certifications — and the certificate is valid for 3 years.

📘 Download the official NISM Series XII: Securities Markets Foundation workbook (PDF, March 2026) — the full 225-page syllabus material, free.

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