NISM Case Study Questions Practice Guide

"NISM 5A case study questions." "NISM XV case study practice questions." If you've typed something like this into Google, you're not alone. Case study questions are one of the most searched parts of NISM preparation, and they work a little differently from exam to exam.

This guide explains how case-based and scenario questions work across the main NISM certifications, which exams have a dedicated case study section, and how to practise so these questions don't cost you marks.

What Is a NISM Case Study Question?

A NISM case study question, also called a case-based question or caselet, gives you a short scenario first: a company's financials, a client's profile, a portfolio, a market position. You then answer one or more questions based on that scenario. Instead of recalling a definition, you have to read the facts, pick out what matters, and apply the right concept.

Case Study Questions in Each NISM Exam

Based on NISM's published assessment structures, here is how it looks for the exams most students search for:

Exam	Dedicated case-based section	Marks from cases	Negative marking
Series V-A (Mutual Fund Distributors)	None listed. 100 one-mark MCQs	0	None
Series VIII, I, VII (derivatives and operations)	None listed. 100 one-mark MCQs	0	25%
Series XV (Research Analyst)	5 cases, 4 questions each (1 mark each)	20 of 100	25%
Series X-A (Investment Adviser Level 1)	9 caselets, 5 questions each (6 caselets at 1 mark, 3 caselets at 2 marks)	60 of 150	25%
Series X-B (Investment Adviser Level 2)	6 caselets, 5 questions each (2 marks each)	60 of 150	25%

NISM revises exam structures from time to time. Always confirm the current pattern for your series on the official NISM website before you register.

Even where there is no separate case section, most NISM questions still ask you to apply a rule to a situation rather than recite it. That is why "case study practice" helps in every exam, and the sections below show what that looks like.

NISM 5A (V-A) Case Study Questions: What to Expect

This is the most searched version of the question, so here is a direct answer. NISM's published structure for Series V-A is 100 questions of 1 mark each, 2 hours, a 50% pass mark and no negative marking. It does not list a separate case study section.

What students usually want when they search "NISM 5A case study questions" is scenario-style practice: questions that put a client or a scheme in a situation and ask you to apply a rule. Typical examples are calculating NAV, working out an exit load, or choosing a suitable scheme for an investor's risk profile. Here is an illustrative example, written by us and not an official NISM question.

Illustrative V-A scenario question: A scheme has total assets of ₹250 crore, liabilities of ₹10 crore and 20 crore units outstanding. An investor redeems 1,000 units. The scheme charges a 1% exit load on redemptions within one year, and this redemption falls inside that period. What does the investor receive?

• Step 1, NAV: (₹250 crore − ₹10 crore) ÷ 20 crore units = ₹12.00 per unit.
• Step 2, gross amount: 1,000 units × ₹12.00 = ₹12,000.
• Step 3, exit load: 1% of ₹12,000 = ₹120.
• Answer: ₹12,000 − ₹120 = ₹11,880.

Practise this kind of multi-step, apply-the-rule question and you'll be ready for whatever form V-A throws at you.

NISM XV Case Study Practice Questions: The Format

The Research Analyst exam was revised in January 2026 and now has 80 standalone MCQs plus 5 case-based sets of 4 questions each, which gives 20 of the 100 marks. The pass mark is 60 marks, the duration is 2 hours, and there is 25% negative marking.

NISM's chapter-wise weightage shows where the application-heavy content sits: Company Analysis (Financial Analysis) is 12 marks, Valuation Principles is 12 marks and Technical Analysis is 15 marks. These are sensible chapters to practise in case format. Here is another illustrative example, again written by us:

Illustrative XV-style scenario question: A company reports earnings per share (EPS) of ₹25. Comparable companies in its industry trade at an average P/E of 18. The stock currently trades at ₹500. Using relative valuation, is the stock undervalued or overvalued?

• Fair value: EPS × industry P/E = ₹25 × 18 = ₹450.
• Comparison: the market price of ₹500 is ₹50 above the ₹450 fair value, roughly 11% higher.
• Answer: the stock looks overvalued on this basis.

A real case adds more detail, such as financial statements and growth assumptions, and then asks four questions off the same facts. The skill being tested is the same: read carefully, pull out the numbers that matter, and apply the right method.

Investment Adviser Caselets: X-A and X-B

In both Investment Adviser exams, caselets carry 60 of the 150 marks, which is 40% of the paper. That makes them a much bigger share of the exam than in XV. X-A mixes 1-mark and 2-mark caselets, while every X-B caselet question is worth 2 marks. Because X-B's caselet questions are all 2 marks, a wrong answer there costs 0.5 marks under the 25% rule.

Not sure how the two levels fit together? Our guide on NISM X-A vs X-B covers the order to take them in.

Case Study-Style Practice for Derivatives and Operations Exams

Series VIII, I, VII and the other 100-question papers have no separate case section in NISM's published structure, but the questions are still built around situations. In derivatives exams that usually means a position and a price: work out the payoff, the profit or loss, or the margin. Here is an illustrative example, written by us.

Illustrative VIII-style scenario question: A trader buys a call option with a strike price of ₹100 and pays a premium of ₹5 per share. At expiry the share price is ₹112. What is the trader's net profit per share?

• Payoff at expiry: ₹112 − ₹100 = ₹12 per share, because the option is in the money.
• Net profit: ₹12 − ₹5 premium = ₹7 per share.

Working through scenarios like this, with the numbers in front of you, is the best preparation for any NISM paper.

How to Practise NISM Case Study Questions: 5 Steps

1. Read the whole scenario once before touching any question. Facts in the scenario often answer later questions in the same set.
2. Underline the numbers and the constraint. Note figures, time periods and what the client or company actually wants.
3. Answer the questions you're sure of first. Then return to the harder ones in that set.
4. Mind the negative marking. Most NISM papers carry a 25% penalty, so guess only when you can eliminate options. V-A has no penalty, so attempt everything there.
5. Practise against the clock. In XV you have 120 minutes for 100 questions, about 1.2 minutes each. A case with four questions will often take longer than four standalone MCQs, so plan for that extra reading time and don't let one case eat your paper.

Common Mistakes With Case Study Questions

• Skimming the scenario. One missed detail, such as a time period or a fee, can flip several answers in the set.
• Memorising without calculating. Reading about valuation or NAV isn't the same as working the numbers under time pressure.
• Guessing freely under negative marking. In a 4- or 5-question case, a few wrong guesses add up quickly.
• Leaving cases to the end. They take the longest, so check your time before you start them, not after.

Practise With Exam-Format Mock Tests

The best way to get comfortable with scenario-based questions is to sit full-length, timed papers and review every wrong answer. On StudyNISM you can start with a free demo for each of these exams:

• NISM Series V-A mock tests and the V-A study modules
• NISM Series XV Research Analyst mock tests and the XV study modules
• NISM Series X-A mock tests and X-B mock tests
• NISM Series VIII mock tests for derivatives scenario practice

Every certification includes a free demo with previous-year style questions, and premium mocks add detailed explanations and score tracking so you can see which topics are costing you marks.

Frequently Asked Questions

Do all NISM exams have case study questions?

Not as a separate section. NISM's current published structures show dedicated case-based questions in Series XV, X-A and X-B, while exams like V-A, VIII, I and VII are listed as 100 one-mark MCQs. Many questions in those papers are still scenario-style, so case study practice helps in every exam. Always check NISM's current structure for your series before you register.

Does NISM Series V-A (5A) have case study questions?

NISM's published structure for V-A lists 100 one-mark multiple-choice questions and does not mention a separate case study section. Many V-A questions are still scenario-style, such as NAV, load and tax calculations, so practise applying rules rather than only recalling them.

How many marks do case study questions carry in NISM XV?

The revised XV exam has 5 cases with 4 one-mark questions each, so case-based questions carry 20 of the 100 marks.

Is there negative marking in NISM case study questions?

Yes, in XV, X-A and X-B. A wrong answer costs 25% of the marks assigned to that question. For a 2-mark caselet question that is 0.5 marks.

How should I practise NISM case study questions?

Read the full scenario first, note the key numbers, answer what you're sure of, and practise full timed papers. Review every wrong answer so you know whether the mistake was a concept gap or a misread case.

Start Practising Today

Case study questions reward practice, not just reading. Try a free NISM demo mock test for your certification and find out where your preparation stands.