How to Clear NISM VI Exam: Depository Operations Guide (2026)

If you work in the back office of a broker, depository participant (DP), or registrar & transfer agent (RTA), clearing the NISM VI exam is one of the fastest ways to make yourself non‑replaceable. This SEBI‑mandated certification proves that you understand how demat accounts, NSDL/CDSL systems, and depository operations actually work — not just in theory, but in day‑to‑day processes.

In this guide, we will break down how to clear NISM VI exam step by step — from exam pattern and important syllabus topics to a realistic study plan, topic‑wise strategy, and mistakes to avoid, especially if you are preparing alongside a full‑time job.

What Is NISM Series VI: Depository Operations Exam?

NISM Series VI: Depository Operations Certification Examination is a mandatory/qualifying exam prescribed by SEBI for many roles involving dematerialisation of securities, settlement, and depository participant operations in India. It is conducted by the National Institute of Securities Markets (NISM), an educational initiative of SEBI.

This exam is relevant for:

• Staff working with depository participants (DPs) of NSDL and CDSL
• Back‑office and settlement teams at stockbrokers and custodians
• Registrars and transfer agents (RTAs) handling corporate actions
• Operations professionals who want to move from basic processing roles to team lead / mid‑office positions

If you are already familiar with mutual fund distribution through NISM VA, NISM VI is the natural next step to build depth in the infrastructure that powers India’s securities markets.

NISM VI Exam Pattern & Key Details

Before you plan how to study, you should clearly understand the exam pattern for NISM VI. Exact numbers (questions, duration, passing marks, fees) can change over time, so always verify the latest details on nism.ac.in before registering. As of recent patterns, NISM exams typically follow this structure:

The exam is allowed multiple times — if you do not clear in your first attempt, you can re‑register and re‑attempt. But with the correct preparation strategy, most serious candidates can clear it in one go.

NISM VI Syllabus & Key Topics

The official NISM VI syllabus focuses on how the Indian depository system works in practice. The exact unit structure may change slightly over time, but broadly, you can expect topics such as:

Instead of trying to memorise every line of the syllabus, build conceptual understanding of how a transaction flows from investor to broker to DP to depository and back.

Study Plan to Clear NISM VI in 4–6 Weeks

Because the NISM VI exam is focused and operational, you don’t need months of preparation if you are already working in capital markets. A realistic plan for a working professional:

Weeks 1–2: Foundations and Core Processes

• Read the official NISM workbook or a trusted summary material once, slowly, focusing on definitions and process flows.
• Draw your own diagrams for: account opening, dematerialisation, rematerialisation, pledge creation and closure, and pay‑in/pay‑out cycles.
• Relate each concept back to your daily work — for example, map how a client’s demat request in your DP software connects to NSDL/CDSL operations.
• Make a one‑page summary for each chapter capturing forms used, key stakeholders, and critical timelines (T+1, T+2, etc.).

Weeks 3–4: Practice Questions and Error Logs

• Shift to question‑oriented studying. Use chapter‑wise practice questions (including those from your training provider or mock platforms like OneQuest when available).
• After each practice set, maintain an error log: question concept, why you got it wrong, and the correct reasoning.
• Re‑read only those sections of the workbook that connect to your repeated mistakes instead of re‑reading everything.
• Target at least 400–500 practice questions before the exam date.

Week 5: Full‑Length Mocks & Revision

• Attempt 2–3 full‑length mock tests in exam‑like conditions (no phone, fixed time window).
• Simulate the interface — use a timer and avoid the temptation to pause or Google answers.
• After each mock, analyse every wrong answer. Categorise your errors into: concept gap, careless reading, or time pressure.
• Revise your chapter summaries and error log daily; do not add new material in the last 3–4 days.

If you are completely new to capital markets, extend this plan to 6–8 weeks instead of 4–6 and spend extra time on basics like what a depository is, the meaning of BO IDs, and how settlements work.

Topic‑Wise Strategy for NISM VI Depository Operations

1. Depository Basics and Market Structure

Start with the big picture: SEBI at the top, exchanges, clearing corporations, depositories (NSDL, CDSL), and depository participants. Understand who reports to whom and where risk actually sits in the system. Questions here are usually conceptual and scoring if you read carefully.

2. Account Opening, KYC and Documentation

This is a high‑weight chapter because account opening is the starting point of every relationship. Focus on:

• Different account types: resident individual, NRI (NRE/NRO), HUF, partnership, corporate, trust
• Mandatory documents and typical rejection reasons (signatures not matching, incomplete PAN, invalid proofs)
• Differences between beneficial owner (BO) and client in broker vs DP records
• Power of Attorney (PoA) rules and investor protections

Most candidates lose marks here because they memorise lists instead of understanding why each document is required. Think like a compliance officer: what could go wrong if you miss this check?

3. Dematerialisation and Rematerialisation

Questions often test the sequence of steps and timelines. Learn:

• Who initiates the demat request (client vs DP) and how it flows to the issuer/RTA
• Reasons for demat rejection (signature mismatch, ISIN issues, stale transfer deeds)
• How rematerialisation is handled and when clients prefer it

Whenever the workbook mentions a form name or key field, pause and visualise how it appears on screen in NSDL/CDSL or in your DP software.

4. Settlements, Pay‑in/Pay‑out and Corporate Actions

This is where your understanding of market operations is tested. Focus on:

• Difference between normal pay‑in, early pay‑in, and pay‑out
• How shortages, auction, and internal shortages are treated
• How corporate actions are processed in demat accounts — bonus, split, consolidation, buyback, dividend, rights
• Responsibility split between depository, DP, and issuer/RTA

Draw a T‑2/T‑1/T+1 timeline for at least one equity trade and mark where the depository steps in.

5. Risk, Surveillance and Regulatory Framework

Many candidates ignore this part, but NISM likes to test whether operations staff understand compliance and audit requirements. Learn:

• Key SEBI and depository circulars that impact DP operations (high level, not number‑cramming)
• Internal control requirements, maker‑checker processes, and record retention
• How off‑market transfers, pledges, and freezes are monitored for misuse

When in doubt, refer back to the official NISM workbook and SEBI regulations on sebi.gov.in.

Key Tips to Clear NISM VI in First Attempt

• Think like operations, not like theory. When you read a process, ask “What could go wrong if we skip this step?” — most exam questions are based on such edge cases.
• Connect with your work. If you already work in a DP, try to map at least 2–3 questions in each chapter to real tickets or issues you have seen on the desk.
• Use tables and flowcharts. Visual memory is much stronger than paragraphs when recalling long processes under exam pressure.
• Revise acronyms separately. BO ID, ISIN, DP ID, CM BP ID, etc. become confusing if you don’t consolidate them in one place.
• Don’t over‑prioritise numerical questions. NISM VI is not a maths exam; it is about rules, processes, and risk.

Practice with Mock Tests and Previous Questions

The biggest lever in clearing any NISM exam is timed practice. Reading alone will not prepare you for tricky scenario‑based questions. Make sure you:

• Attempt chapter‑wise quizzes after each unit of the workbook.
• Take at least 2–3 full‑length mock tests before your actual exam date.
• Analyse every wrong answer: was it a misunderstood word ("beneficial owner" vs "client"), or a process step you skipped?
• Revisit only the concepts linked to repeated mistakes instead of re‑reading the full syllabus each time.

Mock tests that mirror the actual NISM interface and timing will help you build confidence. As OneQuest expands its NISM catalog, look out for dedicated NISM VI mock tests and course modules on OneQuest.

How NISM VI Fits with Other Certifications

If you are planning a long‑term career in operations, risk, or compliance, NISM VI should not be your only exam. It sits in a cluster of back‑office and infra‑layer certifications that work well together:

• NISM VA (Mutual Fund Distributors) — client‑facing distribution + basic market awareness
• NISM VIII (Equity Derivatives) — F&O settlement and risk concepts
• NISM VII (Securities Operations and Risk Management) — broader operations view beyond depository flows

A combination of NISM VA, NISM VI, and NISM VII makes your resume very attractive to brokers, custodians, and large back‑office setups in Mumbai, Bengaluru, and Chennai.

Frequently Asked Questions

How difficult is the NISM VI Depository Operations exam?

NISM VI is considered moderate in difficulty. If you are already working in broking, DP operations, or back‑office roles, most concepts will feel familiar and you can clear it with 4–6 weeks of structured study. Completely new candidates may need a bit longer to understand how depositories work.

What is the passing score for NISM VI?

Historically, NISM exams are cleared at around 60% marks, but NISM has the right to revise its passing criteria. Always check the current NISM Series VI: Depository Operations exam page on nism.ac.in for the latest passing score and grading rules before you register.

Is there negative marking in NISM VI exam?

Many NISM exams do not have negative marking, but the pattern can change. The safest approach is to carefully read the exam details and FAQs on the official NISM website for your specific test window. If there is no negative marking, you should attempt every question.

How many attempts can I take for NISM VI?

There is no fixed cap on the number of attempts allowed by NISM. However, you must pay the exam fee for each attempt. From a career perspective, it is far better to prepare systematically and clear NISM VI in the first or second attempt instead of treating it as a trial‑and‑error exam.

How long is NISM VI certification valid?

NISM certifications are typically valid for three years. Before expiry, you must either clear the relevant CPE (Continuing Professional Education) program or re‑take the exam, depending on SEBI/NISM rules at that time. Check the latest validity and CPE norms for NISM VI on nism.ac.in.

Who should definitely clear the NISM VI exam?

You should seriously consider NISM VI if you are a DP operations executive, settlement executive at a broker, staff in an RTA/custodian, or a fresher targeting back‑office roles in securities markets. For many of these roles, having NISM VI on your CV is either mandatory or a strong filter in shortlisting.

Final Thoughts & Next Steps

Clearing NISM VI Depository Operations is less about mugging up rules and more about understanding how India’s demat and settlement infrastructure actually works. If you:

• Invest 4–6 focused weeks in reading the workbook and making your own process notes
• Connect each topic to real‑world operations in DPs, NSDL/CDSL, and RTAs
• Attempt 400–500 practice questions plus 2–3 full‑length mocks
• Review your error log instead of re‑reading the entire book repeatedly

…you will walk into the exam centre with confidence and a high probability of clearing NISM VI in one attempt.

If you want structured guidance, practice questions, and exam‑style mocks, watch this space for the dedicated NISM VI course on OneQuest — designed specifically for back‑office and DP professionals in India.

Ready to move your back‑office career to the next level? Start with NISM VI today, and then add NISM VII and NISM VIII to turn yourself into a full‑stack operations specialist in India’s capital markets.