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100+ Free NISM Series XXIII Practice Questions

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Key Facts: NISM Series XXIII Exam

60%

Passing Score

NISM

100

Questions

85 MCQs + 15 case-based

2 hours

Duration

120 minutes

₹1,500

Exam Fee

NISM

The NISM Series XXIII exam requires a 60% passing score in a 2-hour duration. The exam fee is ₹1,500, with a 25% negative marking penalty for incorrect answers.

Sample NISM Series XXIII Practice Questions

Try these sample questions to test your NISM Series XXIII exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1What does the abbreviation ZCZP stand for in the context of the Social Stock Exchange (SSE) in India?
A.Zero Coupon Zero Principal
B.Zero Capital Zero Profit
C.Zero Control Zero Payment
D.Zone of Coupon and Zero Principal
Explanation: ZCZP stands for Zero Coupon Zero Principal. These are financial instruments issued by registered Not-for-Profit Organizations (NPOs) to raise funds on the Social Stock Exchange, carrying no interest and no principal repayment.
2Which of the following bodies is responsible for issuing the Social Audit Standards (SAS) in India?
A.Ministry of Corporate Affairs (MCA)
B.Securities and Exchange Board of India (SEBI)
C.Sustainability Reporting Standards Board of the ICAI
D.National Stock Exchange of India (NSE)
Explanation: The Sustainability Reporting Standards Board (SRSB) of the Institute of Chartered Accountants of India (ICAI) is responsible for formulating and issuing the Social Audit Standards (SAS) for auditing social enterprises.
3What is the minimum annual spending requirement in the preceding financial year for an NPO to register on the Social Stock Exchange?
A.₹10 Lakhs
B.₹50 Lakhs
C.₹1 Crore
D.₹25 Lakhs
Explanation: To register as a Not-for-Profit Organization (NPO) on the Social Stock Exchange, SEBI requires the entity to have a minimum annual spending of ₹50 Lakhs in the immediately preceding financial year.
4What is the minimum funding receipts requirement in the preceding financial year for an NPO to register on the Social Stock Exchange?
A.₹25 Lakhs
B.₹5 Lakhs
C.₹50 Lakhs
D.₹10 Lakhs
Explanation: An NPO must have received funding of at least ₹10 Lakhs in the immediately preceding financial year to satisfy SEBI's quantitative registration criteria.
5Under SEBI LODR Regulations, within how many days from the end of the financial year must a listed NPO submit its Annual Impact Report (AIR)?
A.Within 60 days
B.Within 45 days
C.Within 90 days
D.Within 120 days
Explanation: Under Regulation 91E of the SEBI LODR Regulations, a listed Not-for-Profit Organization (NPO) must submit its audited Annual Impact Report (AIR) within 90 days from the end of the financial year.
6According to SEBI regulations, what is the frequency for submitting the statement of utilization of funds by a listed NPO?
A.Quarterly
B.Monthly
C.Half-yearly
D.Annually
Explanation: A listed NPO must submit the statement of utilization of funds on a quarterly basis within 45 days from the end of each quarter to ensure transparency.
7In the Logic Model of social programs, what does the term 'Inputs' refer to?
A.The specific tasks performed by program staff
B.The direct products of program activities
C.The long-term changes observed in the community
D.The resources invested such as funding, staff, and equipment
Explanation: Inputs represent the resources, such as money, staff time, facilities, and materials, that are invested in a social program to enable its activities to run.
8Which of the following legal structures is NOT eligible to register as a Not-for-Profit Organization (NPO) on the Social Stock Exchange?
A.A Section 8 Company
B.A Sole Proprietorship
C.A registered Charitable Trust
D.A registered Society
Explanation: A sole proprietorship is a commercial, single-owner business structure and cannot register as an NPO. Eligible structures include registered charitable trusts, societies, and Section 8 companies.
9To establish 'primacy of social intent' under SEBI rules, what minimum percentage of the entity's 3-year average revenue, expenditure, or beneficiary base must be from eligible activities?
A.At least 67%
B.At least 50%
C.At least 75%
D.At least 90%
Explanation: SEBI regulations mandate that a social enterprise must establish the primacy of social intent by showing that at least 67% (two-thirds) of its 3-year average revenue, expenditure, or beneficiary base is derived from eligible social activities.
10Who can perform a Social Impact Assessment (SIA) for listing or compliance purposes on the Social Stock Exchange?
A.Any postgraduate in Social Work from a UGC-recognized university
B.Any Chartered Accountant with 3 years of experience in auditing
C.A certified Social Impact Assessor registered with an approved Self-Regulatory Organization (SRO)
D.The internal project management team of the NPO itself
Explanation: Social Impact Assessments must be conducted by certified Social Impact Assessors (formerly Social Auditors) who have passed the NISM Series XXIII exam and are registered with an approved SRO (e.g., ISAI).

About the NISM Series XXIII Exam

The NISM Series XXIII Certification Examination establishes a minimum knowledge benchmark for social impact assessors / social auditors evaluating enterprises registered on Social Stock Exchanges in India.

Questions

100 scored questions

Time Limit

2 hours

Passing Score

60%

Exam Fee

₹1,500 (NISM)

NISM Series XXIII Exam Content Outline

25%

Introduction to Social Sector and Social Auditing

Overview of social sectors, social enterprises, and principles of social audit.

25%

Social Stock Exchange (SSE) Framework

SEBI regulations on Social Stock Exchange, registration, listing, and eligibility criteria.

30%

Social Audit Standards and Methodology

ICAI Social Audit Standards (SAS 100-220), audit process, and impact assessment.

20%

Governance and Disclosures

Social enterprises disclosure requirements, financial reporting, and NGRBC guidelines.

How to Pass the NISM Series XXIII Exam

What You Need to Know

  • Passing score: 60%
  • Exam length: 100 questions
  • Time limit: 2 hours
  • Exam fee: ₹1,500

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

NISM Series XXIII Study Tips from Top Performers

1Understand the eligibility criteria for Not-for-Profit Organizations (NPOs) and For-Profit Social Enterprises (FPEs) on the Social Stock Exchange.
2Memorize the 16 broad areas of social sector eligibility set by SEBI.
3Thoroughly study ICAI's Social Audit Standards (SAS 100 to 220).
4Pay attention to the National Guidelines on Responsible Business Conduct (NGRBC).

Frequently Asked Questions

What is the NISM Series XXIII exam?

It is a certification exam for Social Auditors/Impact Assessors who audit social enterprises listed on Social Stock Exchanges in India.

Is there negative marking in NISM Series XXIII?

Yes, there is negative marking of 25% of the assigned marks (0.25 marks deducted per wrong answer).