NISM Derivatives Exam: A Complete Guide to NISM Series XIII Certification
The NISM derivatives exam, officially known as the NISM Series XIII: Common Derivatives Certification Examination, is a mandatory qualification established by the National Institute of Securities Markets (NISM). It serves as a key benchmark for approved users and sales personnel working with trading members in the Equity Derivatives, Currency Derivatives, and Interest Rate Derivatives segments of India’s recognized stock exchanges.
This NISM certification is indispensable for professionals, such as mutual fund distributors, who need to clear it to offer Specialised Investment Funds (SIFs). Passing the NISM Series XIII exam unlocks opportunities to act as approved users or sales representatives in derivative trading, positioning it as a vital credential for career growth in India’s dynamic capital markets.
The NISM derivatives exam delves into exchange-traded derivative products, exploring their market structure, regulatory oversight, inherent risks, and clearing and settlement processes. It also covers the broader Indian financial system and securities market regulations tailored to derivatives, integrating essential knowledge from Currency Derivatives, Interest Rate Derivatives, and Equity Derivatives into one unified NISM certification.
Examination Objectives
After preparing for and completing the NISM Series XIII mock tests and study materials, candidates will be equipped to:
- Grasp the core principles of the Indian derivatives market, encompassing Equity, Currency, and Interest Rate Derivatives.
- Develop proficiency in trading and hedging techniques with futures and options.
- Acquire in-depth understanding of clearing, settlement, and risk management in derivatives trading.
- Navigate the regulatory landscape shaping derivatives in India with confidence.
For comprehensive resources, including NISM certification login details, NISM registration processes, and NISM exam date schedules, head to the official NISM website. You can also explore options for NISM free certification prep materials to kickstart your journey.
Assessment Structure
| Component | Details |
|---|---|
| Mode of Exam | Online (Computer-Based Test) |
| Language | English |
| Number of Questions | 150 |
| Question Type | Multiple Choice Questions (MCQs) |
| Total Marks | 150 |
| Marks per Question | 1 mark |
| Passing Criteria | 60% (minimum 90 correct answers) |
| Negative Marking | 25% of the marks assigned to the question |
| Exam Duration | 3 Hours (180 Minutes) |
| Exam Fee | Rs. 3,000 (inclusive of GST) + additional payment gateway charges |
| Result Declaration | Immediate, upon exam completion |
| Certificate Validity | 3 Years from the date of passing |
| PAN Requirement | PAN must be updated in your profile to apply |
| Exam Delivery | Conducted at 150+ NISM test centers across India |
Ready to apply? Use your NISM login to check eligibility and book your slot. Post-exam, leverage NISM certificate download for instant access to your results and credentials.
Syllabus Outline – NISM Series XIII: Common Derivatives Certification
| Module | Key Topics |
|---|---|
| 1. Basics of Derivatives | Types, Evolution, Market Participants, Risks, OTC vs. Exchange-Traded |
| 2. Underlying Markets | Equity, Currency, Debt Markets, Risk & Return, Interest Rate Concepts |
| 3. Forwards & Futures | Contracts, Payoffs, Pricing, Currency & Interest Rate Futures |
| 4. Futures Strategies | Hedging, Speculation, Arbitrage using Equity, Currency & IRF |
| 5. Introduction to Options | Calls & Puts, Moneyness, Option Pricing, Greeks, Payoffs |
| 6. Option Strategies | Spreads, Straddle, Strangle, Collar, Covered Call, Butterfly |
| 7. Trading, Clearing & Risk Management | Systems, Margins, MTM, Risk Controls, Settlement Process |
| 8. Legal & Regulatory Framework | SEBI, RBI, FEMA Rules, Committee Reports, Reporting Standards |
| 9. Accounting & Taxation | Accounting Treatment and Taxation of Derivatives |
| 10. Code of Conduct & Investor Protection | KYC, Risk Profiling, Best Sales Practices, Complaint Redressal |
Achieving a pass for sure in the NISM derivatives exam requires focused preparation—combine official workbooks, mock tests, and consistent practice. With the right strategy, securing your NISM certification becomes a straightforward path to professional excellence in derivatives trading.
15 FAQs on NISM Series XIII: Common Derivatives Certification
The NISM Series XIII Common Derivatives Certification is a mandatory exam by NISM for professionals working as approved users or sales personnel in Equity, Currency, and Interest Rate Derivatives segments of recognized stock exchanges.
Mutual fund distributors, trading members, sales personnel, and capital market professionals aiming to distribute Specialised Investment Funds (SIFs) or work in derivative trading roles must take this exam.
The exam covers derivatives basics, underlying markets, forwards, futures, options, trading strategies, clearing, settlement, risk management, regulatory frameworks, accounting, taxation, and investor protection.
The exam consists of 150 multiple-choice questions (MCQs), each carrying 1 mark.
Yes, there is a 25% negative marking for incorrect answers, deducted from the marks assigned to the question.
The exam lasts 3 hours (180 minutes), conducted as a computer-based test.
Candidates need a minimum of 60% (90 correct answers out of 150) to pass the exam.
The exam fee is Rs. 3,000 (inclusive of GST), plus additional payment gateway charges.
The certification is valid for 3 years from the date of passing.
The exam is conducted at 150+ NISM test centers across India in online mode.
Yes, candidates must update their PAN details in their profile to register for the exam.
Passing the exam qualifies you to act as an approved user or sales representative in derivative trading and enables mutual fund distributors to handle Specialised Investment Funds (SIFs).
Use study materials from NISM, practice with mock tests on platforms like nismmocktests.in, and review key topics like derivatives strategies, regulations, and risk management.
Use study materials from NISM, practice with mock tests on platforms like nismmocktests.in, and review key topics like derivatives strategies, regulations, and risk management.
The exam includes regulations from SEBI, RBI, and FEMA, along with committee reports and reporting standards for derivatives markets.
Results are declared immediately after completing the exam, displayed on the screen.