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Series I · Intermediate

Currency Derivatives

Common minimum knowledge benchmark for people working in the currency derivatives segment.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

100

Duration

120 min

Pass mark

60%

Negative marking

25%

Exam fee

₹1,500 + payment gateway charges

Validity

3 years

Why this certification matters

Common minimum knowledge benchmark for people working in the currency derivatives segment.

Who should take it: Dealers, sales staff and approved users in currency derivatives.

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series I

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

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One simple package

…

11 days access · one series · incl. taxes

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The official NISM exam fee is paid separately to NISM.

Where it takes you

Covers currency futures and options, trading, settlement and rules.

Currency derivatives dealersApproved users

Roles are common examples. Whether a certification is required for a role depends on SEBI rules and the employer; confirm on nism.ac.in.

Full syllabus · 10 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to Currency Markets
    1. 1.1Brief History of Foreign Exchange Markets
    2. 1.2Major Currencies and Currency Pairs
    3. 1.3Basics of Currency Markets and Peculiarities in India
    4. 1.4Exchange Rate Arithmetic, Cross Rate
    5. 1.5Impact of Economic Factors on Currency Prices
    6. 1.6Economic Indicators
  2. 2Chapter 2Foreign Exchange Derivatives
    1. 2.1Derivatives, Definition
    2. 2.2Key Economic Functions of Derivatives
    3. 2.3Derivative Products
    4. 2.4Growth Drivers of Derivatives
    5. 2.5Market Participants in Currency Derivatives Market
    6. 2.6Exchange-Traded Derivatives vs. OTC Derivatives
    7. 2.7Rationale for Introducing Exchange Traded Currency Derivatives in India
  3. 3Chapter 3Exchange Traded Currency Futures
    1. 3.1Currency Futures, Definition
    2. 3.2Pay off Charts of Futures Contract
    3. 3.3Contract Specification of Exchange Traded Currency Futures Contracts
    4. 3.4Contract Value
    5. 3.5Advantages and Limitations of Future Contracts in Comparison to Forward
    6. 3.6Interest Rate Parity and Pricing of Currency Futures
  4. 4Chapter 4Exchange Traded Currency Options
    1. 4.1Basics of Options
    2. 4.2Difference between Futures and Options
    3. 4.3Style of Options
    4. 4.4Moneyness of an Option
    5. 4.5Basics of Option Pricing and Options Greeks
    6. 4.6Option Pricing Methodology
    7. 4.7Implied Volatility (IV)
    8. 4.8Pay off Diagrams for Options
    9. 4.9Contract Specification of Exchange-Traded Currency Options
    10. 4.10Comparison of Exchange-Traded Currency Options and OTC Currency Options
  5. 5Chapter 5Strategies Using Exchange Traded Currency Derivatives
    1. 5.1Market Participants
    2. 5.2Hedging Through Exchange-Traded Currency Derivatives
    3. 5.3Option Trading Strategies
    4. 5.4Use of Currency Derivatives by Speculators
    5. 5.5Use of Currency Derivatives by Arbitragers
    6. 5.6Trading Spreads Using ETCD
    7. 5.7Limitations of Exchange-Traded Currency Derivatives for Hedgers
  6. 6Chapter 6Trading Mechanism in Exchange Traded Currency Derivatives
    1. 6.1List of Entities in Trading System
    2. 6.2Exchange Trading System
    3. 6.3Order Management
    4. 6.4Risk Management and Order Routing
    5. 6.5Price Limit Circuit Filter
    6. 6.6Trading Cost
  7. 7Chapter 7Clearing, Settlement and Risk Management in Exchange Traded Currency Derivatives
    1. 7.1Clearing and Settlement Mechanism
    2. 7.2List of Entities in Clearing and Settlement of ETCD
    3. 7.3Interoperability of Clearing Corporation
    4. 7.4Clearing Mechanism
    5. 7.5Determination of Settlement Obligations
    6. 7.6Position Limits
    7. 7.7Settlement
    8. 7.8Funds Settlement
    9. 7.9Risk Management
    10. 7.10Margin Collection by Clearing Corporation
    11. 7.11Core Settlement Guarantee Fund
    12. 7.12Cyber Security & Cyber Resilience framework (CSCRF) for Stock Brokers / Depository Participants
  8. 8Chapter 8Regulatory Framework for Exchange Traded Currency Derivatives
    1. 8.1Securities Contracts (Regulation) Act, 1956 [SC(R)A]
    2. 8.2RBI-SEBI Standing Technical Committee on Exchange Traded Currency and Interest Rate Derivatives
    3. 8.3Foreign Exchange Management Act, 1999
    4. 8.4SEBI Regulation and Guideline
    5. 8.5RBI Regulation and Guideline
    6. 8.6Regulatory Guidelines on Participation of Various Entities in ETCD
    7. 8.7Eligibility Criteria for Members
  9. 9Chapter 9Accounting and Taxation
    1. 9.1Accounting Guideline and Disclosure Requirements
    2. 9.2Taxation of Exchange Traded Currency Derivatives
  10. 10Chapter 10Codes of Conduct and Investor Protection Measures
    1. 10.1SEBI’s Code of Conduct for Brokers
    2. 10.2Investor Grievance
    3. 10.3Handling of Investor’s claims / complaints in case of default of a Trading Member / Clearing Member (TM/CM)
    4. 10.4Investor Protection Fund
    5. 10.5Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker / Stock Broker and Depository Participant
    6. 10.6Risk Disclosure to Client and KYC

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series I flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

NISM Series I: questions people ask

What is NISM Series I?

NISM-Series-I: Currency Derivatives Certification Examination. Common minimum knowledge benchmark for people working in the currency derivatives segment.

What is the exam pattern?

100 questions, 100 marks, 120 minutes. Pass mark 60%. Negative marking of 25% of the marks for a question.

What is the fee and validity?

NISM lists the fee as ₹1,500 plus payment gateway charges. The certificate is valid for 3 years and is issued only if your PAN is updated. Always confirm on nism.ac.in.

Is VIA Capital official NISM material?

No. VIA Capital is an independent preparation platform. Use the official NISM workbook and register only on the NISM website.

How many questions are in the NISM Series I exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series I?

You need 60% (60 of 100 marks) to pass.

Is there negative marking in NISM Series I?

Yes. 25% of the marks for a question are deducted for each wrong answer, so guessing has a cost.

Who should take NISM Series I?

Dealers, sales staff and approved users in currency derivatives.

How do I prepare for NISM Series I on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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  1. 1

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  2. 2

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