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Series IV · Advanced

Interest Rate Derivatives

Knowledge benchmark for people in the interest rate 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

Knowledge benchmark for people in the interest rate derivatives segment.

Who should take it: Dealers and staff in interest rate 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 IV

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 bond markets and interest rate futures and options.

Interest rate derivatives dealers

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 · 9 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market
    1. 1.1Understanding the Interest Rate Concept
    2. 1.2Fixed Income Securities
    3. 1.3Type of Fixed Income Securities
    4. 1.4Equity Securities v/s Debt Securities
    5. 1.5Concept of risk-free interest rate
    6. 1.6Term Structure of Interest Rates
    7. 1.7Conversion of Rate into Amount
    8. 1.8Accrued Interest
    9. 1.9Spot Rate (Zero Rate) and Holding Period Return
    10. 1.10Coupon, Current Yield and Yield-To-Maturity
    11. 1.11Determining Cash Flow, Yield and Price of Bonds
    12. 1.12Risk Measures
    13. 1.13Role of the Debt Market
    14. 1.14Primary and Secondary Debt Market in India
  2. 2Chapter 2Interest Rate Derivatives
    1. 2.1Derivatives: Definition and Economic Role
    2. 2.2Products in Derivatives Market
    3. 2.3Growth Drivers of Derivatives
    4. 2.4Market Participants in Interest Rate Derivatives Market
    5. 2.5Underlying of Interest Rate Derivatives
    6. 2.6OTC versus Exchange-Traded Derivatives
    7. 2.7Interest Rate Futures
    8. 2.8Pay off Charts for Futures Contract
    9. 2.9Contract Specification of Exchange Traded Interest Rate Futures
    10. 2.10Lot Size, Tick Size and Change in Contract Value for each Tick change
    11. 2.11Rationale for Introducing Exchange Traded Interest Rate Derivatives in India
    12. 2.12Advantages and Limitations of Future Contracts in Comparison to FRA
    13. 2.13Interest rate futures price computation
  3. 3Chapter 3Exchange Traded Interest Rate Options
    1. 3.1Basics of Options
    2. 3.2Difference between futures and options
    3. 3.3Style of options
    4. 3.4Moneyness of an option
    5. 3.5Basics of Option Pricing and Option Greeks
    6. 3.6Option pricing methodology
    7. 3.7Implied Volatility (IV)
    8. 3.8Pay off Diagrams for Options
    9. 3.9Contract Specification of Exchange Traded Interest Rate Options
    10. 3.10Comparison of Exchange Traded IRO and OTC IRO
  4. 4Chapter 4Strategies Using Exchange Traded Interest Rate Derivatives
    1. 4.1Market participants
    2. 4.2Hedging through Exchange Traded Interest Rate Derivatives
    3. 4.3Option Trading Strategies
    4. 4.4Use of Interest Rate Derivatives for Speculative Transaction
    5. 4.5Use of Interest Rate Derivatives by Arbitragers
    6. 4.6Trading spreads using ETIRD
    7. 4.7Limitation of Interest Rate Derivatives for Hedgers
  5. 5Chapter 5Trading Mechanism in Exchange Traded Interest Rate Derivatives
    1. 5.1List of Entities in the Trading System
    2. 5.2Exchange Trading System
    3. 5.3Order Management
    4. 5.4Risk Management and Order Routing
    5. 5.5Price Limit Circuit Filter
    6. 5.6Trading Costs
  6. 6Chapter 6Clearing, Settlement and Risk Management in Exchange Traded Interest Rate Derivatives
    1. 6.1Clearing and Settlement Mechanism
    2. 6.2List of Entities in Clearing and Settlement of ETIRD
    3. 6.3Interoperability among Clearing Corporations
    4. 6.4Clearing Mechanism
    5. 6.5Determination of Settlement Obligations
    6. 6.6Position Limits
    7. 6.7Settlement
    8. 6.8Funds Settlement
    9. 6.9Delivery Under Physical Settlement
    10. 6.10Risk Management
    11. 6.11Margin Collection by Clearing Corporation
    12. 6.12Core Settlement Guarantee Fund
    13. 6.13Cyber Security & Cyber Resilience framework (CSCRF) for Stock Brokers / Depository Participants
  7. 7Chapter 7Regulatory Framework for Exchange Traded Interest Rate Derivatives
    1. 7.1Securities Contracts (Regulation) Act, 1956 [SC(R)A]
    2. 7.2RBI-SEBI Standing Technical Committee on Exchange Traded Currency and Interest Rate Derivatives
    3. 7.3RBI guideline on Exchange Traded Interest Rate Derivatives
    4. 7.4SEBI regulation and guideline
    5. 7.5Regulatory guideline on participation of various entities in ETIRD
    6. 7.6Role of FIMMDA in Fixed Income and Derivatives Markets in India
    7. 7.7Eligibility Criteria for Members
  8. 8Chapter 8Accounting and Taxation
    1. 8.1Accounting Guideline and Disclosure Requirements
    2. 8.2Taxation of Exchange Traded Interest Rate Derivatives
  9. 9Chapter 9Code of Conduct and Investor Protection Measure
    1. 9.1SEBI’s Code of Conduct for Brokers
    2. 9.2Investor Grievance Redressal Mechanism
    3. 9.3Online Resolution of Disputes in the Indian Securities Market
    4. 9.4Investor Protection Fund
    5. 9.5Execution of Power of Attorney (PoA) by the Client in favour of the Stock Broker / Stock Broker and Depository Participant
    6. 9.6Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities
    7. 9.7Risk 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 IV flashcards

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

NISM Series IV: questions people ask

What is NISM Series IV?

NISM-Series-IV: Interest Rate Derivatives Certification Examination. Knowledge benchmark for people in the interest rate 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 IV exam?

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

What is the passing score for NISM Series IV?

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

Is there negative marking in NISM Series IV?

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

Who should take NISM Series IV?

Dealers and staff in interest rate derivatives.

How do I prepare for NISM Series IV 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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