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Series VIII · Intermediate

Equity Derivatives

Required if you want to work anywhere near F&O.

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 + GST

Validity

3 years

Why this certification matters

Approved users and sales personnel in the equity derivatives segment must hold this certification. It is also the fastest way to actually understand options rather than guess.

Who should take it: Equity derivatives dealers, approved users, sales staff, and traders on the F&O segment.

What you get after clearing it

  • Mandatory for equity derivatives dealers and approved users
  • Builds real understanding of futures, options and payoffs
  • Preferred for dealing, trading desk and risk roles
  • Directly useful for margin and hedging conversations

Where it takes you

Derivatives dealerTrading desk associateRisk analystInstitutional sales support

Brokers hire freshers for dealing desks; prop and risk roles prefer this plus Excel skills.

Dealing roles pay a base plus performance-linked components in most broking firms.

Explore finance careers

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 VIII

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.

ResearchQuestion writingTechnology
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  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

4 week study plan

  1. Week 1

    Futures

    Contract specs, pricing, cost of carry, basis, hedging with futures.

  2. Week 2

    Options

    Calls, puts, moneyness, intrinsic and time value, payoff diagrams.

  3. Week 3

    Strategies and greeks

    Spreads, straddles, delta, gamma, theta, vega intuition.

  4. Week 4

    Clearing, margins, mocks

    SPAN and exposure margin, settlement, then daily timed mocks.

Exam-day tips

  • Draw every payoff diagram yourself, do not memorise them
  • 25% negative marking applies, skip a question if you are truly unsure
  • Practise breakeven calculations until they take under 20 seconds

Full syllabus · 10 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Basics of Derivatives
    1. 1.1Basics of Derivatives
    2. 1.2Derivatives Market, History & Evolution
    3. 1.3Indian Derivatives Market
    4. 1.4Market Participants
    5. 1.5Types of Derivatives Market
    6. 1.6Significance of Derivatives
    7. 1.7Various risks faced by the participants in derivatives
  2. 2Chapter 2Understanding Index
    1. 2.1Introduction to Index
    2. 2.2Significance of the stock index
    3. 2.3Types of Stock Market Indices
    4. 2.4Attributes of an Index
    5. 2.5Index management
    6. 2.6Major Indices in India
    7. 2.7Application of Indices
  3. 3Chapter 3Introduction to Forwards and Futures
    1. 3.1Introduction to forward contracts
    2. 3.2Futures contracts
    3. 3.3Contract specifications of futures contracts
    4. 3.4Some important terminology associated with futures contracts
    5. 3.5Differences between Forwards and Futures
    6. 3.6Pay off Charts for Futures contract
    7. 3.7Futures pricing
    8. 3.8Price discovery and convergence of cash and futures prices on the expiry
    9. 3.9Uses of futures
  4. 4Chapter 4Introduction to Options
    1. 4.1Basics of options
    2. 4.2Contract specifications of exchange-traded options
    3. 4.3Moneyness of an option
    4. 4.4Intrinsic value and time value of an option
    5. 4.5Pay off Charts for Options
    6. 4.6Distinction between futures and options contracts
    7. 4.7Basics of Option Pricing and Option Greeks
    8. 4.8Option Pricing Models
    9. 4.9Implied volatility of an option
    10. 4.10Analysis of options from the perspectives of buyer and seller
  5. 5Chapter 5Strategies using Equity futures and Equity options
    1. 5.1Futures contracts for hedging, speculation and arbitrage
    2. 5.2Use of options for trading and hedging
    3. 5.3Arbitrage using options: Put-call parity
    4. 5.4Delta-hedging
    5. 5.5Interpreting open interest and put-call ratio for trading strategies
  6. 6Chapter 6Trading Mechanism
    1. 6.1Trading Mechanism
    2. 6.2Eligibility criteria for selection of stocks for derivatives trading
    3. 6.3Selection criteria of Index for trading
    4. 6.4Adjustments for Corporate Actions
    5. 6.5Trading costs
    6. 6.6Algorithmic trading
    7. 6.7Tracking Futures and Options data
    8. 6.8Introduction of Investor Risk Reduction Access (IRRA) platform
  7. 7Chapter 7Introduction to Clearing and Settlement System
    1. 7.1Clearing Members
    2. 7.2Clearing Mechanism
    3. 7.3Interoperability of clearing corporations
    4. 7.4Settlement Mechanism
    5. 7.5Risk Management
    6. 7.6Margining and mark to market under SPAN
    7. 7.7Position limits
    8. 7.8Violations and Penalties
    9. 7.9Settlement Guarantee Fund and Investor Protection Fund
    10. 7.10Settlement of running account of Client’s funds lying with the TM
    11. 7.11Cyber Security & Cyber Resilience framework (CSCRF) for Stock Brokers / Depository Participants
  8. 8Chapter 8Legal and Regulatory Environment
    1. 8.1Securities Contracts (Regulation) Act, 1956
    2. 8.2Securities and Exchange Board of India Act, 1992
    3. 8.3Regulations in Trading
    4. 8.4Regulations in Clearing & Settlement and Risk Management
    5. 8.5Eligibility criteria for membership on derivatives segment
    6. 8.6Standard Operating Procedure in the case of default by TM or CM
    7. 8.7Standard Operating Procedure (SOP) for handling stock exchange outage
  9. 9Chapter 9Accounting and Taxation
    1. 9.1Accounting
    2. 9.2Taxation of derivative transaction in securities
  10. 10Chapter 10Sales Practices and Investors Protection Services
    1. 10.1Understanding risk profile of the client
    2. 10.2Risk Disclosure Document
    3. 10.3Written Anti Money Laundering Procedures
    4. 10.4Investors Grievance Mechanism

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 VIII flashcards

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

Learn it first in VIA Capital Academy

Level 4

Market instruments and how trades are placed

Open lessons

Level 5

Risk management and position sizing discipline

Open lessons

NISM Series VIII: questions people ask

What is NISM Series VIII?

It is the Equity Derivatives certification, mandatory for approved users and sales dealers in the F&O segment.

Who should take this exam?

Derivatives dealers, approved users, F&O sales staff, and traders at stockbrokers.

What is the passing score?

60 out of 100 marks (60%). There is 25% negative marking.

Is this official NISM material?

No. These are independent practice questions. Refer to the official NISM workbook before the exam.

What are the main topics?

Futures, options, payoff diagrams, option strategies, Greeks, margining, and F&O regulations.

How many questions are in the NISM Series VIII exam?

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

What is the passing score for NISM Series VIII?

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

Is there negative marking in NISM Series VIII?

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

Who should take NISM Series VIII?

Equity derivatives dealers, approved users, sales staff, and traders on the F&O segment.

How do I prepare for NISM Series VIII 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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How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

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  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

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  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

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