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Series XIII · Advanced

Common Derivatives

Covers equity, currency and interest rate derivatives in one exam; also relevant for MF distributors offering SIF products.

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

Questions

150

Duration

180 min

Pass mark

60%

Negative marking

25%

Exam fee

₹3,000 + payment gateway charges

Validity

3 years

Why this certification matters

Covers equity, currency and interest rate derivatives in one exam; also relevant for MF distributors offering SIF products.

Who should take it: Approved users and sales staff across derivatives segments; MF distributors wanting to offer SIFs.

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

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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 XIII

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

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One simple package

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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

One exam covering equity, currency and interest rate derivatives.

Derivatives approved usersMF distributors offering SIFs

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 1Basics of Derivatives
    1. 1.1Introduction to derivatives
    2. 1.2History and evolution of derivatives market
    3. 1.3Factors influencing the growth of derivatives market
    4. 1.4History of Indian derivatives Market and available derivative products in India
    5. 1.5Market participants and their roles in the derivatives markets
    6. 1.6OTC and Exchange Traded Market
    7. 1.7Significance and economic purpose of derivatives
    8. 1.8Risks associated with financial derivatives
  2. 2Chapter 2Introduction to the Underlying Markets
    1. 2.1Introduction to Equity Markets and Equity Indices
    2. 2.2Introduction to Currency Markets
    3. 2.3Introduction to Fixed-income Securities
    4. 2.4Introduction to “Interest Rate” concept and yield curve
    5. 2.5Return and Risk Measures for Debt Securities (Current yield, YTM, Duration, PVBP, Convexity, etc.)
  3. 3Chapter 3Introduction to Forwards and Futures
    1. 3.1Introduction to Forwards and futures contracts
    2. 3.2Forwards and Futures on Equities
    3. 3.3Payoff Charts for Futures contract
    4. 3.4Futures pricing
    5. 3.5Basic differences in Commodity, Equity and Index Futures
    6. 3.6Exchange Traded Currency Futures
    7. 3.7Concept of Interest rate parity and pricing of currency futures
    8. 3.8Interest Rate Futures
    9. 3.9Delivery aspects of IRD contracts including conversion factor, invoice amount, cheapest-to-deliver bond
  4. 4Chapter 4Strategies Using Futures
    1. 4.1Strategies using Equity Futures
    2. 4.2Strategies for hedging, speculation and arbitrage in futures market
    3. 4.3Strategies Using Currency Futures
    4. 4.4Strategies Using Interest Rate Futures
  5. 5Chapter 5Introduction to Options, Options on Equities and Currencies
    1. 5.1Basics of options
    2. 5.2Concept of option premium
    3. 5.3Call and Put option
    4. 5.4Buying and selling (writing) options
    5. 5.5European vs. American option
    6. 5.6Moneyness of an option
    7. 5.7Binomial and Black-Scholes option pricing models and option Greeks
    8. 5.8Payoff charts for options
    9. 5.9Uses of Options
  6. 6Chapter 6Option Trading Strategies, Strategies using Equity Options and Currency options
    1. 6.1Option spreads and their payoff charts
    2. 6.2Straddle: market view and payoff charts
    3. 6.3Strangle: market view and payoff charts
    4. 6.4Covered Call: market view and payoff charts
    5. 6.5Protective Put: market view and payoff charts
    6. 6.6Collar: market view and payoff charts
    7. 6.7Butterfly spread: market view and payoff charts
  7. 7Chapter 7Introduction to Trading, Clearing, Settlement & Risk Management
    1. 7.1Introduction to Trading Systems
    2. 7.2Clearing Mechanism and computation of open positions
    3. 7.3Settlement Mechanism for futures and options contracts
    4. 7.4Margining and mark to market (MTM) under SPAN
    5. 7.5Risk Management features, position limits and net worth requirements
    6. 7.6Margin collection process of Clearing Corporations and delivery procedure
  8. 8Chapter 8Legal and Regulatory Environment
    1. 8.1Provisions of Securities Contract (Regulation) Act, 1956
    2. 8.2Role of SEBI in regulating Derivatives market and SEBI Act, 1992
    3. 8.3Important rules and regulations on trading in Derivatives market
    4. 8.4Regulations in clearing & settlement and risk management
    5. 8.5Outline major recommendations of the L C Gupta Committee
    6. 8.6Outline major recommendations of the J R Verma Committee
    7. 8.7RBI-SEBI Standing Technical Committee on Exchange Traded Currency and Interest Rate Derivatives
    8. 8.8Provisions of Foreign Exchange Management Act, 1999
    9. 8.9Salient features of RBI notification ‘Currency Futures (Reserve Bank) Directions, 2008
    10. 8.10Features of RBI Circular ‘Guidelines on trading of Currency Futures in Recognized Stock / New Exchanges’
    11. 8.11Salient features of SEBI Regulations for Currency Derivatives Exchanges
    12. 8.12Explain the role of various regulators in Bond and Interest Rate Derivatives Market
    13. 8.13Regulatory reporting requirements for Interest Rate Derivatives Markets
    14. 8.14Role of FIMMDA in fixed income and derivatives markets in India
  9. 9Chapter 9Accounting and Taxation
    1. 9.1Accounting treatment for derivative contracts
    2. 9.2Taxation of derivative transaction in securities
  10. 10Chapter 10Sales Practices, Code of Conduct and Investor Protection Measures
    1. 10.1Basic features of SEBI Codes of Conduct for Brokers and Sub-Brokers
    2. 10.2Importance of risk profiling of clients in sales process
    3. 10.3Importance of KYC and required documentation for investors to trade in Derivatives contract
    4. 10.4Best practices in derivatives sales
    5. 10.5Grievance redressal mechanism available to the investors
    6. 10.6Nature of complaints considered by exchanges
    7. 10.7Arbitration mechanism at exchanges

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 XIII flashcards

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

NISM Series XIII: questions people ask

What is NISM Series XIII?

NISM-Series-XIII: Common Derivatives Certification Examination. Covers equity, currency and interest rate derivatives in one exam; also relevant for MF distributors offering SIF products.

What is the exam pattern?

150 questions, 150 marks, 180 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 ₹3,000 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 XIII exam?

NISM lists 150 questions for 150 marks, to be answered in 180 minutes.

What is the passing score for NISM Series XIII?

You need 60% (90 of 150 marks) to pass.

Is there negative marking in NISM Series XIII?

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

Who should take NISM Series XIII?

Approved users and sales staff across derivatives segments; MF distributors wanting to offer SIFs.

How do I prepare for NISM Series XIII 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?

150 questions · 180 minutes · 25% negative marking. First 10 questions free, then full papers with the practice pass.

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NISM Series IV

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Knowledge benchmark for people in the interest rate derivatives segment.

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