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One certification. Three derivative modules. Everything students need to pass in one place.
Exam snapshot
One sitting, three modules
Section 1
NISM Series XIII certifies derivatives professionals across equity, currency and interest rate markets. The exam tests Series VIII, Series I, and Series IV together in one sitting. Students get 150 questions, need 90 marks to pass, and must protect themselves from 25% negative marking.
Section 2
Series VIII
299 questions · 10 chapters
Hardest chapter: CH7 Options strategies (21% weight)
Focus: Futures pricing, options payoffs, delta hedging, settlement
Series I
651 questions · 10 chapters
Hardest chapter: CH1 FX fundamentals (20% weight)
Focus: USD/INR futures, cross-currency, RBI/SEBI rules, non-resident restrictions
Series IV
398 questions · 10 chapters
Hardest chapter: CH1 Bond math (25% weight)
Focus: Duration, PVBP, yield curve, GOI bond futures, hedging strategies
Section 3
MCQs that test definitions, rules, market structure, regulatory framework, participant roles, lot sizes, expiry, and workbook-direct facts.
Current yield, modified duration, PVBP, contract value, options payoff, tick value, and hedge ratio. These decide the high-score zone.
EXCEPT, NOT, True/False reversals, and near-identical options. The trap buster trains students to protect marks from negative scoring.
How to Study
Most candidates study module by module and re-learn the same concepts three times without realising it. There is a better way: study by theme. Each theme below appears in all 3 modules. Learn it once, apply it everywhere.
Pattern recognition beats memorisation.
The options payoff formula you learn in Equity CH4 is the same one used in Currency CH4 and IRD CH4. The PCM/TCCM rules in Equity CH6 are word-for-word identical in Currency CH6 and IRD CH6. The 8-year carry forward rule in Equity CH9 applies in Currency CH9 and IRD CH9.
Theme 1
What derivatives are, types, economic role, who uses them and why.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
Study once in Equity. For Currency and IRD just note the module-specific underlying - the concept is identical.
Total
~106 questions
Theme 2
Understanding what sits beneath the derivative. This is where all 3 modules are different from each other.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
Study each module separately here. No shortcuts. IRD CH1 is the hardest chapter in the entire exam - give it the most time.
Total
~150 questions
Theme 3
How futures contracts work: pricing, contract specs, lot sizes, tick values, expiry, settlement and basis.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
Learn cost-of-carry in Equity. Then apply the structure to Currency and add IRD contract nuances: GOI bond lot Rs 2L, 100 ticks = Rs 500, and T-bill vs bond expiry.
Total
239 questions - biggest theme in the exam
Theme 4
Call/put mechanics, premium, intrinsic vs time value, Greeks, ITM/ATM/OTM and net payoff calculations.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
Master this in Equity because it has the deepest coverage. Currency and IRD use the same framework with different underlyings.
Total
178 questions
Theme 5
Long/short hedge, spreads, straddle, strangle, arbitrage and converting fixed to floating.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
The hedging logic is the same across all 3. IRD adds duration-based hedge ratio (Portfolio PVBP / Futures PVBP) and the insurance-company long hedge rule.
Total
137 questions
Theme 6
Order types, member categories, PCM/TCCM, SPAN margins, 90% collateral rule, price bands and position limits.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
This is the most identical content in the exam. PCM cannot execute trades, TCCM can do both, 90% collateral cancels unexecuted orders, and minimum age is 21.
Total
135 questions
Theme 7
Clearing corporation as CCP, novation, Core SGF, DVP, extreme loss margin and interoperability.
Equity Derivatives
Currency Derivatives
Interest Rate Derivatives
Study tip
Study the shared core first: novation, Core SGF, DVP and interoperability. Then add IRD specifics: physical delivery, conversion factor, CTD bond and buy-in process.
Total
160 questions
Theme 8
SEBI/RBI jurisdiction, participant eligibility, FPI limits, accounting, taxation, KYC and investor protection.
Equity Derivatives
Currency Derivatives
Study tip
Study once. Score across all 3. Core repeated rules include SCORES 21 days, POA optional, KRA, AS 30 fair value, 8-year carry forward and stamp duty on buyer.
Total
251 questions
Recommended order
Stage 1
Trading mechanism + Clearing + All regulatory chapters.
Why: These are shared across all 3 modules. Study once, immediately earn marks in all 3 exams. Quickest return on time invested.
Stage 2
Derivative fundamentals + Underlying market for Equity and Currency.
Why: Build the foundation before contracts. IRD CH1 bond math needs dedicated time, so do not rush it alongside everything else.
Stage 3
Learn cost-of-carry in Equity. Apply to Currency. Add IRD contract nuances.
Why: Biggest theme in the exam at 239 questions. It deserves a full week.
Stage 4
IRD CH1 bond math + Options across all 3 + Strategies across all 3.
Why: IRD CH1 is the hardest chapter in the exam at 25% weight. Tackle it fresh, not fatigued.
Stage 5
Run numericals and trap buster across all 3 modules.
Why: 25% negative marking. Wrong answer = -0.25 marks. Drill formulas and traps before exam day.
Section 5