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SIFPrime exam strategy
SIFPrime exam strategy
Equity · Currency · Interest Rate Derivatives. One exam, three modules, 90 marks to pass.
Total questions
1,348
Equity + Currency + Interest Rates
Pass mark
90 marks
25% negative marking
Shared chapters
3
Study once, score thrice
Numericals total
~120
Repeatable patterns
Overlap advantage
SEBI regulations, SCRA, code of conduct, SCORES 21-day rule, KYC/KRA, arbitration, ODR, investor protection fund — appears in the final chapters of all three modules with near-identical content. Series VIII Ch 9, Series I Ch 9, Series IV Ch 8–10. One study block = ~15% of exam weight across all modules.
Novation, clearing corporation as CCP, Core SGF (CC 50% / Exchange 25%), multilateral netting, DVP, extreme loss margin, interoperability — same framework across equity, currency and IRD. Settlement mechanics differ slightly but the structure is identical.
PCM cannot execute (only settle), TCCM can do both, 21-year minimum age, 90% collateral cancels orders, SPAN margining, price-time priority, passive vs active orders, quantity freeze — identical rules across all three modules. Memorise once.
Game plan
| Module | Boss chapters | Priority |
|---|---|---|
| Equity (S8) | CH1 Introduction · CH4 Futures pricing · CH7 Options · CH8 Hedging strategies | FIRST |
| Currency (S1) | CH1 FX fundamentals · CH3 Currency futures · CH4 Options · CH7 Strategies | SECOND |
| Interest Rate (S4) | CH1 Bond math · CH3 IRD futures · CH5 Hedging · CH7 Clearing & delivery | HARDEST |
| All modules | Regulatory + Trading mechanism + Clearing — identical across all three | SHARED — 15% weight |
Game plan
| Chapter | Why it's a quick win | Module |
|---|---|---|
| Regulatory framework | Definition-heavy, no numericals. SEBI/RBI roles, FPI limits, SCORES 21 days, ULIP exclusion from SCRA | All 3 |
| Code of conduct | KYC/KRA, POA optional, RDD, arbitration 4 months, ODR 5/7 days, IPF. True/False heavy = easy marks | All 3 |
| Accounting & tax (S4 CH9) | AS 30 fair value, 8 assessment years carry forward, salary cannot set off, 6%/8% presumptive tax. Short chapter, high return | IRD |
| IRD market structure (S4 CH2) | Only 20 questions, conceptual only. IRD = largest derivative market, banks = most exposed, FRA definition | IRD |
How to pass
Start with the shared chapters. Legal, regulatory, trading mechanism, clearing — read once across all three modules. Immediate ~15% floor.
Equity derivatives first. It's the foundation — options pricing, futures mechanics, delta hedging all reappear in currency and IRD.
Currency next. Same options/futures logic, just FX underlying. Key diff: USD/INR lot size, RBI/SEBI jurisdiction split, non-resident restrictions.
IRD last and hardest. Bond math (duration, PVBP, yield curve shapes) is unique to S4 and has no shortcut. CH1 alone is 25% weight and 105 questions.
Numericals daily. Every numerical in Equity CH4/7/8, Currency CH3/4, IRD CH1/3/4. Current yield, PVBP, contract value, net payoff — repeatable patterns.
Trap buster in the last week. 25% negative marking. Wrong answer = −0.25 marks. Run trap buster across all 3 modules before exam day.