NFO OPENAltiva by Edelweiss — Equity Ex-Top 100 Long-Short|May 18 to June 1, 2026|Invest NowNFO OPENiSIF Active Asset Allocator Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNFO OPENiSIF Equity Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNOW IN BETASIF Prime Academy|NISM Series XIII exam prep — free for partners|Start Studying
NFO OPENAltiva by Edelweiss — Equity Ex-Top 100 Long-Short|May 18 to June 1, 2026|Invest NowNFO OPENiSIF Active Asset Allocator Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNFO OPENiSIF Equity Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNOW IN BETASIF Prime Academy|NISM Series XIII exam prep — free for partners|Start Studying
NFO OPENAltiva by Edelweiss — Equity Ex-Top 100 Long-Short|May 18 to June 1, 2026|Invest NowNFO OPENiSIF Active Asset Allocator Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNFO OPENiSIF Equity Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNOW IN BETASIF Prime Academy|NISM Series XIII exam prep — free for partners|Start Studying
NFO OPENAltiva by Edelweiss — Equity Ex-Top 100 Long-Short|May 18 to June 1, 2026|Invest NowNFO OPENiSIF Active Asset Allocator Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNFO OPENiSIF Equity Long-Short by ICICI Prudential|May 19 to June 2, 2026|Invest NowNOW IN BETASIF Prime Academy|NISM Series XIII exam prep — free for partners|Start Studying
The smart reading path

How to digest 799 pages in 58 hours

The three NISM workbooks have parallel chapter structures — chapters 6–10 are essentially the same content across all three books, just with the underlying swapped. Read once in equity, skim the others. This plan exploits that overlap to save you roughly a third of the total reading time.

Total pages
799
Smart reading
58h
Vs. read all
~90h saved 30%
Duration
6 weeks

The core insight

Every NISM workbook in Series XIII follows the same 10-chapter template. What changes between books is the underlying (equity vs currency vs interest rate). The mechanics, the regulatory framework, the clearing-and-settlement architecture, the tax treatment, the conduct rules — all are largely shared across the three books.

ChThemeOverlap across booksRead first inStrategy
01Underlying market intro
1/10
EquityAll three intros differ — equity covers stocks/indices, currency covers FX, rates covers bonds. Read all three; they're independently testable.
02Derivatives concept for that underlying
7/10
EquityThe 'what is a derivative' framing is the same across books. Read equity Ch 1 + Ch 2 deeply, skim currency Ch 2 and rates Ch 2 only for underlying-specific points.
03Futures on the underlying
6/10
EquityFutures mechanics are universal: payoff, pricing, contract spec. Cost-of-carry formula adapts (currency uses interest rate parity; rates uses bond pricing). Read equity Ch 3 cold, then study the pricing-formula sections of currency Ch 3.6 and rates Ch 3.7.
04Options on the underlying
8/10
EquityOption mechanics and Greeks are identical across asset classes. Read equity Ch 4 deeply. Then read only the 'contract specification' sub-sections of currency 4.9 and rates 4.9.
05Strategies using futures + options
5/10
EquityStrategy primitives (spreads, straddles, hedges) are universal. Underlying-specific tactics differ. Read equity Ch 5 in full; skim currency Ch 5 and rates Ch 5 for the unique applications.
06Trading mechanism
9/10
EquityOrder types, risk management, circuit filters — same across exchanges. Read equity Ch 6 deeply; do a 15-min scan of the others.
07Clearing, settlement, risk management
10/10
EquitySPAN margining, settlement guarantee fund, margin types — IDENTICAL across all three books. Read once, in equity. Don't re-read.
08Legal & regulatory framework
7/10
CurrencySC(R)A, SEBI Act, RBI-SEBI committee — common to all. But currency-specific FEMA / RBI guidelines are unique. Read currency Ch 8 (FEMA-heavy), then equity Ch 8.
09Accounting & taxation
9/10
EquityF&O tax treatment (non-speculative business income), STT, audit threshold — same framework across books. Read once, in equity.
10Code of conduct & investor protection
10/10
EquitySEBI Code of Conduct, SCORES, PoA execution, KYC, risk disclosure — IDENTICAL across all three. Read once, in equity.

Reading the table: overlap score of 10 means you read it once and never need to re-read that chapter in the other books. Overlap 0 means each book's version is fully unique. "Read first in" tells you which workbook covers that theme most thoroughly.

Where the marks actually live

Sum the weightages of each parallel chapter across all 3 workbooks to see where to spend your hours. Out of a combined 300 weight units, the top 6 themes carry 240 (80%). Master these and you've already cleared the 60% pass mark.

Highest priority · Ch 3

Futures

60
out of 300 combined weight units
Equity 20%·Currency 20%·Rates 20%
Highest priority · Ch 4

Options

55
out of 300 combined weight units
Equity 20%·Currency 20%·Rates 15%
ChThemeEquityCurrencyRatesCombinedPriority
03Futures20%20%20%60HIGHEST
04Options20%20%15%55HIGHEST
05Strategies (hedging, speculation, arbitrage)10%10%15%35HIGH
01Underlying market intro10%10%10%30HIGH
06Trading mechanism10%10%10%30HIGH
07Clearing, settlement, risk management10%10%10%30HIGH
02Derivatives concepts (per underlying)5%5%5%15MEDIUM
08Regulatory framework5%5%5%15MEDIUM
09Accounting & taxation5%5%5%15MEDIUM
10Code of conduct & investor protection5%5%5%15MEDIUM

What to actually master in each area

Chapter 3
Futures
60 / 300 weight
Contract spec, payoff diagrams, cost-of-carry pricing, interest rate parity (currency), bond futures pricing (rates), basis convergence at expiry, lot size + tick value math.
Chapter 4
Options
55 / 300 weight
Call/put mechanics, intrinsic vs time value, moneyness (ITM/ATM/OTM), Greeks (delta/gamma/theta/vega/rho), Black-Scholes intuition, implied volatility, payoff diagrams for the 4 basic positions.
Chapter 5
Strategies (hedging, speculation, arbitrage)
35 / 300 weight
Hedge ratio + beta hedging, cash-and-carry arb, calendar spreads, spread strategies, straddles/strangles/butterflies/condors, protective put and covered call, delta hedging.
Chapter 1
Underlying market intro
30 / 300 weight
Equity: index construction, free-float weighting. Currency: cross-rates, RBI managed float. Rates: yield concepts, duration, PVBP, convexity, yield curve shapes. All three are independently testable.
Chapter 6
Trading mechanism
30 / 300 weight
Order types, market lots, trading workflow, exchange-trade-system roles, risk management at broker level, circuit filters, algorithmic trading basics. Largely common across the 3 books.
Chapter 7
Clearing, settlement, risk management
30 / 300 weight
Novation, SPAN methodology, margin types (IM/exposure/MTM/ELM/special), Settlement Guarantee Fund, position limits, T+1 settlement, physical vs cash settlement. Near-identical across books.
Chapter 2
Derivatives concepts (per underlying)
15 / 300 weight
Forwards vs futures, OTC vs exchange-traded, market participants (hedger/speculator/arbitrageur), rationale for derivatives. Same conceptual frame; underlying-specific details.
Chapter 8
Regulatory framework
15 / 300 weight
SC(R)A, SEBI Act 1992, RBI-SEBI committee, L C Gupta + J R Verma committees (equity), FEMA + RBI guidelines (currency), FIMMDA role (rates), eligibility criteria for members.
Chapter 9
Accounting & taxation
15 / 300 weight
F&O as non-speculative business income, STT rates per instrument, audit threshold (₹10 Cr / ₹3 Cr), accounting disclosure requirements, loss carry-forward (8 years).
Chapter 10
Code of conduct & investor protection
15 / 300 weight
SEBI Broker Code, SCORES, investor grievance mechanism, Investor Protection Fund, PoA execution, KYC + risk disclosure, anti-money-laundering procedures. Gotcha-style exam questions.

The 6-week plan

About 10 hours per week — sustainable alongside a working MFD practice. Each week ends with a concrete milestone you should be able to demonstrate to yourself before moving on.

Week
1
10 hours

Foundations — what is a derivative, equity markets, basic futures

EquityChapters 1, 2, 3· from Equity Derivatives

Deepest read. This is your core 'derivatives mental model' week.

Milestone: By end of week: comfortable defining forwards/futures, drawing payoff diagrams, computing fair futures price (cost of carry).
Week
2
10 hours

Options + strategies — the bulk of the conceptual material

EquityChapters 4, 5· from Equity Derivatives

Slow read. Re-read sections on Greeks until you can recite delta/gamma/theta/vega from memory.

Milestone: By end of week: comfortable with call/put payoffs, Greeks, basic spreads, straddles, protective put / covered call.
Week
3
8 hours

Operations — trading mechanism, clearing, settlement, risk management

EquityChapters 6, 7· from Equity Derivatives

Read fully in equity. These chapters carry over to the other two books with near-identical content.

Milestone: By end of week: can explain SPAN, novation, margin types (IM/MTM/ELM/SGF), settlement T+1 to a junior analyst.
Week
4
8 hours

Regulation, accounting, tax, conduct (cross-book)

EquityChapters 8, 9, 10· from Equity Derivatives

Read fully. Most regulatory content carries over.

CurrencyChapters 8· from Currency Derivatives

Add FEMA-specific currency reading from currency Ch 8.

Milestone: By end of week: comfortable with SC(R)A, SEBI Act, FEMA basics, F&O tax treatment, SEBI conduct rules.
Week
5
10 hours

Currency derivatives — underlying-specific intro

CurrencyChapters 1, 2, 3, 4, 5· from Currency Derivatives

Underlying-specific content. Heaviest read of the currency book. Pay attention to interest rate parity (Ch 3.6).

CurrencyChapters 6, 7, 9, 10· from Currency Derivatives

Skim — content overlaps heavily with equity Ch 6/7/9/10 you already studied.

Milestone: By end of week: comfortable with cross-rates, USD/INR pricing, interest rate parity, currency-futures contract specs.
Week
6
12 hours

Interest rate derivatives — fixed-income vocabulary + mock exams

RatesChapters 1· from Interest Rate Derivatives

Slow read. Ch 1 is dense — duration, PVBP, yield curves, accrued interest. Re-read sub-sections 1.10–1.12.

RatesChapters 2, 3, 4, 5· from Interest Rate Derivatives

Standard pace. Mechanics largely follow equity patterns.

RatesChapters 6, 7, 8, 9, 10· from Interest Rate Derivatives

Skim only — heavy overlap with what you've already studied.

Milestone: By end of week: ready for full-length mock exams. Aim for 75%+ on two consecutive mocks before scheduling NISM XIII.

Study tips

Read with a pencil — annotate, don't highlight

Highlighting feels productive but is passive. Pencil annotations (one-line summaries in the margin per section) force you to re-state the concept in your own words — the single best retention practice.

Re-do every worked example in the workbook

Especially in interest rate derivatives. Cover the answer, work it through, then check. If you missed a step, redo it the same day, again the next day. Spaced repetition.

Build one cheat-sheet per workbook as you go

Single page, key terms + formulas + tax rates + contract specs. By exam day you should have three pages — one per workbook — that you can read in 10 minutes flat.

Mock exams in weeks 5 and 6, not earlier

Premature mocks demoralise. After Week 4 (regulatory + tax done), you have enough to attempt mocks. Aim for 75%+ on two consecutive mocks before scheduling.

Don't skip Chapter 10 of any book

Code of Conduct seems boring; it's heavily tested and the questions are gotcha-style. The 30 minutes it takes to read carefully will likely net you 4–5 marks directly.

Pair-read with another MFD if possible

If a peer is also preparing, divide the regulatory chapters between you and quiz each other. Most mistakes on the actual exam come from regulatory specifics, not derivative mechanics.

Download the workbooks

All three official NISM PDFs are hosted in the Academy for your convenience. About 9 MB total — open them in a tablet and you have your entire exam library in one place.

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