The three workbooks
NISM Series XIII (Common Derivatives) is the consolidated exam, but the study material is drawn from three separate NISM workbooks. Distributors are tested on all three. The good news: chapters 6–10 overlap heavily, so a smart reading plan saves you roughly a third of the time. See the 6-week study plan for the optimised path.
Equity Derivatives
Forwards, futures, options, and strategies on Indian equity and equity indices.
Most directly relevant to SIF distribution. Every equity LS and hybrid LS SIF uses Nifty / Bank Nifty futures and options as its hedging toolkit. Strategies chapter (Ch 5) reads like the SIF operating manual.
- 01Basics of Derivativesp. 1110% weightPractice 11 SIFPrime MCQs on this theme
- 02Understanding the Indexp. 185% weightPractice 12 SIFPrime MCQs on this theme
- 03Introduction to Forwards and Futuresp. 2820% weightPractice 15 SIFPrime MCQs on this theme
- 04Introduction to Optionsp. 5820% weightPractice 16 SIFPrime MCQs on this theme
- 05Strategies using Equity Futures and Equity Optionsp. 8810% weightPractice 12 SIFPrime MCQs on this theme
- 06Trading Mechanismp. 12710% weightPractice 12 SIFPrime MCQs on this theme
- 07Introduction to Clearing and Settlement Systemp. 15010% weightPractice 12 SIFPrime MCQs on this theme
- 08Legal and Regulatory Environmentp. 1745% weightPractice 10 SIFPrime MCQs on this theme
- 09Accounting and Taxationp. 1845% weightPractice 10 SIFPrime MCQs on this theme
- 10Sales Practices and Investor Protection Servicesp. 1975% weightPractice 10 SIFPrime MCQs on this theme
Currency Derivatives
Currency markets, FX derivatives, exchange-traded currency futures and options in India.
Less directly relevant to most current SIFs (which are equity-focused) but mandatory exam content. Chapter 3 (Currency Futures) and Chapter 8 (RBI / FEMA framework) carry exam weight even if SIFs don't use them daily.
- 01Introduction to Currency Marketsp. 1110% weightPractice 12 SIFPrime MCQs on this theme
- 02Foreign Exchange Derivativesp. 345% weightPractice 11 SIFPrime MCQs on this theme
- 03Exchange Traded Currency Futuresp. 4820% weightPractice 15 SIFPrime MCQs on this theme
- 04Exchange Traded Currency Optionsp. 6520% weightPractice 16 SIFPrime MCQs on this theme
- 05Strategies using Exchange Traded Currency Derivativesp. 9210% weightPractice 12 SIFPrime MCQs on this theme
- 06Trading Mechanism in Exchange Traded Currency Derivativesp. 12610% weightPractice 12 SIFPrime MCQs on this theme
- 07Clearing, Settlement and Risk Management in ETCDp. 15310% weightPractice 12 SIFPrime MCQs on this theme
- 08Regulatory Framework for Exchange Traded Currency Derivativesp. 1885% weightPractice 10 SIFPrime MCQs on this theme
- 09Accounting and Taxationp. 2075% weightPractice 10 SIFPrime MCQs on this theme
- 10Code of Conduct and Investor Protection Measuresp. 2175% weightPractice 10 SIFPrime MCQs on this theme
Interest Rate Derivatives
Fixed-income market, interest rate concepts, exchange-traded IRFs and IROs.
Relevant to hybrid LS SIFs that hold a debt sleeve, and to active asset allocator SIFs that adjust duration. Chapter 1 (Fixed Income concepts — duration, PVBP, yield curves) is essential vocabulary for any advisor positioning hybrid SIFs.
- 01Introduction to Interest Rate, IR Instruments and Fixed Income Marketp. 1110% weightPractice 12 SIFPrime MCQs on this theme
- 02Interest Rate Derivativesp. 855% weightPractice 11 SIFPrime MCQs on this theme
- 03Exchange Traded Interest Rate Futuresp. 10220% weightPractice 15 SIFPrime MCQs on this theme
- 04Exchange Traded Interest Rate Optionsp. 12915% weightPractice 16 SIFPrime MCQs on this theme
- 05Strategies using Exchange Traded Interest Rate Derivativesp. 15615% weightPractice 12 SIFPrime MCQs on this theme
- 06Trading Mechanism in Exchange Traded Interest Rate Derivativesp. 19110% weightPractice 12 SIFPrime MCQs on this theme
- 07Clearing, Settlement and Risk Management in ETIRDp. 22310% weightPractice 12 SIFPrime MCQs on this theme
- 08Regulatory Framework for Exchange Traded Interest Rate Derivativesp. 2735% weightPractice 10 SIFPrime MCQs on this theme
- 09Accounting and Taxationp. 2935% weightPractice 10 SIFPrime MCQs on this theme
- 10Code of Conduct and Investor Protection Measuresp. 3035% weightPractice 10 SIFPrime MCQs on this theme
799 pages is a lot. Don't read them in order.
The three workbooks share structure: chapters 1–5 differ by underlying, chapters 6–10 are largely identical content. Our 6-week study plan tells you exactly which book to read first, where to read deeply, and where to skim — saving ~30% of total study time.
Open the 6-week study planSource attribution. All three workbooks are copyrighted by the National Institute of Securities Markets (NISM). They are publicly downloadable from the NISM portal. SIFPrime hosts a mirror for partner convenience only.
Before scheduling your exam, verify you have the latest version of each workbook directly from nism.ac.in. NISM publishes occasional revisions; the SIFPrime mirror is refreshed on a best-effort basis but the official portal is the source of truth.