Exam ki taiyari

Series XIII Common Derivatives exam: dhaancha aur padhai ka rasta.

NISM Series XIII Common Derivatives exam kis baare mein hai, paper kaisa hota hai, aur padhai kahan se shuru karein. Sab seedhi bhasha mein.

Sawaal aur jawaab English mein hain, kyunki NISM ka exam paper bhi English mein hota hai.

Practice questionSeries XIII · 1. Basics of Derivatives (Equity, Currency and Interest Rate)5 mein se sawaal 1

An importer expects to pay US dollars in three months. Which action most directly addresses rupee depreciation risk?

Buying extra equity shares todayIgnoring the future currency liabilitySelling a fixed-rate corporate bondLocking an appropriate future exchange rate

Series XIII

Common Derivatives

50 sawaalPass mark 60%Negative marking 25% / galat jawab

Mock 1 Mock 2 Mock 3

Sawaal150har sawaal 1 mark ka

Samay180 min3 ghante

Pass mark60%150 mein se 90 marks

Negative marking25%har galat answer par 0.25 marks katte hain

NISM Series XIII Common Derivatives

Exam ke niyam NISM ki site par 17 October 2026 ko padhe gaye. NISM ki site par aaj ke niyam dekho (naye tab mein khulta hai)

NISM Series XIII ka poora naam Common Derivatives hai. Yeh exam trading members ke approved users aur sales staff ke liye hai, jo equity, currency aur interest rate derivatives mein kaam karte hain. Paper 3 ghante ka hota hai aur 150 sawaal aate hain. Pass ke liye 150 mein se 90 number chahiye. Galat jawab par 0.25 number katta hai.

Yeh exam equity, currency aur interest rate derivatives, teeno par hai.
150 sawaal, har sawaal 1 number ka. Pass ke liye 150 mein se 90 number.
Galat jawab par 0.25 number katta hai, khaali chhodne par nahi.
Certificate 3 saal tak valid rehta hai.

Series XIII certification kis kaam ke liye hai

EXAM KYA HAI

Yeh paper 3 bazaaron ke derivatives par hai

Shares, currency aur interest rate, teeno ke futures aur options ek hi paper mein.

Series XIII derivatives ki buniyaad aur underlying markets se shuru hota hai. Phir forwards, futures, options aur unki strategies aati hain.

Uske baad trading, clearing, settlement, niyam, accounting aur tax aate hain. Aakhri hissa sales ke tareeke, code of conduct aur investor ki suraksha par hai.

NISM ke mutabik Series XIII pass karne wala mutual fund distributor Specialized Investment Fund (SIF) products bhi offer kar sakta hai.

Yeh kaun deta hai

Equity, currency aur interest rate derivatives segments ke trading members ke approved users aur sales staff.

Yeh is site par kyun hai

3 derivatives segments ke liye ek paper. Margins, daily settlement aur option payoffs waise hi chalte hain jaise site ke index futures aur options lessons mein.

Exam format ek nazar mein

Sawaal150har sawaal 1 mark ka

Kul marks150150 × 1

Samay180 min3 ghante

Pass mark60%150 mein se 90 marks

Negative marking25%har galat answer par 0.25 marks katte hain

Certificate validity3 saalexam ki date se

150 multiple-choice sawaal, har sawaal 1 mark ka, 180 minute mein. Pass ke liye 60% chahiye. Galat answer par 0.25 mark katta hai.

Exam ki fees yahan jaan-boojh kar nahi likhi. NISM har certification ki fees khud publish karta hai aur badalta rehta hai. Aaj ki fees nism.ac.in par dekho.

Marking kaise hoti hai — aur yahan ka quiz use kaise lagata hai

Har sawaal 1 mark ka hai. Paper 150 marks ka hai, aur pass ke liye 90 marks chahiye. Galat answer par us sawaal ke 25% marks katte hain — yahan 0.25 marks. Khaali sawaal par na kuch milta hai, na katta hai. Isliye galat answer aur khaali sawaal ek jaise nahi hain.

Yahan ka practice quiz inhi figures se marks deta hai. Timed practice yahi pass mark aur yahi katauti lagati hai. Clock bhi isi paper ki raftaar se chalta hai (150 sawaal ke liye 180 minute).

Syllabus units, aur har unit kitne marks ki

10 practice topics, usi kram mein jis mein humare sawaal likhe gaye. Har row us topic ke poore sawaalon aur answers par le jaati hai. Har answer batata hai ki baaki options galat kyun hain. Yahan marks column nahi hai. Is exam ka per-unit weightage nahi mila, isliye nahi dikhaya.

NISM Series XIII ke syllabus units, practice questions ki ginti ke saath
Unit	Practice questions
Basics of Derivatives (Equity, Currency and Interest Rate)	6
Introduction to the Underlying Markets	24
Introduction to Forwards and Futures	20
Strategies Using Futures	24
Introduction to Options – Options on Equities and Currencies	22
Option Trading Strategies – Strategies using Equity Options and Currency options	4
Introduction to Trading, Clearing, Settlement & Risk Management	25
Legal and Regulatory Environment	14
Accounting and Taxation of Derivatives	6
Sales Practices, Code of Conduct and Investor Protection Measures	5

Saare units ki samajh, Hinglish mein

Saare units ka matlab, aam galtiyan aur padhne ka tareeka neeche hai. Unit ke naam par click karo, woh khul jaayega.

Series XIII common derivatives ka exam hai. Isme equity, currency aur interest rate, teeno ke derivatives ek saath aate hain. Paper underlying markets se shuru hokar futures, options aur strategies tak jaata hai. Aakhir mein trading, clearing, niyam, tax aur sales ke aacharan ke sawaal aate hain.

Hedge ki disha hamesha maujooda jokhim ki ulti hoti hai.
Currency quote mein pehle base currency padhiye. USD/INR ka matlab hai 1 dollar ke kitne rupaye.
Bond mein yield badhe toh daam girta hai. Futures aur options ke kai sawaal isi par tike hain.

Series XIII: 3 bazaar, ek derivatives paper.

Poori series ke sawaal kholo

KAISE PADHEIN

Unit ke kram mein, 3 bazaar saath

Pehle 2 units bhasha sikhate hain: underlying, hedger, index, currency quote, yield aur duration. Inke bina futures aur options ke hisaab adhoore lagte hain.

Har topic par sochiye ki woh share, currency ya bond mein kaise dikhega. Ek unit padhne ke baad usi ke sawaal kijiye. Har galat answer ke baad ek line likhiye: galti disha mein thi ya hisaab mein.

Kya is paper mein ganit aata hai?

Haan, kaafi. Cross rate, duration, futures ka fair value, hedge ke contracts, option ka break-even aur MTM, sab hisaab maangte hain. Har hisaab se pehle disha dekhiye: position long hai ya short, aur paisa milega ya dena hai.

Importer aur exporter ka hedge alag kyun hota hai?

Importer ko aage dollar dene hain. Rupaya kamzor ho toh uska kharcha badhta hai, isliye uska hedge USD/INR futures long hai. Exporter ko dollar milenge. Rupaya mazboot ho toh use kam rupaye milte hain, isliye uska hedge short hai.

Unit 1: derivatives ki buniyaad
Derivative kya hai aur use kaun kyun istemaal karta hai, yeh pehle baithna chahiye.

Basics of Derivatives (Equity, Currency and Interest Rate)

Unit 1: derivatives ki buniyaad.

Yeh unit derivative ka matlab samjhata hai. Derivative ka mol kisi underlying daam, dar ya index se aata hai. Yahan hedger, exchange aur OTC contract ka farak, aur basis risk aata hai. Saath mein counterparty ka jokhim bhi hai.

Derivative share nahi hai. Uska mol kisi aur cheez se aata hai.
Hedger maujooda jokhim ghatane ke liye derivatives istemaal karta hai.
Exchange contract standard shartein par chalta hai.
Ulta OTC contract purane counterparty ka jokhim khatam nahi karta.

Is unit ke sawaal kholo

IS UNIT MEIN

Derivative kya hai

Derivative ek contract hai jiska mol kisi underlying par tika hai. Woh underlying share, index, currency ya interest rate ho sakta hai. Hedger pehle se maujood jokhim ghatata hai. Jaise importer ko 3 mahine baad dollar dene hain, toh woh aaj ek rate lock kar sakta hai.

Exchange-traded derivative ki shartein standard hoti hain aur aam taur par clearing ka intezaam hota hai. OTC contract 2 pakshon ke beech tay hota hai. Hedge aur jokhim bilkul saath na chalein, toh jo jokhim bachta hai use basis risk kehte hain.

DHYAN

3 bharam

Pehli: hedge ko jokhim se mukt guarantee samajhna. Hedge ek tay jokhim ghatata hai. Basis risk phir bhi reh sakta hai.

Doosri: clearing ko trading ke jokhim ka ant samajhna. Clearing settlement ko sambhalti hai, daam ki chaal ko nahi.

Teesri: economic offset ko kanooni closeout maan lena. Ulta OTC contract karne se purana contract band nahi hota. Purana counterparty doob jaaye, toh uska jokhim bacha rehta hai.

Unit 2: shares, currency aur bond ke bazaar
Derivative ka mol underlying se aata hai. Isliye agla unit shares, currency aur bond ke bazaar dikhata hai.

Introduction to the Underlying Markets

Unit 2: shares, currency aur bond ke bazaar.

Yeh unit teeno underlying bazaar sikhata hai. Equity mein index, free float aur impact cost aate hain. Currency mein quote padhna, value date aur cross rate. Bond mein coupon, yield, yield curve, duration, PVBP aur convexity. Aage ke saare units isi neev par khade hain.

USD/INR badhe toh rupaya kamzor hua.
Fixed coupon ka matlab fixed daam nahi. Total return negative bhi ho sakta hai.
Inverted yield curve mein chhote samay ki yield lambe samay se zyada hoti hai.
Zyada modified duration matlab yield par zyada hilne wala daam.

Is unit ke sawaal kholo

IS UNIT MEIN

3 bazaar ki bhasha

Index shares ki ek tay tokri ki chaal dikhata hai. Free float sirf public trading wale shares ko dekhta hai. Index mein kisi stock ka asar uske weight aur uske return, dono se banta hai. Impact cost batata hai ki asli sauda reference daam se kitna door hua. USD/INR quote batata hai ki 1 dollar ke liye kitne rupaye chahiye.

Value date woh din hai jab currencies ka asli len-den hota hai. Cross rate 2 quotes ko common currency se jod kar banta hai. Interest rate paise ka samay ke saath daam hai. Real return mein inflation ghatai jaati hai. Modified duration batata hai ki chhoti yield chaal par daam lagbhag kitna hilega. PVBP yahi baat 1 basis point par batata hai. Convexity woh ghumaav pakadti hai jo duration chhod deta hai.

Impact cost Bada order khud daam ko hila deta hai, aur woh bhi ek kharcha hai.

DHYAN

Quote aur yield ke jaal

Pehli: currency pair ulta padhna. USD/INR mein base dollar hai. Cross rate nikalne ke baad rakam se guna karna mat bhooliye.

Doosri: current yield ko coupon rate samajhna. Current yield saal ka coupon aaj ke bazaar daam se baant kar nikalta hai. 3 mahine mein poore saal ka coupon accrue nahi hota.

Teesri: duration mein percentage point ko decimal mein na badalna. 1 basis point ek percentage point ka sauvaan hissa hai. Yield ka badlav bada ho, toh sirf duration kaafi nahi, convexity bhi chahiye.

Unit 3: forwards aur futures
Underlying samajh aa gaya. Ab pehla derivative contract andar se dekhna hai.

Introduction to Forwards and Futures

Unit 3: forwards aur futures.

Yeh unit forward aur futures ko andar se kholta hai. Forward 2 pakshon ka custom samjhauta hai. Futures exchange par standard hote hain aur roz mark-to-market hote hain. Saath mein contract size, tick ka mol, basis, cost of carry, covered interest parity aur bond futures ka conversion factor aate hain.

Long futures daam badhne par kamata hai, short futures daam girne par.
Expiry paas aate hi spot aur futures ka farak lagbhag khatam hota hai.
Forward mein counterparty ka jokhim futures se zyada hai.
Pehle se pata dividend futures ka fair value ghatata hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Contract aur uska daam

Forward aaj tay hota hai, len-den aage hota hai. Futures mein roz ke settlement daam par fayda-nuksaan settle hota hai. Contract size batata hai ki ek contract kitni underlying exposure hai. Tick ka mol tick size guna quantity hai. Basis spot aur futures ke daam ka farak hai. Uska sign convention pehle tay kijiye.

Cost of carry mein futures ka daam spot plus financing hai, minus koi tay payout. Currency forward spot aur 2 currencies ki byaaj dar ke farak se judta hai. Bond futures mein conversion factor alag coupons aur maturities wale bonds ko milaane laayak banata hai. Cheapest to deliver woh bond hai jiski adjustment ke baad delivery lagat sabse kam ho.

Lot size Ek contract mein kitni ikaiyan aati hain, aur woh number kaun tay karta hai.

DHYAN

Formula ke 3 jaal

Pehli: long aur short ka formula ulat dena. Short futures mein fayda entry daam minus exit daam hai.

Doosri: carry mein galat samay lena. 6 mahine ke liye saalana dar ka aadha hissa lagta hai. Currency forward mein domestic aur foreign dar ki jagah mat badliye.

Teesri: invoice mein kram ulat dena. Pehle futures daam ko conversion factor se guna kijiye, phir accrued interest jodiye. Notional ko margin samajhna bhi galat hai.

Margin Margin kya hai, kyun maanga jaata hai, aur woh kharcha kyun nahi hai.

Unit 4: futures se hedge, arbitrage aur spread
Contract samajh aa gaya. Agla unit dikhata hai ki hedger aur arbitrageur futures ka istemaal kaise karte hain.

Strategies Using Futures

Unit 4: futures se hedge, arbitrage aur spread.

Yeh unit futures ko kaam mein lagana sikhata hai. Equity portfolio, importer, exporter aur bond investor ka hedge yahin aata hai. Phir beta aur duration ke hisaab se contracts ki ginti. Saath mein cash-and-carry, reverse cash-and-carry aur calendar spread bhi hain.

Long equity portfolio ka hedge short index futures se hota hai.
Exporter ka hedge USD/INR futures short hai, importer ka long.
Beta 1 se zyada ho, toh hedge ko zyada notional chahiye.
Index hedge ek company ke apne jokhim ko nahi bachata.

Is unit ke sawaal kholo

IS UNIT MEIN

Hedge ki ginti

Hedge ki disha jokhim ki ulti hoti hai. Bond rakhne wala badhti yield se darta hai, toh woh bond-price futures short karta hai. Contracts ki ginti exposure ko contract ke notional se baant kar nikalti hai. Beta ho, toh pehle exposure ko beta se guna kijiye. Bond portfolio mein value aur duration, dono milakar dekhe jaate hain.

Futures fair value se mehenga ho, toh cash-and-carry mein spot liya jaata hai aur future short hota hai. Futures sasta ho, toh reverse cash-and-carry hota hai. Short sale par rok ho, toh yeh arbitrage ho hi nahi sakta. Calendar spread mein 2 expiries ke beech ka rishta badalne par fayda ya nuksaan hota hai.

DHYAN

Poori tasveer dekhiye

Pehli: sirf hedge wali taang ko dekhna. Rupaya kamzor ho toh exporter ka hedge nuksaan mein ja sakta hai. Par tab use dollar ke zyada rupaye mil rahe hote hain. Nateeja dono ko milakar dekhiye.

Doosri: beta se pehle round kar dena. Pehle beta-adjusted exposure nikaliye, phir contracts giniye.

Teesri: spread ki sirf ek taang ginna. Calendar spread mein long aur short, dono taang ka badlav jodiye. Currency hedge bhi basis ki wajah se poora offset nahi deta.

Unit 5: options, haq se Greeks tak
Futures mein dono taraf zimmedari hai. Option mein buyer ke paas haq hai. Agla unit isi farak par hai.

Introduction to Options – Options on Equities and Currencies

Unit 5: options, haq se Greeks tak.

Yeh unit equity aur currency options kholta hai. Call, put, premium, writer, exercise style aur moneyness yahin aate hain. Phir intrinsic value, time value, break-even aur nafa-nuksaan ka hisaab. Saath mein delta, gamma, theta, volatility ka asar aur binomial model ka chhota hisaab bhi hai.

Call buyer ke paas kharidne ka haq hai, put buyer ke paas bechne ka.
Writer premium paata hai aur zimmedari uthaata hai.
Option buyer ka sabse bada nuksaan uska premium hai.
Premium mein intrinsic value aur time value, dono hote hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Haq, premium aur Greeks

Option buyer premium deta hai aur haq paata hai. Writer ko premium milta hai, par exercise hone par use nibhana padta hai. American-style option expiry se pehle bhi exercise ho sakta hai. Call tab at the money hai jab underlying lagbhag strike ke barabar ho. Out of the money call ka bhi premium ho sakta hai, jo poora time value hai.

Call ka break-even strike plus premium hai. Put ka break-even strike minus premium. Delta underlying ki chhoti chaal par option ke daam ka badlav naapta hai. Gamma delta ke badlav ki raftaar hai. Theta samay beetne ka asar hai. Implied volatility badhe toh standard options ka mol aam taur par badhta hai. Binomial model mein payoffs ko risk-neutral probability se tola jaata hai.

Moneyness Strike spot ke kis taraf hai, aur us naam ka matlab kya hai.
Breakeven Kis daam par nafa aur nuksaan barabar ho jaate hain.
Delta Underlying thoda hile toh option ka daam kitna hilta hai. Ek maap, forecast nahi.

DHYAN

3 jagah jahan galti hoti hai

Pehli: payoff ko profit samajhna. Expiry ka payoff nikaliye, phir premium ghataiye. Badi chaal mein bhi premium ghatana zaroori hai.

Doosri: put par call ka niyam lagana. Put ka intrinsic value strike minus spot hai, ulta nahi. Short put mein premium milne ke baad bhi nuksaan ho sakta hai.

Teesri: delta ko pakka forecast samajhna. Delta sirf chhoti chaal ka andaaza hai. Badi chaal mein gamma delta ko badal deta hai. Binomial model mein apni manmani probability mat lagaiye.

Unit 6: options se strategies
Ek ek option samajh aa gaya. Agla unit dikhata hai ki options ko jod kar strategies kaise banti hain.

Option Trading Strategies – Strategies using Equity Options and Currency options

Unit 6: options se strategies.

Yeh chhota unit options ko jodna sikhata hai. Long straddle, protective put, collar aur bull call spread yahin aate hain. Har strategy mein dekhna hota hai ki kaunsa option khareeda gaya aur kaunsa becha gaya. Phir payoff aur net premium jod kar nateeja nikalta hai.

Long straddle ek hi strike aur expiry par call aur put, dono khareedta hai.
Protective put mein underlying ke saath put khareeda jaata hai.
Collar mein put khareeda jaata hai aur call becha jaata hai.
Bull call spread ka fayda ek hadd par ruk jaata hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Options ka mel

Long straddle dono disha ki badi chaal ke liye hai. Strangle mein strikes alag hote hain. Protective put share rakhne wale ko girte daam se bachata hai, premium ki keemat par. Collar mein becha gaya call us bachaav ka kuch kharcha nikalta hai, par upar ka fayda seemit karta hai.

Bull call spread mein neeche strike ka call khareeda aur upar strike ka call becha jaata hai. Dono taang ka payoff jodiye. Phir net premium, yaani diya minus mila, ghataiye. Nateeja ek seemit fayda aur seemit nuksaan hai.

DHYAN

3 aam galtiyaan

Pehli: straddle aur strangle ko ek samajhna. Straddle ek hi strike par hai. Strangle alag strikes par.

Doosri: protective put ko becha hua put samajhna. Bachaav ke liye put khareedna hota hai. Becha hua put ulta zimmedari ban jaata hai.

Teesri: spread mein sirf payoff dekhna. Net premium ghataye bina nateeja adhoora hai.

Unit 7: trading, clearing, settlement aur risk
Strategy ke baad order ki baari aati hai. Agla unit dikhata hai ki order se settlement tak kya hota hai.

Introduction to Trading, Clearing, Settlement & Risk Management

Unit 7: trading, clearing, settlement aur risk.

Yeh unit order se settlement tak ka raasta dikhata hai. Market, limit, stop aur IOC orders, aur price-time priority yahin aate hain. Phir clearing corporation, initial margin, roz ka MTM, open interest aur SPAN margin. Saath mein stock split par contract ka adjustment aur cash ya physical settlement bhi hai.

Market order execution ko priority deta hai, daam ki guarantee nahi.
Naya buyer aur naya seller milein, toh open interest 1 contract badhta hai.
MTM ka nuksaan collateral se katta hai.
Stock split ke baad strike aur quantity, dono badal sakte hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Order se settlement tak

Buy limit sabse ooncha daam hai jo trader dega. Usse sasta mile toh bhi chalega. IOC order mein jitna turant mile utna bharta hai, baaki cancel. Barabar daam par pehle aaya order aage rehta hai. Stop order ka trigger order ko chalu karta hai, fill ka daam tay nahi karta.

Clearing corporation trades ki zimmedariyaan aur settlement ka jokhim sambhalta hai. Initial margin sambhavit nuksaan ke saamne collateral hai. Roz ka MTM settlement daam ke badlav ko quantity se guna karta hai. SPAN margin tay scenarios mein portfolio ke sambhavit nuksaan ko aankta hai. Client ke margin records alag rakhe jaate hain. Cash settlement mein sirf farak chukaya jaata hai, physical mein asli delivery hoti hai.

DHYAN

Ginti aur sign ke jaal

Pehli: open interest ko volume samajhna. Ek contract ke long aur short ko 2 baar mat giniye. Dono taraf position band ho, toh open interest 1 ghatta hai.

Doosri: MTM ka sign bhoolna. Kai din ka MTM sign ke saath jodiye. Margin call ki rakam poora nuksaan nahi, balki requirement aur bache collateral ka farak hai.

Teesri: split ke baad sirf strike badalna. Value-neutral adjustment mein strike aur quantity, dono badalte hain. Kai daam par bhare order ka ausat quantity se weight karke nikaliye.

Open interest Kitni position abhi khuli hai, aur woh volume se alag kaise hai.

Unit 8: kanoon aur regulators
Trading ka raasta samajh aa gaya. Ab dekhna hai ki is bazaar par kaunse kanoon aur regulator lagte hain.

Legal and Regulatory Environment

Unit 8: kanoon aur regulators.

Is unit mein derivatives ka kanooni dhaancha hai. SEBI securities market ka regulator hai. SCRA securities contracts ko regulate karta hai, aur FEMA foreign exchange ko. RBI government securities aur currency mein badi bhoomika rakhta hai. Saath mein L. C. Gupta aur J. R. Varma committees, position limits aur reporting aate hain.

SEBI securities market ke derivatives segment ko regulate karta hai.
Securities Contracts (Regulation) Act, 1956 securities contracts ka kanoon hai.
Foreign Exchange Management Act, 1999 foreign exchange ka kanoon hai.
Currency derivatives par RBI aur SEBI, dono ke niyam lagte hain.

Is unit ke sawaal kholo

IS UNIT MEIN

Kaun kya regulate karta hai

SEBI securities market aur uske derivatives segment ko regulate karta hai. Tax ka kaam alag hai. FIMMDA fixed income, money market aur derivatives ke market practices mein madad karta hai. L. C. Gupta Committee ne India mein derivatives laane ka dhaancha dekha. J. R. Varma Committee risk management aur margin se judi hai.

Listed currency derivatives mein RBI ka foreign exchange ka kaam aur SEBI ka exchange ka kaam milte hain. Isliye dono ka taalmel zaroori hai. Position limits ek jagah bahut zyada jokhim jama hone se rokti hain. Regulator ko sahi reporting deni hoti hai, hedge ho tab bhi.

DHYAN

Ijaazat alag se jaanchiye

Pehli: andar ki manzoori ko regulator ki ijaazat samajhna. Firm ki risk limits poori hon, phir bhi exchange membership aur segment ki eligibility alag se jaanchni hoti hai.

Doosri: purani limit par bharosa karna. Non-resident jaise participant ko RBI aur exchange ki maujooda shartein dekhni hoti hain.

Teesri: margin ko taal dena. Volatile din mein exposure badhe, toh clearing member ko collateral dena hota hai ya position ghatani hoti hai. Daam palat sakta hai, yeh soch kar margin nahi rukta.

Unit 9: fair value aur tax
Niyam ke baad hisaab-kitaab aata hai. Agla unit batata hai ki khule contract ka mol kaise naapa jaata hai, aur tax mein unhe kaise dekha jaata hai.

Accounting and Taxation of Derivatives

Unit 9: fair value aur tax.

Yeh chhota unit 2 cheezein sikhata hai. Pehli, khule derivative ko reporting ki tareekh par fair value par naapa jaata hai. Doosri, Income-tax Act, 2025 mein yogya exchange derivative transactions speculative nahi maane jaate. Saath mein unrealized gain aur MTM ka chhota hisaab bhi hai.

Khule contract ko shuru ke daam par roka nahi jaata.
Unrealized gain band hone se pehle ka badhaav hai.
Non-speculative ka matlab tax-free nahi hai.
Time-stamp wala contract note tax ki sharton ke liye zaroori hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Kitaab aur tax

Fair value ek khule derivative ka reporting ki tareekh par andaazan mol hai. Use shuru ke daam par roka nahi jaata. Mol 10 se 14 ho jaaye, toh 4 ka unrealized gain hai. Long futures mein settlement daam gire, toh reporting ki tareekh par nuksaan dikhta hai.

Income-tax Act, 2025 ka section 66(31), section 66(33) ke saath, yogya derivative transactions ko speculative se bahar rakhta hai. Iske liye time-stamp wala contract note chahiye, jisme client ki zaroori jaankari ho.

DHYAN

3 bharam

Pehli: notional ko gain samajhna. Hisaab sirf daam ke badlav ka hai, contract ki poori keemat ka nahi.

Doosri: non-speculative ko tax-free samajhna. Yeh sirf classification hai. Tax phir bhi lagta hai.

Teesri: profit ka screenshot saboot maan lena. Zaroori record time-stamp wala contract note hai.

Unit 10: sales ka tareeka aur investor ki suraksha
Aakhri unit vyavhaar par hai. Client ko derivatives kaise samjhaye jaayein, aur shikayat kahan jaaye.

Sales Practices, Code of Conduct and Investor Protection Measures

Unit 10: sales ka tareeka aur investor ki suraksha.

Aakhri unit client ke saath vyavhaar par hai. KYC client ki pehchaan jaanchta hai. Leveraged derivatives samjhane se pehle client ki financial kshamata, anubhav aur jokhim sehne ki taakat dekhi jaati hai. Shikayat pehle intermediary ke paas jaati hai, phir SCORES, aur zaroorat ho toh arbitration.

KYC poora hone se derivative jokhim se mukt nahi hota.
Option writing ko bina jokhim ki kamai batana galat hai.
Shikayat pehle intermediary ke paas jaati hai.
Arbitration vivaad suljhaata hai, bazaar ki disha nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Sahi bikri, saaf shikayat

KYC client ki pehchaan aur zaroori jaankari ko tay karta aur jaanchta hai. Kam jaankari aur kam bachat wale client ke liye pehle risk profiling hoti hai. Usme uski financial kshamata, anubhav aur jokhim sehne ki taakat dekhi jaati hai. Option writing samjhate waqt premium ke saath bade nuksaan aur margin ki maang bhi batani hoti hai.

Shikayat ka pehla kadam intermediary ka apna grievance raasta hai. Baat na bane toh SEBI ka SCORES. Trade instruction ke khilaaf hua ho aur jawab se baat na suljhe, toh exchange ka dispute resolution ya arbitration ka raasta hai.

DHYAN

Sach poora batana

Pehli: initial margin ko nuksaan ki hadd batana. Leveraged derivatives mein nuksaan margin se kahin zyada ho sakta hai.

Doosri: premium ko pakki kamai batana. Writer ko premium milta hai, par saath mein zimmedari aur bada nuksaan bhi aa sakta hai.

Teesri: order screen ko shikayat ka raasta samajhna. Shikayat ka apna kram hai: intermediary, phir SCORES, phir arbitration.

Poore Series XIII paper ki practice
Saare units ho gaye. Ab sab units ke mile-jule sawaal dikhate hain ki kaunsa unit abhi kachcha hai.

Is syllabus par khud ko test karo

Iski marking upar diye pass mark aur negative marking se hoti hai.

PADHAI KA RASTA

Ek unit, phir uske sawaal

Yeh lamba paper hai, 3 ghante ka. Hisaab wale sawaal kaafi hain, jaise hedge ke contracts, futures ka daam aur option ka break-even. Inhe ek ek unit karke practise karna aasaan rehta hai, kyunki tab pata chalta hai ki galti kis hisse mein ho rahi hai.

Yeh pages NISM ki official workbook ki jagah nahi lete. Woh padhna hi padega. Yeh sirf yeh dekhne ka tareeka hai ki padha hua kitna yaad hai, aur kahan dobara padhna hai.

Series XIII ke 150 practice questions

Ek-ek karke answer do aur turant wajah padho. Ya is paper jaisa timed set do: galat answer par 0.25 marks katte hain, pass ke liye 60%.

Practice shuru karo →

NISM Series XIII mock test

50 sawaal ke 3 fixed paper. Ghadi is exam ki raftaar se chalti hai, aur pass mark aur negative marking iske apne hain. Submit karte hi score aur har jawab ki wajah khulti hai.

Mock test do →

Har series ka practice set

Baaki certifications ke sawaal bhi hain. Har ek apne pass mark aur marking rule se check hota hai.

Har series dekho →

Kaunsa NISM exam aap par laagu hota hai

Kaunsi series aapke kaam ki hai, aur har series ke lessons aur tools.

Certification hub kholo →

Is site ki baaki certifications

Sources aur review date. Upar ke sawaalon ki ginti, kul marks, samay, pass mark, negative marking aur certificate validity NISM ke apne pages se hain, jo NISM-Series-XIII: Common Derivatives Certification Examination ke liye 17 October 2026 ko padhe gaye. Har sawaal ke marks, pass ke marks aur galat answer par katne wale marks inhi figures se nikaale gaye hain. Is exam ke har unit ke published marks nahi mile, isliye yahan nahi diye. Doosri weightage tables andaaze hain. Unit headings in practice sawaalon ke kram mein hain. Inhe NISM ki published unit list se milaa kar dekho.

NISM Series XIII: aksar poochhe sawaal

NISM Series XIII exam mein kitne sawaal hote hain?

NISM-Series-XIII: Common Derivatives Certification Examination mein 150 sawaal hote hain, kul 150 marks. Inhe 180 minute (3 ghante) mein karna hota hai.

NISM Series XIII mein pass hone ke liye kitne marks chahiye?

60%. 150 marks ke paper par iska matlab 90 marks hai, galat answers par negative marking lagne ke baad. Yeh NISM ke is exam ke apne page se 17 October 2026 ko milaaya gaya.

Kya NISM Series XIII mein negative marking hai?

Haan. Galat answer par sawaal ke 25% marks katte hain. Yahan har sawaal 1 mark ka hai, isliye galat answer par 0.25 marks katte hain. Khaali sawaal par na kuch milta hai, na katta hai. Isliye galat answer aur khaali sawaal ek jaise nahi hain.

NISM Series XIII ka certificate kitne saal valid rehta hai?

Exam ki date se 3 saal. NISM apne certifications ke liye Continuing Professional Education programme bhi chalata hai. Certificate expire hone se pehle nism.ac.in par revalidation ka aaj ka tareeka dekho.

Kya is page ke practice questions NISM Series XIII exam se liye gaye hain?

Nahi. LearnNifty ne yeh saare 150 sawaal is certification ke public NISM syllabus se likhe hain. NISM apna question bank publish nahi karta. Yeh sawaal syllabus ki practice karaate hain. Paper mein kya aayega, yeh nahi bata sakte.

NISM Series XIII ke syllabus mein kya aata hai?

Is certification ke humare practice questions 10 topics mein baante gaye hain: Basics of Derivatives (Equity, Currency and Interest Rate), Introduction to the Underlying Markets, Introduction to Forwards and Futures, Strategies Using Futures, Introduction to Options – Options on Equities and Currencies, Option Trading Strategies – Strategies using Equity Options and Currency options, Introduction to Trading, Clearing, Settlement & Risk Management, Legal and Regulatory Environment, Accounting and Taxation of Derivatives, Sales Practices, Code of Conduct and Investor Protection Measures. Practice set isi dhaanche par chalta hai. NISM is exam ka apna curriculum aur test objectives nism.ac.in par publish karta hai. Aapke exam ke liye jo workbook current hai, sirf wahi exam ka material hai.

LearnNifty ko NISM Series XIII exam ki yeh figures kahan se milti hain?

Sawaalon ki ginti, samay, pass mark, negative marking aur certificate validity NISM ke exam pages se hain, jo aakhri baar 17 October 2026 ko padhe gaye. Yahan ka quiz bhi inhi figures se marks deta hai. NISM inhe kabhi kabhi badalta hai, isliye register karne se pehle nism.ac.in par confirm karo.

Iske baad yeh karo

Upar ke figures se check hone wala Series XIII paper do

Published syllabus par likhe Series XIII sawaal, isi paper ke niyamon se check — pass ke liye 60%, galat answer par 0.25 marks katte hain. Practice mode har option samjhata hai. Timed practice submit tak answers chhupati hai.

Series XIII practice questions kholo

Paper Trading Practice trading desk par try karo