Series XVI Commodity Derivatives exam: dhaancha aur padhai ka rasta.

Poori series ke sawaal kholo

KAISE PADHEIN

Unit ke kram mein, hisaab ke saath

Pehla unit spot, forward aur futures ka farak sikhata hai. Doosre aur teesre unit mein futures aur options ka hisaab hai. Inke bina aage ke units ke sawaal adhoore samajh aate hain.

NISM ki chhapi weightage mein futures, options, upyog aur clearing wale units sabse bhaari hain. Ek unit padhne ke baad usi ke sawaal kijiye. Har galat answer ke baad ek line likhiye: galti vichaar mein thi ya hisaab mein.

Unit 1: commodity bazaar ki buniyaad
Spot, forward aur futures ka farak pehle baithna chahiye. Baaki saare units isi par khade hain.

Unit 1: commodity bazaar ki buniyaad.

Yeh unit commodity bazaar ki buniyaad hai. Spot, forward aur futures ka farak, aur daam ko hilaane wali cheezein yahin aati hain. Commodity ek asli cheez hai. Isliye grade, storage, quality ki jaanch aur jagah ka farak bhi maayne rakhte hain.

• Aage ki delivery ka har sauda exchange ka future nahi hota.
• Ek hi futures position hedge bhi ho sakti hai aur speculation bhi.
• 2 jagah ka daam-farak tabhi kaam ka hai jab woh transport kharche se bada ho.
• Futures ka daam ek benchmark hai, aage ke spot daam ka vaada nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Asli cheez ka bazaar

Spot sauda lagbhag turant ki delivery ka hai. Forward 2 pakshon ke beech aage ki delivery ka tay sauda hai. Futures wahi vaada hai, par exchange ki standard shartein par. Hedge ka matlab hai pehle se maujood jokhim ko ghatana. Commodities energy, base metal, precious metal aur agri jaise samoohon mein bati hain. Ek hi exchange commodity aur doosre securities segments, dono chala sakta hai.

Commodity share jaisi nahi hai. Use rakhna, sambhalna aur uski quality bachaana padta hai. Exchange par delivery tabhi chalti hai jab maal contract ki quality par khara utre. Quality ki jaanch assayer karta hai, warehouse nahi. Unit supply aur maang, currency ka asar aur stock ka hisaab bhi sikhata hai.

DHYAN

3 aam galtiyaan

Pehli: hedge aur speculation ko instrument se pehchanna. Jiske paas koi physical jokhim nahi, uska futures long speculation hai. Use hedge kehne se jokhim nahi ghatta.

Doosri: price hedge ko fasal ka bima samajhna. Fasal ghati aur hedge utna hi raha, toh hedge asli maal se bada ho gaya. Quantity badle toh hedge dobara jaanchna hota hai.

Teesri: har daam ke farak ko arbitrage kehna. Farak transport aur handling ke kharche se chhota ho, toh sauda ghaate ka hai.

Unit do: commodity futures ka hisaab
Bazaar ki buniyaad ke baad ek product ko andar se dekhna hai. Futures ka lot, tick, MTM aur carry ka daam agle unit mein hai.

Unit do: commodity futures ka hisaab.

Is unit mein commodity future andar se khulta hai. Lot, tick, notional, roz ka MTM aur nafa-nuksaan ka hisaab yahin hai. Phir cost of carry aata hai. Usme financing, storage aur convenience yield milkar futures ka model daam banate hain.

• Pehle lot ko quote ki unit mein badliye, phir guna kijiye.
• Kal se chali aa rahi position ka aaj ka MTM kal ke settlement daam se shuru hota hai.
• Margin par return aur notional par return alag cheezein hain.
• Convenience yield maal paas hone ka fayda hai, koi cash payment nahi.

Is unit ke sawaal kholo

IS UNIT MEIN

Contract ka hisaab aur carry ka daam

Notional quote ka daam guna lot ki quantity hai. Yeh exposure hai, margin nahi. Tick ka mol tick size guna lot mein quote ki units hai. Daam quintal mein ho aur lot tonne mein, toh pehle unit badalni hoti hai. Har din position ko settlement daam par tola jaata hai. Ise MTM kehte hain.

Model daam carry se banta hai. Aaj ke spot mein financing aur storage judte hain, aur convenience yield ghatti hai. Storage kab chukaya gaya, isse uske byaaj ka hisaab badalta hai. Convenience yield in kharchon se zyada ho, toh model mein future spot se neeche aata hai. Ise backwardation kehte hain.

DHYAN

Hisaab ke chhote jaal

Pehli: kal ka settled gain dobara ginna. MTM roz settle hota hai. Aaj sirf aaj ka badlav aata hai.

Doosri: margin ko nuksaan ki hadd samajhna. Future ek zimmedari hai. Margin dene se position chhod dene ka haq nahi milta, jaisa call kharidne par milta hai.

Teesri: roll ko expiry badhana samajhna. Roll mein ek contract band hota hai aur doosra khulta hai. Naya daam, spread aur kharcha saath aate hain.

Unit 3: commodity options, haq se exercise tak
Future mein dono taraf zimmedari hai. Option mein kharidne wale ke paas haq hai. Agla unit isi farak par hai.

Unit 3: commodity options, haq se exercise tak.

Yeh unit commodity options kholta hai. Call, put, strike, premium, moneyness aur Greeks yahin aate hain. Ek khaas baat bhi hai: option ka underlying goods ho sakta hai ya futures contract. Futures par bane option ka exercise ek nayi futures position banata hai.

• Call lene ka haq hai, put dene ka. Writer par zimmedari hai.
• In the money hona nafa hona nahi hai. Break-even mein premium judta hai.
• Long put ke exercise se strike par short futures position banti hai.
• Short position mein Greek ka sign ulat jaata hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Haq, premium aur exercise ke baad

Option kharidne wala premium deta hai aur haq paata hai. Premium ke 2 hisse hain: intrinsic value aur time value. Moneyness sirf intrinsic value dekhti hai, premium nahi. Strike aur futures daam barabar hon, tab bhi time value se premium ho sakta hai. European option sirf expiry par exercise hota hai, par use pehle becha ja sakta hai.

Futures option ke exercise par futures position banti hai. Long call se long futures, long put se short futures, dono strike par. Jis writer par exercise aaye, use ulti position milti hai. Ise assignment kehte hain. Phir Greeks aate hain: delta, gamma, vega, theta aur rho. Inki unit aur sign sawaal se lijiye.

DHYAN

3 jagah jahan sign ulat jaata hai

Pehli: break-even mein premium bhoolna. Call ka break-even strike plus premium hai. Option in the money khatm ho, phir bhi buyer ghaate mein reh sakta hai.

Doosri: short put ka delta. Long put ka delta minus hota hai. Put short kiya, toh delta ka sign ulat jaata hai.

Teesri: assignment ke baad ki zimmedari bhoolna. Writer ko premium mila. Par assignment ke baad use futures position aur uska margin bhi sambhalna hota hai.

Unit 4: commodity indices kaise bante hain
Ek ek commodity ke contracts samajh aa gaye. Agla unit dikhata hai ki kai commodities ko ek number mein kaise joda jaata hai.

Unit 4: commodity indices kaise bante hain.

Yeh unit commodity index samjhata hai, khaas kar futures par bane index. Inme har future ka ek weight hota hai. Futures expire hote hain, isliye index unhe roll karta hai. Saath mein S&P GSCI aur MCX BULLDEX jaise naam aur index futures ka hisaab aata hai.

• Futures par bana commodity index un futures ko dikhata hai, commodity companies ke shares ko nahi.
• Index ka return weights se banta hai, naamon ki ginti se nahi.
• Futures expire hote hain, isliye index ko roll ka tareeka chahiye.
• S&P GSCI ke total return mein committed paise par byaaj bhi judta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Ek number mein kai commodities

Index ka matlab uske constituents, yaani hisson, se samjha jaata hai. Constituents futures hon, toh index unhi futures ka chalna dikhata hai. Return har constituent ke return ko uske weight se guna karke banta hai. S&P GSCI production-weighted benchmark hai. MCX BULLDEX gold aur silver futures par bana hai.

Index ko roll ka ek chhapa hua tareeka chahiye, kyunki uske futures expire hote hain. Composition badle toh divisor badla jaata hai, taaki index mein banawati uchaal na aaye. Excess return aur total return alag series hain. Index future ka nafa-nuksaan points, multiplier aur contracts se banta hai.

DHYAN

Naam par mat jaaiye

Pehli: commodity index ko companies ke shares ka index samajhna. BULLDEX gold aur silver futures par hai, mining companies par nahi.

Doosri: broad index ko ek commodity ka pakka hedge maan lena. Sirf copper lene wale ke liye base metal index alag chal sakta hai.

Teesri: futures index ke return ko spot ke return se seedha milana. Roll aur return ka tareeka farak laate hain. Galti maanne se pehle methodology milaiye.

Unit 5: hedge, basis aur strategies
Contracts aur indices samajh aa gaye. Agla unit dikhata hai ki hedger aur trader inka istemaal kaise karte hain.

Unit 5: hedge, basis aur strategies.

Yeh unit derivatives ko kaam mein lagana sikhata hai. Short hedge, long hedge, basis, roll, arbitrage, spreads aur option strategies yahin hain. Har sawaal mein pehle dekhna hota hai ki maal kaun bechega aur kaun lega. Phir physical aur futures ka nateeja joda jaata hai.

• Maal bechne wala short hedge karta hai, aage lene wala long hedge.
• Poore hedge ka asli daam shuru ke futures daam aur closing basis se banta hai.
• Processor input par long aur output par short hedge karta hai.
• Collar ka becha gaya option ek zimmedari hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Hedge ka hisaab aur strategies

Jiske paas maal hai, use daam girne ka dar hai. Woh futures short karta hai. Jise aage maal lena hai, woh long karta hai. Nateeja physical sauda aur futures milakar dekha jaata hai. Basis yahan spot minus futures hai. Poore hedge mein asli daam shuru ka futures daam plus closing basis hota hai.

Isi unit mein partial hedge, roll kiya hua hedge aur cash-and-carry arbitrage aate hain. Options ki shakalein bhi hain: protective put, covered call, spreads, straddle, strangle aur collar. Har ek ka break-even aur sabse bada nafa-nuksaan poochha jaata hai. Processor apna processing margin bachane ke liye input aur output, dono ka hedge karta hai.

DHYAN

Basis ka sign aur hedge ki hadd

Pehli: basis ko bina paribhasha ke padhna. Basis spot minus futures ho, toh basis ka kam negative hona uska majboot hona hai. Yeh short hedger ke fayde mein jaata hai.

Doosri: barabar quantity ko poora hedge maan lena. Grade alag ho toh uska premium alag chal sakta hai. 2 alag commodities ka spread bhi bigad sakta hai.

Teesri: becha gaya option bhoolna. Covered call upside ko seemit karta hai. Kharidne wale ke collar mein becha gaya put daam girne par zimmedari ban jaata hai.

Unit 6: order se trade tak
Strategy ke baad order ki baari aati hai. Agla unit dikhata hai ki order exchange tak kaise pahunchta hai.

Unit 6: order se trade tak.

Yeh unit order se trade tak ka raasta dikhata hai. Client registered broker ke zariye exchange tak pahunchta hai. Order book orders ko kram deta hai, aur order types ki apni shartein hain. Kuch checks order ko pehle hi rok dete hain.

• Exchange tak pahunchne ke liye registered broker ke paas account chahiye.
• Pehle behtar daam, phir pehle aaya order.
• Order accept hona aur trade hona 2 alag baatein hain.
• Order bhejne se pehle contract ka expiry mahina bhi jaanchiye.

Is unit ke sawaal kholo

IS UNIT MEIN

Order ka safar

Client exchange ka member nahi banta. Woh registered broker ke paas account kholta hai. KYC aur risk documents bhi poore karta hai. Order book pehle daam dekhta hai, phir samay. IOC mein jitna turant match ho, utna trade hota hai, baaki cancel. Price band aur funds check paar karke bhi, trade ke liye saamne wala chahiye.

Kharche alag aadhar par lagte hain: per order, per contract, ya har side par. Last traded price pichhla sauda hai. Turant sauda karne wala buyer ask ka daam deta hai. Achhe deliverable contract ka grade standard hota hai. Uski quality jaanchi ja sakti hai, aur deliver karne laayak maal kaafi hota hai.

DHYAN

3 bharam

Pehli: cancel ko undo samajhna. Cancel sirf bacha hua hissa hatata hai. Jo lots fill ho chuke, woh position ban chuke hain.

Doosri: stop trigger ko pakka exit samajhna. Trigger sirf order ko chalu karta hai. Bid limit se bura ho, toh fill nahi hota.

Teesri: badhte open interest ko tezi ka signal maan lena. Har contract ka ek long aur ek short hota hai. Open interest kisi ka iraada nahi batata.

Unit 7: clearing, settlement aur delivery
Trade ban gaya. Ab dekhna hai ki paisa aur maal kaise settle hote hain, aur jokhim kaun sambhalta hai.

Unit 7: clearing, settlement aur delivery.

Trade ke baad ka poora hissa yahan hai. Clearing corporation novation se beech mein aata hai. Margin, MTM, collateral ka haircut, position limits aur settlement guarantee fund yahin aate hain. Commodity mein ek hissa aur hai: physical delivery, warehouse receipt aur maal ki quality.

• Compulsory delivery wala contract expiry tak khula rahe, toh maal ka len-den hota hai.
• Sahi quantity se galat quality theek nahi hoti.
• Margin nuksaan ki hadd nahi hai.
• Penalty ka niyam delivery ki jagah cash dene ka haq nahi deta.

Is unit ke sawaal kholo

IS UNIT MEIN

Paisa, maal aur suraksha

Novation ke baad clearing corporation dono pakshon ke beech aa jaata hai. Clearing member ka pay-in tay samay par dena hota hai. Client ka paisa der se aaye, tab bhi. 2 alag clients ki positions sirf ek broker ke paas hone se net nahi hoti. Collateral ka mol haircut, yaani katauti, ke baad gina jaata hai. Expiry paas aaye toh delivery margin bhi jud sakta hai.

Physical delivery mein maal ko quality, quantity aur saaf title, in 3 par khara utarna hota hai. Pledge wali warehouse receipt pehle release karni hoti hai. Repository electronic receipts ka record rakhti hai, maal nahi. Delivery invoice aakhri daam par banta hai. Pehle mila MTM ek alag cash flow hai.

DHYAN

3 bade bharam

Pehli: har contract ko cash settlement wala maan lena. Compulsory delivery mein short ko conforming maal aur delivery ka intezaam karna hota hai. Default ki penalty koi doosra raasta nahi hai.

Doosri: settlement guarantee fund ko nuksaan ka bima samajhna. Woh default ke resources ka hissa hai. Sahi tarah hua trade ghaate mein jaaye, toh woh bazaar ka nuksaan hai.

Teesri: limits ko alag alag jaanchna. Trade ke baad har limit ke andar rehna zaroori hai. Isliye sabse kam bachi hui jagah hi asli seema hai.

Unit 8: accounting aur kharchon ka hisaab
Settlement ke baad hisaab-kitaab aata hai. Agla unit batata hai ki yeh contracts kitaabon mein kaise likhe jaate hain. Kharchon par tax kaise judta hai, woh bhi wahin hai.

Unit 8: accounting aur kharchon ka hisaab.

Is unit mein 2 cheezein hain. Pehli, Ind AS 109 mein derivatives kitaabon mein kaise darj hote hain. Saath mein hedge accounting kab milti hai. Doosri, transaction levy aur GST jaise kharche kis aadhar par gine jaate hain.

• Kharida gaya option shuru mein apne fair value par darj hota hai, notional par nahi.
• Hedge accounting ke liye shuru mein formal designation aur documentation chahiye.
• Liability ghate toh gain hai, asset ghate toh loss.
• Har charge apne aadhar par lagta hai. Ghaate ke saude par bhi charge lag sakta hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Kitaab aur kharche

Ind AS 109 mein derivative fair value par darj hota hai. Kharida gaya option shuru mein apne fair value par asset banta hai, poore notional par nahi. Fair value through profit or loss mein har period ka badlav nafe-nuksaan mein jaata hai. Hedge accounting apne aap nahi milti. Shuru mein formal designation, documentation aur baaki shartein chahiye.

Cash flow hedge mein effective hissa reserve mein jaata hai, baaki profit or loss mein. Hedge wali kharid se inventory bane, toh reserve ki rakam uski cost mein shaamil hoti hai. Kharchon ke sawaal mein har charge apne aadhar par gina jaata hai. Tax bhi sirf apne bataye gaye base par lagta hai.

DHYAN

Sign ka khel

Pehli: liability par asset wala sign lagana. Written option ki liability ghate, toh woh gain hai, loss nahi.

Doosri: hedge ke iraade ko hedge accounting samajhna. Management ke kehne se kuch nahi hota. Qualifying criteria poore hone chahiye.

Teesri: ghaate wale saude ko har charge se mukt maan lena. Saude ke mol par lagne wala charge nafe ya nuksaan se nahi badalta.

Unit 9: kanoon, regulator aur position limits
Hisaab ke baad niyam aate hain. Agla unit batata hai ki regulator kaun hai aur position limits kaise lagti hain.

Unit 9: kanoon, regulator aur position limits.

Is unit mein commodity derivatives ka kanooni dhaancha hai. SEBI is bazaar ka regulator hai, aur SCRA batata hai ki commodity derivative kya hai. Phir SEBI ke position limit ke niyam aate hain. Inme commodities ki categories, client limits aur limit todne par penalty hai.

• Exchange par commodity derivatives ka regulator SEBI hai.
• Cash-settled contract bhi commodity derivative hai, agar uska paisa commodity ke daam se tay ho.
• Penalty dene se limit todna sahi nahi ho jaata.
• Exchange par trading se maal ke apne kanoon khatam nahi hote.

Is unit ke sawaal kholo

IS UNIT MEIN

Regulator, paribhasha aur limits

SEBI exchange par chalne wale commodity derivatives ka regulator hai. Warehouse, food standards aur testing ke kaam alag hain. SCRA ke hisaab se derivative ke liye maal ka haath badalna zaroori nahi. Contract ka paisa commodity ke daam se tay ho, toh usme derivative exposure hai.

Agri commodities sensitive, narrow aur broad categories mein bati hain. SEBI ke 9 September 2026 ke badlaav ke baad, broad hone ke liye 2 baatein chahiye. Commodity sensitive na ho, aur quantity ya value ki ek shart poori kare. Har category ki client limit alag hai. Limit tootne par member par penalty lagti hai. Position ko agle trading din tak limit ke andar laana hota hai.

DHYAN

Niyam ko poora padhiye

Pehli: 'ya' ko 'aur' padh lena. SEBI ke 9 September 2026 ke badlaav ke baad, broad category mein quantity ya value, koi ek shart kaafi hai. Dono zaroori nahi.

Doosri: penalty ko ijaazat samajhna. Penalty saza hai. Position phir bhi limit ke andar laani hoti hai. Violation chalta rahe, toh exchange zyada wala hissa square off kar sakta hai.

Teesri: category ka headline percentage seedha laga dena. Jo commodity sirf paribhasha badalne se category badle, uska apna transition niyam hai.

Unit 10: aacharan aur investor ki suraksha
Niyam ke baad aakhri hissa vyavhaar ka hai. Broker client ke saath kaise pesh aaye, aur client ki shikayat kahan jaaye.

Unit 10: aacharan aur investor ki suraksha.

Aakhri unit broker ke vyavhaar aur client ki suraksha par hai. Sirf brokerage ke liye trade karwana aur bina ijaazat client ki jaankari dena manaa hai. Conflict batane ke baad bhi use imaandaari se sambhalna hota hai. Client ki taraf se risk disclosure, trade ki jaanch aur shikayat ka raasta aata hai.

• Brokerage ke liye client se baar baar trade karwana galat hai.
• Client ke aane wale order ki jaankari gopniya rehti hai.
• Shikayat pehle intermediary ke paas, records ke saath.
• Staff ko us product ki training honi chahiye jo woh samjhata hai.

Is unit ke sawaal kholo

IS UNIT MEIN

Broker ka vyavhaar, client ki suraksha

Niyam ke hisaab se broker client ko sirf brokerage ke liye trade par na uksaaye. Bina ijaazat client ke order ki jaankari kisi aur ko na de. Apna conflict bataye, aur phir bhi use theek se sambhale. Client ko samjhane wale staff ko us product ki training aur samajh honi chahiye.

Client ki taraf se 3 kaam hain. Risk disclosure document padhna. Trade alert ko contract note, client code aur apne orders se milana. Aur shikayat pehle intermediary ke paas, records ke saath, le jaana. Baat na bane toh SCORES jaise raaste se aage badhna.

DHYAN

Kaagaz se suraksha nahi aati

Pehli: disclosure ko ijaazat samajhna. Conflict bata diya, phir bhi client ka order jaanbujh kar rokna galat hai.

Doosri: risk disclosure par sign ko bima samajhna. Sign se futures ka nuksaan ya delivery ki zimmedari nahi badalti.

Teesri: nafe wale anjaane trade ko sahi maan lena. Use records se jaanchiye aur broker ke tay raaste se bataiye. Password kisi ko mat dijiye.

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