Series IV
Interest Rate Derivatives
50 sawaalPass mark 60%Negative marking 25% / galat jawab
Series IV Interest Rate Derivatives exam: dhaancha aur padhai ka rasta.
NISM Series IV Interest Rate 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.
Sawaal100har sawaal 1 mark ka
Samay120 min2 ghante
Pass mark60%100 mein se 60 marks
Negative marking25%har galat answer par 0.25 marks katte hain
NISM Series IV Interest Rate Derivatives
Exam ke niyam NISM ki site par 3 October 2026 ko padhe gaye. NISM ki site par aaj ke niyam dekho (naye tab mein khulta hai)
NISM Series IV ka poora naam Interest Rate Derivatives hai. Yeh exam un logon ke liye hai jo interest rate futures aur options mein deal karte hain. Paper 2 ghante ka hota hai aur 100 sawaal aate hain. Galat jawab par 0.25 number katta hai.
- Yeh exam interest rate futures aur options par hai.
- Har sawaal ek number ka hota hai.
- Galat jawab par 0.25 number katta hai, khaali chhodne par nahi.
- Certificate 3 saal chalta hai. Use aage badhane ke liye expiry se pehle exam dobara do, ya NISM ka ek din ka CPE refresher course karo.
Series IV certification kis kaam ke liye hai
EXAM KYA HAI
Yeh paper interest rates ke derivatives par hai
Interest rate badhe toh bond ki keemat girti hai. Yeh exam isi samajh se shuru hota hai.
Series IV interest rates aur bonds se shuru hota hai. Phir interest rate futures aur options aate hain, aur unke saath banne wali strategies. Uske baad trading, clearing aur settlement ka tareeka aata hai.
Aakhri hisse mein niyam, accounting aur tax aate hain. Saath mein deal karne walon ke liye code of conduct bhi aata hai.
Yeh kaun deta hai
Exchange par interest rate derivatives mein deal karne wale log, jaise us segment ke trading members aur clearing members ka staff.
Yeh is site par kyun hai
Interest rates par futures aur options ka 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
Sawaal100har sawaal 1 mark ka
Kul marks100100 × 1
Samay120 min2 ghante
Pass mark60%100 mein se 60 marks
Negative marking25%har galat answer par 0.25 marks katte hain
Certificate validity3 saalexam ki date se
100 multiple-choice sawaal, har sawaal 1 mark ka, 120 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 100 marks ka hai, aur pass ke liye 60 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 (100 sawaal ke liye 120 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.
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 IV interest rate derivatives ka exam hai. Yeh interest rate futures aur options ke saath kaam karne walon ke liye hai. Paper bond aur yield ki buniyaad se shuru hokar futures, options aur strategies tak jaata hai. Aakhir mein trading, clearing, niyam, accounting aur aacharan ke sawaal aate hain.
- Sabse pehla niyam: yield badhe toh fixed coupon wale bond ka daam girta hai.
- Kaafi sawaal chhota hisaab maangte hain, par har hisaab ke peeche ek seedha vichaar hai.
- Hedge mein pehle jokhim ki disha pehchaani jaati hai, phir contracts ki ginti.
Series IV: bond ki buniyaad se interest rate derivatives tak.
KAISE PADHEIN
Unit ke kram mein, ek ek karke
Pehla unit bond ki bhasha sikhata hai: coupon, yield, duration aur PVBP. Aage ke saare units isi bhasha mein baat karte hain. Isliye pehle unit ko jaldi mein mat nipataiye.
NISM ki 2022 ki chhapi weightage mein futures, options aur strategies wale units sabse bhaari hain. Ek unit padhne ke baad usi unit ke sawaal kijiye. Har galat answer ke baad ek line likhiye: galti vichaar mein thi ya hisaab mein.
Kya is paper mein ganit bhi aata hai?
Haan, kaafi. Coupon, accrued interest, duration, futures ka nafa-nuksaan aur option ka break-even, sab hisaab maangte hain. Hisaab chhote hote hain. Asli mushkil yeh pehchanna hai ki kaunsa daam, kaunsi disha aur kaunsa multiplier lagega.
Kya bond ke baare mein pehle se jaanna zaroori hai?
Nahi. Pehla unit yahi sikhata hai. Par futures ke hedge aur options ke sawaal isi samajh par tike hain. Isliye use dhyan se padhiye.
Unit 1: bond, yield aur duration ki buniyaad
Bond, yield aur duration ki samajh pehle baithni chahiye. Futures aur options ke zyaadatar sawaal isi par khade hain.
Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market
Unit 1: bond, yield aur duration ki buniyaad.
Yeh unit poore paper ki bhasha sikhata hai. Bond ka coupon, uska daam, alag alag yields aur duration yahin se aate hain. Saath mein T-bill, repo, yield curve aur primary aur secondary market bhi aate hain.
- Yield badhe toh fixed coupon wale bond ka daam girta hai.
- Coupon rate face value par chalta hai, current yield bazaar ke daam par.
- Macaulay duration cash flows ka ausat samay hai. Modified duration batata hai ki yield hilne par daam lagbhag kitne percent hilega.
- Fixed income ka matlab pakki kamai nahi. Issuer default bhi kar sakta hai.
IS UNIT MEIN
Bond ki bhasha
Bond ek udhaar hai. Bond rakhne wala lender hai, company ka malik nahi. Use tay coupon (byaaj ki kist) aur aakhir mein principal ka vaada milta hai. T-bill mein coupon nahi hota. Woh kam daam par bikta hai aur poore daam par chukta hai. Repo asal mein securities ke badle liya gaya chhote samay ka udhaar hai.
Yield bond ki kamai ko ek dar ke roop mein naapta hai. Bond ka daam uske saare aane wale cash flows ka aaj ka mol hai. Clean price mein beete dinon ka byaaj (accrued interest) nahi hota. Dirty price mein hota hai, aur chukaana wahi padta hai. Macaulay duration cash flows ka ausat samay hai. Modified duration batata hai ki yield hilne par daam lagbhag kitne percent hilega. PVBP yahi baat rupaye mein batata hai, ek basis point ki chaal par.
DHYAN
3 jagah jahan log phisalte hain
Pehli: kam credit risk ko zero jokhim samajhna. Sarkari bond mein default ka dar kam hai. Par maturity se pehle bechne par, yield badhne se daam gir sakta hai.
Doosri: yields ko aapas mein milana. Coupon rate face value par hai, current yield aaj ke daam par. YTM poore samay ka hisaab hai. Discount par bike bond mein coupon rate sabse chhota aur YTM sabse bada hota hai.
Teesri: duration ke hisaab mein minus sign bhoolna. Yield badhe toh daam girta hai. Aur 1 basis point, 1 percentage point ka 1/100 hissa hai. Decimal ki ek galti poora answer badal deti hai.
Unit do: interest rate derivatives ka parivaar
Bond ki bhasha aa gayi. Ab woh contracts aate hain jinki keemat in rates aur bonds se banti hai.
Interest Rate Derivatives
Unit do: interest rate derivatives ka parivaar.
Yeh unit parivaar ka parichay deta hai. FRA, swap, cap aur swaption, sabki keemat kisi rate ya bond se judi hai. Saath mein OTC aur exchange-traded ka farak aata hai, aur RBI ke kuch niyam bhi.
- Notional hisaab ka aadhar hai, lagaya gaya paisa nahi.
- Cap udhaar lene wale ko rate badhne se bachata hai. Uska premium ek asli kharcha hai.
- Swaption swap mein jaane ka haq hai, zimmedari nahi.
- Electronic platform par hua sauda bhi OTC ho sakta hai.
IS UNIT MEIN
Ek parivaar, kai shakal
Interest rate derivative woh contract hai jiski keemat kisi rate, bond ya rate index se banti hai. Notional woh rakam hai jis par hisaab lagta hai. FRA aage ke ek samay ke liye aaj ek rate tay karta hai. Uska nipta rate ke farak se hota hai, udhaar ka paisa usse nahi milta. Swap mein ek taraf fixed rate hota hai, doosri taraf floating. Net settlement mein sirf dono ka farak chukta hai.
Cap rate ek tay hadd se upar jaane par paisa deta hai. Rate gire, toh uska fayda udhaar lene wale ke paas rehta hai. Swaption premium ke badle swap mein jaane ka haq hai. OTC sauda 2 pakshon ke beech hota hai, exchange ke bahar. Exchange ke standard contracts mein bahut log ek hi contract mein trade karte hain. Isliye kharidne-bechne wale aasaani se milte hain. Par yeh contracts har user ki zaroorat se hamesha mel nahi khaate.
DHYAN
Naam se disha mat padhiye
Pehli: har call ko rate badhne ka daanv samajhna. Bond ke daam par bana call tab fayda deta hai jab yield girti hai. Disha underlying tay karta hai, naam nahi.
Doosri: hedge ko sirf derivative ke nafe se jaanchna. Hedge ka kaam poori position ka jokhim ghatana hai. Derivative wala hissa ghaate mein ho, phir bhi hedge apna kaam kar sakta hai.
Teesri: OTC contract mein party badalne ko andar ka kaam samajhna. RBI ke niyam mein market-maker yeh novation se karta hai. Usme bache hue paksh ki pehle manzoori aur 3 pakshon ka agreement chahiye.
Unit 3: interest rate futures andar se
Parivaar ka parichay ho gaya. Agla unit ek product ko andar se kholta hai: uska contract, uska daam aur roz ka hisaab.
Exchange Traded Interest Rate Futures
Unit 3: interest rate futures andar se.
Is unit mein exchange par chalne wala interest rate future khulta hai. Contract ka size, tick, settlement aur nafa-nuksaan ka hisaab yahin hai. Phir cost of carry aata hai, jisse futures ka theoretical daam banta hai. NISM ki 2022 ki chhapi weightage mein yeh sabse bhaari unit hai.
- Future ek pakki zimmedari hai. Margin dene se woh option nahi banta.
- Nafa-nuksaan disha, daam ke farak, multiplier aur contracts ki ginti se banta hai.
- Cash-settled future mein bond ya coupon nahi milta. Nafa-nuksaan roz mark to market (MTM) se chukta hai, aur expiry par aakhri cash hisaab hota hai.
- Theoretical daam ek benchmark hai, aage ke daam ka vaada nahi.
IS UNIT MEIN
Contract ki shartein aur daam ka logic
Ek contract mein bond ki kai units hoti hain. Is ginti ko multiplier kehte hain. Quoted price ko multiplier se guna karne par contract value banti hai. Face value, contract value aur margin 3 alag cheezein hain. Tick daam ki sabse chhoti chaal hai. Ek tick ka rupaye mein mol hai tick size, multiplier aur contracts ka guna.
Futures ka daam cost of carry se samjha jaata hai. Aaj bond lekar delivery tak rakhne ki funding judti hai. Beech mein milne wale coupon ka mol ghatta hai. Funding mehngi ho aur baaki sab wahi rahe, toh theoretical daam badhta hai. Volume ek samay mein hue saude ginta hai. Open interest abhi khule contracts ginta hai.
DHYAN
Margin ko seema mat samjhiye
Pehli: margin ko nuksaan ki hadd maan lena. Daam thoda hile, tab bhi margin ka bada hissa ja sakta hai. Nuksaan margin se aage bhi ja sakta hai.
Doosri: kisi milte-julte contract se position band maan lena. Position tabhi band hoti hai jab wahi underlying aur wahi expiry ho. Doosre contract se sirf hedge ya spread banta hai.
Teesri: basis ka sign. Koi basis ko spot minus futures likhta hai, koi ulta. Hisaab se pehle sawaal ki paribhasha dekhiye.
Unit 4: bond options mein haq aur premium
Futures mein dono taraf zimmedari hai. Option mein kharidne wale ke paas haq hai aur bechne wale par zimmedari. Agla unit isi farak par hai.
Exchange Traded Interest Rate Options
Unit 4: bond options mein haq aur premium.
Yeh unit bond ke daam par bane options kholta hai. Call, put, strike, moneyness aur premium ke 2 hisse yahin aate hain. Phir kharidne aur bechne wale ka nafa-nuksaan, break-even aur Greeks aate hain.
- Premium ke 2 hisse hain: intrinsic value aur time value.
- Moneyness mein chukaya gaya premium nahi gina jaata.
- Kharidne wale ka sabse bada nuksaan uska premium hai. Writer ka nuksaan usse aage ja sakta hai.
- Greeks chhote badlav ke andaaze hain, pakke jawab nahi.
IS UNIT MEIN
Haq, premium aur Greeks
Bond ke daam par bana call tay daam (strike) par bond lene ka haq hai. Put dene ka haq hai. Cash-settled option mein iske badle cash milta hai. European option sirf expiry par exercise hota hai. Par trading chalu ho, toh use pehle bhi becha ja sakta hai.
Premium ka ek hissa intrinsic value hai, yaani strike aur daam ka fayde wala farak. Baaki hissa time value hai. Moneyness sirf intrinsic value dekhti hai, chukaya gaya premium nahi. Delta batata hai ki bond hilne par premium kitna hilega. Gamma batata hai ki delta kitna badlega. Vega volatility ka asar hai, theta samay ka. Implied volatility premium se ulti nikali jaati hai.
DHYAN
Payoff aur nafa ek nahi
Pehli: exercise ke payoff ko hi nafa maan lena. Nafe ke liye premium bhi ghatana hota hai. Isiliye in the money option par bhi buyer ghaate mein ho sakta hai.
Doosri: Greeks ki unit na dekhna. Vega kabhi percentage point par diya jaata hai, kabhi decimal par. Theta ka sign aur din ginne ka tareeka sawaal batata hai. Wahi maaniye.
Teesri: sahi disha ko nafe ki guarantee samajhna. Bond ka daam thoda badhe, phir bhi call ka premium gir sakta hai. Aisa tab hota hai, jab samay beetne ya implied volatility girne ka asar delta ke fayde se bada ho.
Unit 5: hedge, spread aur arbitrage
Dono products alag alag samajh aa gaye. Agla unit dikhata hai ki inhe milakar hedge, spread aur arbitrage kaise bante hain.
Strategies Using Exchange Traded Interest Rate Futures and Options
Unit 5: hedge, spread aur arbitrage.
Yeh unit futures aur options ko kaam mein lagana sikhata hai. Hedge ki disha aur size, option strategies, spreads aur arbitrage yahin hain. Har sawaal ka pehla kadam yeh pehchanna hai ki jokhim kis taraf ka hai.
- Pehle maujooda jokhim pehchaaniye, phir hedge ki disha.
- Hedge ka size PVBP se banta hai, face value se nahi.
- Protective put ek floor deta hai. Covered call upside ko seemit karta hai.
- Arbitrage tabhi hai jab saare legs, funding aur kharche ek saath tay hon.
IS UNIT MEIN
Disha, size aur shakal
Jiske paas bond hain, use yield badhne ka dar hai. Woh bond futures short karta hai. Jise aage bond lene hain, use yield girne ka dar hai, kyunki tab bond mehnge honge. Woh futures long karta hai. Ginti ke liye portfolio ke PVBP ko ek contract ke PVBP se bhaag dete hain.
Options ki shakalein bhi yahin hain: protective put, covered call, spreads, straddle aur collar. Har ek ka sabse bada nafa, sabse bada nuksaan aur break-even poochha jaata hai. Aakhir mein cash-and-carry arbitrage, calendar spread, roll aur yield curve ke trades aate hain.
DHYAN
Hedge ke 3 jaal
Pehli: disha ulti pakadna. Aage hone wali kharid ka hedge maujooda bond ke hedge ka ulta hota hai. Yield girne ka dar asal mein daam badhne ka dar hai.
Doosri: barabar quantity ko poora hedge maan lena. Basis hil sakta hai. Corporate bond ka credit spread badh sakta hai, jise G-Sec future nahi pakadta. Hedge ko hamesha poori position ke nateeje se jaanchiye.
Teesri: zero-cost collar ya premium ki kamai ko bina jokhim samajhna. Zero-cost ka matlab sirf itna hai ki dono premium barabar hain. Short straddle chhoti kamai deta hai, par bade move par bada nuksaan.
Unit 6: order se trade tak
Strategy samajh aa gayi. Ab yeh dekhna hai ki order exchange tak kaise jaata hai aur kaise match hota hai.
Trading Mechanism in Exchange Traded Interest Rate Derivatives
Unit 6: order se trade tak.
Yeh unit dikhata hai ki order trade kaise banta hai. Order book ka kram, order types aur order rokne wale checks yahin aate hain. Saath mein bid-ask spread aur brokerage jaise kharche bhi.
- Order book mein pehle daam dekha jaata hai, phir samay.
- Limit order daam tay karta hai, fill ki guarantee nahi deta.
- Stop trigger order ko chalu karta hai, trade pakka nahi karta.
- Bid-ask spread bhi kharcha hai, chahe daam na hile.
IS UNIT MEIN
Order kaise match hota hai
Trading system kharid aur bikri ke orders ko jodta hai. Behtar daam wala order aage rehta hai. Ek jaise daam par pehle aaya order pehle. Bada size kisi order ko aage nahi karta. Bada market order book ke kai levels khaata hai. Isliye uska average daam sabse achhe quote se alag hota hai.
Har order type ki apni shart hai. Buy limit woh sabse ooncha daam tay karta hai jo aap denge. Sell limit woh sabse neecha daam tay karta hai jo aap lenge. IOC mein jitna turant match ho, utna trade hota hai, baaki cancel. Stop-limit trigger par chalu hota hai, par limit ke bahar fill nahi hota. Order jaane se pehle broker collateral jaanchta hai. Exchange price band ke bahar ka order reject karta hai.
DHYAN
3 galatfehmiyaan
Pehli: price band ko nuksaan ki hadd samajhna. Band sirf naye order ka daam jaanchta hai. Khuli position ka nuksaan usse nahi rukta.
Doosri: matching aur clearing ko ek kaam maan lena. Matching sauda jodti hai. Clearing uske baad ki zimmedari, settlement aur margin sambhalti hai.
Teesri: kharchon ka hisaab bigaadna. Round trip ka kul kharcha ek hi baar ghatta hai. Turant khareedne wala offer ka daam chukata hai, aur turant bechne wala bid ka daam paata hai. Yeh farak bhi kharcha hai.
Unit 7: clearing, settlement aur risk management
Trade ho gaya. Ab dekhna hai ki paisa kaise chukta hai, aur default ka jokhim kaun uthata hai.
Clearing, Settlement and Risk Management of Interest Rate Derivatives
Unit 7: clearing, settlement aur risk management.
Trade ke baad ka poora hissa yahan hai. Clearing corporation beech mein khada hokar settlement ki zimmedari leta hai. Roz ka mark to market aur margin ke alag hisse yahin aate hain. Position limits aur default ke liye rakhe gaye resources bhi isi unit mein hain.
- Clearing corporation settlement ki guarantee deta hai, nafe ki nahi.
- Pichhle din se chal rahi position ka aaj ka MTM, pichhle din ke settlement daam se gina jaata hai.
- Margin ek suraksha hai. Nuksaan usse aage ja sakta hai.
- Zyada paisa jama karne se position limit khatam nahi hoti.
IS UNIT MEIN
Beech ka sansthan aur uski suraksha
Clearing corporation dono pakshon ke beech khada hota hai. Ise central counterparty kehte hain. Woh har din har position ko us din ke settlement daam par tolta hai. Is roz ke hisaab ko mark to market (MTM) kehte hain. Iska paisa clearing members ke clearing bank khaate se aata-jaata hai.
Suraksha kai parton mein hai. Initial margin hai, aur uske upar extreme loss margin. Phir position limits aur settlement guarantee fund. Collateral par haircut lagta hai, yaani uske mol mein katauti. Margin ke liye alag clients ki positions aapas mein net nahi hoti. Member default kare, toh resources ek tay kram mein lagte hain. Ise default waterfall kehte hain.
DHYAN
Roz ka hisaab, roz ka paisa
Pehli: aaj ka MTM original trade ke daam se ginna. Pichhla gain pehle hi settle ho chuka hai. Aaj sirf pichhle din ke settlement daam se aaj tak ka badlav aata hai.
Doosri: yeh maan lena ki aakhir mein nafa hai toh beech mein paisa nahi lagega. Raaste mein daam gire toh roz cash dena padta hai. Aakhri nafa beech ki cash zaroorat nahi batata.
Teesri: guarantee fund ko bima samajhna. Woh member ke default mein settlement chalaane ke liye hai. Aam bazaar ke nuksaan ki bharpaai uska kaam nahi.
Unit 8: kaun kya tay karta hai
Margin, limits aur settlement ke niyam kahin se aate hain. Agla unit batata hai ki kaunsa kanoon aur kaunsa regulator kya tay karta hai.
Regulatory Framework for Interest Rate Derivatives
Unit 8: kaun kya tay karta hai.
Is unit mein kanoon aur regulators aate hain. SCRA ki paribhasha, RBI ke IRD Directions aur SEBI ki bhumika yahin hai. Saath mein FPI ki seema aur benchmark ka niyam aata hai. FIMMDA ka kaam aur exchange membership ki shartein bhi yahin hain.
- SCRA ki paribhasha mein debt se bane derivatives bhi aate hain.
- Exchange par naya IRD product laane se pehle RBI ki manzoori chahiye.
- Exchange-traded IRD ka floating rate kisi Financial Benchmark Administrator ka chhapa benchmark ho.
- Exchange-traded IRDs mein non-resident ka maksad hedging hai.
IS UNIT MEIN
Kanoon, regulator aur bazaar ka hissa
Shuruaat Securities Contracts (Regulation) Act, yaani SCRA, se hoti hai. Uski paribhasha mein debt instrument se bana security bhi derivative hai. Aur derivatives khud securities mein gine jaate hain. Par paribhasha mein aana har product ki manzoori nahi hai.
Phir RBI ke IRD Directions aate hain. Exchange naya product laaye ya design badle, toh RBI ki pehle manzoori chahiye. Exchange par trading ka samay SEBI, RBI se salah karke tay karta hai. IRF ka matlab interest rate futures hai. Ek FPI ki gross short IRF position ki ek seema hai. Woh uski sarkari securities aur IRFs ki long holding se zyada nahi ho sakti. FIMMDA fixed income bazaar ki ek industry body hai. OTC IRD ke broker usse accredited hone chahiye.
DHYAN
Bazaar ka hissa pehle pehchaaniye
Pehli: OTC ka niyam exchange par laga dena. Dono ke niyam alag hain. OTC ki koi permission exchange par apne aap nahi milti.
Doosri: ek manzoori ko sab kuch maan lena. Accredited broker hone se baaki niyam khatam nahi hote. NISM certificate ya LLP bana lene se exchange membership nahi mil jaati.
Teesri: kisi bhi quote ko benchmark maan lena. Floating rate ek chhapa hua benchmark hona chahiye. Dealer ka andaaza woh kaam nahi karta.
Unit 9: kitaabon mein derivatives
Niyam ke baad hisaab-kitaab aata hai. Agla unit batata hai ki derivatives kitaabon mein kaise darj hote hain.
Accounting and Taxation of Interest Rate Derivatives
Unit 9: kitaabon mein derivatives.
Yeh chhota unit hai, par soch saaf honi chahiye. Accounting ka tareeka entity ka apna framework tay karta hai. Margin jama karna kharcha nahi hai. Tax ka hisaab sirf diye gaye niyamon par hota hai.
- Accounting notified standards aur regulator ke nirdesh se hoti hai. Unke na hone par ICAI ki guidance.
- Refundable margin ek collateral asset hai, nuksaan nahi.
- Asset se liability banne par badlav zero ke paar jaata hai.
IS UNIT MEIN
Kitaab mein kya, kaise
RBI ke Directions kehte hain ki derivatives ki accounting applicable notified standards se hogi. Saath mein entity ke regulator ke nirdesh bhi lagte hain. Jahan woh kuch na kahein, wahan ICAI ki guidance dekhi jaati hai. Isliye tareeka product ke naam se nahi, entity ke framework se tay hota hai.
Phir chhote hisaab aate hain. Fair value par naapa gaya derivative asset se liability ban sakta hai. Refundable margin dene par bank ka cash ghatta hai aur collateral asset badhta hai. Isse nafa-nuksaan nahi badalta. Tax ke sawaal mein sirf wahi niyam lagte hain jo sawaal deta hai.
DHYAN
3 aam galtiyaan
Pehli: har cash outflow ko kharcha maan lena. Refundable margin aapka hi paisa hai. Woh collateral hai, nuksaan nahi.
Doosri: asset aur liability ki rakam seedhe ghata dena. Pehle sign lagaiye: asset plus, liability minus. Phir farak nikaliye. Asset se liability bane, toh dono rakam nuksaan mein judti hain.
Teesri: practice ke hisaab ko aaj ka tax niyam samajhna. Sawaal mein maani gayi shartein sirf usi sawaal ke liye hain.
Unit 10: aacharan aur investor ki suraksha
Hisaab-kitaab ke baad aakhri hissa vyavhaar ka hai. Broker se kya ummeed hai, aur client ki shikayat kahan jaati hai.
Code of Conduct and Investor Protection Measures in Interest Rate Derivatives
Unit 10: aacharan aur investor ki suraksha.
Aakhri unit broker ke vyavhaar aur client ki suraksha par hai. Client ki pehchaan, risk disclosure, authorisation ki hadd aur shikayat ka raasta yahan aate hain. Investor Protection Fund aur Suspicious Transaction Report ka niyam bhi isi mein hai.
- Authorisation utna hi kaam deti hai jitna usme likha hai.
- KYC aur unique client code har trade ko sahi client se jodte hain.
- Investor Protection Fund member ke default ke liye hai, bazaar ke nuksaan ke liye nahi.
- Suspicious Transaction Report FIU-IND ko jaati hai.
IS UNIT MEIN
Vyavhaar, pehchaan aur shikayat
Ijaazat ki hadd uske shabdon se tay hoti hai. Sirf settlement transfer ki ijaazat se broker naye trade nahi kar sakta. KYC client ki pehchaan karta hai. Unique client code uske trade aur zimmedariyan usi se jodta hai. Risk disclosure ko yeh saaf batana chahiye. Nuksaan aur cash ki maang, dono initial margin se aage ja sakte hain.
Shikayat pehle us intermediary ke paas jaati hai. SEBI ka SCORES platform shikayat sambhalne mein madad karta hai. Conciliation se baat na bane, toh eligible vivad arbitration mein ja sakta hai. Member default kare aur uski sampatti kam pade, tab Investor Protection Fund kaam aata hai. Woh bhi sirf admitted claims ke liye. Shak wale lenden ki report FIU-IND, yaani Financial Intelligence Unit India, ko jaati hai.
DHYAN
Suraksha ka matlab guarantee nahi
Pehli: shikayat darj hone ko paisa milna maan lena. Shikayat ek prakriya shuru karti hai. Faisla vivad ke tathyon aur niyam par hota hai.
Doosri: Investor Protection Fund ko har nuksaan ki bharpaai samajhna. Sahi tarah hua trade ghaate mein jaaye, toh woh bazaar ka nuksaan hai.
Teesri: disclosure par sign ko suraksha samajhna. Sign se jokhim kam nahi hota. Uska kaam client ko jokhim samjhana hai.
Poore Series IV 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
Is paper mein hisaab wale sawaal kaafi hain, jaise futures ki keemat aur option ka fayda ya nuksaan. 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 IV 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 IV 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
- Series VIII — Equity Derivatives
- Series V-A — Mutual Fund Distributors
- Series XV — Research Analyst
- Series VII — Securities Operations and Risk Management
- Series I — Currency Derivatives
- Series X-A — Investment Adviser (Level 1)
- Series VI — Depository Operations
- Series XVI — Commodity Derivatives
- Series XXI-A — Portfolio Management Services (PMS) Distributors
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-IV: Interest Rate Derivatives Certification Examination ke liye 3 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 IV: aksar poochhe sawaal
NISM Series IV exam mein kitne sawaal hote hain?
NISM-Series-IV: Interest Rate Derivatives Certification Examination mein 100 sawaal hote hain, kul 100 marks. Inhe 120 minute (2 ghante) mein karna hota hai.
NISM Series IV mein pass hone ke liye kitne marks chahiye?
60%. 100 marks ke paper par iska matlab 60 marks hai, galat answers par negative marking lagne ke baad. Yeh NISM ke is exam ke apne page se 3 October 2026 ko milaaya gaya.
Kya NISM Series IV 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 IV 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 IV 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 IV ke syllabus mein kya aata hai?
Is certification ke humare practice questions 10 topics mein baante gaye hain: Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Market, Interest Rate Derivatives, Exchange Traded Interest Rate Futures, Exchange Traded Interest Rate Options, Strategies Using Exchange Traded Interest Rate Futures and Options, Trading Mechanism in Exchange Traded Interest Rate Derivatives, Clearing, Settlement and Risk Management of Interest Rate Derivatives, Regulatory Framework for Interest Rate Derivatives, Accounting and Taxation of Interest Rate Derivatives, Code of Conduct and Investor Protection Measures in Interest Rate Derivatives. 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 IV 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 3 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.
Upar ke figures se check hone wala Series IV paper do
Published syllabus par likhe Series IV 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 IV practice questions kholo