Series VIII: Equity Derivatives, concept se revision tak.
Equity Derivatives ke futures, options, settlement aur risk concepts ko understanding-first tareeke se revise karein. Official workbook ke saath.
Sawaal aur jawaab English mein hain, kyunki NISM ka exam paper bhi English mein hota hai.
NISM Series VIII Equity Derivatives
Exam ke niyam NISM ki site par 3 October 2026 ko padhe gaye. Test objectives 1 May 2022 se laagu hain. NISM ki site par aaj ke niyam dekho (naye tab mein khulta hai)
- Contract ka underlying aur multiplier — sabse pehle yahi clear hona chahiye.
- Position band karna aur expiry settlement 2 alag events hain.
- Clearing, settlement aur risk controls ko sirf theory kehkar mat chhodiye.
- Website ke lessons official chapter weightage ki jagah nahi lete.
Exam format ek nazar mein
Is syllabus par khud ko test karo
Marks NISM ke paper ki tarah milte hain, galat answer par 25% katauti ke saath. Isliye yahan har guess ka asar hai.
Series VIII practice questions
Upar ke 10 units par multiple-choice sawaal. Har sawaal batata hai ki sahi answer kyun sahi hai aur har galat option kyun galat. Ek-ek karke turant feedback ke saath answer do, ya 60% pass mark wala timed practice set do.
Practice shuru karo →Saare NISM practice questions
Baaki certifications ke sawaal bhi — Series V-A (Mutual Fund Distributors) aur Series XV (Research Analyst). Har ek apne pass mark aur negative marking se check hota hai.
Har series dekho →Syllabus: 10 units, aur har unit kahan number banta hai
NISM-Series-VIII ke curriculum units, published kram mein. Kisi unit ke marks nahi likhe, kyunki NISM unhe publish nahi karta — neeche chapter weightage dekho. Unit ke neeche ka tool humara mapping hai, NISM ka nahi. 10 mein se 8 units ka tool hai. Baaki 2 ko reference reading likha gaya hai.
Unit I. Basics of Derivatives
Derivative kya hai, derivative markets ka itihaas aur vikas, Indian derivatives market, market participants, derivatives markets ke prakaar, aur har participant ka risk.
Unit II. Understanding Index
Stock index kya hai aur kyun zaroori hai, indices ke prakaar, index attributes, index management aur construction, bade Indian indices, aur indices ka istemaal.
Unit III. Introduction to Forwards and Futures
Forward contracts, futures contract ki specifications aur terminology, forwards aur futures ka farak, payoff charts, futures pricing aur cost-of-carry model, price discovery aur convergence.
Unit IV. Introduction to Options
Option basics aur contract specifications, moneyness, intrinsic value aur time value, option payoff charts, options aur futures ka farak, option pricing, Greeks aur implied volatility.
Unit V. Strategies using Equity futures and Equity options
Futures se hedging, speculation aur arbitrage, options se trading aur hedging, put-call parity arbitrage, delta hedging, aur open interest aur put-call ratio padhna.
Unit VI. Trading Mechanism
Trading system aur market timings, order types aur order management, stock eligibility aur index selection criteria, market lot, corporate-action adjustments, trading costs, algorithmic trading aur IRRA platform.
Unit VII. Introduction to Clearing and Settlement System
Clearing members aur clearing mechanism, interoperability, settlement mechanism, risk management, SPAN margining aur mark-to-market, position limits, violations aur penalties, aur settlement guarantee aur investor protection funds.
Unit VIII. Legal and Regulatory Environment
Securities Contracts (Regulation) Act 1956 aur SEBI Act 1992, trading regulations, clearing aur settlement regulations, membership eligibility, default procedures aur exchange outage procedures.
Is unit ka calculator nahiPadhne ke liye reference: Acts, SEBI circulars aur exchange rulebooks khud.Unit IX. Accounting and Taxation
Equity futures aur options ka accounting treatment, aur securities ke derivative transactions par tax. Turnover kaise nikalta hai, yeh bhi isi unit mein hai.
Unit X. Sales Practices and Investors Protection Services
Client ka risk profile samajhna, Risk Disclosure Document, anti-money-laundering procedures, aur investor ki shikayat ka nipatara kaise hota hai.
Is unit ka calculator nahiPadhne ke liye reference: SEBI aur exchange ka investor-protection material.
SYLLABUS
10 units, NISM ke apne kram mein
Baaki 4 units yeh hain. Introduction to Clearing and Settlement System — clearing members, clearing aur settlement ka mechanism, interoperability, risk management, margining aur mark-to-market, position limits, violations aur penalties, aur settlement guarantee aur investor protection funds. Legal and Regulatory Environment — Securities Contracts (Regulation) Act aur SEBI Act, trading aur clearing ke regulations, membership eligibility, default aur exchange outage ki procedures. Accounting and Taxation — futures aur options ka accounting treatment, aur derivative transactions ka taxation, jisme turnover kaise nikalta hai woh bhi aata hai. Sales Practices and Investors Protection Services — client ka risk profile samajhna, Risk Disclosure Document, anti-money-laundering procedures, aur grievance redressal.
In units ke saath koi marks nahi likhe hain, kyunki NISM koi likhta hi nahi. Aur jo tools is site par har unit ke saamne dikhte hain, woh is site ki apni mapping hai — NISM ne unhe endorse nahi kiya. Jin units ke liye koi theek baithne wala calculator nahi hai, unpar saaf likha hota hai ki yahan padhne wali reference hai. Kami ko chhupa kar koi aisa tool laga dena jo fit hi nahi karta, mapping ko bekaar bana deta.
- Basics of Derivatives — derivative kya hai, market ka vikas, Indian derivatives market, participants aur unke risks.
- Understanding Index — index kya hai, uske prakaar, attributes, construction aur management, aur uska istemaal.
- Introduction to Forwards and Futures — contract specifications, forwards aur futures ka farak, payoff charts, cost-of-carry pricing, price discovery aur convergence.
- Introduction to Options — option ki specifications, moneyness, intrinsic aur time value, payoff charts, futures se farak, pricing, Greeks aur implied volatility.
- Strategies using Equity futures and Equity options — hedging, speculation aur arbitrage, put-call parity, delta hedging, open interest aur put-call ratio padhna.
- Trading Mechanism — trading system aur timings, order types, eligibility criteria, market lot, corporate-action adjustments, costs aur algorithmic trading.
10 units padhne ka ek kram
NISM units ko syllabus ke kram mein likhta hai. Yeh filing ka kram hai, padhai ka plan nahi. Shuru se aakhir tak padhne par clearing aur settlement sabse aakhir mein aata hai. Neeche ka kram dependency ke hisaab se hai. Har stage ko sirf pichhla stage chahiye.
Yeh kram LearnNifty ka hai, NISM ka nahi. NISM curriculum aur test objectives publish karta hai, padhai ka kram nahi. Ise official workbook ke saath ek raasta samjho. Apne exam ke current test objectives zaroor dekho.
PEHLE YEH
Definitions se aage ke 4 sawaal
- Contract ka underlying kya hai?
- Quantity ka multiplier kya hai, aur woh kis number par lagta hai?
- Futures aur options ka payoff kaise alag hai?
- Position pehle band karne aur expiry tak rakhne mein kya farak padta hai?
EK CHECK
Ek worked example, shabdon mein
Ek long option 80 rupaye premium par liya aur 97 par band kiya. Quantity 40 units hai. Quote ka farak 15 rupaye hai. Gross 15 guna 40 — 600, costs se pehle.
Ab yeh galti mat kijiye: underlying ke points ko seedhe premium ke farak ki jagah rakh dena. Woh 2 alag numbers hain, aur exam mein bhi yahi sabse aam trap hai.
SEQUENCE
Kis kram mein padhein
Derivatives basics aur index se shuru kijiye, phir forwards aur futures, phir options, phir applications aur trading mechanics.
Clearing, settlement, risk controls aur investor-protection wala hissa aksar chhod diya jaata hai kyunki woh theory lagta hai. Exam mein woh utna hi aata hai, aur asli kaam mein usse zyada.
- Pehle, contracts khudUnit I: Basics of Derivatives · Unit II: Understanding Index · Unit III: Introduction to Forwards and Futures · Unit : Introduction to OptionsValue nikalne se pehle futures contract aur option ko seedhe shabdon mein samjha sako. Underlying kya hai, kab hai, quote kis unit mein hai, 1 contract kitni quantity ka hai, aur buyer aur seller ko kya karna hota hai. Premium aur ka farak aage ke sawaalon mein bahut aata hai. Premium diya jaata hai. Margin position ke against jama hota hai. Jo margin ko sabse bada nuksaan maan leta hai, woh har hisaab sahi karke bhi exposure ulta samajh leta hai.
- Phir payoffs, jab pata ho ki aapke paas kya haiUnit V: Strategies using Equity futures and Equity optionsContracts milaane se hisaab shuru hota hai. Par woh tabhi kaam ka hai jab contract saaf ho. Payoff ki shakl yaad mat karo, use shuru se nikaalo. Pehle expiry par lo. Phir usme se premium ghatao. Phir us farak ko contract quantity se guna karo. Aise karne se ek kaam ki baat saaf dikhti hai. Option khatam hokar bhi buyer ko nuksaan de sakta hai. "Bullish" shabd yaad karne se yeh kabhi samajh nahi aata.
- Phir trade kaise hota hai aur settle kaise hota haiUnit VI: Trading Mechanism · Unit VII: Introduction to Clearing and Settlement SystemYahan exam kaam ke din ke sabse paas hai. Sirf payoff wali padhai yahan kaam nahi aati. Order trade kaise banta hai, position clear aur settle kaise hoti hai, aur margin kya liya jaata hai aur kyun. Ek sawaal candidates aksar nahi bata paate: expiry se pehle position band karne aur use settlement tak chalne dene mein farak kya hai. Isse is site ka settlement date calculator bhi syllabus ka topic lagta hai, koi gadget nahi.
- Phir woh dhaancha jiske andar yeh sab chalta haiUnit VIII: Legal and Regulatory Environment · Unit IX: Accounting and Taxation · Unit X: Sales Practices and Investors Protection ServicesLegal, accounting, taxation aur investor-protection wale units ko kam samay wala candidate chhod deta hai. Par yeh bhi exam mein aate hain, aur payoff ki practice inki jagah nahi le sakti. Inme hisaab sabse kam hai, isliye sabse seedha tareeka kaam karta hai. Har objective ko apne shabdon mein chhota sa likho. Uspar ek naya sawaal hal karo. Phir batao ki lubhaane wala galat option galat kyun hai. Yahi aakhri kadam woh kami dikhata hai jo sahi guess chhupa deta.
Practice score asal mein kya batata hai
Kitne percent sahi the, yeh is paper ka score nahi hai. Negative marking yeh farak banati hai. Maan lo ek mock mein aapne 70 sahi aur 20 galat answer diye, aur 10 khaali chhode. Sahi answers se 70 marks milte hain. Galat answers se 5 marks katte hain. Natija 65 marks hai, aur pass ke liye 60 chahiye. Yeh figures upar ki format table se hain. Practice quiz bhi yahi niyam lagata hai.
Sahi answer ke muqable galat answer 1.25 marks ka padta hai. Isme woh mark hai jo nahi mila, aur woh jo kat gaya. Khaali sawaal sirf woh mark khota hai. Isliye answer dena soch kar karne wala faisla hai. Yeh bhi yaad rakho, yeh sirf 1 set ka natija hai. Agar sawaal pehle se pata the, toh score yaaddasht naap raha hai. Kaam ka score naye sawaalon se aata hai, ghadi ke saath.
Jab koi answer galat ho, toh dobara padhne se pehle wajah dhoondho. Ho sakta hai concept samajh na aaya ho. Ya hisaab ka ek step chhoot gaya, sawaal ulta padha, ya ginti mein galti hui. Har wajah ka ilaaj alag hai. Sirf pehli wajah ke liye chapter dobara padhna padta hai. Is paper ke practice questions har galat option samjhate hain aur galtiyon ko wajah ke hisaab se chhaant-te hain.
Chapter weightage: NISM is exam ka weightage publish nahi karta
SAAVDHANI
Units ki ginti par bharosa mat kijiye
Official syllabus ke headings aur website ke lessons ki ginti alag ho sakti hai. Ek official unit kai lessons mein banta ho, toh uski weightage har lesson par dobara mat jodiye.
Aur ek baat jo saaf kehni chahiye, kyunki iska ulta jawab har jagah milta hai: is examination ke liye NISM koi chapter-wise weightage publish karta hi nahi. Uske programme page par, published curriculum mein, revised test objectives mein aur uske apne answers wale page par — kahin bhi kisi unit ke saath marks ya percentage nahi juda hai. Yeh koi dhoondhne ki kami nahi hai: NISM apni kuch doosri certifications ke liye weightage wali annexure zaroor nikalta hai, is wale ke liye nahi.
Isliye is exam ke liye kahin bhi mili weightage table kisi ka andaaza hai, chahe woh kitne bhi confidence se likhi ho. Kisi doosre examination ke percentages usi examination ke hain aur yahan nahi laaye ja sakte, kyunki woh syllabus unit-dar-unit milta hi nahi. Jo cheez sach mein uplabdh hai woh breadth hai: test objectives har unit ke neeche apni learning objectives ginate hain, aur jis unit ke neeche zyada objectives hain woh zyada examinable zameen cover karta hai. Us bulk ke hisaab se revision baantna theek hai — lekin yeh is site ka suggestion hai, NISM ka bayaan nahi ki paper usi anupaat mein bana hai.
NISM Series VIII kya hai?
NISM Series VIII (Equity Derivatives) un logon ka certification exam hai jo India ke equity derivatives segment mein kaam karte hain. Isme 120 minute mein 100 sawaal hote hain, har sawaal 1 mark ka. Pass ke liye 60% chahiye. Galat answer par sawaal ke 25% marks katte hain. Certificate exam ki date se 3 saal valid rehta hai.
Marking asal mein kaise hoti hai
MARKING
Marking kaise chalti hai, aur practice score kya nahi hai
Har sawaal ke barabar marks hote hain, isliye paper ek tay total par scored hota hai aur pass hone ke liye ek tay marks chahiye. Galat answer par uss sawaal ke marks ka ek hissa kaata jaata hai. Aur jo sawaal chhod diya gaya, woh na kuch deta hai na kuch kaatta. Iska seedha matlab yeh hai ki galat jawab aur khaali jawab barabar nahi hain — sahi answer ke muqable galat answer 2 cheezein kharch karta hai, na mila hua mark aur kata hua hissa, jabki khaali sirf na mila hua mark.
Isiliye 'kitne percent sahi the' is paper ka score hai hi nahi, aur theek isi khaali jagah mein candidate khud ko ready maan leta hai. Aur ek baat jo arithmetic se aage hai: yeh ek set par ek natija hai. Agar set jaana-pehchana tha toh score yeh naap raha hai ki aapko woh set kitna yaad hai. Kaam ka natija un sawaalon se aata hai jo aapne pehle nahi dekhe, ghadi ke saath.
2 sawaal aksar aate hain. Yeh examination kiske liye hai? NISM ise approved users aur sales personnel ke liye common minimum knowledge benchmark kehta hai. Yeh roles equity derivatives exchange ya recognised stock exchange ke equity derivative segment ke trading member se jude hain. Exam mein koi bhi baith sakta hai. Certificate exam ki tareekh se tay avadhi tak chalta hai. NISM ka Continuing Professional Education programme apni tareekh se naya certificate de sakta hai. Ya maujooda certificate ko uski expiry ki tareekh se aage badha sakta hai.
Yeh exam kis ke liye hai
NISM ise ek common minimum-knowledge benchmark kehta hai. Yeh recognised stock exchange ke equity derivatives segment mein trading members ke approved users aur sales staff ke liye bana hai. Koi bhi yeh exam de sakta hai.
Validity aur revalidation
Certificate exam ki date se 3 saal valid rehta hai. NISM ek Continuing Professional Education (CPE) programme bhi chalata hai. Usse 3 saal ka naya certificate mil sakta hai. Ya purana certificate uski expiry date se 3 saal ke liye phir se valid ho sakta hai.
Unit table par calculators kyun hain
Kai units mein hisaab aata hai. Cost of carry Unit III mein hai. Moneyness aur Unit IV mein hain. Turnover Unit IX mein hai, aur settlement ki ginti Unit VII mein. Numbers ke saath karke dekhne se har ek zyada saaf hota hai. Unit table har unit ke saath ek tool jodti hai jo hisaab dikhata hai. Isse definition aur hisaab, dono saath mein seekh sakte ho.
Syllabus ke calculators
Options breakeven calculator
Unit IV aur V: moneyness, intrinsic aur time value, aur payoff kahan zero paar karta hai.
Kholo →Trade cost calculator
Unit III aur IX: cost of carry ke andar ke charges, aur taxation wala turnover.
Kholo →Settlement date calculator
Unit VII: weekends aur exchange holidays ke baad settlement date kaise ginte hain.
Kholo →F&O lot sizes
Unit III aur VI: market lot aur contract specification, jo numbers exam quote karta hai.
Kholo →Position size calculator
Unit VII: ek fixed rupee exposure budget ko poore lots ki quantity mein badalna.
Kholo →Shabdkosh
Unit I: pehle unit ke derivative terms ka seedha matlab.
Kholo →NISM Series VIII: aksar poochhe sawaal
NISM Series VIII exam mein kitne sawaal hote hain?
NISM-Series-VIII: Equity Derivatives Certification Examination mein 100 sawaal hote hain. Har sawaal 1 mark ka hai, kul 100 marks. Samay 2 ghante (120 minute) hai.
NISM Series VIII mein pass hone ke liye kitne marks chahiye?
Pass mark 60% hai. 100 marks ke paper par negative marking ke baad 60 marks chahiye.
Kya NISM Series VIII mein negative marking hai?
Haan. Galat answer par sawaal ke 25% marks katte hain. 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.
NISM Series VIII ka certificate kitne saal valid rehta hai?
Certificate exam ki date se 3 saal valid rehta hai. NISM ka Continuing Professional Education (CPE) programme 3 saal ka naya certificate de sakta hai. Woh purane certificate ko uski expiry date se 3 saal ke liye phir se valid bhi kar sakta hai.
NISM Series VIII exam ki fees kitni hai?
NISM Equity Derivatives Certification Examination ki fees Rs. 1,500 batata hai, payment gateway charges alag. Fees badal sakti hai, isliye register karne se pehle NISM ki website par aaj ki fees dekho.
NISM Series VIII certification kiske liye hai?
NISM ise ek common minimum-knowledge benchmark kehta hai. Yeh recognised stock exchange ke equity derivatives segment mein trading members ke approved users aur sales staff ke liye hai. Koi bhi yeh exam de sakta hai.
NISM Series VIII ke syllabus mein kya aata hai?
Syllabus mein 10 units hain. Inme derivatives, indices, forwards, futures, options, strategies, trading, settlement, niyam, tax, sales practices aur investor protection aate hain.
NISM Series VIII ka chapter-wise weightage kya hai?
NISM Series VIII ke liye koi unit ya chapter-wise weightage publish nahi karta. Humne 4 September 2026 ko is exam ka NISM programme page, published curriculum, 1 May 2022 se laagu revised test objectives aur is exam ke liye NISM ke FAQ dekhe. Kisi mein bhi unit ke saath marks ya percentage nahi hain. NISM jahan chahta hai, wahan weightage deta hai. NISM-Series-V-A (Mutual Fund Distributors) aur NISM-Series-XIII (Common Derivatives) ke “Syllabus Outline with Weightages” annexures har unit ka figure dete hain. Series VIII ke liye aisa koi annexure nahi hai. Isliye is exam ki koi bhi weightage table ek andaaza hai, NISM ka number nahi.
Syllabus dobara padhne ki jagah answer do
Upar ke units par Series VIII sawaal. Pass ke liye 60% chahiye. Galat answer par 0.25 marks katte hain. Har galat option samjhaya gaya hai, taaki pata chale kaunsa unit dobara padhna hai.
Series VIII practice questions kholoImplied volatility is the market's assumption about how much the underlying will move before expiry.
Aage padhoExpiry day is the last day on which a derivative contract can be traded.
Aage padhoMargin is the money a participant must keep in place to carry a leveraged position.
Aage padhoIntrinsic value is the part of an option's premium that would survive if the contract expired at this instant.
Aage padhoMoneyness describes where an option's strike sits relative to the current level of the underlying.
Aage padhoTime value is the part of an option's premium that is left after intrinsic value is taken out.
Aage padho