Legal and Regulatory Environment
17 questions. Each answer is explained.
Question 1 of 10Practice · Series VIII — Equity Derivatives
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More units in NISM Series VIII
Exam format
| Questions | 100 · 1 mark each |
|---|---|
| Duration | 120 min · 2 hours |
| Pass mark | 60% · 60 of 100 marks |
| Negative marking | 25% · 0.25 marks off per wrong answer |
| Certificate validity | 3 years · from the date of the examination |
| Marks for this unit | 15 of 100 marks (15%) |
Source: Unit 8: Legal and Regulatory Environment
NISM Series VIII Equity Derivatives
Exam rules read on NISM's site on 3 October 2026. Test objectives in force from 1 May 2022. Check the current rules on NISM's site (opens in a new tab)
What these answers assume, and when it was last checked
Each question uses the rules listed below. We last checked them on 5 September 2026. A Budget or SEBI circular can change a rate, lot size or expiry day. If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.
- NSE uses Tuesday expiry and BSE uses Thursday expiry. This applies from 1 September 2025.
- The January 2026 index lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25.
- The October 2024 SEBI framework sets a minimum index contract value of Rs 15–20 lakh. Each exchange may list one weekly benchmark index.
- Option buyers pay the premium upfront from 1 February 2025. A short index option has an extra 2% Extreme Loss Margin on expiry day from 20 November 2024.
- Equity short-term capital gains are taxed at 20%. Long-term gains are taxed at 12.5% above Rs 1.25 lakh. Both rates apply from 23 July 2024.
- F&O income is non-speculative business income in ITR-3. NSE equity derivatives trade from 9:15 a.m. to 3:40 p.m.
- The final ten-minute session began on 3 August 2026. It aligns with the cash market Closing Auction Session.
- Most Securities Transaction Tax questions test the base and who pays. On an option sale, it is the premium and the seller pays. On a futures sale, it is the traded value and the seller pays.
- On exercise, Securities Transaction Tax uses intrinsic value: settlement price minus strike price. The buyer pays it.
- Two questions test the current rate. From 1 April 2026, option sales carry 0.15% on the premium and futures sales carry 0.05% on traded price. The earlier rates were 0.10% and 0.02% from 1 October 2024.
- This section uses the T+1 rolling settlement cycle. Obligations are fixed on T+1. A short delivery goes to buy-in auction on T+1 and settles on T+2.
- The trade-for-trade surveillance segment uses direct close-out. Funds pay in by 10:30 a.m. and pay out on or after 1:30 p.m. on settlement day.
- Securities pay in to the settlement pool by 10:30 a.m. They pay out directly to the client’s demat account by 3:30 p.m.
- The 3:30 p.m. deadline replaced 1:30 p.m. under SEBI’s 10 October 2024 circular. Direct client credit was required by SEBI’s 5 June 2024 circular.
- The optional T+0 cycle trades until 1:30 p.m. Obligations are fixed by 2:30 p.m. on the trade day. An early pay-in shortage is closed out directly.
- Cash-market Value at Risk margin is six times exponentially weighted moving-average volatility. It has a 9% floor for Group I, a 21.5% floor for Group II, and a fixed 50% or 75% level for Group III.
- Extreme Loss Margin is 3.5% for a share and 2% for a broad-market-index exchange traded fund. Mark-to-market margin is collected before the next day’s trading. The trade-for-trade segment has 100% upfront margin.
- Close-out uses the higher of the highest price from trade day to auction day and 20% above the auction day’s official close.
- A funds shortage costs 0.07% a day. The trading facility is withdrawn at a shortage of Rs 5 lakh or more.
- SCORES allows 21 calendar days, then two 15-day review levels. Online Dispute Resolution moves from conciliation to arbitration after the market participant and SCORES steps.
- At NSE, the Investor Protection Fund limit is Rs 35 lakh per investor for each defaulting or expelled member. This applies to claims arising after 13 August 2024.
- A Basic Services Demat Account has no annual maintenance charge up to Rs 4 lakh of holdings. It costs up to Rs 100 above that, until the Rs 10 lakh eligibility ceiling. These slabs apply from 1 September 2024.
- The rupee pairs are USD-INR, EUR-INR, GBP-INR and JPY-INR. The cross-currency pairs are EUR-USD, GBP-USD and USD-JPY.
- Each contract covers 1,000 units of the foreign currency, except JPY-INR. JPY-INR covers 100,000 yen and is quoted in rupees per 100 yen.
- The tick is 0.25 paise, or Rs 0.0025. It equals Rs 2.50 a contract.
- Rupee pairs trade from 9:00 a.m. to 5:00 p.m. A monthly contract stops trading at 12:30 p.m. two working days before the expiry month’s last business day.
- Final settlement is in cash at the FBIL reference rate on expiry day. FBIL, Financial Benchmarks India, has published this rate in place of the Reserve Bank since 2018. Premium-style European options are quoted in rupees. The buyer pays the premium in cash on T+1.
- Daily settlement is on T+1 and final settlement is on T+2.
- NSE Clearing circular 026/2020 sets SPAN margin plus Extreme Loss Margin. The futures margin is 0.50% for USD-INR, 0.15% for EUR-INR, 0.25% for GBP-INR and 0.35% for JPY-INR. A short option has 0.75%. These figures apply from 1 June 2020.
- A USD-INR client may hold 6% of total open interest or USD 20 million, whichever is higher. A trading member may hold 15% or USD 100 million.
- A resident user has one USD 100 million equivalent limit across all rupee pairs and exchanges. No document is needed below that limit, but a valid underlying contracted exposure must still exist. This clarification applies from 3 May 2024.
- The currency segment has no Securities Transaction Tax.
The exam figures (questions, time, pass mark, negative marking and certificate validity) come from NISM's own pages, read on 3 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
The written-out answers on this page are hidden while your timed set runs.
All 17 questions on Legal and Regulatory Environment, with answers
Q1Which authority is the principal securities-market regulator for exchange-traded equity derivatives in India?
Option A. Reserve Bank of India (RBI)
Why it is wrong: RBI regulates banking and monetary matters and specified financial markets, but it is not the principal regulator of exchange-traded equity derivatives.
Option B. Pension Fund Regulatory and Development Authority (PFRDA)
Why it is wrong: PFRDA regulates the pension sector.
Option C. Insurance Regulatory and Development Authority of India (IRDAI)
Why it is wrong: IRDAI regulates insurance.
Option D. Securities and Exchange Board of India (SEBI) — Correct answer
Answer: D. SEBI regulates the securities market in India, including the framework governing exchange-traded equity derivatives. Exchanges and clearing corporations operate within the regulatory framework and their own approved rules, but SEBI is the securities-market regulator. Remember: Separate the market regulator from the exchange and clearing corporation that operate the market infrastructure.
Hint, shown before you answer in practice mode: Common mistake: Naming NSE or a clearing corporation as the regulator.
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Q2For the legal framework tested in NISM Series VIII, derivatives are included within the definition of 'securities' under which statute?
Option A. Insurance Act, 1938
Why it is wrong: The Insurance Act governs insurance, not this securities definition.
Option B. Companies Act, 2013 and the rules made under it
Why it is wrong: The Companies Act is important corporate law but is not the statute establishing this specific derivatives-as-securities definition.
Option C. Reserve Bank of India Act, 1934
Why it is wrong: The RBI Act does not provide this securities-market definition.
Option D. Securities Contracts (Regulation) Act, 1956 — Correct answer
Answer: D. The Securities Contracts (Regulation) Act, 1956 (SCRA) defines 'securities' and includes derivatives within that statutory framework. This legal recognition is central to the regulation of exchange-traded derivatives. Remember: Remember the legal chain: SCRA defines securities/derivatives. SEBI regulates the securities market under its statutory framework.
Hint, shown before you answer in practice mode: Common mistake: Confusing corporate law with securities-contract law.
VIII-078mediumregulatory
Q3Under the current NSE market-wide position limit (MWPL) framework for an individual stock, when aggregate open interest across exchanges exceeds what level of MWPL does the security enter the ban framework for the next trading day?
Option A. 50% of MWPL
Why it is wrong: 50% is not the ban trigger.
Option B. 80% of MWPL
Why it is wrong: 80% is relevant to resumption of normal trading, not the entry trigger.
Option C. 100% of MWPL only
Why it is wrong: The rule does not wait for 100% before the ban framework applies.
Option D. 95% of MWPL — Correct answer
Answer: D. When aggregate open interest across exchanges in the security exceeds 95% of the market-wide position limit, the security enters the ban framework. During the ban, participants are permitted to trade only to reduce positions through offsetting until normal trading resumes under the prescribed threshold. Remember: Memorise the two different MWPL thresholds: above 95% for entry into the ban framework. At or below 80% for resumption.
Hint, shown before you answer in practice mode: Common mistake: Using the 80% resumption threshold as the 95% ban-entry threshold.
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Q4A stock is in the F&O ban period because aggregate open interest has breached the MWPL trigger. Which new trade is permitted under the ban framework?
Option A. A trade that increases the client's net open position
Why it is wrong: Increasing exposure is precisely what the ban framework restricts.
Option B. An offsetting trade that reduces an existing open position — Correct answer
Option C. A trade that increases market-wide open interest regardless of the client's position
Why it is wrong: The permitted direction is reduction, not expansion of open positions.
Option D. Any trade, provided it is intraday
Why it is wrong: 'Intraday' status does not override the ban restriction.
Answer: B. During the ban period, participants may trade in the derivative contracts of that stock only for the purpose of decreasing their positions through offsetting positions. Trades that increase open positions are not permitted merely because they are intraday. Remember: F&O ban does not freeze all trading. It allows risk-reducing offsets but not position increases.
Hint, shown before you answer in practice mode: Common mistake: Thinking 'ban' means every order is prohibited, including exits.
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Q5Under SEBI's strengthened equity-index derivatives framework introduced in October 2024, which statement correctly describes the contract-value requirement used for new index-derivative contracts and lot-size review?
Option A. Contract value may stay below ₹5 lakh as long as the index is highly liquid
Why it is wrong: The framework materially raised the contract-value floor.
Option B. The rule applies only to single-stock cash-market trades and not to index derivative contracts
Why it is wrong: The measure concerns index derivative contract sizing.
Option C. Every index derivative must have an exact fixed value of ₹20 lakh on every trading day
Why it is wrong: Market movements make an exact ₹20 lakh daily value impossible to guarantee.
Option D. At launch the value must be at least ₹15 lakh, and lot-size reviews keep it near ₹15–20 lakh — Correct answer
Answer: D. SEBI strengthened the index-derivatives framework by increasing the minimum contract-size framework. NSE implementation reflects a contract value of not less than ₹15 lakh at introduction, with lot-size review designed to keep the contract value broadly within the prescribed ₹15–20 lakh band. Market prices can move after a lot size is fixed, so the contract value is not literally fixed at one exact rupee amount every day. Remember: Differentiate a regulatory sizing band/review rule from an exact daily notional value.
Hint, shown before you answer in practice mode: Common mistake: Treating ₹15–20 lakh as a guaranteed daily value rather than a contract-design/review framework.
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Q6Under the rationalisation of weekly index derivatives, how many benchmark indices may each exchange offer with weekly expiry contracts?
Option A. One benchmark index — Correct answer
Option B. Two benchmark indices
Why it is wrong: The framework was tightened from broader availability.
Option C. Any number if each is sufficiently liquid
Why it is wrong: Liquidity alone does not permit unlimited weekly benchmark indices.
Option D. No weekly index derivatives are permitted
Why it is wrong: Weekly contracts were rationalised, not completely prohibited.
Answer: A. The rationalised framework allows each exchange to provide weekly-expiry index derivatives on one benchmark index. The measure was intended to reduce the proliferation and concentration of very short-dated index contracts. Remember: The current framework permits weekly index derivatives on one benchmark index per exchange.
Hint, shown before you answer in practice mode: Common mistake: Remembering the old availability of multiple weekly index expiries.
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Q7Which statement best describes position-limit controls in the equity-derivatives market?
Option A. Limits can apply at several levels, such as client, member and market-wide — Correct answer
Option B. There is one identical rupee limit for every participant and every underlying
Why it is wrong: Limits differ by product, underlying and participant category.
Option C. Only clearing corporations face position limits, while clients face none
Why it is wrong: Client-level limits are an important part of the framework.
Option D. Position limits apply only once a contract has expired and settled
Why it is wrong: Position limits govern live/open exposure, not only expired contracts.
Answer: A. Equity-derivatives risk controls use multiple layers of position limits. Depending on the contract and participant, limits may apply at client, trading/clearing-member, institutional and market-wide levels. They are not one universal number for every market participant. Remember: Position limits are layered risk controls rather than a single universal ceiling.
Hint, shown before you answer in practice mode: Common mistake: Memorising one MWPL percentage and assuming it is the only position limit.
VIII-083mediumconceptual
Q8Which of the following is one current NSE eligibility measure used for stocks in the equity F&O segment?
Option A. A median quarter-sigma order size of at least ₹75 lakh over the last six months — Correct answer
Option B. A mandatory dividend yield above 5% of the share price in each of the last six months
Why it is wrong: Dividend yield is not the stated F&O eligibility criterion.
Option C. A minimum face value of ₹100 for every equity share the company has issued
Why it is wrong: Face value of ₹100 is not required.
Option D. A requirement that promoters hold exactly 50% of the company’s shares at all times
Why it is wrong: No exact 50% promoter-holding condition is the criterion described.
Answer: A. Current stock-derivative eligibility uses liquidity and market-depth measures. NSE lists, among other criteria, a median quarter-sigma order size over the previous six months of at least ₹75 lakh, alongside MWPL, deliverable value, activity and other requirements. Remember: F&O eligibility is based on liquidity, market depth, trading activity and position-limit measures—not arbitrary corporate characteristics.
Hint, shown before you answer in practice mode: Common mistake: Using old eligibility thresholds or non-existent conditions.
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Q9Before enabling a client for equity-derivatives trading, which combination is most consistent with the investor-protection framework?
Option A. Enable derivatives first and complete KYC later, only if the client makes a loss
Why it is wrong: KYC cannot be postponed until after losses occur.
Option B. Complete KYC, give the risk disclosures and record the client’s financial details — Correct answer
Option C. Skip the risk disclosures if the client has traded cash equities for years
Why it is wrong: Prior cash-market experience does not remove derivative risk-disclosure duties.
Option D. Accept an anonymous account as long as enough margin is deposited upfront
Why it is wrong: Anonymous dealing is inconsistent with KYC/AML requirements.
Answer: B. Derivatives access is not based only on the ability to post margin. Intermediaries must comply with client-registration/KYC requirements, provide mandated risk disclosure, and maintain the required information for clients opting for derivatives, including applicable financial information under the framework. Remember: Client onboarding for derivatives combines identity/KYC, risk disclosure and appropriate client information—not merely margin collection.
Hint, shown before you answer in practice mode: Common mistake: Assuming a signed trading form alone is enough for derivatives activation.
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Q10Which action is inconsistent with the conduct expected of a registered stock broker?
Option A. Executing a client's valid order promptly and in accordance with exchange rules
Why it is wrong: Incorrect as the answer. Proper execution of a valid order is an ordinary broker function.
Option B. Maintaining required client records and keeping them for as long as the rules say
Why it is wrong: Incorrect as the answer. Required recordkeeping supports compliance.
Option C. Spreading a false market rumour to get clients to trade and create artificial activity — Correct answer
Option D. Providing the mandated risk disclosure documents before activating derivatives trading
Why it is wrong: Incorrect as the answer. Risk disclosure is an investor-protection requirement.
Answer: C. A broker is expected to act with integrity, due skill and care and must not engage in manipulative, fraudulent or deceptive conduct. Spreading false information to induce trading or create a false market is inconsistent with these duties. Remember: Broker conduct rules target integrity and fair dealing, not just mechanical order execution.
Hint, shown before you answer in practice mode: Common mistake: Thinking a broker violates conduct rules only when client money is directly stolen.
VIII-086mediumregulatory
Q11An investor has first complained to the stock broker about a trading dispute but remains dissatisfied with the response. Which route is consistent with the current securities-market grievance framework?
Option A. The investor may escalate through mechanisms such as SCORES and SMART ODR, as the process allows — Correct answer
Option B. The investor has no further recourse of any kind once the broker has responded
Why it is wrong: A dissatisfied investor can use escalation mechanisms.
Option C. The investor must immediately file only a criminal case and cannot use market grievance mechanisms
Why it is wrong: Statutory legal remedies may exist, but market grievance mechanisms are not displaced by an automatic criminal-case requirement.
Option D. The investor must wait until the derivative contract's original expiry date before escalating
Why it is wrong: Grievance escalation is not tied to waiting for contract expiry.
Answer: A. The normal grievance path begins with the concerned market participant. If the matter remains unresolved or the investor is dissatisfied, securities-market mechanisms include SEBI's SCORES and the SMART ODR framework, which provides structured dispute-resolution processes such as conciliation and arbitration where applicable. Remember: Know the escalation logic: approach the market participant first. Unresolved matters can move to formal securities-market grievance/ODR channels.
Hint, shown before you answer in practice mode: Common mistake: Jumping directly to an old or obsolete grievance route without checking the current framework.
VIII-087mediumregulatory
Q12A person trades derivatives on a listed company's shares while in possession of unpublished price sensitive information (UPSI), and no applicable statutory exception or defence applies. How is this conduct treated under the insider-trading framework?
Option A. It is permitted because derivatives are not securities
Why it is wrong: Derivatives fall within the securities-market framework.
Option B. It is permitted if the position is closed before expiry
Why it is wrong: Closing before expiry does not cure trading while in possession of UPSI.
Option C. It is prohibited insider trading — Correct answer
Option D. It is permitted whenever the trade is profitable for the investor
Why it is wrong: Profitability has no bearing on whether the conduct is prohibited.
Answer: C. SEBI's insider-trading framework prohibits an insider from trading in securities while in possession of UPSI, subject to specified exceptions/defences. Equity derivatives on the relevant securities do not provide a loophole simply because the exposure is created through a derivative. Remember: UPSI restrictions concern trading while in possession of sensitive information. Using a derivative does not automatically avoid the rule.
Hint, shown before you answer in practice mode: Common mistake: Assuming insider-trading restrictions apply only to cash shares.
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Q13Under the current NSE F&O stock framework, once a stock has been excluded from derivatives trading, which statement describes re-introduction?
Option A. It can be reconsidered the very next day, regardless of its liquidity
Why it is wrong: Re-entry is not an immediate next-day process.
Option B. It can return automatically once its share price rises 10% from the exclusion date
Why it is wrong: A simple 10% price rise is not the rule.
Option C. It must wait one year, then meet the criteria for six months in a row — Correct answer
Option D. Exclusion is permanent, so the stock can never return to F&O
Why it is wrong: A stock may become eligible again after meeting the requirements.
Answer: C. NSE's current selection-criteria page states that once a stock is excluded from the F&O list, it is not considered for re-inclusion for one year. For re-introduction it must again satisfy the applicable eligibility criteria for six consecutive months, subject to the prescribed approval process. Remember: Derivatives eligibility is continuously monitored. Exclusion and re-entry follow defined criteria rather than price performance alone.
Hint, shown before you answer in practice mode: Common mistake: Assuming F&O eligibility, once obtained or lost, is permanent.
VIII-135hardregulatory
Q14Which baseline criterion is part of NSE's current eligibility framework for introducing futures and options on an index?
Option A. No constituent may ever be changed once derivatives on the index have been introduced
Why it is wrong: Indices can be maintained and revised.
Option B. Every index constituent must carry exactly equal weight, whatever its size or trading liquidity
Why it is wrong: Equal weighting is not required.
Option C. The index must contain only banking stocks, as in the Nifty Bank index
Why it is wrong: Sector composition is not restricted to banks.
Option D. At least 80% of index weight must be in F&O-eligible stocks, with no ineligible stock above 5% — Correct answer
Answer: D. NSE's index-eligibility framework requires that stocks contributing at least 80% of index weight be individually eligible for derivatives trading and that no single ineligible constituent carry more than 5% weight. Additional current criteria can also apply. Remember: Index-derivative eligibility considers whether most of the index is built from derivative-eligible, sufficiently tradable constituents.
Hint, shown before you answer in practice mode: Common mistake: Assuming a popular cash-market index is automatically eligible for derivatives.
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Q15A stock entered the F&O ban after aggregate open interest exceeded 95% of MWPL. Under the current framework, normal trading in its derivatives resumes when aggregate open interest falls to:
Option A. 95% of MWPL or below
Why it is wrong: 95% is associated with the ban-entry trigger, not resumption.
Option B. 80% of MWPL or below — Correct answer
Option C. 90% of MWPL or below
Why it is wrong: 90% is not the stated resumption threshold.
Option D. 50% of MWPL or below
Why it is wrong: The rule does not require open interest to fall as far as 50%.
Answer: B. NSE's position-limit framework uses a lower re-entry threshold than the ban trigger. After a stock enters the ban framework, normal trading resumes when aggregate open interest across exchanges falls to 80% or below of MWPL. Remember: Ban entry and ban exit use different thresholds: >95% entry. ≤80% resumption.
Hint, shown before you answer in practice mode: Common mistake: Using the same percentage for entering and leaving the ban framework.
VIII-146hardregulatory
Q16From 1 October 2025, what is the position limit for an individual client in the derivatives of a single stock?
Option A. The higher of 1% of free-float market capitalisation or 5% of open interest
Why it is wrong: This was the old limit. It was replaced from 1 October 2025.
Option B. 20% of the stock's MWPL
Why it is wrong: 20% is the limit for a trading member's own proprietary position.
Option C. 10% of the stock's market-wide position limit (MWPL) — Correct answer
Option D. 30% of the stock's MWPL
Why it is wrong: 30% applies to a trading member's combined positions, Category I FPIs and mutual funds.
Answer: C. From 1 October 2025 a client may hold up to 10% of the stock's MWPL. A trading member's own proprietary position may reach 20%, and a member's combined positions, Category I FPIs and mutual funds may reach 30%. The old limit, the higher of 1% of free float or 5% of open interest, no longer applies. Remember: From 1 October 2025, an individual client's position limit in a single stock's derivatives is 10% of that stock's MWPL.
Hint, shown before you answer in practice mode: Common mistake: Using the older client limit that applied before October 2025.
VIII-147hardregulatory
Q17According to NSE's current membership-category framework, how may Futures & Options segment membership be taken?
Option A. It requires the applicant to be a listed company
Why it is wrong: Applicants need not be listed companies merely to qualify for membership.
Option B. It can be taken only with the Commodity segment
Why it is wrong: Commodity membership is not the mandatory pairing.
Option C. It is available only to banks
Why it is wrong: Membership is not restricted only to banks.
Option D. It must be taken in combination with the Cash segment — Correct answer
Answer: D. NSE's current membership-types page states that F&O segment membership has to be taken in combination with the Cash segment. Eligibility, capital, fit-and-proper and other requirements also apply according to the membership category. Remember: Derivative-segment membership has structural eligibility requirements beyond simply opening a client account.
Hint, shown before you answer in practice mode: Common mistake: Confusing exchange membership rules with client eligibility to trade.
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Legal and Regulatory Environment: common questions
How many practice questions are there on Legal and Regulatory Environment?
17 questions, all written out on this page with the correct answer and why each other option is wrong. This unit is one of the 11 practice topics for NISM Series VIII, which has 150 questions in total.
Are these real NISM Series VIII questions on Legal and Regulatory Environment?
No. LearnNifty wrote every question from NISM's public syllabus. NISM does not publish its question bank, so nobody can offer you the real paper. Use these questions to check that an idea has gone in. Use the official NISM workbook to see what is examined.
How much of the NISM Series VIII exam is Legal and Regulatory Environment?
NISM's published syllabus outline gives it 15 of the paper's 100 marks, or 15% of the exam. It is quoted from the outline, not estimated. The published unit it comes from: Unit 8: Legal and Regulatory Environment
Does negative marking apply to NISM Series VIII?
Yes. NISM takes off 25% of a question's marks for a wrong answer. On a 1-mark question that is 0.25 marks off. A blank question earns nothing and loses nothing, so a wrong guess costs marks on this paper. Timed practice here uses the same rule.
Are these practice questions kept up to date?
Each question is written against the rules printed on this page, last checked on 5 September 2026. A Budget or a SEBI circular can change a rate, a lot size or an expiry day. If one of those rules changes before your exam, treat the questions that use it as out of date. Then check NISM's current workbook.
Accounting and Taxation
9 questions on Accounting and Taxation. Its quiz opens on that unit.
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