NISM Series XIII mock test
Common Derivatives Certification Examination
The practice paper
Before you start
- 150 questions, 180 minutes. 1 mark each, and 25% off for a wrong answer — the same rules the real paper uses, so a question you cannot narrow down is better left blank.
- Questions are drawn to the syllabus weightages we have derived, because NISM publishes none for this examination.
- You can flag a question and come back to it. The clock does not stop.
- Nothing is saved. Close the tab and the attempt is gone.
The real examination
A practice paper for the Common Derivatives certification, the single paper that covers equity, currency and interest rate derivatives together. The longest examination served here: 150 questions in three hours, negative marking of a quarter mark, pass at 90.
- Questions
- 150
- Duration
- 180 min
- Pass mark
- 90/150
- Negative marking
- −25%
The certificate is valid for 3 years. Clearing this examination is an alternative to taking the equity, currency and interest rate derivatives papers separately, for approved users and sales personnel of a trading member in those segments.
Syllabus and weightages
Ten units, weighted as we have derived them — NISM publishes no weightage table for this examination. Introduction to the Underlying Markets alone is 22% of the paper — worth knowing before you decide where your week goes.
| Unit | Weight | Questions |
|---|---|---|
| 1. Basics of Derivatives | 5% | 8 |
| 2. Introduction to the Underlying Markets | 22% | 33 |
| 3. Introduction to Forwards and Futures | 16% | 24 |
| 4. Strategies Using Futures | 6% | 9 |
| 5. Introduction to Options — Options on Equities and Currencies | 7% | 11 |
| 6. Option Trading Strategies | 16% | 24 |
| 7. Trading, Clearing, Settlement and Risk Management | 9% | 13 |
| 8. Legal and Regulatory Environment | 12% | 18 |
| 9. Accounting and Taxation | 2% | 3 |
| 10. Sales Practices, Code of Conduct and Investor Protection Measures | 5% | 7 |
Common questions
Is this the actual NISM examination?
No. It is a practice paper written by CAPITA1 from the syllabus NISM publishes. The real examination is conducted by NISM and can only be taken through them.
Does passing this get me certified?
No. Only NISM certifies, through its own examination. This tells you where you stand before you book it.
What score do I need in the real exam?
90 out of 150, which is 60%. A wrong answer costs 25% of the marks for that question, and an unanswered one costs nothing — so a guess you have no basis for is worse than leaving it.
Do I get the same questions each time?
No. A fresh paper is drawn from the bank each attempt, weighted to the same syllabus split.