Series VIII · Intermediate
Equity Derivatives
Required if you want to work anywhere near F&O.
Questions
100
Duration
120 min
Pass mark
60%
Negative marking
25%
Exam fee
₹1,500 + GST
Validity
3 years
Why this certification matters
Approved users and sales personnel in the equity derivatives segment must hold this certification. It is also the fastest way to actually understand options rather than guess.
Who should take it: Equity derivatives dealers, approved users, sales staff, and traders on the F&O segment.
What you get after clearing it
- Mandatory for equity derivatives dealers and approved users
- Builds real understanding of futures, options and payoffs
- Preferred for dealing, trading desk and risk roles
- Directly useful for margin and hedging conversations
Where it takes you
Brokers hire freshers for dealing desks; prop and risk roles prefer this plus Excel skills.
Dealing roles pay a base plus performance-linked components in most broking firms.
Explore finance careers4 week study plan
Week 1
Futures
Contract specs, pricing, cost of carry, basis, hedging with futures.
Week 2
Options
Calls, puts, moneyness, intrinsic and time value, payoff diagrams.
Week 3
Strategies and greeks
Spreads, straddles, delta, gamma, theta, vega intuition.
Week 4
Clearing, margins, mocks
SPAN and exposure margin, settlement, then daily timed mocks.
Exam-day tips
- Draw every payoff diagram yourself, do not memorise them
- 25% negative marking applies, skip a question if you are truly unsure
- Practise breakeven calculations until they take under 20 seconds
Full syllabus
Basics of Derivatives
- Introduction to forwards, futures, and options
- Difference between cash and derivatives markets
- Uses of derivatives hedging, speculation, arbitrage
- Payoff diagrams and risk profiles
- Regulatory framework for equity derivatives
Equity Futures
- Futures terminology lot size, expiry, contract value
- Margins and mark-to-market (MTM)
- Basis, contango, and backwardation
- Hedging with index and stock futures
- Settlement of futures contracts
Equity Options
- Call and put options rights and obligations
- Option premium, strike price, intrinsic and time value
- Moneyness ITM, ATM, OTM
- Option strategies covered call, protective put, straddle, strangle
- Greeks delta, gamma, theta, vega basics
Trading, Clearing & Risk
- F&O trading mechanics and order types
- SPAN and exposure margin
- Open interest and volume interpretation
- Circuit filters in F&O
- Risk management in derivatives
Regulations & Compliance
- SEBI and exchange regulations for F&O
- Client code and position limits
- Intraday and overnight positions
- Reporting and surveillance
- Investor protection in derivatives
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series VIII?
It is the Equity Derivatives certification, mandatory for approved users and sales dealers in the F&O segment.
Who should take this exam?
Derivatives dealers, approved users, F&O sales staff, and traders at stockbrokers.
What is the passing score?
60 out of 100 marks (60%). There is 25% negative marking.
Is this official NISM material?
No. These are independent practice questions. Refer to the official NISM workbook before the exam.
What are the main topics?
Futures, options, payoff diagrams, option strategies, Greeks, margining, and F&O regulations.
Ready to test yourself?
100 questions · 120 minutes · 25% negative marking. Free, no login.