Series XVI · Intermediate
Commodity Derivatives
For commodity markets, MCX and physical settlement roles.
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 of commodity derivatives brokers need this. It is a less crowded route into markets with steady demand.
Who should take it: Commodity broker dealers, approved users, and sales staff on commodity exchanges (MCX, NCDEX).
What you get after clearing it
- Mandatory for commodity derivatives dealing roles
- Covers physical delivery, warehousing and hedging
- Less competition than equity modules
- Valuable for commodity trading houses and agri-business
Where it takes you
Commodity brokers, trading houses and agri-processors hire freshers with this module.
Niche skill, so experienced commodity dealers are relatively well paid for the competition level.
Explore finance careers4 week study plan
Week 1
Commodity basics
Commodity types, spot vs derivatives, exchanges and participants.
Week 2
Futures and options
Pricing, cost of carry, hedging strategies for producers and users.
Week 3
Physical market
Warehousing, quality standards, delivery, settlement mechanisms.
Week 4
Regulation and mocks
SEBI commodity framework, then daily mock tests.
Exam-day tips
- Delivery and warehousing rules are unique here, do not skim them
- Hedging cases repeat, practise producer vs consumer hedges
- Watch the negative marking on calculation questions
Full syllabus
Commodity Markets Basics
- Introduction to commodity markets in India
- Types of commodities agricultural, metals, energy
- Spot vs futures markets
- Participants hedgers, speculators, arbitrageurs
- Role of commodity exchanges and regulators
Commodity Futures & Options
- Futures contracts and specifications
- Margining and settlement in commodities
- Commodity options basics
- Hedging strategies for commodities
- Price discovery and risk management
Commodity Specifics
- Agricultural commodities seasonality, storage, quality
- Metals and energy commodities
- Commodity indices and ETFs
- Global commodity price drivers
- Supply-demand analysis for commodities
Trading & Clearing
- Order types and trading mechanics
- Delivery and settlement procedures
- Warehouse receipts and grading
- Open interest and volume in commodities
- Circuit filters and limits
Regulations & Compliance
- SEBI regulation of commodity derivatives
- FMC-SEBI merger implications
- Client code and position limits
- Investor protection in commodity markets
- Surveillance and penalties
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series XVI?
It is the Commodity Derivatives certification, mandatory for approved users and sales dealers on commodity exchanges like MCX and NCDEX.
Who should take this exam?
Commodity broker dealers, approved users, and sales staff on commodity derivatives exchanges.
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 commodities are covered?
Agricultural, metals, energy, and other commodity derivatives traded on Indian exchanges.
Ready to test yourself?
100 questions · 120 minutes · 25% negative marking. Free, no login.