NISM Series I Currency Derivatives: pattern, syllabus and full mock tests
NISM Series I is the SEBI-mandated certification for associated persons of trading members in the exchange-traded currency derivatives segment.
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Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.NISM-Series-I: Currency Derivatives Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series I is the SEBI-mandated certification for associated persons of trading members in the exchange-traded currency derivatives segment.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published.
Exam Pattern
NISM Series I is a single computer-based exam of 100 questions for 100 marks, in 2 hours. The passing score is 60% (60 marks), with negative marking of 25% of a question's marks for each wrong answer. The certificate is valid for 3 years. Chapter weightages are from NISM's workbook, version March 2026.
NISM Series I Certification Exam
Computer-based120 min| Section | Questions | Marks |
|---|---|---|
| Introduction to Currency Markets | 10 | 10 |
| Foreign Exchange Derivatives | 5 | 5 |
| Exchange Traded Currency Futures | 20 | 20 |
| Exchange Traded Currency Options | 20 | 20 |
| Strategies Using Exchange Traded Currency Derivatives | 10 | 10 |
| Trading Mechanism in Exchange Traded Currency Derivatives | 10 | 10 |
| Clearing, Settlement and Risk Management in Exchange Traded Currency Derivatives | 10 | 10 |
| Regulatory Framework for Exchange Traded Currency Derivatives | 5 | 5 |
| Accounting and Taxation | 5 | 5 |
| Code of Conduct and Investor Protection Measures | 5 | 5 |
Key Topics & Syllabus
1. Introduction to Currency Markets (10 marks)
- check_circleBrief history of foreign exchange markets
- check_circleMajor currencies and currency pairs
- check_circleBasics of currency markets and peculiarities in India
2. Foreign Exchange Derivatives (5 marks)
- check_circleDerivatives: definition and key economic functions
- check_circleDerivative products
- check_circleGrowth drivers of derivatives and market participants in currency derivatives
3. Exchange Traded Currency Futures (20 marks)
- check_circleCurrency futures: definition
- check_circlePay-off charts of futures contracts
- check_circleContract specification and contract value of exchange traded currency futures
4. Exchange Traded Currency Options (20 marks)
- check_circleBasics of options, difference from futures and styles of options
- check_circleMoneyness of an option
- check_circleOption pricing basics, option Greeks and pricing methodology
5. Strategies Using Exchange Traded Currency Derivatives (10 marks)
- check_circleMarket participants and hedging through exchange-traded currency derivatives
- check_circleOption trading strategies
- check_circleUse of currency derivatives by speculators and arbitrageurs
6. Trading Mechanism in Exchange Traded Currency Derivatives (10 marks)
- check_circleEntities in the trading system
- check_circleExchange trading system
- check_circleOrder management
7. Clearing, Settlement and Risk Management in Exchange Traded Currency Derivatives (10 marks)
- check_circleClearing and settlement mechanism and entities involved
- check_circleInteroperability of clearing corporations and clearing mechanism
- check_circleDetermination of settlement obligations and position limits
8. Regulatory Framework for Exchange Traded Currency Derivatives (5 marks)
- check_circleSecurities Contracts (Regulation) Act, 1956
- check_circleRBI-SEBI Standing Technical Committee on exchange traded currency and interest rate derivatives
- check_circleForeign Exchange Management Act, 1999
9. Accounting and Taxation (5 marks)
- check_circleAccounting guidelines and disclosure requirements for currency derivatives
- check_circleTaxation of exchange traded currency derivatives
10. Code of Conduct and Investor Protection Measures (5 marks)
- check_circleSEBI's Code of Conduct for brokers
- check_circleInvestor grievance redressal
- check_circleHandling of investor claims on default of a trading or clearing member
Inside NISM Series I Premium
Full-length mock tests
Timed 120-minute papers in the NISM I pattern, scored against the 60% pass mark.
Chapter-wise question bank
Practise each of the 10 workbook chapters as a separate drill.
AI study plan
Tells you which chapter to drill next, based on where you're losing marks.
Every answer explained
A worked explanation on every question, so a wrong answer becomes a fixed gap.
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile.
Select the exam and pay the fee
Choose NISM-Series-I: Currency Derivatives Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Schedule the exam on any available date.
Study the official workbook
NISM's workbook (version March 2026) is the syllabus, and its weightage table sets the paper.
Take and pass the exam
100 questions in 2 hours. Score at least 60%, with 25% negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series I the smarter way
Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series I pattern.
NISM Series I guides
- SyllabusFull NISM Series I (Currency Derivatives) syllabus: all 10 chapters with exam weightage, plus free practice on the current workbook.
- Exam PatternNISM Series I exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 60 out of 100 (60%). Verify with NISM.
- EligibilityWho must hold NISM Series I (Currency Derivatives), who can take it, and what SEBI actually requires. There is no minimum qualification, so here is the real answer.
- Registration & DatesHow to register for NISM Series I: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series I study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- PreparationA realistic NISM Series I study plan: how long it takes and chapter order by weightage. No pass rate has been published yet for this certification.
- FAQsCommon NISM Series I questions answered: fee ₹1,500, 3-year validity, 0.25 negative marking, re-attempts and CPE renewal.
- Negative markingHow negative marking works on the NISM Series I paper: 0.25 marks off per wrong answer against 100 total, what that means for guessing, and when to skip.
- Formula SheetThe 10 formulas NISM Series I questions use most: futures fair value, forward premium, MTM, option payoffs and hedge size. With a worked example.
NISM Series I FAQ
Is NISM 1 the same as NISM Series I?
Yes. NISM 1 and NISM Series I are the same Currency Derivatives certification exam.
Who needs NISM Series I?
NISM Series I is the SEBI-mandated certification for associated persons of trading members in the exchange-traded currency derivatives segment.
What is the passing mark?
60%, that is 60 marks out of 100.
Is there negative marking?
Yes. Each wrong answer costs 25% of that question's marks.
What is the exam fee?
₹1,500 plus payment gateway charges, paid directly to NISM.
How long is the certificate valid?
3 years.
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