NISM Series I Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The one essential piece of NISM currency derivatives study material is NISM's own Series I workbook. The exam is largely based on it, and the paper follows the workbook's weightage table. Everything else is a supplement.
The current workbook is version March 2026. Its own note says to refer to that version for the Series I exam taken on or after April 20, 2026, and that the updates made in it are highlighted in yellow. If you have an older copy, replace it.
You save ₹400
- Full-length mock tests
- Chapter-wise question bank
- AI study plan
One payment, no subscription · Valid for 1 month
What to use, and what each is good for
NISM workbook, March 2026
Use it for
The full syllabus: 10 chapters with worked examples and sample questions after each chapter
Watch out for
Older versions in circulation that miss recent changes
The workbook's weightage table
Use it for
Deciding how long to spend on each chapter
Watch out for
Treating the 5-mark chapters as optional: together they carry 20 marks
Excel or LibreOffice
Use it for
Practising cross rates, futures pricing and pay-off calculations the way you will at the test centre
Watch out for
Learning formulas by rote without understanding what they compute
SEBI and RBI circulars cited in the footnotes
Use it for
Checking the exact wording of a rule the workbook summarises
Watch out for
Reading them in place of the workbook; the exam follows the workbook
Third-party notes and summaries
Use it for
Quick revision of terms and formulas
Watch out for
Notes made for an older workbook version
Timed practice papers
Use it for
Testing recall and calculation speed under the 120-minute limit with negative marking
Watch out for
Question sets written for an older workbook version
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook, March 2026 | The full syllabus: 10 chapters with worked examples and sample questions after each chapter | Older versions in circulation that miss recent changes |
| The workbook's weightage table | Deciding how long to spend on each chapter | Treating the 5-mark chapters as optional: together they carry 20 marks |
| Excel or LibreOffice | Practising cross rates, futures pricing and pay-off calculations the way you will at the test centre | Learning formulas by rote without understanding what they compute |
| SEBI and RBI circulars cited in the footnotes | Checking the exact wording of a rule the workbook summarises | Reading them in place of the workbook; the exam follows the workbook |
| Third-party notes and summaries | Quick revision of terms and formulas | Notes made for an older workbook version |
| Timed practice papers | Testing recall and calculation speed under the 120-minute limit with negative marking | Question sets written for an older workbook version |
What is inside the workbook
- check_circle10 chapters, from the history of foreign exchange markets through to investor protection
- check_circleA syllabus outline with the weightage of each chapter
- check_circleLearning objectives at the start of each chapter, a good checklist for revision
- check_circleWorked examples on cross rates, futures pricing, hedging and option strategies, with pay-off charts
- check_circleSample questions and answers at the end of every chapter
- check_circleFootnotes naming the SEBI circular or regulation behind many rules
How to get it
Get the workbook from NISM: its Series I page at nism.ac.in is the place to start. Check the version printed on the inside cover before you rely on any copy, including one a colleague passes on.
Free account, this exam preselected.
What the workbook does well, and where to add
The workbook is strong on mechanics. It explains how a currency future is priced, how an option's value responds to the Greeks, how a hedge or a spread pays off, and how margins and settlement work at the clearing corporation. Because it is written by the body that sets the exam, it is also the safest source on terminology.
Its weakness is that reading a worked example is not the same as doing one. The options chapter and the strategies chapter are long and full of pay-off tables. Two additions help: working every example yourself in a spreadsheet, and plenty of question practice so you learn how the facts and calculations are asked.
Notes worth making as you read
- checkHow a currency pair is quoted: base currency, quote currency, bid and ask, and how to build a cross rate
- checkThe interest rate parity relationship and how it gives the futures price
- checkFutures against forwards: a two-column list of differences
- checkMoneyness, option styles and what each Greek measures
- checkEach option strategy with its view, its maximum gain and its maximum loss
- checkWho does what in trading and clearing: trading member, clearing member, clearing corporation, clearing bank
- checkThe acts and bodies in chapter 8: SC(R)A, FEMA, the RBI-SEBI Standing Technical Committee
On practice questions
The workbook itself notes that its sample questions and examples are for reference only, that the actual exam's difficulty may vary, and that not every exam question is guaranteed to come from the workbook. Use the chapter-end questions to check understanding, and full-length timed papers closer to the exam to check speed and recall.
Beware of out-of-date material
Rules on margins, position limits, participation and cyber security change, and the March 2026 workbook highlights its own updates for that reason. Notes, videos or question sets made for an older version can teach a rule that has since changed. When a source disagrees with the current workbook, go with the workbook.
Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.