NISM Series IV Interest Rate Derivatives: pattern, syllabus and eligibility
NISM Series IV is the SEBI-mandated certification for associated persons of stock brokers and trading members who deal with clients or trade in the interest rate derivatives segment of a recognised exchange.
NISM-Series-IV: Interest Rate Derivatives Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series IV is the SEBI-mandated certification for associated persons of stock brokers and trading members who deal with clients or trade in the interest rate derivatives segment of a recognised exchange.
NISM Series IV mock tests & question bank
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We're building NISM Series IV practice on PrepClever. Until it launches, this page has the pattern, syllabus and eligibility.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published. A PAN is needed to receive the certificate.
Exam Pattern
NISM Series IV is a computer-based multiple-choice exam of 100 marks in 120 minutes. The pass mark is 60%, and each wrong answer costs 25% of a question's marks. The certificate is valid for 3 years.
NISM Series IV Certification Exam
Computer-based, multiple choice120 min| Section | Questions | Marks |
|---|---|---|
| Full paper (all chapters of the NISM workbook) | - | 100 |
Key Topics & Syllabus
Interest rates and bond markets
- check_circleTime value of money and yield measures
- check_circleGovernment securities and money market instruments
- check_circleDuration, convexity and PV01
Interest rate derivative products
- check_circleInterest rate futures on exchanges
- check_circleForward rate agreements
- check_circleInterest rate swaps and OIS
Pricing and strategies
- check_circlePricing bond and T-bill futures
- check_circleHedging with interest rate futures
- check_circleSpread and arbitrage strategies
Trading, clearing and settlement
- check_circleContract specifications
- check_circleMargins and mark-to-market
- check_circleDelivery and cash settlement
Regulation and client dealing
- check_circleSEBI and RBI framework for IRDs
- check_circleRisk disclosure and investor protection
- check_circleCode of conduct for associated persons
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile with your PAN.
Select the exam and pay the fee
Choose NISM-Series-IV: Interest Rate Derivatives Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Pick a test centre, date and time from the available slots.
Study the official workbook
NISM's workbook for the series is the syllabus. Download the current version from the NISM website.
Take and pass the exam
100 marks in 120 minutes. Score at least 60%.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Exam availability | On demand, year-round at NISM test centres |
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series IV the smarter way
NISM Series IV practice is coming soon. Use the pattern and syllabus on this page to plan your study.
NISM Series IV guides
- SyllabusFull NISM Series IV (Interest Rate Derivatives) syllabus: all 9 chapters of the current workbook and what each one covers, plus free practice.
- Exam PatternNISM Series IV exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 60 out of 100 (60%). Verify with NISM.
- Registration & DatesHow to register for NISM Series IV: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series IV study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- Previous Year PapersNISM publishes no past papers for Series IV Interest Rate Derivatives. What the 100-question paper looks like, what each chapter asks and how to practise.
- Formula SheetThe 10 formulas NISM Series IV questions use most: bond price, duration, PVBP, invoice price, FRA and swap settlement. With a worked example.
NISM Series IV FAQ
Who needs NISM Series IV?
NISM Series IV is the SEBI-mandated certification for associated persons of stock brokers and trading members who deal with clients or trade in the interest rate derivatives segment of a recognised exchange.
What is the pass mark?
60%, which is 60 of 100 marks.
Is there negative marking?
Yes. Each wrong answer costs 25% of a 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 from the date of passing.
Does PrepClever have NISM Series IV mock tests?
Not yet. NISM Series IV practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.
Ready to crack NISM Series IV?
NISM Series IV practice is coming soon. Until then, this page covers the pattern, syllabus and eligibility.