NISM Series VIII: Equity Derivatives (F&O) Certification
NISM Series VIII (Equity Derivatives) is the SEBI-mandated certification for anyone dealing in the equity derivatives segment. It is compulsory for approved users and sales personnel of trading members in the equity derivatives segment of a recognised stock exchange.
The exam is 100 marks over 120 minutes, needs 60/100 to pass, carries negative marking of 0.25 per wrong answer, and stays valid for 3 years.
scheduleLimited-time price, ends 15 August, Independence Day
NISM Series VIII at a glance
- Full nameNISM Series VIII: Equity Derivatives
- Conducted byNISM
- RegulatorSEBI
- Questions100
- Duration120 min
- Pass mark60/100
- Negative marking0.25
- Validity3 years
- DifficultyMedium
Who needs NISM Series VIII?
- check_circleApproved users and sales personnel of trading members in the equity derivatives segment
- check_circleDealers and terminal operators executing F&O orders on NSE or BSE
- check_circleRelationship managers and advisors recommending futures and options to clients
- check_circleRisk and compliance staff at broking firms handling derivatives exposure
- check_circleAnyone renewing a Series VIII certificate whose 3-year validity has lapsed
Where it takes you
- trending_upEquity Derivatives Dealer at a broking house
- trending_upF&O Sales Trader or terminal operator
- trending_upRisk Analyst managing margin and exposure on derivatives books
- trending_upDerivatives Advisor at a wealth or PMS firm
NISM Series VIII syllabus
Introduction to Derivative Markets
Basics of derivatives, market participants, forwards, futures, options, and swaps. History of derivatives in India.
Understanding Interest Rates
Simple vs compound interest, present value, future value, yield to maturity, and their relevance to derivatives pricing.
Futures Contracts
Futures pricing, cost of carry model, basis, convergence, hedging with futures, and margin requirements.
Options Contracts
Call and put options, payoff diagrams, intrinsic and time value, put-call parity, option pricing models.
Option Greeks
Delta, Gamma, Theta, Vega, Rho — understanding sensitivity measures for options portfolios.
Option Strategies
Covered calls, protective puts, spreads (bull, bear, butterfly), straddles, strangles, and iron condors.
Trading, Clearing and Settlement
Order types, trading mechanism, NSE clearing, NSCCL, daily MTM settlement, and final settlement.
Regulatory Framework
SEBI Act, SC(R)A, SEBI circulars on derivatives, investor protection measures, code of conduct.
Accounting and Taxation
Accounting treatment of derivatives in books of account, tax on derivatives income (speculative vs non-speculative).
How to register for NISM Series VIII
- 1
Create an NISM account
Register at certifications.nism.ac.in with your PAN, email and mobile number.
- 2
Complete KYC
Upload PAN and address proof. Verification is usually same-day.
- 3
Select the Series VIII module
Choose "Series VIII: Equity Derivatives" from the certification list and pay the registration fee online.
- 4
Book your test-centre slot
Pick a date and NISM test centre. Metro centres typically have slots within a week.
- 5
Take the exam
100 questions in 120 minutes, computer-based. Your result appears immediately on submission.
Fees and slot availability are set by NISM and can change — confirm current details on certifications.nism.ac.in.
NISM Series VIII — frequently asked questions
What is NISM Series VIII?expand_more
NISM Series VIII is the Equity Derivatives Certification Examination conducted by the National Institute of Securities Markets. It covers futures, options, trading, clearing and settlement, and the SEBI regulatory framework, and is mandatory for approved users and sales personnel in the equity derivatives segment.
Who needs the NISM Series VIII certification?expand_more
SEBI requires every approved user and every sales person of a trading member in the equity derivatives segment of a recognised stock exchange to hold a valid NISM Series VIII certificate. Dealers, terminal operators and advisors recommending F&O products all fall in scope.
Who is eligible for the NISM Series VIII exam?expand_more
There is no minimum educational qualification or prior-certification requirement. Anyone can register and take the exam, though a working knowledge of basic maths helps with the pricing and payoff questions.
How do I register for the NISM Series VIII exam?expand_more
Register at certifications.nism.ac.in, complete your KYC and PAN details, select the Series VIII module, pay the fee online and book a slot at an NISM test centre. The exam is computer-based and the result appears immediately on submission.
How difficult is NISM Series VIII?expand_more
It sits in the middle of the NISM range. The pass mark is 60% and there is negative marking of 0.25 per wrong answer. The conceptual chapters are straightforward, but option pricing, payoff diagrams and margin calculations need worked practice rather than reading.
How long is NISM Series VIII valid?expand_more
The certification is valid for 3 years from the date of passing. Renewal requires either passing the exam again or completing the CPE programme before expiry.
Ready to start preparing?
1200+ practice questions and full-length mock tests for NISM Series VIII, with a solution for every question — ₹199 for full premium.
scheduleLimited-time price, ends 15 August, Independence Day