NISM Series VIII Previous Year Papers
No official past paper exists for Series VIII. The published format and curriculum give you what one would have.
NISM does not publish previous year question papers for Series VIII, the Equity Derivatives Certification Examination. The exam runs on demand at test centres, and each candidate's paper is drawn from NISM's question bank. NISM's own FAQ says it does not disclose questions or answers, because that would break the confidentiality of the question bank. A file sold as the 2025 Series VIII paper is not an NISM document.
You lose less than you might think. NISM publishes the paper's format, a 10-unit curriculum, a list of test objectives and a free workbook with sample questions at the end of each chapter. This page puts those together.
About 'leaked' and memory-based papers
Anything sold or shared as a real Series VIII paper is someone's recollection at best, with no reliable answer key. Derivatives rules also move: lot sizes, expiry days and margin rules have all changed since 2024, so an old recollection can teach you a wrong answer. Do not pay for one or treat it as a readiness check.
What the Series VIII paper looks like
From NISM's exam page. A past paper would add only the wording of individual questions.
| Item | Series VIII |
|---|---|
| Questions | 100 multiple-choice questions, 1 mark each |
| Total marks | 100 |
| Duration | 2 hours |
| Pass mark | 60 out of 100 (60%) |
| Wrong answer | 0.25 mark deducted (25% of the question's marks) |
| Where | NISM test centre, slot of your choice, no fixed exam date |
| Syllabus | 10 units on NISM's curriculum page, with numbered test objectives |
| Study material | Free workbook; the March 2026 version applies to exams on or after April 20, 2026 |
The question each unit produces
NISM publishes no unit weightage, so ignore any site that prints one. What you can predict is the shape of the question. The test objectives under each unit are the best list of what can be asked.
- check_circleUnit 1, Basics of Derivatives: define a derivative, tell OTC from exchange-traded, name a participant from its role.
- check_circleUnit 2, Understanding Index: index types and how they are built, impact cost, why an index is chosen for derivatives.
- check_circleUnit 3, Forwards and Futures: forward vs futures, futures payoffs, fair price under the cost of carry model, basis and convergence.
- check_circleUnit 4, Options: moneyness, intrinsic and time value, payoffs for buyer and writer, the greeks, implied volatility, futures vs options.
- check_circleUnit 5, Strategies: worked payoffs for spreads, straddles, strangles, covered calls and protective puts, put-call parity, delta hedging, open interest and put-call ratio.
- check_circleUnit 6, Trading Mechanism: order types, stock and index eligibility for derivatives, corporate action adjustments, trading costs including STT.
- check_circleUnit 7, Clearing, Settlement and Risk Management: MTM and final settlement calculations, margins, position limits, the Settlement Guarantee Fund.
- check_circleUnit 8, Legal and Regulatory Environment: the SC(R) Act 1956, SEBI's role, membership eligibility, default and outage procedures.
- check_circleUnit 9, Accounting and Taxation: accounting entries for futures and options, tax treatment and STT on derivatives.
- check_circleUnit 10, Sales Practices and Investor Protection: client risk profile, risk disclosure, anti-money laundering, grievance redressal.
Free account, this exam preselected.
How Series VIII tests this material
Series VIII mixes two kinds of question. Units 3 to 5 and 7 produce arithmetic: a payoff at expiry, a breakeven, a fair futures price, an MTM amount. The wrong options are the results of common slips, such as forgetting a premium, adding where you should subtract, or using an annual rate for a one-month contract. You only beat these by working the number yourself.
The other units produce rule and definition questions, where the distractors are near-neighbours: the buyer's obligation given to the seller, a rule that applies to futures given to options, an older figure. The negative mark of 0.25 per wrong answer still leaves a blind guess on a four-option question slightly positive in expected marks, so time, not the penalty, is the real constraint. The negative-marking page works through that arithmetic.
How to practise without past papers
A past paper would give you the format, the question style and a score. You can build all three.
- 1
Start with NISM's own questions
NISM's FAQ points to the chapter-end sample questions and worked examples in the workbook, and links an NISM mock test. Do these first.
- 2
Rework every payoff table
Unit 5 is built on tables of expiry prices and profits. Cover the answer column and recompute it, then change one premium and do it again.
- 3
Turn the test objectives into questions
Write one question for each numbered objective on NISM's test objectives page. Objectives that say 'calculate' need a numerical question.
- 4
Sit timed sets at the real penalty
Use 100 questions in 2 hours, scored 1 mark right and 0.25 off wrong. Treat 60 as the line and aim for a margin above it.
- 5
Fix the unit, not the question
Group wrong answers by unit. Two or more misses in a unit means re-reading it, not memorising the questions you missed.
Checking a third-party question set
Compare its stated format with the table above. A set written for a different question count, duration or penalty, or one that quotes Thursday expiries and pre-2024 lot sizes as current, was written for an older version of the exam.
FAQs
Where can I download the NISM equity derivatives question paper?expand_more
Nowhere official. NISM does not release past papers or answer keys for Series VIII or any other certification. Files offered under that name are recollections or third-party sets.
Does NISM repeat questions in the Series VIII exam?expand_more
Each paper is drawn from a question bank, so two candidates on the same day can see different questions. Topics repeat because the curriculum is fixed; exact wording does not.
Are there numerical questions in NISM Series VIII?expand_more
Yes. The test objectives ask candidates to illustrate payoffs, apply the cost of carry model and calculate MTM and final settlement, so expect calculation questions alongside definitions and rules.
Does NISM provide sample questions for Series VIII?expand_more
Yes. NISM's FAQ refers candidates to the chapter-end sample questions and worked examples in the workbook, and links a mock test.
Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.