NISM Series XIII Exam Pattern
150 marks, 3 hours, negative marking: exactly how Series XIII is scored and passed.
NISM Series XIII, the Common Derivatives Certification Examination, is one paper of 150 multiple choice questions worth 1 mark each, so 150 marks in all. You get 3 hours. The pass mark is 90 out of 150 (60%). Every wrong answer costs 25% of the question's marks, which on a 1-mark question is 0.25. A question you leave blank costs nothing.
It is the longest derivatives paper because it covers three segments at once: equity, currency and interest rate derivatives. NISM offers it as an alternative to taking Series I, IV and VIII separately. There are no case studies, no sections and no sectional cut-offs. The 10 units are listed on the syllabus page.
Series XIII at a glance
As NISM states it on the exam page and in its FAQ.
| Item | Detail |
|---|---|
| Questions | 150, all multiple choice with one correct option |
| Marks per question | 1 |
| Total marks | 150 |
| Duration | 180 minutes (3 hours) |
| Pass mark | 90 out of 150 (60%) |
| Negative marking | 25% of the marks assigned to a question: 0.25 for each wrong answer |
| Unanswered question | 0, no deduction |
| Case studies or sections | None. One flat paper, one overall pass mark |
| Mode | Computer-based at a test centre, on a date and time slot you choose through NISM's certification portal |
| Result | A temporary mark sheet is given at the end of the examination |
How the score is worked out
Your score is correct answers minus a quarter of wrong answers. Worked example: you answer 130 questions, get 98 right and 32 wrong, and leave 20 blank. That is 98 minus 8 (32 divided by 4), a score of 90. You pass, exactly on the line.
Change two answers and it goes the other way. 96 right, 34 wrong, 20 blank: 96 minus 8.5 is 87.5, a fail. The gap between passing and failing is often a handful of guesses.
If you attempt all 150, you need at least 102 correct: 102 minus a quarter of 48 is 90. With 101 correct you land on 88.75, a fail.
When to guess and when to leave a question
The arithmetic gives a clear rule for a four-option MCQ with 0.25 negative marking:
- check_circleYou can rule out one or two options: guess. The expected gain is clearly positive.
- check_circleYou have no idea at all: a blind guess among four options gains about 0.06 marks on average. Leave it and come back if time allows.
- check_circleNever leave blank a question you half know. The deduction is small; the mark you give up is whole.
- check_circleWatch your signs. A wrong payoff or pricing answer from a sign error costs 0.25 like any other wrong answer.
Free account, this exam preselected.
Time per question
180 minutes for 150 questions is 72 seconds each. Recall questions on regulation and market structure take well under a minute. Calculation questions on futures pricing, option payoffs and SPAN margins take two to three minutes each. Answer everything you know on a first pass, then return to the flagged calculations.
How NISM Series XIII tests the material
The paper is flat MCQ, but the 10 units produce different question styles:
- check_circleUnits I and II (basics of derivatives, the underlying markets): definitions and who-does-what. Unit II also carries bond maths such as yield to maturity, duration and PVBP.
- check_circleUnits III and IV (forwards and futures, strategies using futures): the first calculation block. Cost of carry, interest rate parity, hedge ratios, futures payoffs at a given settlement price, and conversion factor and cheapest-to-deliver bond questions for interest rate futures.
- check_circleUnits V and VI (options, option strategies): the second calculation block. Moneyness, intrinsic and time value, the Greeks, and the net payoff of a spread, straddle, strangle, covered call, collar or butterfly at expiry.
- check_circleUnit VII (trading, clearing, settlement, risk management): open positions, mark to market under SPAN, position limits and margin collection. Usually tested as which-of-these-is-correct.
- check_circleUnit VIII (legal and regulatory environment): SCRA 1956, the SEBI Act 1992, FEMA 1999, the RBI directions on currency futures and the role of FIMMDA. Tested as facts: which regulator, which rule.
- check_circleUnits IX and X (accounting and taxation, sales practices): accounting and tax treatment of derivative contracts, risk profiling, KYC, the code of conduct and exchange grievance mechanisms.
- check_circleThe trap: three segments means three sets of conventions. Equity, currency and interest rate contracts differ in quotation, lot size, settlement and regulator. Candidates who prepared from a single-segment workbook, often Series VIII, answer a currency or interest rate question with equity logic and pick the option that is right for the wrong segment.
Delivery mode and the result
Series XIII is not a remote-proctored exam. You register on NISM's certification portal, then choose a test centre, a date and a time slot. There is no exam calendar to wait for.
A temporary mark sheet is handed over at the end of the examination. NISM does not re-evaluate MCQ papers. A doubt about a specific question must be raised at the centre before you leave; NISM considers only on-the-spot requests.
Fee, PAN rule, validity and renewal are on the registration page. The unit list and what each unit covers is on the syllabus page.
FAQs
What is the exam pattern for NISM Series XIII?expand_more
150 multiple choice questions of 1 mark each, 3 hours, pass mark 90 out of 150 (60%), and 0.25 deducted for every wrong answer. One flat paper across equity, currency and interest rate derivatives, taken at a test centre.
Is there negative marking in the NISM common derivatives exam?expand_more
Yes. NISM deducts 25% of the marks assigned to a question for every wrong answer. Each Series XIII question carries 1 mark, so a wrong answer costs 0.25. Four wrong answers cancel one right one. A blank question costs nothing.
Is NISM Series XIII difficult?expand_more
It is harder than Series I, IV or VIII on their own because it is the three syllabuses in one sitting: 150 questions in 3 hours, with the calculation units of all three segments. NISM publishes no pass rate for it, so ignore any percentage you see quoted.
Can I take the NISM Series XIII exam from home?expand_more
No. Series XIII is a test-centre exam; the common derivatives exam page does not list it as remote-proctored. You choose a centre, date and slot on the certification portal.
What happens if I fail NISM Series XIII?expand_more
You can register again and book a fresh slot. NISM's Series XIII exam page and FAQ do not set out a rule on the number of attempts or the gap between them. Booking details are on the registration page.
Next steps
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