NISM Series XIII Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series XIII is NISM's own Common Derivatives workbook, and it is free. NISM sends a soft copy after you enrol for the exam, and anyone can download it from NISM's study material page after a short form (name, email, mobile, city, state). Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's 10-unit curriculum and covers all three exchange-traded derivatives segments in one book: equity, currency and interest rate. That breadth is also its weak spot. Each segment has its own single-series workbook (Series VIII, I and IV) that goes deeper, so a thin unit can be patched from the matching workbook without leaving NISM's material.
How to get the free workbook
- 1
Open NISM's study material download page
Linked as "Study Material Download FREE" on every NISM exam page.
- 2
Fill in the form
Name, email, mobile number, city and state. All five are mandatory. There is no fee.
- 3
Pick the Common Derivatives workbook
Choose Common Derivatives from the list, view it online or download the PDF.
- 4
Prefer paper?
Order a printed copy from Taxmann through the link on NISM's Buy Study Material page. The content is the same as the free PDF.
Where the single-segment workbooks overlap XIII
Series XIII replaces three separate exams. Their workbooks are free from the same portal. Use them to patch a weak unit, not as a replacement.
Series VIII: Equity Derivatives
Segment
Equity and index futures and options
XIII units it supports
Units III to VI (equity side), VII
Use it when
Option strategies are new to you
Series I: Currency Derivatives
Segment
Exchange-traded currency futures and options
XIII units it supports
Units III to VI (currency side), VIII (FEMA, RBI directions)
Use it when
You have never priced a currency future from two interest rates
Series IV: Interest Rate Derivatives
Segment
Interest rate futures and options on government securities
XIII units it supports
Units II (bond maths), III (IRD delivery), IV, VII, VIII
Use it when
Duration, PVBP and cheapest-to-deliver are unfamiliar words
| Workbook | Segment | XIII units it supports | Use it when |
|---|---|---|---|
| Series VIII: Equity Derivatives | Equity and index futures and options | Units III to VI (equity side), VII | Option strategies are new to you |
| Series I: Currency Derivatives | Exchange-traded currency futures and options | Units III to VI (currency side), VIII (FEMA, RBI directions) | You have never priced a currency future from two interest rates |
| Series IV: Interest Rate Derivatives | Interest rate futures and options on government securities | Units II (bond maths), III (IRD delivery), IV, VII, VIII | Duration, PVBP and cheapest-to-deliver are unfamiliar words |
Laws and directions the curriculum names
Unit VIII lists these by name. Read the workbook's summary first; open the source text only to settle a doubt.
- check_circleSecurities Contracts (Regulation) Act, 1956: what a derivative is in law and why only exchange-traded contracts are enforceable
- check_circleSEBI Act, 1992: SEBI's powers over the derivatives market
- check_circleForeign Exchange Management Act, 1999: the base for every currency derivatives rule
- check_circleRBI's Currency Futures (Reserve Bank) Directions, 2008 and its circular on trading currency futures on recognised exchanges
- check_circleSEBI's regulations for currency derivatives exchanges and the RBI-SEBI Standing Technical Committee on exchange-traded currency and interest rate derivatives
- check_circleThe L C Gupta and J R Verma committee recommendations, covered as history: who recommended what
- check_circleFIMMDA's role in the fixed income and derivatives market
Free account, this exam preselected.
How to work the workbook, unit by unit
The 10 units fall into four blocks. Read them in order; the strategy units assume the pricing units.
- check_circleUnits I and II (basics, underlying markets): one careful pass. Yield, duration, PVBP and convexity return in units III and IV, so work every bond example with a calculator.
- check_circleUnits III and IV (forwards, futures, futures strategies): make one card per segment: quotation, lot size, settlement and fair price (cost of carry for equity, interest rate parity for currency, conversion factor for IRD).
- check_circleUnits V and VI (options, option strategies): for each of the seven strategies in unit VI, draw the payoff chart, label breakeven, maximum gain and maximum loss, and note the market view it suits. Questions ask for one of those four.
- check_circleUnit VII (trading, clearing, settlement, risk): learn the sequence: trade, clearing member, open position, mark to market, SPAN margin, settlement. Position limits and net worth rules are tested as facts.
- check_circleUnit VIII (legal and regulatory): build one table: rule or body, owning regulator, segment it governs. Most wrong answers here are the right regulator for a different segment.
- check_circleUnits IX and X (accounting, taxation, sales practices): short, often skipped, cheap marks. Know how a contract is accounted for and taxed, the broker code of conduct, risk profiling, KYC and the exchange grievance and arbitration route.
How Series XIII tests what you read
The paper is 150 single-mark MCQs in 3 hours, pass at 90 out of 150 (60%), with 25% of a question's marks (0.25) deducted for a wrong answer. The workbook's chapter-end sample questions and worked examples are the only official sample questions, and NISM's FAQ points candidates to them. Work every example, not just your own segment's.
The material produces two kinds of question. Calculation questions come from units II to VI: a futures fair price, a currency forward from two interest rates, the payoff of a two-leg option position at a given expiry price. Rule questions come from units VII, VIII and X. The trap in both is segment mixing: a candidate who revised from a Series VIII summary answers a currency or interest rate question with equity logic. When two options differ only in the segment they describe, the question is testing exactly that difference.
Spot stale notes in ten seconds
Check how the notes describe the paper. NISM's exam page says 150 questions of 1 mark each, 3 hours, pass at 60% which is 90 marks, and 25% of a question's marks deducted for a wrong answer. NISM's curriculum lists 10 units and publishes no weightage. Notes that show 180 marks, six chapters, a percentage per chapter or a pass rate were not written from NISM's current pages.
FAQs
Where can I find study material for NISM Series XIII?expand_more
On NISM's own study material download page, free, after entering your name, email, mobile, city and state. NISM also sends a soft copy after you enrol for the exam. Printed copies are sold by Taxmann.
Is there a free PDF of the NISM Common Derivatives workbook?expand_more
Yes, from NISM. PDFs circulated on other sites may be old editions, so use NISM's copy.
Is the NISM workbook enough to pass Series XIII?expand_more
It covers all 10 units of the curriculum and carries the chapter-end sample questions NISM's FAQ refers to. If one segment is new to you, add the matching single-segment workbook (VIII for equity, I for currency, IV for interest rate), which is free from the same portal.
Is NISM 13 difficult?expand_more
NISM publishes no pass rate. It is a 3-hour, 150-question paper with negative marking across three segments, and most candidates have worked in only one. The difficulty is breadth, not depth.
Does NISM give sample questions for Series XIII?expand_more
Yes. NISM's FAQ points candidates to the chapter-end sample questions and the worked-out examples in the workbook, and links to a mock test from the same page.
Next steps
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