NISM Series XVI Commodity Derivatives: pattern, syllabus and full mock tests
NISM Series XVI is the SEBI-mandated certification for approved users and sales staff of trading members in the commodity derivatives segment.
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Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.NISM-Series-XVI: Commodity Derivatives Certification Examination is conducted by the National Institute of Securities Markets (NISM), the institute set up by SEBI. NISM Series XVI is the SEBI-mandated certification for approved users and sales staff of trading members in the commodity derivatives segment.
Eligibility Criteria
schoolEducation
NISM publishes no minimum educational qualification for this exam.
cakeAge Limit
No prescribed minimum age.
flagNationality
No nationality condition is published.
Exam Pattern
NISM Series XVI is a single computer-based exam of 100 questions for 100 marks, in 2 hours. The passing score is 60% (60 marks), with negative marking of 25% of a question's marks for each wrong answer. The certificate is valid for 3 years. Chapter weightages are from NISM's workbook, version March 2026.
NISM Series XVI Certification Exam
Computer-based120 min| Section | Questions | Marks |
|---|---|---|
| Introduction to Commodity Markets | 10 | 10 |
| Commodity Indices | 5 | 5 |
| Commodity Futures | 15 | 15 |
| Commodity Options | 15 | 15 |
| Uses of Commodity Derivatives | 15 | 15 |
| Trading Mechanism | 10 | 10 |
| Clearing, Settlement and Risk Management | 15 | 15 |
| Legal and Regulatory Environment | 5 | 5 |
| Accounting and Taxation | 5 | 5 |
| Code of Conduct and Investor Protection Measures | 5 | 5 |
Key Topics & Syllabus
1. Introduction to Commodity Markets (10 marks)
- check_circleHistory of commodity trading
- check_circleSpot and derivatives trading in commodities and major commodities traded on Indian derivatives exchanges
- check_circleParticipants in commodity derivatives markets
2. Commodity Indices (5 marks)
- check_circleWhat an index is and what a commodity index is
- check_circleIndex construction and its constituents
- check_circleTrading in commodity index futures and uses of index futures
3. Commodity Futures (15 marks)
- check_circleIntroduction to futures and distinction between forwards and futures
- check_circleCost-of-carry and convergence of spot and futures prices
- check_circleFair value of a futures contract and convenience yield
4. Commodity Options (15 marks)
- check_circleIntroduction to options and option terminology
- check_circlePay-off profiles of options contracts
- check_circleDeterminants of option premium and option Greeks
5. Uses of Commodity Derivatives (15 marks)
- check_circleHedging and price risk management strategies
- check_circleLong hedge and short hedge strategies using futures
- check_circleSpeculation and arbitrage
6. Trading Mechanism (10 marks)
- check_circleMembership on exchanges having a commodity derivatives segment
- check_circleTrading system in the exchanges
- check_circleSelection criteria of commodities for trading and contract specifications
7. Clearing, Settlement and Risk Management (15 marks)
- check_circleClearing corporation, clearing and settlement
- check_circleDelivery process, premium/discount and deliveries in case of physical delivery
- check_circleEntities involved in the clearing and settlement process
8. Legal and Regulatory Environment (5 marks)
- check_circleRegulatory structure of the commodities market
- check_circleSecurities Contracts (Regulation) Act, 1956
- check_circleSEBI Act, 1992
9. Accounting and Taxation (5 marks)
- check_circleAccounting aspects of trading in commodity derivatives
- check_circleICAI Guidance Note on accounting treatment of derivative transactions
- check_circleAccounting of options contracts
10. Code of Conduct and Investor Protection Measures (5 marks)
- check_circleSEBI's Code of Conduct for brokers
- check_circleRisk disclosure to client and KYC
- check_circleInvestor grievance redressal mechanism
Inside NISM Series XVI Premium
Full-length mock tests
Timed 120-minute papers in the NISM XVI pattern, scored against the 60% pass mark.
Chapter-wise question bank
Practise each of the 10 workbook chapters as a separate drill.
AI study plan
Tells you which chapter to drill next, based on where you're losing marks.
Every answer explained
A worked explanation on every question, so a wrong answer becomes a fixed gap.
How to Prepare
Register on the NISM certification portal
Create an account on NISM's certification portal and complete your profile.
Select the exam and pay the fee
Choose NISM-Series-XVI: Commodity Derivatives Certification Examination and pay ₹1,500 plus payment gateway charges online.
Book your test slot
Schedule the exam on any available date.
Study the official workbook
NISM's workbook (version March 2026) is the syllabus, and its weightage table sets the paper.
Take and pass the exam
100 questions in 2 hours. Score at least 60%, with 25% negative marking per wrong answer.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| Certificate validity | 3 years from passing |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
Prepare for NISM Series XVI the smarter way
Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest NISM Series XVI pattern.
NISM Series XVI guides
- SyllabusFull NISM Series XVI (Commodity Derivatives) syllabus: all 10 chapters with exam weightage, plus free practice on the current workbook.
- Exam PatternNISM Series XVI exam pattern: 100 marks in 2 hours, 0.25 negative marking, pass at 60 out of 100 (60%). Verify with NISM.
- EligibilityWho must hold NISM Series XVI (Commodity Derivatives), who can take it, and what SEBI actually requires. There is no minimum qualification, so here is the real answer.
- Registration & DatesHow to register for NISM Series XVI: there are no fixed exam dates, so you book your own slot. Fee ₹1,500, 3-year validity, re-attempt rules.
- Study MaterialNISM Series XVI study material reviewed honestly: the official workbook, what it does and doesn't cover, and what to add. Free practice included.
- PreparationA realistic NISM Series XVI study plan: how long it takes and chapter order by weightage. No pass rate has been published yet for this certification.
- FAQsCommon NISM Series XVI questions answered: fee ₹1,500, 3-year validity, 0.25 negative marking, re-attempts and CPE renewal.
- Negative markingHow negative marking works on the NISM Series XVI paper: 0.25 marks off per wrong answer against 100 total, what that means for guessing, and when to skip.
- Formula SheetThe 10 formulas NISM Series XVI questions use most: cost of carry, basis, hedge prices, spreads and option payoffs. With a worked example.
NISM Series XVI FAQ
Is NISM 16 the same as NISM Series XVI?
Yes. NISM 16 and NISM Series XVI are the same Commodity Derivatives certification exam.
Who needs NISM Series XVI?
NISM Series XVI is the SEBI-mandated certification for approved users and sales staff of trading members in the commodity derivatives segment.
What is the passing mark?
60%, that is 60 marks out of 100.
Is there negative marking?
Yes. Each wrong answer costs 25% of that 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.
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