NISM Series XVI: Frequently Asked Questions

It is NISM's Commodity Derivatives Certification Examination, sometimes called NISM Series 16. It sets a common minimum knowledge benchmark for approved users and sales personnel of trading members in the commodity derivatives segment of a stock exchange.

100 multiple choice questions of 1 mark each, for a total of 100 marks.

120 minutes (2 hours).

60%, which is 60 marks out of 100. There is no separate minimum per chapter.

Yes. 25% of a question's marks is deducted for a wrong answer, which is 0.25 marks per wrong answer. An unanswered question scores zero.

10, in the March 2026 workbook. Four chapters carry 15 marks each: Commodity Futures, Commodity Options, Uses of Commodity Derivatives, and Clearing, Settlement and Risk Management.

Yes. The workbook covers cost of carry, fair value, basis, and hedge and option pay-offs. It notes that test centre workstations have Microsoft Excel or LibreOffice and advises candidates to be comfortable with both.

₹1,500 plus payment gateway charges.

There is no fixed date. NISM runs the exam on demand: you book an available slot on NISM's certification portal.

It is computer-based. You book a slot and a test centre through NISM's certification portal.

Yes. NISM issues the pass certificate only to candidates who have given their PAN in their registration details.

Anyone. The workbook sets no educational qualification. The certification is aimed at approved users and sales personnel in the commodity derivatives segment, but students and job seekers can sit it too.

You can register for another attempt on NISM's certification portal. Check the portal for the current re-booking rules and fee before you pick a date.

3 years.

You can re-take the exam. NISM also runs Continuing Professional Education (CPE) programmes for some certifications; check NISM's site for whether one applies to Series XVI.

No. Series XVI covers commodity derivatives. Series VIII covers equity derivatives.

No. Series XVI covers commodity derivatives. Series I covers currency derivatives. Some people who deal in both segments take both.

NISM's own workbook, version March 2026. The exam is largely based on it, and its note says to use this version for exams taken on or after April 20, 2026.

It has both fact questions and calculation questions, and NISM has not published a pass rate for it. With 60% needed and 0.25 off for each wrong answer, it needs steady preparation and practice with the numericals rather than a quick read.

Chapters 3, 4, 5 and 7 carry 15 marks each, 60 of the 100. Chapters 1 and 6 carry 10 each. Study the heavy ones most, but do not skip the rest: you need 60 marks, so the 5-mark chapters still count.

With four options, a pure blind guess has a small positive expected value (+0.0625 marks), and ruling out even one option makes a guess clearly worth taking. On average, a guess beats a blank. The cost is variance: many blind guesses can move your score either way.