NISM Series XVI Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The one essential piece of study material for NISM Series XVI is NISM's own Commodity Derivatives workbook. The exam is largely based on it, and the paper follows the workbook's weightage table. Everything else is a supplement.
The current workbook is version March 2026. Its own note says to refer to that version for the Series XVI exam taken on or after April 20, 2026, and that the updates made in it are highlighted in yellow. If you have an older copy, replace it.
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What to use, and what each is good for
NISM workbook, March 2026
Use it for
The full syllabus: 10 chapters, worked examples, sample questions after each chapter, two annexures
Watch out for
Older versions in circulation that miss recent changes
The workbook's weightage table
Use it for
Deciding how long to spend on each chapter
Watch out for
Treating the 5-mark chapters as optional: together they carry 20 marks
Excel or LibreOffice
Use it for
Practising fair value, basis and hedge calculations the way you will at the test centre
Watch out for
Learning formulas by rote without understanding what they compute
SEBI circulars cited in the workbook
Use it for
Checking the exact wording of a rule the workbook summarises
Watch out for
Reading them in place of the workbook; the exam follows the workbook
Third-party notes and summaries
Use it for
Quick revision of terms and formulas
Watch out for
Notes made for an older workbook version
Timed practice papers
Use it for
Testing recall and calculation speed under the 120-minute limit with negative marking
Watch out for
Question sets written for an older workbook version
| Material | Use it for | Watch out for |
|---|---|---|
| NISM workbook, March 2026 | The full syllabus: 10 chapters, worked examples, sample questions after each chapter, two annexures | Older versions in circulation that miss recent changes |
| The workbook's weightage table | Deciding how long to spend on each chapter | Treating the 5-mark chapters as optional: together they carry 20 marks |
| Excel or LibreOffice | Practising fair value, basis and hedge calculations the way you will at the test centre | Learning formulas by rote without understanding what they compute |
| SEBI circulars cited in the workbook | Checking the exact wording of a rule the workbook summarises | Reading them in place of the workbook; the exam follows the workbook |
| Third-party notes and summaries | Quick revision of terms and formulas | Notes made for an older workbook version |
| Timed practice papers | Testing recall and calculation speed under the 120-minute limit with negative marking | Question sets written for an older workbook version |
What is inside the workbook
- check_circle10 chapters, from the history of commodity trading through to investor protection
- check_circleA syllabus outline with the weightage of each chapter
- check_circleWorked examples on cost of carry, fair value, pay-offs, hedging, spreads and option strategies
- check_circleSample questions with answers at the end of every chapter
- check_circleTwo annexures to chapter 1: major international commodity exchanges, and the sowing, harvesting and arrival periods of major agricultural commodities
How to get it
Get the workbook from NISM: its Series XVI page at nism.ac.in is the place to start. Check the version printed on the inside cover before you rely on any copy, including one a colleague passes on.
Free account, this exam preselected.
What the workbook does well, and where to add
The workbook is strong on how commodity markets actually run. It explains how a futures price relates to the spot price through cost of carry and convenience yield, how a hedger uses futures and options, how delivery works when a contract settles physically, and how the clearing corporation manages risk. Because it is written by the body that sets the exam, it is also the safest source on terminology.
Its weakness is that reading a worked example is not the same as doing one. The options, uses and clearing chapters are long, and the delivery rules are detailed. Two additions help: working every example yourself in a spreadsheet, and plenty of question practice so you learn how the facts and calculations are asked.
Notes worth making as you read
- checkCost of carry, convenience yield and fair value: the relationship and what each term means
- checkFutures against forwards: a two-column list of differences
- checkLong hedge and short hedge: who uses each, and what happens if the basis changes
- checkOption terms, what moves the premium, and what each Greek measures
- checkOptions on commodity futures against options on goods: how each settles
- checkThe delivery process step by step, with the penalties for seller's and buyer's default
- checkMargins, position limits and risk containment measures at the clearing corporation
On practice questions
The workbook itself notes that its sample caselets and questions are for reference only, that the actual exam's difficulty may vary, and that not every exam question is guaranteed to come from the workbook. Use the chapter-end questions to check understanding, and full-length timed papers closer to the exam to check speed and recall.
Beware of out-of-date material
Commodity market rules on margins, position limits, delivery and cyber security change, and the March 2026 workbook highlights its own updates for that reason. Notes, videos or question sets made for an older version can teach a rule that has since changed. When a source disagrees with the current workbook, go with the workbook.
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