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Approved users and sales personnel in the Currency Derivatives and Interest Rate Derivatives segments of recognised stock exchanges
Sales personnel of trading members in the Equity Derivatives segments
Mutual Fund Distributors seeking eligibility to distribute Specialised Investment Funds (SIF) products
AMC employees, relationship managers, and investment advisors handling derivatives-linked products
Parameter | Details |
Full Name | NISM-Series-XIII: Common Derivatives Certification Examination |
Also Known As | NISM XIII, NISM Series XIII, SIF Exam, SIF Examination NISM |
Total Questions | 150 |
Maximum Marks | 150 (1 mark per question) |
Duration | 180 minutes (3 hours) |
Passing Score | 60% - 90 out of 150 |
Negative Marking | 25% per wrong answer |
Certificate Validity | 3 years |
Mode | Online, computer-based at NISM test centres |
Exam Fee | Rs. 3,000+ (payment gateway charges extra) |
The assumption that a ₹10 lakh investment product lives only in Mumbai, Delhi, and Bengaluru is worth questioning. The data on where Indian investment culture is actually growing tells a different story.
Investors from beyond India's top 30 cities now account for more than 27% of total individual mutual fund assets. New SIP registrations from Tier 2 and Tier 3 cities make up 56% of all incoming SIP volumes nationally. These numbers reflect a structural shift in where Indian households are choosing to deploy capital, and the wealth base behind these numbers is real.
Cities like Surat, Rajkot, Coimbatore, Ludhiana, and Indore have produced genuine HNI investor populations over the past decade through business growth and the compounding of equity returns. A business owner in Surat with investable capital of ₹25 to ₹50 lakh is not a Tier 2 investor in the traditional sense. That person has outgrown fixed deposits, has been in mutual funds for years, and is looking for the next level of product. SIFs are that product.
Edelweiss has been direct about this. Their CEO noted that new branches in Tier 3 cities break even within 18 to 24 months, which is a clear commercial signal that demand exists before the branch arrives.
For MFDs operating in non-metro markets, this matters more than it might seem. The HNI client capable of writing a ₹10 lakh cheque for a sophisticated strategy is no longer exclusive to metros. That investor is already in your city. The question is whether you are certified to serve them when they ask.
Equity Derivatives is where preparation should begin. It is the most familiar module for most aspirants and lays the conceptual foundation on which that the other two modules depend.
What the exam tests here:
Futures pricing, basis, and convergence
Options payoffs, Greeks, and margin mechanics
Index derivatives and contract specifications
Clearing and settlement procedures
Master this module before moving forward. Every concept here reappears in a different form in Currency and Interest Rate Derivatives.
Currency Derivatives is more scoring than most candidates expect. The questions are largely conceptual with limited numerical complexity.
What the exam tests here:
Direct and indirect quotation conventions
Currency futures and options on NSE
Settlement mechanisms and hedging use cases
How exporters and importers use currency derivatives to manage risk
Candidates who avoid this section lose marks that are straightforward to earn with two weeks of focused preparation.
Interest Rate Derivatives is the module that determines most final scores. Most candidates underestimate its weight, underprepare for it, and pay the price on exam day.
What the exam tests here:
Bond pricing, yield, and the inverse price-yield relationship
Duration and convexity as measures of interest rate sensitivity
Interest rate futures mechanics and hedging logic
How RBI policy decisions affect derivative pricing
The preparation approach that works:
Build understanding of why bond prices move inversely to yields.
Study the duration before attempting any numerical questions.
Connect every concept back to a real hedging scenario.
Never memorise - the exam is designed to punish it.
Spend more time preparing for this module than for the other two combined.
The NISM Series XIII syllabus is not three independent subjects. Each module builds on the previous one. Candidates who study in the wrong sequence - or jump between topics - create knowledge gaps that appear at the worst possible moment on exam day.
Correct sequence:
Complete Equity Derivatives fully - concepts, not just chapter summaries
Move to Currency Derivatives only after Equity is clear.
Cover Interest Rate Derivatives last, slowly and thoroughly.
Begin mock tests only after all three modules are complete.
Use mock test errors to direct revision - not to learn new content.
Daily commitment: 1.5 to 2 hours of focused study across 30 to 50 days. Consistency outperforms intensity every time.
Phase | Days | Focus |
Equity Derivatives | Days 1 to 15 | Core concepts + chapter-wise practice |
Currency Derivatives | Days 16 to 28 | Concepts + settlement mechanics |
Interest Rate Derivatives | Days 29 to 42 | Slow, thorough concept study |
Mock Tests + Revision | Days 43 to 50 | Full-length mock tests + weak area revision |
Attempt all familiar questions in the first pass - build your score before touching uncertain ones.
Flag ambiguous questions and return to them after completing the rest.
Target 110 to 120 attempts with high accuracy - not all 150
Leave unknown questions blank - 25% negative marking makes random guessing costly.
If you attempt 112 questions, answer 93 correctly and 19 incorrectly:
Correct marks: 93
Deduction: 19 x 0.25 = 4.75 marks
Net score: 88.25 out of 150 = above 60%. You pass.
One accurate attempt at 112 questions beats a rushed attempt at 150 every time.
Built to clear on the 1st attempt - content is structured around how the actual exam thinks, not just what the workbook lists.
Mock test accuracy as a pass predictor - students who score 85 to 90% on PSKA mock tests clear the actual NISM XIII exam with full confidence.
25+ mock tests with complete explanations - reasoning provided for every option, not just answer keys
Flexible timelines - 15-day or 60-day plans available, with extensions at a discount
Direct one-on-one doubt clearing with Prof. Sheetal over a video or audio call
Connect with our programme adviser to choose the right plan for you.
Prof. Sheetal Kunder
SEBI® Research Analyst. Registration No. INH000013800 M.Com, M.Phil, B.Ed, PGDFM, Teaching Diploma (in Accounting & Finance) from Cambridge International Examination, UK. Various NISM Certification Holders. Ex-BSE Institute Faculty. 18 years of extensive experience in Accounting & Finance. Faculty Development Programs and Management Development Programs at the PAN India level to create awareness about the emerging trends in the Indian Capital Market, and counsel hundreds of students in career choices in the finance area
SEBI introduced NISM Series XIII to establish a common minimum knowledge benchmark for professionals operating in Equity, Currency, and Interest Rate Derivatives segments. It ensures that sales and distribution personnel understand derivatives and their risks before advising or selling to clients.
The minimum ticket size for Specialised Investment Funds is Rs. 10 lakh. This positions SIFs in the HNI client segment, which represents high-value business for MFDs who hold NISM Series XIII certification.
Yes. SIF fund managers can take short derivative positions of up to 25% of the portfolio, allowing the fund to generate returns in bearish and sideways market conditions - unlike long-only mutual funds.
With 25% negative marking, attempting uncertain questions reduces your net score. Four wrong answers cancel one correct answer. Selectively attempting with high accuracy is a more reliable strategy than attempting all 150.
The workbook covers the syllabus, but is not structured for exam-oriented preparation. Candidates who study only from the workbook without concept-first sequencing and mock test practice consistently underperform in the application-based questions.
Currency Derivatives tests knowledge of currency pairs, quotation conventions, and hedging use cases. Interest Rate Derivatives tests bond pricing, yield, duration, and how interest rate changes affect derivative positions. Both are conceptual, but Interest Rate Derivatives have greater complexity in their questions.
PSKA mock tests are calibrated to match actual NISM exam difficulty. A candidate who consistently scores 85-90% on these tests has demonstrated sufficient conceptual depth to clear the actual exam. This benchmark has proven reliable across hundreds of PSKA students.
ICICI Prudential, SBI Mutual Fund, Mirae Asset, Nippon India, and HDFC Mutual Fund have launched SIF products. The category crossed thousands of crores in AUM within months of the first launches.
Yes. The exam covers the regulatory environment governing exchange-traded derivatives in India, including SEBI regulations, exchange mechanisms, clearing and settlement, and risk management frameworks.
PSKA students have cleared NISM Series XIII in as few as 11 days with structured preparation. The key factor was following the correct module sequence and achieving conceptual clarity before attempting mock tests.
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