What is the NISM I exam?
The NISM Series I: Currency Derivatives Certification Examination is a SEBI-mandated qualifying exam for approved users and sales personnel of trading members dealing in exchange-traded currency derivatives in India. It is conducted by the National Institute of Securities Markets (NISM) and covers currency markets, currency futures and options, and the trading, clearing, and settlement mechanisms behind them.
What this practice test covers
- Basics of currency markets: major currencies, currency pairs, and cross-rate arithmetic
- Derivatives fundamentals: economic functions, market participants, and exchange-traded vs. OTC derivatives
- Currency futures: contract specification, payoffs, interest rate parity, and pricing
- Currency options: basics, moneyness, option pricing, Greeks, and contract specification
- Clearing, settlement, and risk management in currency futures
- Accounting, taxation, and the regulatory framework for currency derivatives
Passing the NISM I exam
NISM I is a 100-mark computer-based test of 100 questions (1 mark each) to be completed in 2 hours, with a passing score of 60%. It carries negative marking of 25% (0.25 marks) for every wrong answer, so accuracy matters as much as coverage. NISM can revise its criteria, so always verify the current passing marks and marking scheme on nism.ac.in before registering.
Why practice with mock tests
Reading the official workbook builds conceptual understanding, but a timed mock test reveals what you can actually answer under exam conditions. Because NISM I penalises wrong answers, full-length mocks help you judge when to attempt and when to skip, surface the topics you keep getting wrong, and remove surprises on exam day.