What is the NISM IV exam?
The NISM Series IV: Interest Rate Derivatives Certification Examination is a SEBI-mandated qualifying exam for professionals dealing in interest rate derivatives — such as Interest Rate Futures — on Indian exchanges. It is conducted by the National Institute of Securities Markets (NISM) and covers fixed-income securities, bond futures, trading and hedging strategies, and the operational, clearing, settlement, and regulatory framework for interest rate derivatives in India.
What this practice test covers
- Introduction to fixed-income and debt securities markets
- Interest rate derivatives: concepts, instruments, and Bond Futures
- Trading and hedging strategies using interest rate derivatives
- Operational mechanism: order placement, margining, and trading conventions
- Clearing, settlement, and risk management for interest rate derivatives
- Regulatory and accounting framework governing India's interest rate derivatives markets
Passing the NISM IV exam
NISM IV 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 IV 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.