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NISM Series VIII Equity Derivatives 2025 – Online Mock Test, Exam Pattern 2025 & 9R™ Exam Mastery Study Plan

NISM Series VIII: Equity Derivatives Certification

Online Mock Test | Exam Prep Guide Book | eBook | 9R™ Exam Mastery Study Plan | 2025 Syllabus

Prepare confidently for the NISM Series VIII Equity Derivatives exam with our expert-designed online mock test series, Udemy practice sets, printed exam prep guide book, and eBook. Access the latest SEBI-aligned syllabus, chapter-wise MCQs, and a complete question bank covering equity derivatives trading, clearing & settlement, risk management, and options/futures strategies. Crack the exam in your first attempt using our exclusive 9R™ Exam Mastery Study Plan and stay updated with regular blogs, glossary terms, and FAQs.

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Why Choose Gurukul On Road for NISM Series VIII Equity Derivatives Exam Preparation?

  • Access exam-focused questions with full-length NISM Series VIII Equity Derivatives mock tests, chapter-wise practice sets, and solved questions based on the latest exam trends.
  • Covers complete 2025 SEBI-prescribed syllabus, updated exam pattern, passing criteria, and negative marking rules.
  • Includes in-depth coverage of with Bonus Mock Test on High Weightage Chapters 3 & 4
  • Comprehensive study material available in multiple formats: Online Mock Tests, Udemy Practice Sets, Printed Exam Guide Book, and downloadable eBook.
  • Free 9R™ Exam Mastery Study Plan with week-wise planning, topic weightage, and revision strategy tailored to NISM Series VIII exam.
  • Focus on high-weightage areas like clearing & settlement, risk management, investor protection, and equity derivatives regulations.
  • Track your progress with performance analytics dashboard, expert answer keys, and time-based accuracy reports.
  • Updated with latest SEBI and NISM regulatory notifications, exam circulars, and key policy changes impacting equity derivatives.
  • Get quick answers to common doubts via structured FAQs, glossary terms, and expert-curated exam prep blogs.
  • Designed for first-time success with practical tips on how to clear the NISM Equity Derivatives exam confidently and efficiently.

Available in Multiple Formats for NISM Series VIII Equity Derivatives Exam 2025

Equity Derivatives Online Mock Test
Online Mock Test | Covers SEBI-Aligned Questions + Bonus Practice on High-Weightage Chapters
 Udemy Practice Test for NISM VIII Equity Derivatives
Udemy Practice Test | Time-Bound Questions on Options, Futures & Risk Management
Printed Guide Book for NISM Equity Derivatives
Printed Guide Book | 800+ MCQs + Equity Derivatives Question Bank on SEBI Exam Pattern
 eBook for NISM VIII Equity Derivatives Certification
eBook | Includes Options Strategies, Clearing & Settlement, Risk, Taxation + Glossary Terms

Printed Guide Book also available on Amazon & Flipkart
eBook version available for Kindle & Google Play Books



Latest SEBI & NISM Circulars, Derivatives Updates & Regulatory News - Stay Exam-Ready for NISM Series VIII Equity Derivatives Exam 2025

We curate the most relevant SEBI, NISM, and Exchange-related circulars and regulatory updates — decoded and simplified to help you ace the NISM Series VIII Equity Derivatives Exam. Each circular is analyzed for exam impact, MCQ relevance, and topic-wise application including trading rules, clearing & settlement, risk management, and investor protection. Visit our Circulars Section regularly to sharpen your edge for 2025.


NISM Series VIII Equity Derivatives 2025 – Test Objectives Summary, Focus Area & Exam Overview

Unit 1: Basics of Derivatives

Understand what derivatives are, their historical context globally and in India, types of derivative products traded, types of market participants, difference between OTC and exchange markets, and the risks and importance associated with derivatives.

Focus Area: Definitions, Risk Types, Exchange vs OTC, SEBI role in derivatives growth

Unit 2: Understanding Index

Learn what an index is, how it's used economically, different types of indices, how they're computed and maintained, and their applications in market strategy and benchmarking.

Focus Area: Index construction, impact cost, Indian indices (NIFTY, SENSEX), Index applications

Unit 3: Introduction to Equity Futures and Forwards

Understand the mechanics of forwards and futures contracts, their differences, contract specifications, pricing models, payoff calculations, and use cases in trading and hedging.

Focus Area: Futures payoffs, Cost of Carry, Long/Short futures charting, convergence

Unit 4: Introduction to Equity Options

Learn what options are, their specifications, moneyness, intrinsic vs time value, pricing models, payoffs for buyers/writers, and option greeks including implied volatility.

Focus Area: Option payoffs, ITM/ATM/OTM, Option Greeks, Pricing determinants, Implied Volatility

Unit 5: Strategies using Equity Futures and Equity Options

Explore key strategies for trading, hedging and arbitrage using futures and options. Learn about Put-Call Parity, synthetic positions, and delta-hedging applications.

Focus Area: Hedging strategies, Synthetic options, Delta hedging, Open Interest & PCR signals

Unit 6: Trading Mechanism

Understand how equity derivatives are traded in India, including order types, trading timings, contract adjustments for corporate actions, costs involved, and algorithmic trading basics.

Focus Area: Trading system workflow, Corporate action adjustments, Order types, Cost structure

Unit 7: Clearing, Settlement and Risk Management

Dive into the post-trade lifecycle – clearing, settlement, mark-to-market, margins, role of clearing corporations, and SEBI guidelines on open positions and risk containment.

Focus Area: MTM settlement, Final price, Margin types, Clearing participants, SGF & IPF

Unit 8: Legal and Regulatory Environment

Familiarize yourself with key legal provisions, including SCRA, SEBI’s regulatory framework, eligibility norms, and compliance expectations for derivative trading members.

Focus Area: SCRA 1956, SEBI roles, Rules on trading & membership criteria

Unit 9: Accounting and Taxation

Understand accounting principles for derivatives and tax treatment including the applicability of Securities Transaction Tax (STT).

Focus Area: STT applicability, Accounting rules for F&O, Tax classification

Unit 10: Codes of Conduct and Investor Protection Measures

Learn essential investor protection practices including risk profiling, disclosures, KYC/AML compliance, STR reporting, and grievance redressal mechanisms.

Focus Area: Client risk profile, KYC/AML, STR, Grievance handling protocols

Study Plan & Preparation Tips for NISM Series VIII Equity Derivatives Exam 2025

Build a clear roadmap to crack the NISM Series VIII Equity Derivatives exam with confidence. Whether you're a beginner or retaking the certification, our study plan ensures you focus on the latest SEBI regulations, futures & options strategies, margining, and trading mechanisms. Stay aligned with the 2025 syllabus, practice regularly, and follow a proven revision structure using our mock tests, guide book, eBook, and 9R™ Exam Mastery Study Plan.

How to prepare for NISM Series VIII effectively:
– Start with the official syllabus PDF and devote 2 weeks to structured learning from our printed guide book or downloadable eBook.
– Attempt chapter-wise MCQs covering equity futures, options, clearing & settlement, and risk management.
– Practice using our online mock tests and Udemy practice sets with 800+ exam-pattern questions and timed simulations.
– Focus on high-weightage topics like futures pricing models, option greeks, margining, and regulatory updates.
– Use our revision cheat sheets, glossary, and analytics dashboard to identify weak areas before the final week.

  1. Download the updated NISM Series VIII syllabus & checklist for 2025 and break it down into daily goals.
  2. Use our 9R™ Study Plan to allocate time to each topic—starting with index construction, then moving to futures/options.
  3. Practice mock tests via our Gurukul App or Udemy platform—designed with SEBI’s question style in mind.
  4. Revise case-based applications related to hedging strategies, convergence, risk control, and investor protection.
  5. In the last 3 days, focus on mock test analytics, margin calculations, payoff diagrams, and compliance MCQs.

Topper’s Tip: “Master futures vs options, SEBI’s risk management rules, and strategy-based payoffs—that’s where most marks are scored. Don't just revise—simulate!”


9R Study Plan Framework: Crack NISM Series VIII Equity Derivatives Exam with Confidence

Preparing for the NISM Series VIII: Equity Derivatives exam on a tight schedule? Our exclusive 9R™ Exam Mastery Framework is a strategic study plan tailored for SEBI-certified equity derivatives aspirants. Whether you’re using our online mock test series, Udemy practice modules, official printed guide books, or eBook and glossary terms — this framework improves retention, accuracy, and exam performance for first-time success.

  1. R1 – Read: Start with the official NISM Series VIII Syllabus PDF and overview of equity derivatives trading, index futures, and options contracts.
  2. R2 – Recall: Make short notes on high-weightage topics like futures vs forwards, option payoffs, and margining.
  3. R3 – Review: Use our Printed Study Guide and eBook to revise concepts around risk management, clearing & settlement, and SEBI regulations.
  4. R4 – Rehearse: Practice unit-wise mock tests for key chapters like trading mechanisms, futures pricing models, and regulatory frameworks.
  5. R5 – Resolve: Use detailed answer keys and solution banks to clarify doubts on cost-of-carry model, convergence, and option greeks.
  6. R6 – Revise: Regularly revisit payoff diagrams, index construction rules, margin types, and taxation treatment of derivatives. Stay updated with SEBI circulars.
  7. R7 – Replicate: Take full-length mock tests in real-time using our Gurukul LMS or App to simulate exam conditions with time and scoring pressure.
  8. R8 – Reflect: Analyze performance reports and identify weak zones such as settlement calculations, options moneyness, or margin defaults.
  9. R9 – Reattempt: Revisit difficult MCQs using our glossary, flashcards, blog tips, and bonus question sets for a focused final revision.

Request Your Personalized 9R™ Exam Mastery Study Plan

This 9-step revision technique is fully aligned to the NISM Series VIII 2025 exam pattern and covers all exam modules including options trading strategies, equity derivatives regulation, risk frameworks, settlement processes, and taxation norms. Ideal for aspirants using our mock test bundles, smart question banks, Udemy tests, and exam prep blogs built to meet the evolving SEBI guidelines.


Glossary of Key Terms for NISM Series VIII: Equity Derivatives Exam 2025

This glossary provides definitions for essential terms related to the equity derivatives market, structured to align with the NISM exam syllabus.

A

Algorithmic Trading:
The use of pre-programmed computer instructions to execute trades at high speeds based on set parameters like price, timing, and volume.
Arbitrage:
A strategy that involves the simultaneous purchase and sale of an asset in different markets to profit from small differences in the asset's listed price. It is considered a risk-free strategy.
At-the-Money (ATM):
An option is at-the-money when the strike price is the same as the current market price of the underlying security.
Anti-Money Laundering (AML):
A set of procedures, laws, and regulations designed to prevent the practice of generating income through illegal actions.

B

Basis:
In the context of futures contracts, the basis is the difference between the spot price of the underlying asset and the futures price.
Brokerage:
A fee charged by a broker to execute transactions or provide specialized services on behalf of clients.

C

Call Option:
A type of option contract that gives the owner the right, but not the obligation, to buy a specified amount of an underlying asset at a set price within a specific time frame.
Clearing Corporation:
An entity that acts as an intermediary for a transaction, ensuring the process from trade execution to settlement is smooth. It assumes the role of buyer to every seller and seller to every buyer.
Convergence:
The movement of the futures price of a commodity toward the spot price of that commodity as the delivery date approaches. On the expiration day, the prices are the same.
Corporate Action Adjustment:
Adjustments made to stock option and futures contracts to account for corporate actions like stock splits, dividends, and mergers. These adjustments ensure that the value of a derivative position is not adversely affected.
Cost-of-Carry:
The costs associated with holding an underlying asset for a period. It includes interest costs, storage costs, and insurance, minus any income earned from the asset, such as dividends or interest.

D

Delta:
One of the "Greeks," Delta measures how much an option's price is expected to change per $1 change in the price of the underlying asset.
Delta Hedging:
An options strategy that aims to reduce the directional risk associated with price movements in the underlying asset. It is done by establishing positions with offsetting positive and negative deltas.
Derivatives:
A financial contract whose value is derived from the performance of an underlying asset, such as a stock or an index. Common derivatives include futures, options, and swaps.

E

Exchange-Traded Market:
A regulated and centralized market where securities, commodities, and derivatives are traded. Contracts are standardized, and a clearing house acts as the counterparty to all trades.
Expiration Date:
The date on which a derivative contract, such as an option or future, becomes void. The holder must exercise the option or let it expire worthless.

F

Forward Contract:
A customized contract between two parties to buy or sell an asset at a specified price on a future date. These are traded over-the-counter and not on a centralized exchange.
Futures Contract:
A standardized legal agreement to buy or sell a particular asset at a predetermined price at a specified time in the future. These contracts are traded on exchanges.

G

Gamma:
A measure of the rate of change of an option's Delta for every one-point move in the underlying asset's price. It is an important tool for assessing the risk of a position.

H

Hedging:
A risk management strategy used to offset potential losses by taking an opposing position in a related asset. It is a common reason for using derivatives.

I

Impact Cost:
A measure of the liquidity of a stock, it represents the cost an investor incurs while executing a large order. It is the difference between the ideal price and the actual execution price.
Implied Volatility (IV):
A metric that reflects the market's forecast of a likely movement in a security's price. It is a key factor in the pricing of options.
Index:
A statistical indicator that measures the state of the stock market or a specific sector of it, derived from the prices of selected stocks.
In-the-Money (ITM):
An option that possesses intrinsic value. A call option is ITM if the market price is above the strike price. A put option is ITM if the market price is below the strike price.
Intrinsic Value:
The difference between the current price of the underlying asset and the strike price of the option. For a call option, it is the underlying price minus the strike price; for a put, it is the strike price minus the underlying price.
Investor Protection Fund (IPF):
A fund established by stock exchanges to cover claims of investors against defaulting or bankrupt brokers.

K

Know Your Client (KYC):
A mandatory process of identifying and verifying the identity of a client when opening an account and periodically over time.

M

Margin:
The collateral that a trader has to deposit with their broker or an exchange to cover the credit risk the holder of the position poses for the broker or the exchange.
Mark-to-Market (MTM):
The daily settlement of profits and losses on open futures and options positions. It involves adjusting an account to reflect its value based on current market prices.
Moneyness:
The relationship between an option's strike price and the market price of its underlying asset. It determines whether an option would make a profit if exercised immediately.

O

Open Interest:
The total number of outstanding derivative contracts that have not been settled. It indicates the trading activity and liquidity of a contract.
Option Contract:
A financial agreement that gives the buyer the right, but not the obligation, to buy (a call) or sell (a put) an underlying asset at a specified price on or before a certain date.
Option Greeks:
A set of calculations used to measure different factors that can affect the price of an options contract. The main Greeks are Delta, Gamma, Theta, Vega, and Rho.
Option Premium:
The current market price of an option contract. It is the income received by the seller of an option from the buyer.
Out-of-the-Money (OTM):
An option that has no intrinsic value. A call option is OTM if the market price is below the strike price, and a put option is OTM if the market price is above the strike price.
Over-the-Counter (OTC) Market:
A decentralized market where financial instruments are traded directly between two parties without a central exchange or broker.

P

Payoff:
The profit or loss of a derivatives position at the time of its expiration. Payoff diagrams are used to represent potential outcomes at different prices.
Put-Call Parity:
A principle that defines the relationship between the price of European put options and call options of the same class, including the same underlying asset, strike price, and expiration date.
Put-Call Ratio:
The ratio of the trading volume of put options to call options. It is used as an indicator to gauge the overall mood of the market.
Put Option:
An option contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.

R

Rho:
An option Greek that measures the sensitivity of an option's price to a change in interest rates.
Risk Profiling:
The process of evaluating an individual's willingness and ability to take risks.

S

Securities and Exchange Board of India (SEBI):
The regulatory body for the securities and commodity market in India. It was established to protect the interests of investors and to promote and regulate the securities market.
Securities Transaction Tax (STT):
A tax levied on the value of securities transacted through a recognized stock exchange in India.
Settlement:
The process through which a trade is finalized, involving the transfer of funds and securities between the buyer and seller.
Settlement Guarantee Fund (SGF):
A fund maintained by a clearing corporation to ensure the settlement of trades in case a clearing member defaults.
Settlement Price (Daily and Final):
The price used to determine daily mark-to-market profits and losses (Daily Settlement Price) and to settle expiring contracts (Final Settlement Price).
Strike Price:
The price at which an option's owner can buy or sell the underlying security when the option is exercised.
Synthetic Position:
A trading strategy that uses a combination of financial instruments to replicate the risk and reward profile of another instrument.

T

Theta:
An option Greek that measures the rate of decline in the value of an option over time. It represents the time decay of an option's premium.
Time Value:
The portion of an option's premium that is attributable to the time remaining until its expiration. It is the amount by which the option premium exceeds its intrinsic value.

U

Underlying Asset:
The security, commodity, or financial instrument on which a derivative contract's value is based.

V

Vega:
An option Greek that measures the sensitivity of an option's price to changes in the volatility of the underlying asset.

FAQ - Frequently Asked Questions – NISM Series VIII Equity Derivatives Exam 2025

Q1. What is the NISM Series VIII Equity Derivatives exam?

This certification is mandated by SEBI for professionals involved in equity derivatives trading. It covers futures, options, margining, settlement, strategies, and regulatory compliance.

Q2. Who should take the NISM Series VIII Equity Derivatives exam?

It is ideal for equity dealers, traders, brokers, compliance officers, risk managers, and anyone participating in derivatives trading on recognized stock exchanges in India.

Q3. What is the syllabus for NISM Series VIII Equity Derivatives exam?

The syllabus includes basics of derivatives, index concepts, equity futures and options, hedging strategies, clearing & settlement, SEBI regulations, risk management, and investor protection.

Q4. What is the exam pattern of NISM Series VIII?

The exam comprises 100 MCQs, has a duration of 2 hours, and includes 25% negative marking for each incorrect response. The passing score is 60%.

Q5. How to prepare for the NISM Series VIII Equity Derivatives exam effectively?

Use our printed guide book, 9R™ Study Plan, online mock tests, chapter-wise MCQs, and SEBI-aligned revision strategies. Focus on margining, options payoffs, and SEBI regulations.

Q6. Is there any negative marking in the exam?

Yes, there is 25% negative marking for every wrong answer in the NISM Series VIII exam.

Q7. Where can I find the best mock tests for NISM Series VIII?

We offer full-length online mock tests, bonus practice on high-weightage chapters, and Udemy-based question sets with timed assessments.

Q8. What is the passing criteria for the exam?

You must score at least 60% to pass the NISM Series VIII Equity Derivatives exam.

Q9. Are study materials available in Hindi?

Yes, our mock tests and selected materials are available in both Hindi and English formats to support bilingual learners.

Q10. What role does SEBI play in the exam?

SEBI mandates the certification and governs the regulatory content covered in the syllabus to ensure market safety, transparency, and investor protection.

Q11. What does the 9R™ Study Plan include?

It includes Read, Recall, Review, Rehearse, Resolve, Revise, Replicate, Reflect, and Reattempt—covering the full exam lifecycle from concept-building to revision and MCQ practice.

Q12. What topics are emphasized in mock tests?

Topics include equity options, futures pricing, margining, payoff strategies, SEBI circulars, and index derivatives trading mechanisms.

Q13. How often is the syllabus updated?

Updates are issued regularly by SEBI and NISM. We ensure our study plans, glossary, and mock tests reflect the most current changes.

Q14. How can I master equity derivatives risk management?

Use our guide book and mock tests to practice margin calculations, MTM, and client-level risk scenarios. Apply the knowledge using practical illustrations and charts.

Q15. Where can I find a reliable NISM Series VIII question bank?

We provide over 1000+ MCQs, chapter-wise quizzes, and SEBI-aligned practice sets to help you simulate the actual exam format.

Q16. Are video lectures available?

We currently offer an Udemy practice test with detailed solutions. Video-based lectures are in the pipeline for upcoming versions.

Q17. What are the most scoring topics in the exam?

Futures pricing models, margining, option payoffs, SEBI regulations, and clearing & settlement processes are high-weightage areas.

Q18. How to revise during the last week before exam?

Follow our 9R™ revision flow: use mock analytics, revisit tough chapters, reattempt MCQs, and review glossary definitions and formula sheets.

Q19. Can mock tests be attempted multiple times?

Yes. All mock tests, chapter-wise quizzes, and flashcards can be reattempted without limit, along with performance tracking and analytics.

Q20. Are your mock test questions aligned with the real exam?

Yes, our mock tests are closely aligned to the NISM exam format and include scenario-based, regulatory, and concept application MCQs.

Q21. Do you offer solved questions?

Yes. All practice sets, printed guide books, and online mock tests come with detailed answers and explanations.

Q22. How do you help with index futures and options trading?

Our practice sets include payoffs, convergence, basis, and strategy simulations specifically for index derivatives contracts.

Q23. What are the benefits of the printed guide book?

It includes theory, MCQs, SEBI circular extracts, charts, solved papers, and memory tricks for rapid revision—ideal for offline prep.

Q24. Do you cover the latest SEBI circulars relevant to the exam?

Yes. Our blog and circulars section are regularly updated and translated into exam-relevant highlights and MCQ tips.

Q25. How long does full preparation take with your plan?

Most learners complete prep within 3–4 weeks using our 9R™ plan, with daily learning, mock testing, and exam-mode simulations.




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