NISM Series I (Currency Derivatives)
NISM-Series-I: Currency Derivatives Certification Examination
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ExploreAbout this exam
The NISM-Series-I: Currency Derivatives Certification Examination is one of the certification examinations offered by the National Institute of Securities Markets (NISM), the public trust established in 2006 by the Securities and Exchange Board of India (SEBI). NISM lists it under the Derivatives group of its certification examinations, alongside the Commodity Derivatives, Equity Derivatives, Interest Rate Derivatives and Common Derivatives examinations, and it also maintains a dedicated Currency Derivatives CPE/eCPE programme for continuing education. The credential is aimed at candidates who work with, or intend to work with, currency futures and options on Indian exchanges - dealer and sales staff at trading members, back-office and risk personnel, and candidates who need a derivatives certification for a role or for their own knowledge. Because NISM publishes the syllabus and study material for this examination, preparation should start from the official NISM workbook for the series and its workbook-based practice questions, then move to exchange-sourced material on contract specifications, margining and settlement. Note that the specific question count, duration, passing score, fee, retake policy and validity period are not stated in the source material available here, so candidates should confirm those details on the current NISM examination page before booking. This page is independent study material and is not affiliated with or endorsed by NISM or SEBI.
What you'll study
About NISM Series I (Currency Derivatives) preparation
Who conducts the NISM-Series-I Currency Derivatives examination?
It is conducted by the National Institute of Securities Markets (NISM), which the source describes as a public trust established in 2006 by SEBI, the regulator of the securities markets in India. NISM lists this examination under its Derivatives certification examinations and also runs a separate Currency Derivatives CPE/eCPE programme.
How many questions are on the exam and how long do I get?
The source material available here does not state the question count or the duration. Do not rely on figures quoted on coaching sites or older pages. Check the current NISM examination page for this series, or the NISM workbook for this certification, before you plan your time management strategy.
What is the passing score and what does the exam cost?
These values are not given in the source material available here, so they are marked for review rather than guessed. Fees and cut-offs are revised from time to time, and an old figure is worse than no figure. Confirm the current passing score and fee directly on the official NISM page at the time you register.
If I fail, how soon can I retake it and how many attempts do I get?
The source does not state a retake policy, waiting period or attempt limit. Because NISM periodically revises its examination administration, treat any number you remember or read elsewhere as unverified. Check the current NISM page for this series before assuming you can re-sit immediately.
How long is the certificate valid, and is there a renewal requirement?
Validity is not stated in the source material available here. NISM does operate Continuing Professional Education (CPE) and eCPE programmes, including a Currency Derivatives CPE/eCPE, which is relevant if your certificate carries a renewal requirement. Confirm the validity period and renewal route on the official NISM page rather than relying on memory.
What topics should I study, and in what order?
Start with the official NISM workbook for this series, since NISM publishes study material for its certifications. Build the currency market foundations first - spot market conventions, forwards, futures and options - then contract specifications, margining, settlement and risk management, and finally the regulatory framework. Practise with workbook-style questions after each block, not only at the end.
Is this exam hard? What trips candidates up?
It is a knowledge test, not a quantitative aptitude test, so the usual failure mode is shallow coverage rather than hard maths. Candidates lose marks on contract specification details, margin and settlement mechanics, and regulatory provisions they skimmed. Numerical questions on forwards, futures pricing and option payoffs reward practising worked examples until the steps are automatic.
Where can I find the official study material?
NISM maintains a Study Material section on its website, and its certification pages link to the relevant workbook for each series. Use the material tied to this specific series rather than a generic derivatives text, because the exam is written against the NISM workbook. Confirm the current edition before you buy or download anything.
Is this page an official NISM or SEBI resource?
No. This is independent study material written for candidates searching for this exam. It is not affiliated with, endorsed by or connected to NISM or SEBI. Always verify examination details such as format, fees, passing marks and validity on the official NISM website before you register or make travel plans.