NISM Series VIII Equity Derivatives: Syllabus, Exam Pattern and a 30-Day Study Plan
NISM Series VIII Equity Derivatives is the certification most broking firms look for when hiring dealers and sales staff. It is also one of the best ways for any trader to understand futures and options properly before risking money.
This guide covers the NISM Series VIII syllabus, the exam pattern, a practical 30-day study plan and tips to clear it on your first attempt.
Who should take NISM Series VIII?
The exam is designed for people who work, or want to work, in the equity derivatives segment. That includes:
- Dealers and sales staff at stock brokers.
- Relationship managers who handle F&O clients.
- Students and graduates building a career in the stock market.
- Traders who want a solid, regulation-backed understanding of F&O.
If you are still deciding between exams, read which NISM certification to do first.
NISM Series VIII exam pattern
The table below reflects the commonly published exam pattern. NISM updates its exams from time to time, so confirm the latest details on the NISM website before you register.
| Feature | Details |
| Number of questions | 100 |
| Maximum marks | 100 |
| Duration | 2 hours |
| Passing score | 60% |
| Negative marking | 25% of the marks for each wrong answer |
| Mode | Computer-based test at NISM-approved centres |
Negative marking matters. Guessing randomly on questions you do not know can pull your score below the pass mark, so answer carefully.
NISM Series VIII syllabus: chapter overview
The official NISM workbook is organised into the following broad topics.
- Basics of derivatives: what derivatives are, types of derivatives and market participants.
- Understanding the index: how indices like NIFTY are built and used in derivatives.
- Forwards and futures: contract features, pricing, basis, cost of carry and payoffs.
- Options: calls and puts, moneyness, premium, intrinsic and time value, and option pricing basics.
- Option Greeks and strategies: delta, gamma, theta, vega and common spreads and hedges.
- Trading systems: how orders are placed, matched and managed on exchanges.
- Clearing and settlement: margins, mark-to-market, settlement process and risk management.
- Legal and regulatory environment: SEBI rules, exchange regulations and investor protection.
- Accounting and taxation: how derivative profits and losses are treated.
- Sales practices and investor protection: suitability, disclosures and grievance handling.
Options and Greeks carry many numerical questions. Our plain-English guide to option Greeks is a useful companion.
A 30-day NISM Series VIII study plan
This plan assumes about 1.5 to 2 hours of study per day. Adjust it if you have more or less time.
| Days | Focus | Goal |
| 1 – 3 | Basics of derivatives and the index | Understand key terms and participants |
| 4 – 8 | Forwards and futures | Solve pricing and payoff questions |
| 9 – 14 | Options basics | Master calls, puts, moneyness and payoffs |
| 15 – 18 | Greeks and option strategies | Practise numerical questions daily |
| 19 – 21 | Trading systems, clearing and settlement | Learn margins and settlement steps |
| 22 – 24 | Regulation, taxation and investor protection | Revise rules and definitions |
| 25 – 28 | Full-length mock tests | Take one mock daily and analyse mistakes |
| 29 – 30 | Final revision | Revisit weak chapters and formulas |
How to use the plan effectively
Keep a single notebook for formulas and tricky definitions. Revise it for ten minutes every morning. By exam day, you will have gone through the key formulas nearly 30 times.
Tips to clear NISM Series VIII on your first attempt
- Study from the official workbook first. Questions are based on its content.
- Practise numericals every day. Futures pricing, option payoffs and Greeks are common scoring areas.
- Take at least five full mock tests. Treat them like the real exam, with a timer.
- Review every wrong answer. Understand why you were wrong, not just the right option.
- Skip, then return. Mark difficult questions and come back later so you do not lose time.
- Respect negative marking. Only answer when you can eliminate at least two options.
From passing the exam to trading responsibly
Clearing Series VIII shows you understand how derivatives work. It does not mean F&O trading is easy. SEBI’s FY25 study found that over 91% of individual traders in equity derivatives lost money. Read why 9 in 10 F&O traders lose money before you place your first trade.
If you want both exam success and practical skill, a guided course helps. Upside’s programmes combine NISM preparation with classroom training on options, futures and risk management at our Dadar and Thane branches. Explore our courses.
Frequently asked questions
Is NISM Series VIII difficult?
It is moderate. Beginners find the options and numerical sections hardest, but with 30 days of structured study and mock tests most learners pass.
What is the passing mark for NISM Series VIII?
The commonly published passing score is 60%, with negative marking for wrong answers. Check the NISM website for the current rules.
How many days are needed to prepare for NISM Series VIII?
About 30 days at 1.5 to 2 hours a day is enough for most learners. Those with prior F&O knowledge may need less.
Is NISM Series VIII required for trading F&O?
No. You do not need it to trade F&O in your own account. It is required for people who work in the equity derivatives segment at intermediaries.
Which book is best for NISM Series VIII?
The official NISM workbook for Series VIII is the best primary source, supported by mock tests.
Start your Series VIII preparation today
With a clear syllabus map, a 30-day plan and regular mock tests, NISM Series VIII is very achievable. Start today and give yourself a firm exam date to work towards.
Want guided preparation? Speak to an Upside counsellor at our Dadar branch.