From a Market View to a Payoff
Start with the investment strategy information document and its mandate.
Free practice test
NISM Series VIII: Free Mock Test
Answer 25 exam-style questions, one at a time. At the end, you'll see your score, your strong and weak topics, and the right answers with short explanations.
Your practice session
FREE
Test your exam readiness
25questions
30 mintime limit
60%to pass (15 of 25)
Nonegative marking
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- The timer starts when you begin the test.
- Skip questions and return to them before submitting.
- Enter your details at submission to view your score and explanations.
Topic-wise scores & answer explanations after submission
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These practice questions are prepared by AAFM India to help learners practice. They are not NISM's official exam questions. NISM conducts the Series VIII exam and issues the certificate.
Why professionals choose AAFM® India
The American Academy of Financial Management® has set standards in financial certification since 1996. AAFM® India brings these international standards to Indian professionals, with a curriculum built for Indian markets, regulation, and clients.
Recognized in 151 countries
Conferred under AAFM® international standards, with certification issued from the USA.
300,000+ global alumni
Join a worldwide community of certified wealth managers, planners, and private bankers.
Faculty who practice
Instructors hold CA, CFA, FRM, CFP, and CWM® designations with current industry experience.
A curriculum for this decade
AI in portfolio management, alternative funds, international tax, behavioral finance - updated continuously.
Who this is for
For Professionals Working with Equity F&O
Designed for people who evaluate, communicate or support Equity Derivatives investment strategies.
Trading Member's Sales Teams
Explain Equity Derivatives features, risks and client fit.
Approved Users & Dealers
Assess a strategy alongside the investor’s existing portfolio.
Broking & Operations Teams
Strengthen strategy and disclosure communication.
Relationship Managers
Build foundations in derivatives and fund structure.
Risk & Compliance Professionals
Build a clearer understanding of strategy design, exposure, liquidity and disclosures.
Aspiring Market Professionals
Review strategy design, risk, liquidity and performance context.
Why choose AAFM India?
Prepare for your exam. With AAFM India.
Chapter-wise learning, exam-focused practice and extended LMS access—all in one place.
01
Practice that follows the exam
Our quizzes follow the exam’s topic weightage, helping you plan your practice around the syllabus.
02
Chapter-wise video lectures
Work through chapter-wise video lectures and replay the topics you want to revise.
03
Learn from Renowned Industry Experts
Learn with industry experts who bring practical market knowledge and subject expertise into your exam preparation.
04
6 Months of LMS Access
Revisit lessons, practice material and course resources for six months through the learning platform.
05
One free mock test
Check your understanding and identify the topics you need to revise before you enrol.
06
One free demo video
See how we teach before choosing the course.
The pathway
Knowledge You Can Put to Work
Move from framework and strategy design to a sound suitability conversation.
Build the Foundation
Learn the Equity Derivatives structure, permitted strategies and investment threshold.
Master the Payoff
Understand futures, options, hedges and short positions, then check what the mandate permits.
Apply the Controls
Relate the strategy to investor goals, liquidity needs and risk capacity.
Program Overview
Understand the Contract, the Strategy and the Market Around It
This program covers equity derivatives from the ground up: derivatives and indices, futures and options, trading and hedging strategies, exchange mechanisms, clearing and settlement, regulation and investor protection.
FRAMEWORK
Equity Derivatives Structure
Learn the Equity Derivatives structure, permitted strategies and investment threshold.
EXPOSURES
Futures & Options
Build foundations in futures, options, payoff logic, hedging and short positions, then connect them to the mandate.
INVESTOR FIT
Trading & Safeguards
Review dealing frequency, valuation, costs, disclosures, liquidity and investor suitability.
Don’t pass? Get a 100% refund.*
If you do not pass the examination, you can claim a 100% refund under AAFM India’s applicable refund policy.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
From Fundamentals to Investor Suitability
01
Understand the Equity Derivatives Framework
Start with the Equity Derivatives framework, permitted strategies and investment threshold.
02
Build Futures & Options
Build a foundation in futures, options, payoff logic, hedging and short positions.
03
Read the Strategy Document
Review asset allocation, exposure limits, costs, risks and subscription and redemption terms.
04
Assess Investor Fit
Practice explaining the strategy and assessing whether it fits an investor’s goals, liquidity needs and risk capacity.
Skills You Will Build
Derivatives Pricing
Master futures and options pricing models and payoff structures.
Portfolio Hedging
Apply spreads, straddles, and delta-hedging to manage risk.
Risk Assessment
Apply equity valuation models, relative valuation, fixed income valuation and discounted cash flow methods across instruments.
Market Regulation
Navigate SEBI frameworks and compliance mandates.
Trading Execution
Process order types and manage corporate actions.
Practical Applications
Order Management: Handle client F&O positions on broker trading desks. Risk Monitoring: Track SPAN margins and collateral requirements. Advisory Services: Guide retail or institutional clients on hedging strategies.
Learn from experience
◆Meet Your Trainers
Puneet Grover
Head – Academics (Markets & Exchanges), AAFM® India
Head – Academics (Markets & Exchanges), AAFM® India20+ Years of Experience in Trading, Research & Investor TrainingFinancial Markets Training & Education (NSE & NISM Programs)Technical Analysis & Trading Model Development
The shift
Move from a Market Opinion to a Defined Position
Read the mandate, identify long and short exposures, understand how derivatives affect outcomes, check redemption terms and document the reason for recommending a strategy.
From Premium to Full Risk
Distinguish long exposure, hedges and permitted short positions.
From Strategy Name to Construction
Understand dealing frequency, exit terms, expenses and valuation.
From Trade Entry to Settlement
Record knowledge, risk capacity, investment horizon and disclosures.
Course Curriculum
What You Will Learn
Certificate in Equity Derivatives 33 Lessons 12:15:04
Chapter 1 Basis of Derivatives
2 Lessons
00:31:08 Hours
-
Basics of Derivatives
00:31:08
Chapter 2 Understanding Index
2 Lessons
00:35:41 Hours
-
Understanding the Index
00:35:41
Chapter- 3 Forwards Futures
4 Lessons
02:01:50 Hours
-
Part -1 Cash Market Vs Forward Market and Future Contracts
00:34:07
-
Part-2 Derivative Market Positions and Future Payoffs
00:41:22
-
Part 3-Role Of Market Participants in Derivatives
00:46:21
Chapter 4- Options
5 Lessons
02:46:03 Hours
-
Part-1 Live Practical Explanation of Options-1
00:30:28
-
Part-2 Live Practical Explanation of Options-2
00:48:46
-
Part-3 Option Positioning and Option Chain
00:48:03
-
Part-4 Trading Terminology, Profitability and Pricing Models
00:38:46
Chapter- 5 Strategies
4 Lessons
01:36:30 Hours
-
Part-1 Explanation of Hedging and Trading with Futures
00:29:49
-
Part -2-Explanation of Advanced Options Trading Strategies
00:32:52
-
Part 3-Comparision of Various Strategies and Put Call Ratio
00:33:49
Chapter- 6 Trading Mechanism
4 Lessons
01:21:20 Hours
-
Part-1 Entities involved and Trader's Workstation
00:30:46
-
Part 2-Trading cost in Equity Derivatives
00:22:34
-
Part-3 Criteria of selection of stocks
00:28:00
Chapter-7 Clearing Settlement
2 Lessons
00:39:58 Hours
-
Introduction to clearing and settlement system
00:39:58
Chapter 8 Legal and regulatory Environment
2 Lessons
00:30:25 Hours
-
Legal and Regulatory Environment
00:30:25
Chapter- 9 Accounting Tax
2 Lessons
00:19:05 Hours
-
Accounting and Taxation
00:19:05
Chapter- 10 Investor Protection
2 Lessons
00:23:19 Hours
-
Sales Practices and Investors Protection Services
00:23:19
Chapter 11 Option Chain Analysis with AI
1 Lessons
00:24:00 Hours
-
Option Chain Analysis with AI
00:24:00
Chapter 12 Options Payoffs and Risk Analysis with AI
1 Lessons
00:12:03 Hours
-
Options Payoffs and Risk Analysis with AI
00:12:03
Chapter 13 Backtesting in Practice
2 Lessons
00:53:42 Hours
-
Part-1 Backtesting in Practice
00:18:26
-
Part - 2 Dertivatives Using Setup sheets
00:35:16
Frequently Asked Questions
NISM Series VIII is the Equity Derivatives Certification Examination, intended to establish a knowledge benchmark for approved users and sales personnel of trading members in the equity derivatives segment.
It is required for approved users and sales personnel dealing in equity futures and options, and it is also useful for broking and operations teams, relationship managers, and risk and compliance professionals who support F&O business.
The examination has 100 one-mark questions to be completed in two hours. It also has negative marking.
The stated passing score is 60%, though candidates should check NISM's current exam information before booking.
Its 10 chapters cover derivative and index basics, forwards, futures, options, trading and hedging strategies, exchange trading mechanisms, clearing, settlement, risk management, regulation, accounting, taxation and investor protection.
Yes, futures pricing, option payoffs, option Greeks, margin calculations and strategy payoffs are important areas of numerical practice for the exam.
Option Greeks are measures such as delta, gamma, theta and vega that show how an option's price reacts to changes in the underlying price, time or volatility, and the NISM Series VIII syllabus covers these alongside moneyness and intrinsic value.
Yes, it covers order types, trading costs, clearing members, margins, mark-to-market and position limits as part of understanding how an equity derivatives trade is processed.
No, this is examination preparation. NISM conducts the examination and awards its certification only to candidates who meet its requirements.
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- Chapter-wise structured learning
- Exam-focused practice
- 6 months of LMS access
- Mock-test practice
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- Learning support
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