The examination seeks to create a common minimum knowledge benchmark for persons working in the Interest Rate Derivatives market segment, in order to enable a better understanding of fixed income securities markets and interest rate derivative products, regulations and risks associated with the products and the exchange mechanisms of clearing and settlement.
Examination Objectives:

On successful completion of the examination the candidate should:

  • Know the basics of fixed income securities markets and specifically interest rate derivative markets in Indian and developed world.
  • Understand the analytical framework required for Bond Futures market in India along with trading and hedging strategies involved
  • Understand the clearing, settlement and risk management as well as the operational mechanism related to interest rate derivatives markets
  • Know the regulatory environment in which the interest rate derivatives markets operate in India.

Assessment Structure:
The NISM-Series-IV: Interest Rate Derivatives Examination will be of 100 marks, will have 100 questions, and should be completed in 2 hours. There will be negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60%.
Test Details:
 Name of Module: NISM-Series-IV: Interest Rate Derivatives Certification Examination

Fees (Rs.) Test Duration (in minutes) No. of Questions Maximum Marks Pass Marks* (%) Certificate # Validity (in years)
1000 120 100 100 60 3

* Negative marking - 25% of the marks assigned to the question.

# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.

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