NISM Series I Mock Test: Currency Derivatives
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series I exam
NISM Series I tests how exchange-traded currency futures and options work in India — USD-INR and cross-currency contracts, pricing through interest rate parity, hedging for importers and exporters, trading and clearing mechanics, and the RBI and SEBI rules that govern the segment.
Who should take it: Dealers, sales staff and other associated persons of brokers who trade in the currency derivatives segment, and treasury professionals who want a structured grounding in currency hedging.
NISM Series I exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series I question bank
Our 50-question bank for NISM Series I covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Introduction to Currency Markets5 practice questions
- Foreign Exchange Derivatives5 practice questions
- Exchange Traded Currency Futures10 practice questions
- Exchange Traded Currency Options8 practice questions
- Strategies Using Currency Derivatives7 practice questions
- Trading Mechanism4 practice questions
- Clearing, Settlement & Risk Management5 practice questions
- Regulatory Framework2 practice questions
- Accounting and Taxation2 practice questions
- Codes of Conduct & Investor Protection2 practice questions
Free NISM Series I sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
In the quotation USD/INR = 84.10, which currency is the base currency?
- INR
- Both USD and INR equally
- USD
- Neither, because it is a cross rate
Show answer & explanation
Answer: C. USD
The first currency in a pair is the base currency; the quote tells how many units of INR (quote currency) buy one USD.
Which feature is typical of an OTC currency forward but NOT of an exchange-traded currency future?
- Contract terms are customised bilaterally between the two parties
- Daily mark-to-market through a clearing corporation
- Standardised lot size and expiry date
- Novation by a clearing corporation
Show answer & explanation
Answer: A. Contract terms are customised bilaterally between the two parties
Forwards are privately negotiated and tailor-made, whereas futures are standardised, cleared and marked to market daily.
The standard contract size of a USD/INR futures contract on Indian exchanges is:
- USD 500
- USD 10,000
- USD 1,00,000
- USD 1,000
Show answer & explanation
Answer: D. USD 1,000
USD/INR futures are traded in lots of USD 1,000, keeping the contract accessible to small hedgers.
Exchange-traded USD/INR options in India are of which exercise style?
- American
- European
- Bermudan
- Asian
Show answer & explanation
Answer: B. European
They can be exercised only on the expiry date, which is the definition of a European option.
A trader expecting USD/INR to rise moderately buys an 84.00 call and sells an 85.00 call of the same expiry. This position is a:
- Bear put spread
- Long straddle
- Short strangle
- Bull call spread
Show answer & explanation
Answer: D. Bull call spread
Buying a lower-strike call and selling a higher-strike call creates a limited-risk, limited-reward bullish spread.
NISM Series I mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series I mock test FAQs
How many questions are there in the NISM Series I exam?
The NISM Series I paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series I?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series I?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series I mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series I study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.