NISM Series XVISEBI mandatoryTier B
Commodity DerivativesCertification Guide.
Covers commodity futures and options, commodity-specific analysis (agri, metals, energy), trading mechanics, and SEBI commodity regulations. Essential for MCX/NCDEX segment.
IntermediateDifficulty
Suggested prep: 15-20 days
25%Negative marking
Avoid blind guessing.
3 yearsValidity
Computer-Based Test (CBT)
Rank 12Priority
Commodity track
01Overview
What this certification is really testing.
Ideal for
- Commodity trading professionals
- MCX/NCDEX brokerage employees
- Agri-commodity hedgers
Career paths
- Commodity Trading Analyst
- MCX/NCDEX Trader
- Agri-Commodity Desk
- Commodity Research Analyst
Mandatory for
- Approved users of trading member (commodity derivatives segment)
- Sales personnel in commodity derivatives
02Syllabus
Study by chapter weightage, not by guesswork.
The highest scoring chapters carry 77% of the paper. Start there, then use the low-weight chapters for polish.
Chapter weightage
High-weightage focus
Commodity Derivatives - Futures & Options
20%Trading, Clearing and Settlement
15%Commodity-Specific Analysis
15%Regulatory Framework
15%Commodity Market - Participants and Functions
12%03Key concepts
Concepts and formulas to keep handy.
Key concepts to remember
- MCX is the primary commodity exchange in India - gold, silver, crude oil, natural gas, copper
- NCDEX focuses on agricultural commodities - soybean, chana, guar seed
- Commodity futures can be physically settled (delivery) or cash settled
- Warehousing receipt is essential for physical delivery in commodity futures
- Hedgers use commodity futures to lock in prices - farmers sell futures, processors buy futures
- SEBI took over regulation of commodity derivatives from FMC in 2015
- Commodity options (vanilla) were introduced in India in 2017
- Weather, monsoon, government policies (MSP, import/export duties) heavily impact agri-commodities
04Study plan
A clear way to study this module.
Study strategy
- Focus on Commodity Derivatives (Ch 2, 20%) and Commodity-Specific Analysis (Ch 5, 15%)
- Know the difference between agri and non-agri commodities - different trading mechanics
- Regulatory Framework (Ch 6, 15%) - SEBI's role post-FMC merger
- Hedging scenarios for commodities - farmer (sell hedge) vs processor (buy hedge)
- Physical settlement mechanics - warehouse receipts, quality specifications
Exam-day tips
- Standard 100 MCQs in 120 minutes
- Commodity-specific questions: know which commodities trade on MCX vs NCDEX
- 0.25 negative marking - be cautious with regulatory questions
- Hedging questions are application-based - read scenarios carefully
05Common mistakes
The pass mark is simple. The paper is not.
Scoring warning
Because this paper has negative marking, precision matters more than speed. Attempt the sure questions first, then return to calculations and close-call options.
Ready to register?
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