The NISM Series VIII syllabus is more front-loaded than any other NISM certification: two chapters carry 40 of the 100 marks, and the remaining eight all assume you have understood them. These weightages are from the "Syllabus Outline with Weights" table in the official March 2026 workbook.
The full syllabus, by weightage
| Chapter | Marks |
|---|---|
| Introduction to Forwards and Futures | 20 |
| Introduction to Options | 20 |
| Basics of Derivatives | 10 |
| Strategies using Equity Futures and Equity Options | 10 |
| Trading Mechanism | 10 |
| Clearing, Settlement and Risk Management | 10 |
| Understanding the Index | 5 |
| Legal and Regulatory Environment | 5 |
| Accounting and Taxation | 5 |
| Sales Practices and Investor Protection Measures | 5 |
| Total | 100 |
Why the order matters more here than elsewhere
In most NISM syllabuses you can study chapters in any order. In Series VIII you cannot.
Strategies is 10 marks of covered calls, protective puts, straddles and spreads — every one of which is built from the options you learn in the 20-mark options chapter. Clearing and settlement is 10 marks of margins and mark to market, which only makes sense once you understand what a futures position is. Study out of order and you will re-learn the same material twice.
The correct order is the workbook's own: derivatives basics, the index, futures, options, then everything built on top.
Where the marks are
Forwards and Futures and Options — 40 marks. Cost of carry, basis, contango and backwardation, convergence at expiry, mark to market; then calls and puts, moneyness, intrinsic and time value, the Greeks, and payoffs for both buyer and writer.
Both chapters are heavily numerical, and almost every mark lost in them is a direction error rather than an arithmetic one — computing the right number and then getting the sign backwards because the position was short, or the trader was the writer. Name the direction before touching the numbers.
The 10-mark tier — 40 marks across four chapters. Basics of derivatives, strategies, trading mechanism and clearing and settlement.
Clearing is the one candidates underestimate. Initial, exposure and extreme loss margins, SPAN, mark to market settlement and the default waterfall are dense, but almost entirely memorisation — which makes them reliable marks once the hours go in.
The 5-mark tier — 20 marks across four chapters. The index, legal and regulatory, accounting and taxation and sales practices. Small, finite and quick. Do not skip them — 20 marks against a 60 pass mark is the difference between passing and not.
The thing that makes VIII harder than V-A or XII
Negative marking of 25% — 0.25 deducted per wrong answer. Four wrong answers cancel a right one.
That changes how you sit the paper. On a four-option question a blind guess is worth about 0.06 marks — technically positive, effectively noise. Eliminate to two options and it rises to 0.375, which is clearly worth taking. The rule: eliminate at least one option, or leave it blank.
If you have also prepared for V-A or XII, unlearn the habit those exams teach. There, answering everything is correct. Here it is not. Our negative marking guide works through the arithmetic.
A four-week plan that follows the weightage
Week 1 — basics of derivatives, the index, then start futures. Get cost of carry and basis genuinely solid; everything later leans on them.
Week 2 — options, and only options. It is the largest chapter and the one everything else references. Do not move on until you can compute a writer's P&L without hesitating over the sign.
Week 3 — trading mechanism, clearing and settlement, strategies, then the three small chapters. Spread clearing over several sessions rather than one.
Week 4 — timed papers only, practising the eliminate-or-skip discipline that negative marking demands.
Practise by chapter free on ScoreSetu — 697 NISM VIII questions ordered by these exact weightages, heaviest first, each with an explanation and a memory hook. Then take a full-length timed mock scored to the real 60% pass mark.