What is the NISM-Series-XIII Exam for Specialised Investment Funds (SIFs)

The Indian investment landscape is undergoing a strong transformation with the introduction of Specialised Investment Funds (SIFs), a new, hybrid investment vehicle launched by SEBI. For Mutual Fund Distributors (MFDs), SIFs represent a major opportunity to expand their product offerings and attract a premium client base. However, to distribute SIFs, MFDs must meet essential regulatory requirements, most importantly, clearing the NISM-Series-XIII: Common Derivatives Certification Examination. This guide explains the exam, syllabus, eligibility, format, and how MFDs can prepare effectively.

Regulatory requirements for MFDs to distribute SIFs

• Pass the NISM-Series-XIII: Common Derivatives Certification Examination
• Hold a valid AMFI Registration Number (ARN)
• Be registered with AMFI specifically for SIF distribution

The Series-XIII certification ensures that distributors understand the derivatives ecosystem, which forms the foundation of many SIF strategies. Now SEBI mandates this exam for distribution because many SIFs use derivative-based strategies for hedging, risk management, and implementing advanced portfolio techniques. Thus, MFDs must be equipped with the right technical knowledge to guide clients accurately and responsibly.

The NISM-Series-XIII syllabus includes the core topics, such as:

• Introduction to Derivatives
• Forwards, Futures, and Option Contracts
• Futures Pricing
• Currency Derivatives and Currency Markets
• Interest Rate Derivatives
• Hedging, Speculation, and Arbitrage Strategies
• Options Trading Strategies
• Clearing, Settlement & Risk Management Systems
• Regulatory Framework for Derivatives Trading

This ensures MFDs gain comprehensive knowledge to understand and recommend SIF-linked strategies.

NISM-Series-XIII exam format

• Total Marks: 150
• Total Questions: 150 multiple-choice questions
• Duration: 3 hours
• Marks per Question: 1 mark each
• Negative Marking: 25% deduction for every wrong answer
• Passing Score: 60% (90 marks out of 150)
• Exam Fee: ₹3,000 + GST
• Mode: Online (proctored)

Upon completing the exam, candidates gain a solid understanding of the Indian derivatives market, including the basics of the derivatives market (futures & options), Equity, currency, and interest rate derivatives, trading and hedging strategies, and regulations.

How Wealthy helps MFDs prepare for the NISM-Series XIII exam

Wealthy supports MFDs looking to expand their offerings into the SIF ecosystem. With our structured training programs, we help you:

• Understand the complete derivatives syllabus
• Practice with mock tests
• Master exam-oriented strategies
• Get fully prepared to qualify and start distributing SIFs

With the right training, MFDs can confidently clear the exam and unlock a powerful new revenue stream through SIF distribution.