NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION

EXAM – PRACTICE TEST NO. 6

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 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

PRACTICE TEST NO. 6

Question 1 Mr. Ganesh thinks that the markets will go down, so he sell 10 lots of index futures at 3500.
His predictions come true and the index falls and Mr. Ganesh buys back the futures contract
at 3410. What is the profit Mr. Ganesh has made if one lot of index is of 50.

(a) 35000

(b) 45000

(c) 55000

(d) 65000

Correct Answer 45000

Answer Mr Ganesh had sold at Rs 3500 and bought back at Rs 3410. So he made a profit of Rs 90.
Explanation

Total Quantity sold = 10 lots x 50 (lot size) = 500

Total Profit = Rs 90 x 500 = Rs 45,000

Question 2 ______ is not a derivatives market product.

(a) Preference Share

(b) Futures

(c) Swaps

(d) Options

Correct Answer Preference Share

Answer Futures, Forwards, Options, Swaps etc. are all products in the derivative market.
Explanation

Preference share is not a derivative product.

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 3 A trader sells a PQR stock Put contract of Rs 200 strike for Rs 50. The lot size is 1500. What is
the profit /loss if he buys the Put back at Rs 28 ? (in Rs)

(a) 28500

(b) -28500

(c) 33000

(d) -33000

Correct Answer 33000

Answer The trader has sold the put option at Rs 50 and bought it back at a lower price of Rs 28. So
Explanation he makes a profit of Rs 22 ( 50 - 28).

Rs 22 X 1500 (Lot size) = Rs 33000 profit

Question 4 Counterparty risk can also be called as ________ .

(a) Credit Risk

(b) Default Risk

(c) Both 1 and 2

(d) Speculative Risk

Correct Answer Both 1 and 2

Answer Counterparty risk is the risk of an economic loss from the failure of counterparty to fulfil its
Explanation contractual obligation.

This risk is also called default risk or credit risk.

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 5 To whom is a high impact cost beneficial ?

(a) Only buyers

(b) Only sellers

(c) Neither buyers nor sellers

(d) Only arbitrageurs

Correct Answer Neither buyers nor sellers

Answer Impact cost is the cost that the buyer or seller of stocks incur while executing a transaction
Explanation due to prevailing liquidity conditions in that counter.

A high impact cost will increase the purchasing price for the buyer and decrease the selling
price for the seller.

So a high impact cost is neither beneficial to the buyer nor the seller.

Question 6 A call option gives the buyer the right to buy the underlying at market price - State True or
False ?

(a) TRUE

(b) FALSE

Correct Answer FALSE

Answer A call option gives the buyer the right to buy the underlying at a set price ie. the strike price
Explanation and not the market price.

CALL OPTION : An agreement that gives an investor the right (but not the obligation) to buy
a stock, bond, commodity, or other instrument at a specified price within a specific time
period.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 7 When it is said that there is cash settlement of an index futures contract, it means that the
contract is settled in cash with no delivery of the underlying - State whether True or False?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Index futures are always cash settled.

Explanation

Individual securities can be cash settled or by delivery.

Question 8 When the margins are kept on the lower side, it will attract more players to join the market
- State True or False?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer The Clearing Corporation generally keeps the margings for derivatives trading on the higher
Explanation side as the risk of losses are high and it wants only financially strong traders to trade in the
market.

If the margins are kept on a lower side, many more traders will start trading in the
derivatives market.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 9 ______ is a deal that produces profit by exploiting a price difference in a product in two
different markets.

(a) Hedging

(b) Trading

(c) Speculation

(d) Arbitrage

Correct Answer Arbitrage

Answer Arbitrage means buying a security in one market while simultaneously selling the same
Explanation security in a different market, to benefit from price differential.

Question 10 How can you close a short position in a futures market?

(a) By buying a Call Option

(b) By entering into a suitable forward contract

(c) By executing a purchase of the same futures contracts

(d) By executing a sale of the same futures contracts

Correct Answer By executing a purchase of the same futures contracts

Answer A short future contract ie. a sale position can be squared up by buying the same contract in
Explanation futures market and in no other way.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 11 Arbitrage is basically earning a risk-free profit by simultaneous buying and selling
replicating assets in two or more different markets - State True or False?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Arbitrage is a deal that produces profit by exploiting a price difference in a product in two
Explanation different markets. Arbitrage originates when a trader purchases an asset cheaply in one
location and simultaneously arranges to sell it at a higher price in another location.

Question 12 An Index Option is ______ .

(a) a derivative product

(b) settled in cash

(c) rarely traded on the Indian stock exchanges

(d) Both 1 and 2

Correct Answer Both 1 and 2

Answer Index option is a derivative product derived from indices like Nifty, Bank Nifty, Sensex etc.
Explanation

Index options are settled only in cash.

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 13 Clearing Member Mr. Prabhu focuses mainly on proprietary trading, while Clearing Member
Mr. Mehta does not do any proprietary trades and does trades only for clients. If both have
deposited the same amount of assets with Clearing Corporation, which of the foll statement
is true?

(a) Mr. Prabhu enjoys a lower exposure limit than Mr. Mehta

(b) Mr. Prabhu enjoys a higher exposure limit than Mr. Mehta

(c) Both of them enjoy the same exposure limits

Correct Answer Mr. Prabhu enjoys a higher exposure limit than Mr. Mehta

Answer Proprietary positions are calculated on net basis (buy less sell) for each contract and that of
Explanation clients are arrived at by summing together net positions of each individual client.

Margins are required to be paid up-front on gross basis at individual client level for client
positions and on net basis for proprietary positions.

Therefore, Mr. Prabhu who does only proprietary trades will get higher exposure as his
positions are calculated on net basis.

Question 14 After the initiation of the futures contract, the price of the underlying asset has risen. In this
situation, ______ .

(a) Basically. price change in underlying asset has no effect on long or short positions in futures

(b) A long position becomes unprofitable

(c) A short position becomes profitable

(d) A long position becomes profitable

Correct Answer A long position becomes profitable

Answer When the price of the underlying asset rises in the spot market, its price in the futures
Explanation market will also rise. So, those who have purchased the futures (long postion) will make a
profit.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 15 If the price volatility of the underlying stock is hign then the Put option will _____ .

(a) have zero premium

(b) have comparatively lower premium

(c) have comparatively higher premium

(d) Volatility does not have any effect on the Put options

Correct Answer have comparatively higher premium

Answer Volatility is the magnitude of movement in the underlying asset’s price, either up or down.
Explanation It affects both call and put options in the same way. Higher the volatility of the underlying
stock, higher the premium because there is a greater possibility that the option will move
in-the-money during the life of the contract.

Higher volatility = Higher premium, Lower volatility = Lower premium (for both call and put
options).

Question 16 Why are margins collected in the derivative segment ?

(a) To earn revenue for the clearing corporation

(b) To minimize the number of investors entering the derivatives market

(c) To have friction in the market so facilitate arbitrage

(d) To minimize the risk of default by all parties involved

Correct Answer To minimize the risk of default by all parties involved

Answer As exchange guarantees the settlement of all the trades, to protect itself against default by
Explanation either counterparty, it charges various margins from brokers. Brokers in turn
charge margins from their customers.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 17 What is an Index Option ?

(a) Its a derivative product

(b) Its essentially settled in cash

(c) Index options are not allowed in Indian markets

(d) Both 1 and 2

Correct Answer Both 1 and 2

Answer Index option is a derivative product derived from indices like Nifty, Bank Nifty, Sensex etc.
Explanation

Index options are settled only in cash.

Question 18 Can a broker take any amount of exposure once he has satisfied the minimum net worth
and minimum deposit with the exchange in the form of liquid assets ?

(a) Yes

(b) No

Correct Answer No

Answer The amount of exposure depends on the value of the assets / liquid assets deposited with
Explanation the exchange. More the deposits - more the exposure he can get.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 19 A person who provides two way quotes for various stocks is known as _____ .

(a) Arbitrageur

(b) Speculator

(c) Hedger

(d) Market Maker

Correct Answer Market Maker

Answer A market maker or liquidity provider is a company or an individual that quotes both a buy
Explanation and a sell price in a financial instrument hoping to make a profit on the bid-offer spread.

Question 20 A mutual fund manager is bearish on the market and wishes to reduce its exposure to
equities from 50% to 40%, without selling any of his equity holdings. Can he sell index
futures for it ?

(a) Yes, he can sell index futures

(b) No, Mutual funds are not allowed to sell index futures

Correct Answer Yes, he can sell index futures

Answer FII and Mutual funds can buy/sell in futures subject to certain limits.
Explanation

FII & MF position limit in all index futures contracts on a particular underlying index is Rs. 500 Crores
or 15 % of the total open interest of the market in index futures, whichever is higher. This limit would
be applicable on open positions in all futures contracts on a particular underlying index.

In addition to the above, FIIs & MF’s shall take exposure in equity index derivatives subject to the
following limits:

a) Short positions in index derivatives (short futures, short calls and long puts) not exceeding (in
notional value) the FII’s/ MF’s holding of stocks.

b) Long positions in index derivatives (long futures, long calls and short puts) not exceeding (in
notional value) the FII’s/ MF’s holding of cash, government securities etc.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 21 In the derivative segment, once initial margin requirement is fixed, it cannot be changed by
the exchange, during the lifetime of the futures contract - State True or False ?

(a) TRUE

(b) FALSE

Correct Answer FALSE

Answer The initial margin is dependent on price movement of the underlying asset.
Explanation

So the Initial Margin levels are dynamic and recalculated continuously based on volatility
levels.

Question 22 When a PUT option on an index is exercised, the option holder receives from the option
writer _______ .

(a) A cash amount that is equal to the excess of spot price over exercise price

(b) A cash amount that is equal to the excess of exercise price over spot price

(c) A cash amount that is equal to spot price

(d) No amount

Correct Answer A cash amount that is equal to the excess of exercise price over spot price

Answer An option will only be exercised when its In the Money (Profitable)
Explanation

A put option is In the Money when the Exercise price is higher than the spot price. So the
excess of exercise price over the spot price will be receivable by the option holder.

(IN THE MONEY - A call option with a strike (exercise) price that is lower than the market (spot) price of the
underlying asset, or a put option with a strike price that is higher than the market price of the underlying
asset. In the money means that your stock option is worth money and you can turn around and sell or exercise
it.)
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 23 'Netting' is the process by which a future contract is terminated by a transaction that is
equal and opposite to the original transaction - State True or False ?

(a) TRUE

(b) FALSE

Correct Answer FALSE

Answer 'OFF SETTING' is the process by which a future contract is terminated by a transaction that
Explanation is equal and opposite to the original transaction.

Question 24 What is an Index Future ?

(a) Its a synthetic option

(b) Its a cash market product

(c) Its a derivative product

(d) Its an option

Correct Answer Its a derivative product

Answer The future price of an index is derived from the spot / cash price.
Explanation

So Index Future is a derivative product.

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 25 What does Beta of 1 mean ?

(a) It means that the expected percentage in stock price will be more than the percentage
change in index

(b) It means that the expected percentage in stock price will be twice the percentage change in
index

(c) It means that the expected percentage in stock price will be less than the percentage
change in index

(d) It means that the expected percentage in stock price will be equal to the percentage change
in index

Correct Answer It means that the expected percentage in stock price will be equal to the percentage change
in index

Answer Beta measures the sensitivity of a stock / portfolio vis-a-vis index.

Explanation

If Beta of a stock is 1, it means that a % change in the index will lead to equal % change in
the stock price.

If Beta of a stock is 2, it means that a % change in the index will lead to double % change in
the stock price.

Question 26 Loss on derivative transactions can be set off against any other income during the year. In
case the same cannot be set off, it can be carried forward to subsequent assessment year
and set off against any other income of the subsequent year. Such losses can be carried
forward for a period of ____ assessment years.

(a) 4

(b) 8

(c) 12

(d) 16

Correct Answer 8

Answer Loss incurred on derivatives transactions which are carried out in a recognized stock
Explanation exchange can be carried forward for a period of 8 assessment years.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 27 Which tax is applicable for equity transactions done on a recognized stock exchange ?

(a) Securities Trading Tax

(b) Equity Trading and Service Tax

(c) Derivatives Transaction Tax

(d) Securities Transaction Tax

Correct Answer Securities Transaction Tax

Answer Trading member has to pay securities transaction tax (STT) on the transaction executed on
Explanation the recognized stock exchange.

Question 28 Among the following options, in which future contract, the contract cannot be used as a
means to acquire the underlying asset ?

(a) Copper

(b) Gold

(c) Individual securities

(d) Stock index

Correct Answer Stock index

Answer There is no single underlying asset in a Stock Index. Its a combination of many stocks which
Explanation make an index. So there is no asset as a stock index as such.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 29 The daily Mark to Market gain or loss is realised _________ .

(a) in the equity spot market

(b) in the futures market

(c) in Swap trading

(d) in forwards market

Correct Answer in the futures market

Question 30 The features of Futures are quiet similar to _________ .

(a) Options

(b) Swaps

(c) Debentures

(d) Forwards

Correct Answer Forwards

Answer A futures contract is similar to a forward, except that the deal is made through an organized
Explanation and regulated exchange rather than being negotiated directly between two parties.

We may say that futures are exchange traded forward contracts.

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 31 If the far month futures prices are less than near month futures prices, this is known as
________ .

(a) Delta Hedging

(b) Contango

(c) Basis

(d) Backwardation

Correct Answer Backwardation

Answer If futures price are lower than spot price of an asset(or far month futures is less than near
Explanation month futures), market participants may expect the spot price to come down in future. This
expectedly falling market is called “Backwardation market”.

If futures price is higher than spot price of an underlying asset, market participants may
expect the spot price to go up in near future. This expectedly rising market is called
“Contango market”.

Question 32 Cross margining between cash and derivative segments of an exchange helps reduce the
overall margin level applicable to investors and traders - State True or False ?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Cross margining is available across Cash and Derivatives segment.

Explanation

If an trader has credit balance in his trading account in the cash segment, he can use it to
margin his derivative trading, thus reducing his overall margin level.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 33 The net worth requirements of Clearing Members and Trading Members is the same for the
derivatives exchange - State True or False ?

(a) TRUE

(b) FALSE

Correct Answer FALSE

Answer The Net Worth requirements of Clearing Members is higher than Trading Members.
Explanation

Question 34 When a call option on an index is exercised, the call option holder receives from the option
writer an amount equal to excess of spot price over the strike price of that call option -
State True or False ?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer The positive difference between a call options strike price and the market price is the gross
Explanation profit of the call option buyer which the option writer has to pay on exercise.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 35 Margins in the derivative segment has to be collected from all clients, including Financial
Institutions and FIIs - State True or False ?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Margins are collected from all who trade in the derivatives segment.
Explanation

Question 36 When a new client opens a trading account with a trading member, which of the following
documents have to be compulsorily given to him ?

(a) SEBI rules regarding trading in stock markets

(b) Risk disclosure documents

(c) All the rules of the Stock Exchange

(d) All of the above

Correct Answer Risk disclosure documents

Answer The broker is required to get a Risk Disclosure Document compulsorily signed by the client,
Explanation at the time of client registration.

This document informs clients about the kind of risks that derivatives can involve for the
client.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 37 If the share price of XYZ share increases by Rs 2 and the delta of its option is 0.5, then by
how much will the option price rise ?

(a) No change in option price

(b) Rs 10

(c) Rs 2

(d) Rs 1

Correct Answer Rs 1

Answer Delta measures the sensitivity of the option value to a given small change in the price of the
Explanation underlying asset.

In this case the price has moved by Rs 2 and the delta is 0.5,

So Option Price will move by Rs 2 x 0.5 = Rs 1

Question 38 Liquid stocks in a market have low impact cost when compared to illiquid stocks - State True
or False?

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Impact cost basically means what additionally a trader must pay because of the order size
Explanation ie. due to price increase if there it is a big buy order and price decrease if there is a big sell
order.

If the scrip is very liquid ie. there are huge buyers and sellers, the impact cost will be very
low.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 39 If one does a calendar spread contract in index futures, then it attracts_________

(a) Lower margin than sum of two independent legs of futures contract

(b) No margin need to be paid for calendar spread positions

(c) Higher margin than sum of two independent legs of futures contract

(d) Same margin as sum of two independent legs of futures contract

Correct Answer Lower margin than sum of two independent legs of futures contract

Answer Calendar spread position is a combination of two positions in futures on the same underlying - long
Explanation on one maturity contract and short on a different maturity contract.

When the market fluctuates, if there is a loss in the long position then there will be an almost equal
profit in short position.
So Calendar spreads carry no market risk - hence lower margins are adequate.
Calendar spread carries on only basis risk. Basis risk means both the contracts will not fluctuate
identically.

Question 40 _______ measure of the sensitivity of an option price to changes in market volatility.

(a) Rho

(b) Theta

(c) Gamma

(d) Vega

Correct Answer Vega

Answer Vega represents the amount of price changes in an option in reaction to a 1% change in the volatility
Explanation of the underlying asset.

Volatility measures the amount and speed at which price moves up and down, and is often based on
changes in recent, historical prices in a trading instrument. Vega changes when there are large price
movements (increased volatility) in the underlying asset, and falls as the option approaches
expiration.

Vega = Change in an option premium/ Change in volatility

 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 41 A stock exchange has ON LINE SURVEILLANCE capability to monitor the __________.

(a) Volumes

(b) Prices

(c) Positions

(d) All of the above

Correct Answer All of the above

Answer All modern stock exchanges have highly developed online surveillance sytems to monitor
Explanation the volumes / position and prices of all listed products and also check any unusual activity
etc. in them.

Question 42 The options which are traded on a exchange are standardised.

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Exchange traded options are standardised as per the rules of the exchange in terms of time,
Explanation duration, quantity etc.

Forward options are customised as per the agreement between the trading parties.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 43 The basic test of whether a trade done in the future market is for hedging or speculation is
centered on the premise that there already exist a related commercial position which is
exposed to the risk due to price fluctuations.

(a) TRUE

(b) FALSE

Correct Answer TRUE

Answer Hedging basically means doing a trade to reduce the risk of adverse price movements in an
Explanation asset. Normally, a hedge consists of taking an offsetting position in a related security, such
as a futures contract.

An example of a hedge would be if you owned a stock, then sold a futures contract stating
that you will sell your stock at a set price, therefore avoiding market fluctuations.

Question 44 You are long in ICICI Bank Ltd futures at price Rs 500. The prices rises to Rs 520 next day.
The Mark to Market margin will be credited to your account. True or False ?

(a) FALSE

(b) TRUE

Correct Answer TRUE

Answer You are long means you have bought ICICI bank futures at Rs 500. Next day the price rises to
Explanation Rs 520, which means there is a Mark to Market gain of Rs 20. So Rs 20 x the lot size, this
amount will be credited in your ledger account with the broker.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 45 The system in which trading is done through various computers which are attached to a
central computer is called Online trading.

(a) False

(b) TRUE

Correct Answer TRUE

Question 46 An option with zero intrinsic value is called _______ .

(a) OTM - Out of The Money option

(b) ATM - At The Money option

(c) ITM - In The Money option

(d) Both - At The Money and Out of The Money options

Correct Answer Both - At The Money and Out of The Money options

Answer Only in-the-money options have intrinsic value whereas at-the-money and out-of-the-
Explanation money options have zero intrinsic value. The intrinsic value of an option can never be
negative.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 47 An exchange traded option after maturity __________ .

(a) Can be traded after 2 days ie. after pay in / pay out.

(b) Can be traded in the spot market

(c) Cannot be traded

(d) None of the above

Correct Answer Cannot be traded

Answer An exchange traded option can only be traded till the last date of expiry ie. its maturity.
Explanation After that it will not be available for trading.

For eg - If 27th June is the last Thursday of the month ie. the maturity, all options of June
month will cease to exist as soon as the market closes on 27th June.

Question 48 Tick size depends on -

(a) The Delta of the security

(b) Its fixed by the exchange

(c) Volume in that security

(d) The Interest rates

Correct Answer Its fixed by the exchange

Answer Tick size is the minimum move allowed in the price quotations. Exchanges decide the tick
Explanation sizes on traded contracts as part of contract specification. Tick size for Nifty futures is 5
paisa.
 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

Question 49 If you are a seller of put option, you expect ___________ .

(a) No change in the price

(b) Increase in the price

(c) Decrease in the price

(d) Both 1 and 2

Correct Answer Both 1 and 2

Answer When you sell a put option you expect the price to rise. Even if the price remains stable, you
Explanation earn the option premium.

Question 50 The Option which gives its holder a positive cash flow is called a _______ .

(a) At the money option

(b) Out of the money option

(c) In the money option

(d) Delta

Correct Answer In the money option

Answer An 'In the money' (ITM) option gives the holder a positive cash flow, if it were exercised
Explanation immediately.

A call option is said to be ITM, when spot price is higher than strike price. And, a put option
is said to be ITM when spot price is lower than strike price.

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 NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6

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NISM SERIES VIII – EQUITY DERIVATIVES CERTIFICATION
EXAM – PRACTICE TEST NO. 6