Pick 5, 10, 15 or 100 questions and the test draws them at random from a bank of 1,000. Answers stay hidden until you check or ask to see them. It covers how premium works, the Greeks, option strategies, open interest, MWPL and the F&O ban, STT, margins and risk, using Indian market rules.
Choose how many questions you want and which topics to include. The test picks that many at random from the 1,000 in the bank and shuffles the options each time. Tap an option, then press Check to see if you were right. If you just want to learn, press Show answer without choosing. Each answer has a short explanation of the idea or the sum behind it.
Your browser remembers which questions you have already seen, so the next set gives you new ones first. Nothing is sent to CVCrisp and there is no sign-up.
| Topic | Questions |
|---|---|
| F&O basics | 30 |
| Futures | 80 |
| Option basics | 94 |
| Premium and pricing | 81 |
| The Greeks | 98 |
| Volatility and India VIX | 63 |
| Option strategies | 222 |
| Open interest and option chain | 64 |
| Indian F&O rules, STT and margin | 72 |
| MWPL and F&O ban | 76 |
| Clearing, brokers and SEBI | 20 |
| Risk management | 100 |
About half the bank is ideas: what a call gives you, why IV falls after results, how MWPL is set, when a stock leaves the ban. The other half is practice sums that change every time: intrinsic value, breakevens of spreads and straddles, P&L for a Nifty lot of 65, delta and theta estimates, expected move from IV, STT, MWPL utilisation, position sizing and drawdown.
Rules used: Nifty lot size 65 for contracts from January 2026, weekly Nifty expiry on Tuesday, SEBI's October 2024 measures (₹15 lakh minimum contract value, one weekly index expiry per exchange, premium collected upfront, extra 2% ELM on short options on expiry day), STT of 0.15% on option sales and 0.05% on futures sales from 1 April 2026, and the MWPL and ban rules of NSE Clearing circular 119/2025, in force from 1 October 2025. Prices in the sums are round sample numbers, not live quotes.
No. NISM Series VIII is the Equity Derivatives certification that people working with F&O at brokers and similar firms usually need. This page is CVCrisp's own practice bank on the same subject. The questions are not taken from NISM and the real exam has its own pattern. Use it to build the ideas, then study the NISM workbook for the exam itself.
A few questions from the bank, one from each topic. Try them before opening the answer.
What is a derivative?
A contract whose value comes from an underlying asset. Futures and options get their value from something else: an index, a share, a commodity or a currency.
A long Nifty futures position makes money when:
Nifty rises. Futures move almost one for one with the underlying.
A call option gives the buyer:
The right, but not the obligation, to buy at the strike. Call means right to buy. The buyer pays a premium for it.
Which factor does not affect an option's premium?
The buyer's age. Spot, strike, time, volatility, interest rates and dividends drive the price.
Delta measures:
How much the option price changes for a 1-point move in the underlying. A delta of 0.5 means the option moves about 0.5 points for each 1-point move in the underlying.
Implied volatility is:
The volatility the market is pricing into an option, backed out from its price. IV comes from the option price itself.
A bull call spread is built by:
Buying a lower-strike call and selling a higher-strike call, same expiry. It is a moderately bullish debit spread with capped profit and loss.
Put-call ratio (PCR) based on open interest is:
Total put open interest ÷ total call open interest. A PCR above 1 means more put OI than call OI.
What is the lot size of Nifty 50 options for contracts from January 2026?
65. NSE revised it to 65 in its circular of 3 October 2025.
MWPL stands for:
Market Wide Position Limit. It caps how big the total F&O position in a stock can get across the market.
In exchange-traded derivatives, novation means:
The clearing corporation becomes the buyer to every seller and the seller to every buyer. This removes the risk of the other trader not paying.
The first goal of risk management in F&O is to:
Make sure no single loss can wipe out your account. Survival comes before returns.
Nifty is at 23,450. What is the intrinsic value of the 23,050 call?
400. Call intrinsic value = spot − strike = 23,450 − 23,050 = 400 points. It is never below zero.
An option trades at 59 points. What does a buyer pay for 2 lots of Nifty (lot size 65)?
₹7,670. Premium in rupees = points × lot size × lots = 59 × 65 × 2 = ₹7,670.
A put has delta −0.3. If Nifty falls 120 points, roughly how much does the put gain?
36. Change ≈ delta × move = −0.3 × (−120) = +36 points. Puts gain when the market falls.
You buy 2 lots of the Nifty 22,100 call for 248. What is your maximum loss?
₹32,240. A buyer can lose at most the premium: 248 × 65 × 2 = ₹32,240.
No. CVCrisp wrote these questions for practice on the same subject, equity derivatives. They are not taken from NISM and the real exam has its own pattern and question bank. Use this test to learn the ideas, then read the NISM workbook for the exam.
The bank has 1,000 multiple choice questions on futures, options, premium, the Greeks, volatility, strategies, open interest, Indian rules, MWPL and the F&O ban, clearing and risk management. Each test picks questions at random.
Not for a while. The page remembers which questions you have already seen in this browser and picks unseen ones first. Once you have seen all of a topic, it starts again from the full set.
No. Choose an option and press Check, or press Show answer if you want to see it without guessing. Every answer comes with a short explanation.
MWPL is the market wide position limit for a stock in the derivatives segment. From 1 October 2025 it is the lower of 15% of free float and 65 times the average daily delivery value, with a floor of 10% of free float. Above 95% of MWPL the stock goes into the F&O ban from the next day.
Nifty lot size 65 (contracts from January 2026), Tuesday weekly expiry, STT of 0.15% on option sales and 0.05% on futures sales from 1 April 2026, and the MWPL rules of NSE Clearing circular 119/2025. Calculation questions use round sample prices, not live quotes.
No. SEBI found that 93% of individual F&O traders lost money between FY22 and FY24. Knowing the ideas is a start. Trade small, keep a stop, and never risk money you cannot afford to lose.