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Futures, options, currency, interest rate aur commodity — NISM ke derivatives workbooks ke terms
Published by The Retail Trader · AUG 08, 2026 · Derivatives & Commodities
F&O ki journal is site par pehle se hai, par wo trader ki nazar se likhi gayi hai. Ye uska regulatory jodidaar hai: wahi contracts jaise NISM ke Series I (currency), Series IV (interest rate), Series VIII (equity) aur Series XVI (commodity) workbooks unhe define karte hain — settlement, margining aur exchange ki apni bhasha mein.
A se E tak ke terms:
• Accounting treatment — Same as above in the books of the seller/ writer for margin money released on the squaring off of an option contract.
• Allocation — The CC shall identify the eligible long positions for allocation and assign the deliveries to long position holders at client level starting with the highest vintage till the allocation.
• American option — The owner (buyer/holder) of an American option can exercise his right at any time on or before the expiry date/day of the contract.
• Arbitrage opportunities in futures market — Simultaneous purchase and sale of an asset or replicating asset in the market in an attempt to profit from discrepancies in their prices.
• Arbitrageurs Arbitrage — Deal that produces profit by exploiting a price difference in a product in two different markets.
• Assignment margin — Net exercise settlement value payable by a clearing member towards final exercise settlement.
• Assignment of Options — The allocation of exercised options to one or more option sellers.
• Associated Person — Individual employed by a SEBI-registered intermediary (stockbroker, investment advisor etc.) who interacts with the clients or has access to client information.
• Assume you — Exporter, and you want to sell USD that you have received as export remittance.
• Authorised Persons (APs) — SEBI had earlier allowed spread of sub-brokership as well as Authorised Person's network to expand the brokers' network.
• Base Minimum Capital (BMC) BMC — Deposit given by the member of the exchange against which no exposure for trades is allowed.
• Basis risk — Potential risk that arises from mismatches in a hedged position.
• Bear spread — A bear spread using futures is created when the actual spread is less than the fundamental spread (average difference) between two calendar month contracts.
• Best buy price — Highest buy price amongst all buy orders and similarly best sell price is the lowest price of all sell orders.
• Bond forward — A rupee interest rate derivative contract in which one counterparty (buyer) agrees to buy a specific Government Security from another counterparty (seller) on a specified future date and at a price determined at the time.
• Bond option — Option contract between two parties giving the buyer of an option the right, but not the obligation, to buy or sell bond at a specific price on or before a certain date.
• Bull spread — A bull spread using futures is created when the actual spread is more than the fundamental spread (average difference) between two calendar month contracts.
• Buyer of an option — The buyer of an option is one who has a right but not the obligation in the contract.
• Call / Put option date — Date on which issuer or investor can exercise their rights to redeem the security before maturity date.
• Cash and carry arbitrage — A long position in the cash or underlying market and a short position in futures market.
• Cash component — Cash, bank guarantee, fixed deposit receipts, T-bills and dated government securities.
• Categorization of Algos — Parameter Execution Algos or White box Algos Black box Algos Logic Disclosure Disclosed to the user Not known to the user Replicability Replicable by the user Not replicable by the user Transparency Automated trading.
• Commodity Derivative — Contract to buy or sell a commodity at a preset price for delivery on a future date.
• Commodity price risk — Price uncertainty that adversely impacts the financial position of those who both use and produce commodities.
• Concentration margin — Excellent tool to levy margin only on those clients with concentrated contracted open interest on buy or sell side vis-à-vis total open interest in that commodity / contract.
• Contract size/Lot Size — Futures contracts are traded in lots. Contract size specifies the amount of the asset that has to be delivered for a single contract. This is also called the 'lot size' or 'contract multiplier'.
• Cost Difference — ₹100 per contract x 100 contracts = ₹10,000. After roll-over: If the next-month futures contract price converges from ₹32,100 to ₹32,150 (due to continued contango and positive market conditions), the value of the position.
• Coupon / Interest — Cash flow that are offered by a particular security at fixed intervals / predefined dates.
• Credit risk — Risk of default on a debt that may arise from a borrower failing to make required payments.
• Cross hedge — When a futures contract on an asset is not available, market participants look for an asset that is closely associated with their underlying and trade in the futures market of that closely associated asset, for hedging purpose.
• Currency Futures — A standardized foreign exchange derivative contract traded on a recognized stock exchange to buy or sell one currency against another on a specified future date, at a price specified on the date of contract, but does not include.
• Currency movement — Comparative movement in the value of a country's currency in relation to the major global currencies is very important for the prices of commodities in that particular country.
• Day order — Order which is valid for a single day on which it is entered.
• Delivery logic — Buyers and sellers' choice on open positions during the tender/delivery period.
• Delivery Month — The delivery month shall be the last month of the expiring contract, i.e., March, June, September and December.
• Delivery notice — It is the day when the selling Clearing Member (CM) sends a notice to the Clearing Corporation (CC) expressing his intention to deliver along with details of the security to be delivered.
• Digital First Approach — Utilizing online tools and technologies facilitates quicker resolutions, reduces the need for physical documentation, and allows participants to engage from remote locations.
• Direct Market Access (DMA) — Facility which allows brokers to offer clients direct access to the exchange trading system through the broker's infrastructure without manual intervention by the broker.
• Employees Stock Option — The options given to the directors, officers or employees of the company or of its holding company or subsidiary company or companies, if any, which gives such directors, officers or employees, the benefit or right to purchase.
• Enhanced Accessibility and User-Friendliness — The portal is designed to be accessible for all users, irrespective of their tech-savviness.
• EUR-INR — Gross open position across all contracts shall not exceed 15% of the total open interest or EUR 25 million, whichever is higher.
• Euro (EUR) — Official currency of 20 of the 27 member states of the European Union.
• European option — The owner (buyer/holder) of a European option can exercise his right only on the expiry date/day of the contract.
• Excess Return — The gain of ₹5,000 represents an excess return on the roll-over, driven by the carrying cost parity and the strategy of rolling over into costlier futures contracts in a contango market.
• Excess Return Indices — Excess return indices, also known as excess return or total return above a benchmark, measure the performance of an investment relative to a specified benchmark or risk-free rate.
• Exchange trading system — Fully computerized system designed to offer investors across the length and breadth of the country a safe and easy way to invest which adopts the principle of an order driven market.
• Extreme Loss Margin (ELM) — Margin to cover the loss in situations that lie outside the coverage of the VaR based initial margins.
F se I tak ke terms:
• Fair value — The price in an orderly transaction between market participants.
• Fiat money — Government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued.
• Final settlement price (FSP) — Price at which the delivery or final cash settlement is done at the expiry of the contract.
• Foreign Exchange Market (Forex) — Inter-bank market that took shape in 1971 when global trade shifted from fixed exchange rates to floating rate regimes.
• Foreign Exchange rates — Increase in the value of the domestic currency makes imports cheaper as it reduces the INR prices of USD denominated internationally traded commodities.
• Forex transactions — Set of transactions among forex market agents involving the exchange of specified sums of money in a currency unit of any given nation for currency of another nation at an agreed rate as of any specified date.
• Forward Contracts — Contract between two parties, wherein settlement takes place on a specified date in future at an agreed price.
• Forwards — Legally enforceable agreement for delivery of goods or the underlying asset on a specific date in future at a price agreed on the date of contract.
• Futures — Legally binding agreement between the buyer and the seller, entered on an exchange, to buy or sell a specified amount of an asset, at a certain time in the future, for a price that is agreed today.
• Futures contract — Agreement between two parties to buy or sell an asset at a certain time in the future at a certain price.
• Futures Interest rate — Standardized contract, traded on an exchange, where one party agrees to Interest rate futures contract is a standardized contract, where the seller agrees to provide certain debt securities to the acquirer on a mutually agreed.
• Futures price — The current price of the specified futures contract. The future price can be higher or lower than the spot price.
• Futures price/rate — The current price /rate of the specified futures contract.
• Gamma — The speed with which an option will go either in-the-money or out-of-the- money due to a change in price of the underlying asset.
• GBP-INR — Gross open position across all contracts shall not exceed 15% of the total open interest or GBP 25 million, whichever is higher.
• Geo-political developments — Commodities that have a global demand (e.g., crude oil) are prone to price fluctuations due to political tensions in some parts of the globe and these may lead to disruptions in supply.
• Government Policies and Export Demand — Government policies related to guar seed cultivation, export regulations, and incentives for guar gum exports can influence market dynamics and the convenience yield.
• Green Shoe option — An option of allotting equity shares in excess of the shares offered in the public issue as a post-listing price stabilizing mechanism in accordance with the specific provisions in the SEBI (ICDR) Regulations.
• Hedge Accounting — An example of a cash flow hedge of a forecasted sale with an exchange.
• Hedge Accounting Hedging — An action initiated to minimize/eliminate uncertainty of value of assets, value of liabilities, cash flows, firm commitments.
• Hedge contract month — Maturity month of the contract through which we hedge our position.
• Hedge effectiveness — Degree to which changes in the fair value or cash flows of the hedged item that are attributable to a hedged risk are offset by changes in the fair value or cash flows of the hedging instrument.
• Hedge Fund — Private investment pools that invest aggressively in all types of markets, with managers of the fund receiving a percentage of the investment profits.
• Hedge ineffectiveness — Extent to which the changes in the fair value or the cash flows of the hedging instrument are greater or less than those of the hedged item.
• Hedging — Act of buying an asset/contract to offset potential losses that may be incurred due to holding an existing investment/asset.
• High frequency trading (HFT) — Type of algorithmic trading which is latency sensitive and is characterized by a high daily portfolio turnover and high order-to trade ratio (OTR).
• High-frequency trading — Offshoot of algo trading which allows a trader to make tens of thousands of trades per second.
• Historical Volatility — In the financial market world, we take the past closing prices of the stock/index/bonds/currency rate and calculate the historical volatility based on the past price movements.
• How the ODR Portal Works — A Step-by-Step Guide An investor/client shall first take up the grievance with the Market Participant by lodging a complaint directly with the concerned Market Participant.
• Hybrid Mutual Fund Schemes — Hybrid mutual funds are types of mutual funds that invest in more than one asset class. Most often, they are a combination of Equity and Debt assets, and sometimes they also include Gold or even Real estate.
• Impact cost — Measure of the cost incurred due to the bid-ask spread.
• Impose Position Limits and Rules — A key element of financial risk management is deciding which risk to bear and to what degree. A broker firm needs to impose limits to cover exposures, and overall position concentrations relative to systematic risks.
• Income for ETIRD — Non-speculative business income taxable at slab rates, hence are liable to pay Advance Tax.
• Initial Position — Holding 100 contracts of Bullion Index Futures at ₹16,000 per contract.
• Interest Rate Cap — Series of interest rate call options (called caplets) in which the buyer of the option receives a payment at the end of each period when the underlying interest rate is above a rate agreed in advance (strike rate).
• Interest Rate Collar — Derivative contract where a market participant simultaneously purchases an interest rate cap and sells an interest rate floor on the same interest rate for the same maturity and notional principal amount.
• Interest Rate Floor — Series of interest rate put options in which the buyer of the option receives a payment at the end of each period when the underlying interest rate is below the strike rate.
• Interest rate futures contract — Standardized contract, where the seller agrees to provide certain debt securities to the acquirer on a mutually agreed date and a specified price and quantity.
• Interest Rate Option (IRO) — Option contract whose value is based on interest rates or interest rate instruments.
• Interest rate swap — Derivative contract that involves exchange of a stream of agreed interest payments on a `notional principal' amount during a specified period.
• Interest rates — Interest rates also impact commodity prices and are the key determinants in commodity price movements. The effect of interest rate on commodity prices is almost instantaneous.
• Intervention in foreign exchange markets — Tool on which Emerging Market Economies (EME) central banks have extensively relied on over the past two decades, as reflected in a significant increase in their FX reserves.
• Intraday Monitoring of Position Limits — From April 1, 2025, exchanges must monitor position limits intraday with at least four random snapshots per day.
• Investment Advisor Services — Individual or firm responsible for making investments on behalf of, and/or providing advice to, investors.
• ISO currency codes — Three-letter alphabetic codes that represent the various currencies used throughout the world.
J se R tak ke terms:
• JPY-INR — Gross open position across all contracts shall not exceed 15% of the total open interest or JPY 1000 million, whichever is higher.
• Kill Switch — An emergency function and the last level of defence against any Algorithm malfunction.
• Late Fees — Initiation of conciliation process after six months from the date of transaction/dispute arising will require payment of Rs 1000/- by the initiator of the complaint/dispute (whether such initiator be the investor/client.
• Limit order — In a limit order, the buyer or seller specifies the price at which the trade should be executed.
• Liquidity — The ability of market participants to buy and/or sell securities / derivatives contracts expeditiously at a competitive price and with minimal price difference.
• Liquidity stress test and adequacy — CC shall ensure that it maintains sufficient liquid resources to manage liquidity risks from members, settlement banks and those generated by its investment policy.
• Liquidity Value — Average trading volume of its futures in the last 12 months.
• Long Call Butterfly — Neutral strategy where the trader expects very low volatility in the underlying price.
• Long hedge — Transaction when we hedge our position in cash market by going long in futures market.
• Long Straddle — A long straddle is an option strategy where the trader buys a call and a put with the same strike price and same expiry date by paying premium.
• Long Strangle — A long strangle involves the purchase of a call and a put with the same expiry date but with different strike prices.
• Lot size — Number of units of underlying asset in an options contract.
• Macroeconomic conditions — The domestic and global macroeconomic conditions can have an impact on commodity prices.
• Mark to Market (MTM) — The positions in the futures contracts for each member are marked-to-market to the daily settlement price of the futures contracts at the end of each trade day.
• Market order — In a market order, the trade is executed at the immediately available current market price, prevailing at the time of placing the order.
• Market risk — The possibility of incurring large losses from adverse changes in financial asset prices such as stock prices.
• Market Speculation and Futures Trading — Speculation in the futures market and the presence of derivatives such as guar seed futures contracts can also impact the convenience yield.
• Metals — Aluminum, Brass, Copper, Lead, Nickel, Steel, Zinc.
• Multi-Asset Mutual Fund Schemes — Multi-Asset funds are those hybrid funds that must invest a minimum of 10 percent in at least 3 asset classes. Asset classes include equity, debt, gold, real estate, etc.
• Non-cash component — All other forms of collateral deposits like deposit of approved demat securities.
• Open interest — Total number of outstanding derivative contracts that have not been settled.
• Open outcry — Way of communication between professionals on an exchange, which involves shouting, or using hand signals to transfer information about buy and sell orders.
• Option Interest rate — Option contract between two parties giving the buyer of an option the right, but not the obligation, to borrow or lend money at a specific rate on or before a certain date.
• Option Premium to be paid — Expense for the Fund, as the Option grants the Fund a right but not an obligation to exercise the option on expiry.
• Option price/Premium — It is the price which the option buyer pays to the option seller.
• Options — Contract that gives the right, but not an obligation, to buy or sell the underlying on or before a stated date and at a stated price.
• Orderbook of the exchange — Clear indicator of the source of price momentum if it is coming in general due to volatility in the prices of the underlying or from excessive buying or selling that is happening in a particular contract.
• Out-of-the-money (OTM) option — An out-of-the-money option is one with a strike price worse than the spot price for the holder of option. In other words, this option would give the holder a negative cash flow if it were exercised immediately.
• Overnight MIBOR — Volume weighted average rate based on actual trades executed on the NDS-CALL platform during the first hour of trading.
• Participants — A participant is a client of a trading member. Clients may trade through various trading members but settle through a single clearing member.
• Position limits — Maximum exposure levels (open position) which the entire market can go up to and each trading member or investor can go up.
• Price — In last 30 minutes of trading, subject to min 5 trades else in last 60 minutes of trading, subject to min 5 trades Unexpired Illiquid Overnight MIBOR Futures Daily Settlement Theoretical Daily Settlement rate.
• Price Discovery — Price discovery in spot markets refers to the process of determining commodity price through forces of market demand and supply.
• Price discovery in futures markets — The process of determining the futures price through expected demand and supply after discounting expected news, data releases, and information on the alternative products.
• Price discovery in spot markets — The process of determining commodity price through forces of market demand and supply.
• Price-Yield curve — Simple depiction of price and yield relationship on a two- dimensional surface.
• Professional clearing member — They have only clearing rights and do not have trading rights. They clear and settle trades executed by trading members and custodian participants.
• Quantity Freeze — Quantity freeze limits are the maximum number of derivatives (options or futures) contracts/lots for an index that can be traded in a single order.
• Quotation — It specifies how the price is quoted for the futures contract. For e.g. for USDINR future the price quotation is the exchange rate in Indian Rupees for one US Dollars and for JPYINR it is the exchange rate in Indian Rupees.
• Rationalization of Weekly Index Derivatives — Effective November 20, 2024, each exchange may only offer weekly expiring derivatives on one benchmark index.
• Replacement-cost risk — The cost associated with replacing the original trade, as the new trade may generally be done at a price different from the original prices and probably at an adverse price to the aggrieved party.
• Repository Participants (RPs) — RPs are intermediaries which can be a bank, a financial institution or an intermediary licensed by the regulators such as RBI, SEBI, PFRDA, IRDAI and any other class of persons who are permitted to act as Repository Participants.
• Reserve Bank of India (RBI) — Authority to regulate and monitor the banking sector.
• Retail Direct Scheme — One-stop solution to facilitate investment in Government Securities by individual investors.
• Reverse cash and carry arbitrage — Long position in futures market and short position in the underlying or cash market.
• Reverse Interest Rate Collar — Derivative contract which involves simultaneous purchase of an interest rate floor and sale of an interest rate cap on the same interest rate for the same maturity and notional principal amount.
• Reverse stress test — CC shall periodically carry out reverse stress tests designed to identify under which market conditions and under what scenarios the combination of its margins, Core SGF and other financial resources prove insufficient to meet.
• Risk Reduction — Commodity derivatives market allows market participants such as farmers, traders, processors, etc. to hedge their risk against commodity price volatility through commodity futures and options.
• Risk to option sellers — Option sellers or writers face the risk of losing a substantial amount in case the price of the underlying stock or index moves in an unfavourable direction.
• Risk Transfer — Derivatives help in the transfer of risks from hedgers to speculators.
• Risks to option buyers — Options are a wasting asset. Option buyers must pay the premium when they buy an option.
• Roll-Over Transaction — Sell 100 contracts at ₹32,000 and buy 100 contracts at ₹32,100.
S se Y tak ke terms:
• Seasonal Fluctuations and Demand Dynamics — Guar seed production is seasonal, with harvests typically occurring during specific times of the year.
• Seasonality — Most commodities follow a certain schedule of production cycle, which has an impact on how the prices move.
• SEBI — Securities Contract (Regulation) Act 1956; and SEBI Act 1992.
• SEBI Complaints Redress System (SCORES) — Web based centralized grievance redress system of SEBI.
• SEBI Complaints Redressal System (SCORES) — Web based centralized grievance redress system of SEBI.
• Self Clearing Member (SCM) — A Self Clearing Member is also a Trading Member on the exchange.
• Set Investment Guidelines and Strategies — A firm should outline investment guidelines and strategies for risk taking in the immediate future in terms of commitments to a particular market area, extent of asset-liability mismatching, or the need to hedge against.
• Settlement Obligation — The settlement obligation is computed as under: Unexpired Futures: Long futures result into a buy (security receivable) position, and short futures result into a sell (security deliverable) position.
• Settlement Obligation Value — The settlement obligation for options contract is computed at respective strike prices of the option contracts.
• Settlement of daily MTM — The daily MTM of all futures contracts is cash-settled. The pay- in and pay-out of daily MTM settlement is effected before start of market hours on the next day as per the settlement schedule specified by the clearing.
• Settlement price for daily MTM — The daily settlement price for futures contracts is based on the last 30 minutes volume weighted average price of such contract across exchanges.
• Short Hedge — Transaction when the hedge is accomplished by going short in futures market.
• Short position in futures — Selling a futures contract in anticipation of decrease in the price before the expiry of the contract.
• Small Farmers Agribusiness Consortium (SFAC) — Lead agency for implementing eNAM under the aegis of Ministry of Agriculture and Farmers' Welfare, Government of India.
• Speculation — Long Position in Futures Taking a long position (i.e. buying) in a commodity futures contract in expectation of an increase in price before the expiry of the contract without any corresponding short positions.
• Staggered Delivery — Period before the expiry of a contract when the buyer and seller with an open position can submit their intention to give or take delivery.
• Statutory charges — These include Commodity Transaction Tax (CTT), Goods and Services tax (GST), Stamp Duty under Indian Stamps Act and SEBI's Turnover fees.
• Stock option — These options have individual stocks as the underlying asset.
• Storage Costs and Risks — Storing guar seeds involves costs such as warehousing fees, transportation, and the risk of spoilage or damage due to pests, humidity, or temperature fluctuations.
• Stress test for credit risk — CC shall carry out daily stress testing for credit risk using at least the standardized stress testing methodology prescribed for each segment viz. equity, equity derivatives and currency derivatives.
• Strike price — Price per share for which the underlying security may be purchased by the call option holder (or sold by the put option holder).
• Structured Resolution Phases — Clearly defined stages of dispute resolution ensure that both parties know the process and can prepare accordingly.
• Swaps — Agreement made between two parties to exchange cash flows in the future according to a prearranged formula.
• Swiss Franc (CHF) — Currency of Switzerland and is represented with the symbol CHF.
• Systemic Risk — (1) the scenario that a disruption at a firm, in a market segment, or to a settlement system could cause a "domino effect" throughout the financial markets toppling one financial institution after another or (2) a "crisis.
• Technical glitch — Any malfunction in the systems in its hardware, software, networks, processes or any products or services.
• Technological issues — Client grievances arising from problems associated with trading platform use, including software glitches, system downtimes, and connectivity issues.
• Tick Size — It is the minimum move allowed in the price quotations. Exchanges decide the tick sizes on traded contracts as part of contract specification.
• TM's open position — Sum of proprietary open position, client open long position and client open short position.
• Total Return Indices — Total return indices consider both the capital appreciation (or depreciation) of the underlying assets and any income generated by those assets.
• Trading cum Clearing Member — This is a Clearing Member (CM) who is also a Trading Member (TM) of the exchange.
• Trading cum Self-clearing member — They have trading as well clearing rights. They clear and settle trades executed by them only, either on their own account or on account of their clients but not for custodian participants.
• Trading Hours — Time during which trading is allowed on the exchange's trading platform. Exchanges currently have different market timings for contracts involving Indian rupee and those not involving Indian rupee.
• Trading Member — They are members of Stock Exchanges. They can trade either on behalf of their clients or on their own account. The exchange assigns a trading member ID to each of its trading member. A trading member can have more than one user.
• Trading member-cum-clearing member — They have trading as well clearing rights. They clear and settle their own trades as well as trades of other trading members and custodial participants.
• Transactional Efficiency — Derivatives lower the costs of transacting in commodity markets. As a result, risk management and investments in commodity derivatives become more productive and lead to a higher rate of economic growth.
• Transparency — Automated trading strategies/systems that execute orders based on fully transparent Algorithms. User cannot see the internal workings and rationale of the Algo.
• Two Factor — Authentication (2FA) Any user who is accessing API should have two layers of verification (e.g. password + OTP). Algo ID Exchange will assign a unique identifier to each registered algo for the purpose of surveillance.
• Underlying Asset — IRF is derivatives, and its value is derived from value/price of certain underlying asset. In this case the underlying can be interest rate (for e.g.
• Underlying instrument — The underlying instrument refer to the index or stock on which the futures contract is traded. In the above example, the underlying asset is the Nifty 50 index.
• Unsuccessful Conciliation — In the event the disputing parties are not able to arrive at a settlement within the stipulated time (or such extended period as agreed to by them) it shall be said to be unsuccessful conciliation.
• Upfront Collection of Option Premium — Starting February 1, 2025, trading members must collect the entire premium upfront from options buyers to limit undue leverage and mitigate risks.
• USD-INR — Gross open position across all contracts shall not exceed 15% of the total open interest or USD 50 million, whichever is higher.
• User charges — Brokerage is the commission charged by brokers who place the orders for their clients. Brokerage is usually lower for intra-day trades. Rates of brokerage differ widely according to the additional services offered by the broker.
• Value-at-risk (VaR) — Measure of maximum likely price change over a given interval (called "horizon") and at a given confidence level (called "percentile").
• Weekly Options — Exchange traded options based on an Index with shorter maturity of one or more weeks.
• Writer of an option — The writer of an option is one who receives the option premium and is thereby obliged to sell/buy the asset if the buyer of option exercises his right.
• Yet another risk — Inability to execute trades or close out positions during volatile periods, when the liquidity dries up.
Exam ki bhasha aur desk ki bhasha alag lagti hai, par contract wahi hai. Jo trader dono padh leta hai, wo apne broker ke contract note par kabhi confuse nahi hota.
Is journal ke terms aur definitions NISM ke apne certification workbooks se liye gaye hain, sirf educational reference ke liye — ye koi official NISM material nahi hai aur na hi koi buy ya sell recommendation. Regulations aur limits SEBI time-time par badalta hai, isliye exam ya compliance ke liye hamesha NISM ka latest workbook hi authority hai.