How to Become a SIF Distributor: Complete Guide to NISM Series-XIII Common Derivatives Exam

Specialised Investment Funds (SIFs) are the latest innovation in India’s investment landscape, offering advanced strategies like long-short equity and derivatives exposure. If you want to distribute SIF products, 

The NISM Series-XIII: Common Derivatives Certification Examination is designed to create a common knowledge benchmark for professionals dealing with derivatives across equity, currency, and interest rate segments. If you are preparing for this exam, understanding the syllabus thoroughly is your first step toward success.

SEBI now mandates clearing the NISM Series-XIII: Common Derivatives Certification Exam.

✅ What is SIF and how it differs from Mutual Funds
✅ Why this exam is mandatory
✅ Complete syllabus with marks & weightage
✅ Steps to get your SIF Distributor Code

What is SIF?

SIF stands for Specialised Investment Fund, introduced by SEBI in 2025. It combines the transparency of mutual funds with the flexibility of PMS/AIF strategies.

Key Features:

• Minimum Investment: ₹10 lakh
• Strategies: Long-short equity, derivatives (up to 25%), dynamic allocation
• Liquidity: Limited redemption windows
• Target Audience: HNIs and sophisticated investors

Why NISM Series-XIII Exam is Mandatory

SIFs use derivatives and complex strategies, so SEBI requires distributors to understand:

• Futures & Options
• Hedging techniques
• Risk management
• Regulatory compliance

This ensures investor protection and market integrity.

Who Should Take This Exam?

Approved users and sales personnel of trading members in Equity, Currency, and Interest Rate Derivatives segments.

Financial professionals and students interested in derivatives markets.

NISM Series-XIII Exam Details

Mode: Online, MCQ

Questions: 150

Marks: 150

Duration: 3 hours

Negative Marking: 25%

Passing Score: 60% (90 marks)

Certificate Validity: 3 years

Common Derivatives Syllabus/Curriculum Outlines with Marks Weightage

Download Common Derivatives Curriculum

Steps to Become a SIF Distributor

Clear NISM Series-XIII Exam

Hold a valid ARN/EUIN (Mutual Fund Distributor registration)

Apply for SIF Registration via CAMS (on behalf of AMFI)

• Fee: ₹3,000 (individual), ₹1,500 renewal
• Employees: ₹1,500 registration, ₹750 renewal

Get AMFI confirmation – Your ARN will now include SIF rights

Empanel with AMCs offering SIF products

What After Clearing the Exam?

Apply for SIF Distributor Code through AMFI/CAMS

Update your credentials:
“AMFI Registered Mutual Fund Distributor & SIF Distributor”

Start distributing SIF products from top AMCs like ICICI Prudential, SBI MF, Quant MF, Edelweiss, Mirae Asset.

Preparation Tips

Focus on high-weightage topics like Trading & Risk Management, Underlying Markets, and Futures Strategies.

Practice mock tests of Common Derivatives Exam to manage time and understand negative marking implications.

Use NISM official study material and supplement with practical examples.

Quick Links

• NISM Common Derivatives Mock Test Page
• Download Syllabus PDF