Study guide
1.1 About the NISM-Series-V-A Examination
NISM-Series-V-A: Mutual Fund Distributors Certification Examination Exam
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1 Chapter 1: Introduction & Exam Overview
1.1 About the NISM-Series-V-A Examination 1.2 The 12-Unit Curriculum Map and a Study Plan
2 Chapter 2: Investment Landscape
2.1 Investors and Their Financial Goals 2.2 Savings or Investments? 2.3 Different Asset Classes 2.4 Investment Risks 2.5 Risk Measures and Management Strategies 2.6 Behavioural Biases in Investment Decision Making 2.7 Risk Profiling 2.8 Asset Allocation and Do-It-Yourself versus Professional Help
3 Chapter 3: Concept and Role of a Mutual Fund
3.1 Concept of a Mutual Fund 3.2 Classification of Mutual Funds 3.3 Growth of the Mutual Fund Industry in India
4 Chapter 4: Legal Structure of Mutual Funds in India
4.1 Structure of Mutual Funds in India 4.2 Key Constituents of a Mutual Fund 4.3 AMC Organisation Structure and Service Providers 4.4 Role and Function of AMFI
5 Chapter 5: Legal and Regulatory Framework
5.1 Role of Regulators in India 5.2 Role of SEBI and the Mutual Fund Regulations 5.3 Due Diligence Process by AMCs for Distributors 5.4 Investor Grievance Redress Mechanism 5.5 AMFI Code of Conduct for Intermediaries
6 Chapter 6: Scheme Related Information
6.1 Mandatory Documents I: Scheme Information Document and Statement of Additional Information 6.2 Mandatory Documents II: Key Information Memorandum and the Advertisement Code 6.3 Non-Mandatory Disclosures
7 Chapter 7: Fund Distribution and Channel Management Practices
7.1 The Role and Importance of Mutual Fund Distributors 7.2 Different Kinds of Mutual Fund Distributors 7.3 Modes of Distribution 7.4 Pre-requisites to Become a Distributor of a Mutual Fund 7.5 Revenue for a Mutual Fund Distributor 7.6 Commission Disclosure Mandated by SEBI 7.7 Distributors versus Investment Advisers, Nomination Facilities and Change of Distributor
8 Chapter 8: Net Asset Value, Total Expense Ratio and Pricing of Units
8.1 Fair Valuation Principles 8.2 Computation of Net Assets of a Scheme and NAV 8.3 Dividends and Distributable Reserves 8.4 Entry and Exit Load and Its Impact on NAV 8.5 The Expense Ratio Framework: Base Expense Ratio, Brokerage and Statutory Levies 8.6 Key Accounting and Reporting Requirements 8.7 NAV, Total Expense Ratio and Pricing of Units for the Segregated Portfolio
9 Chapter 9: Taxation
9.1 Applicability of Taxes in Respect of Mutual Funds 9.2 Capital Gains on Mutual Fund Units 9.3 Dividend (IDCW) Income and Tax Deducted at Source 9.4 Stamp Duty and Securities Transaction Tax on Mutual Fund Units 9.5 Setting Off Capital Gains and Losses under the Income Tax Act 9.6 Tax Benefit under Section 80C and Applicability of GST
10 Chapter 10: Investor Services
10.1 The New Fund Offer Process 10.2 New Fund Offer Price and Ongoing Offer Price for Subscription 10.3 Investment Plans and Services 10.4 Allotment of Units and Account Statements 10.5 Mutual Fund Investors: Who Can Invest 10.6 Filling the Application Form for Mutual Funds 10.7 Financial Transactions with Mutual Funds 10.8 Cut-Off Time and Time Stamping 10.9 KYC Requirements for Mutual Fund Investors 10.10 Systematic Transactions and Their Operational Aspects 10.11 Non-Financial Transactions, Special Investor Categories and Turnaround Times
11 Chapter 11: Risk, Return and Performance of Funds
11.1 General and Specific Risk Factors 11.2 Factors That Affect Mutual Fund Performance 11.3 Drivers of Returns and Risk in a Scheme 11.4 Measures of Returns 11.5 SEBI Norms Regarding Representation of Returns 11.6 Risks in Fund Investing: The Investor's Perspective 11.7 Measures of Risk and Provisions Relating to Credit Risk
12 Chapter 12: Mutual Fund Scheme Performance
12.1 Benchmarks and Performance 12.2 Price Return Index or Total Return Index 12.3 Basis of Choosing an Appropriate Performance Benchmark 12.4 Benchmarks for Equity Schemes 12.5 Benchmarks for Debt Schemes and Other Schemes 12.6 Quantitative Measures of Fund Manager Performance 12.7 Tracking Error and Scheme Performance Disclosure
13 Chapter 13: Mutual Fund Scheme Selection
13.1 Scheme Selection Based on Investor Needs, Preference and Risk Profile 13.2 Risk Levels in Mutual Fund Schemes 13.3 Scheme Selection Based on Investment Strategy 13.4 Selecting a Scheme Across AMCs or Within a Scheme Category 13.5 Selecting Options in Mutual Fund Schemes and Do's and Don'ts
1.1 About the NISM-Series-V-A Examination
Key Takeaways Explain This Topic AI
The NISM-Series-V-A examination has 100 multiple-choice questions of 1 mark each, to be completed in 120 minutes.
The passing score is 50 marks out of 100, and there is no negative marking for wrong answers.
The examination fee is INR 1,500 plus payment gateway charges, and the certificate is valid for three years.
A passing certificate is issued only to candidates who have furnished or updated their PAN in their NISM registration details.
Clearing NISM-Series-V-A is the mandatory knowledge benchmark before applying to AMFI for an ARN and selling mutual funds in India.
Last updated: August 2026
Why This Certification Exists
The National Institute of Securities Markets (NISM) is a public trust established in 2006 by the Securities and Exchange Board of India (SEBI) , the regulator of Indian securities markets. Under SEBI's certification framework, nobody may sell or distribute mutual funds in India without first passing a prescribed knowledge test. The NISM-Series-V-A: Mutual Fund Distributors Certification Examination is that test.
NISM states the objective plainly: the examination "seeks to create a common minimum knowledge benchmark" for everyone involved in selling and distributing mutual funds. Three groups must hold it:
Individual mutual fund distributors operating on their own
Employees of organisations engaged in the sale and distribution of mutual funds — banks, national distributors, brokerages
Employees of Asset Management Companies (AMCs) , specifically those engaged in sales and distribution
Notice what this list implies. The exam is not a stockbroking test and not an investment-advisory test. It is a distribution test. Roughly a third of the syllabus is operational — how a folio is opened, how a transaction is time-stamped, which document must be given to an investor — because those are the things a distributor actually does wrong in practice, and those are the things that harm investors.
Examination Specifications
These are the official specifications published by NISM. Memorise them; a question on exam mechanics is not asked, but confusion here costs candidates real money in re-registration fees.
- Item Specification
- Mode Computer-based, multiple choice
- Number of questions 100
- Marks per question 1
- Total marks 100
- Duration 120 minutes (2 hours)
- Passing score 50 marks (50%)
- Negative marking None
- Certificate validity 3 years
- Fee INR 1,500 plus payment gateway charges
Two of these deserve comment.
No negative marking changes your strategy completely. Because a wrong answer costs nothing, leaving a question blank is strictly worse than guessing. There is no scenario in which an unanswered question is the right choice. Candidates who run short of time should spend the final two minutes filling every remaining item with any option rather than submitting blanks.
120 minutes for 100 questions gives you 1 minute 12 seconds per question. That is generous for definitional recall and tight for the numerical items — NAV computation, CAGR, capital-gains tax, tracking error. A workable pacing plan is to complete the first pass in about 80 minutes, flagging anything that needs arithmetic, then spend the remaining 40 minutes on flagged items and review.
The PAN Condition
NISM applies a condition that catches candidates out every year: the passing certificate is issued only to those who have furnished or updated their Income Tax Permanent Account Number (PAN) in their registration details. You can sit the exam, score 78, and still not receive a certificate because your PAN field was left blank at registration. Fix the registration profile before the exam date, not after.
What Happens After You Pass
Passing NISM-Series-V-A is a prerequisite, not the licence itself. The sequence is:
Pass NISM-Series-V-A. The certificate is valid for three years from the date of the exam.
Apply to AMFI for an AMFI Registration Number (ARN). The Association of Mutual Funds in India issues the ARN, which is the number that actually appears on application forms and against which commission is paid.
Empanel with AMCs. The ARN does not by itself let you transact with a particular fund house; each AMC empanels distributors separately after its own due diligence.
Obtain an Employee Unique Identification Number (EUIN) if you are an employee, relationship manager, or sales person of a distributor, so that individual advice is traceable to an individual.
Renewal runs on the same three-year clock. A distributor whose certification is close to expiry may either re-take the examination or complete the prescribed Continuing Professional Education (CPE) programme that NISM conducts for mutual fund distributors. Letting the certification lapse means the ARN cannot be renewed, and an expired ARN means trail commission stops.
An Important Word on Currency of Material
Mutual fund regulation in India has moved substantially in the last two years. The SEBI (Mutual Funds) Regulations, 2026 were notified in January 2026 and came into force on 1 April 2026, repealing the SEBI (Mutual Funds) Regulations, 1996 that had governed the industry for nearly three decades. SEBI also issued a sweeping scheme re-categorisation circular on 26 February 2026. Printed workbooks and coaching material lag these changes by months.
This guide teaches the position as it stands in August 2026 , and flags explicitly where a recent change has superseded an older rule you may still see quoted elsewhere. Where a rule changed recently, learn the new rule and know what it replaced — that pairing is the safest preparation when an exam bank is mid-transition.