1.2 The 12-Unit Curriculum Map and a Study Plan

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

1.2 The 12-Unit Curriculum Map and a Study Plan

Key Takeaways Explain This Topic AI

The current official syllabus has 12 units whose published weightages total 100%.

Investor Services and Mutual Fund Scheme Selection are the two largest units at 15% each.

Legal and Regulatory Framework and Scheme Related Information are 10% each; Investment Landscape and NAV/TER/Pricing are 8% each.

Use the official Annexure I unit names and weights; older outlines with financial-planning and model-portfolio units do not match the current syllabus.

Match study time to official weight while still covering every objective in Annexure II.

Last updated: August 2026

The Official 12-Unit Blueprint

NISM publishes both the unit names and their weightages in Annexure I for NISM-Series-V-A. The percentages below are official and total 100%. Annexure II supplies the detailed test objectives within each unit.

Unit Official name Weight Approximate questions in a 100-question exam
I Investment Landscape 8% 8
II Concept & Role of a Mutual Fund 6% 6
III Legal Structure of Mutual Funds in India 4% 4
IV Legal and Regulatory Framework 10% 10
V Scheme Related Information 10% 10
VI Fund Distribution and Channel Management Practices 6% 6
VII Net Asset Value, Total Expense Ratio and Pricing of Units 8% 8
VIII Taxation 4% 4
IX Investor Services 15% 15
X Risk, Return and Performance of Funds 7% 7
XI Mutual Fund Scheme Performance 7% 7
XII Mutual Fund Scheme Selection 15% 15
Total 100% 100

Because the exam has 100 one-mark questions, the published percentage for a unit also gives the expected mark allocation directly. Treat those counts as blueprint targets, not a guarantee about the order in which questions appear.

Avoid the Superseded Outline

Older material still circulates with units such as Offer Document , Accounting, Valuation & Taxation , Selecting the Right Investment Products for Investors , Helping Investors with Financial Planning , and Recommending Model Portfolios & Financial Plans . Those names and weights do not match the current Annexure I. Use the current 12 units above and check each learning objective against Annexure II.

Where to Concentrate

Investor Services (15%) and Mutual Fund Scheme Selection (15%) together account for 30 marks.

Legal and Regulatory Framework (10%) and Scheme Related Information (10%) add another 20 marks.

Investment Landscape (8%) and NAV, TER and Pricing (8%) are the next-largest units.

The 4% units still represent four marks each; omitting either Legal Structure or Taxation creates an avoidable gap.

A Defensible Study Sequence

Build the foundation with Units I–III.

Study Units IV–VI together so regulation, disclosures, and distribution duties reinforce one another.

Work through Units VII–VIII with calculations and current tax rules.

Give substantial time to Unit IX because it is 15% and operationally dense.

Finish with Units X–XII in sequence: risk and return, performance measurement, then scheme selection.

Use timed mixed practice only after every official objective has been covered.

When allocating a fixed study budget, multiply total hours by each official percentage, then adjust only for diagnosed weaknesses. Never replace a published blueprint with the number of headings in a workbook.