What are the different names of the NISM Series V-D Certification Examination?

The official name is NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination. It is also known as NISM Series V-D, NISM 5D, and NISM Specialized Investment Fund Distributors Exam.

What is NISM Series V-D Certification Examination?

The NISM-Series-V-D is a certification by the National Institute of Securities Markets (NISM), launched from July 22, 2026. It creates a common minimum knowledge benchmark for persons involved in selling and distributing Mutual Fund and Specialized Investment Fund products. Valid for 3 years.

Who can take the NISM Series V-D Certification Examination?

Individual Mutual Fund and Specialized Investment Fund Distributors, Employees of organizations engaged in sales and distribution of Mutual Fund and Specialized Investment Fund, and Employees of Asset Management Companies engaged in sales and distribution.

NISM Series V-D Mutual Fund - Specialized Investment Fund Distributors

Name: NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Mock Tests
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SKU: NISMVD-MOCK-ALL
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What are the different names of the "NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Certification Examination"?

The official name of the exam is NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination.

However, candidates also refer to this exam by other names such as NISM Series V-D, NISM 5D, and NISM Specialized Investment Fund Distributors Exam.

What is NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Certification Examination?

The NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination is a certification developed by the National Institute of Securities Markets (NISM), launched with effect from July 22, 2026.

The examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing Mutual Fund and Specialized Investment Fund products.

The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

The certification is valid for a period of 3 years and must be renewed before expiry.

Who can take NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Certification Examination?

This certification is intended for:

Individual Mutual Fund and Specialized Investment Fund Distributors
Employees of organizations engaged in sales and distribution of Mutual Fund and Specialized Investment Fund
Employees of Asset Management Companies especially persons engaged in sales and distribution of Mutual fund and Specialized Investment Fund products.

How to Prepare for NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Exam?

MODELEXAM offers NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Exam Practice Tests based on the latest NISM syllabus, helping candidates prepare effectively with updated questions.

Where can I get NISM Series V-D Exam Dates?

NISM Exam Dates

How to do NISM Exam registration?

NISM Exams Registration Procedure

What is the Assessment Structure of the NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors Certification Examination?

Total Marks	150
Total Questions	Multiple Choice Questions [150 questions of 1 mark each] 150x1=150
Total Duration	3 hours (180 minutes)
Passing score	60% = 90 marks
Negative Marking	10% of the marks assigned to a question
Exam Fee	Rs. 3000/-

Note : This is a computer-based examination with multiple choice questions.

Weightage - NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors

45%

Mutual Funds

35%

Equity Derivatives

20%

Interest Rate Derivatives

Module/Chapter Name	Marks
Module 1: Mutual Fund Distributors [45%]
Chapter 1: Investment Landscape	5
Chapter 2: Concept & Role of a Mutual Fund	4
Chapter 3: Legal Structure of Mutual Funds in India	3
Chapter 4: Legal and Regulatory Framework	7
Chapter 5: Scheme Related Information	7
Chapter 6: Fund Distribution and Channel Management Practices	4
Chapter 7: Net Asset Value, Total Expense Ratio and Pricing of units	5
Chapter 8: Taxation	3
Chapter 9: Investor Services	10
Chapter 10: Risk, Return and Performance of Funds	5
Chapter 11: Mutual Fund Scheme Performance	5
Chapter 12: Mutual Fund Scheme Selection	10
Module 2: Equity Derivatives [35%]
Chapter 13: Basics of Derivatives	10
Chapter 14: Understanding Index	5
Chapter 15: Introduction to Forwards and Futures	15
Chapter 16: Introduction to Options	13
Chapter 17: Strategies using Equity Futures and Equity Options	9
Module 3: Interest Rate Derivatives [20%]
Chapter 18: Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets	6
Chapter 19: Interest Rate Derivatives	2
Chapter 20: Exchange Traded Interest Rate Futures	10
Chapter 21: Exchange Traded Interest Rate Options	6
Chapter 22: Strategies using Interest Rate Derivatives	6
Total Marks	150

Syllabus - NISM Series V-D : Mutual Fund - Specialized Investment Fund Distributors

Module 1: Mutual Fund Distributors
- Unit 1: Investment Landscape
  - Describe about Investors and their Financial Goal
  - Understand Savings and Investment
  - Discuss Different Asset Classes
  - Understand the classification of Investment Risks
  - Explain Risk Measure and Management Strategies
  - Understand Behavioural Biases in Investment Decision Making
  - Understand Risk Profiling
  - Explain the Asset Allocation
  - Comparison between the two approaches – Do-it-yourself and Taking Professional Help
- Unit 2: Concept & Role of a Mutual Fund
  - Explain the concept of mutual fund
  - Understand the classifications of mutual funds
  - Describe the Growth of the mutual fund industry in India
- Unit 3: Legal Structure of Mutual Funds in India
  - Describe the structure of mutual funds in India
  - Understand the key constituents of a Mutual Funds
  - Understand the organisation structure of Asset Management Company
  - Understand the role and support functions of service providers of mutual funds
  - Explain the Role and Function of AMFI
- Unit 4: Legal and Regulatory Framework
  - Describe role of regulators in India
  - Discuss role of Securities and Exchange Board of India
  - Know the Due Diligence process followed by AMCs for distributors of mutual funds
  - Explain Investor Grievance and Redressal standards
  - Understand AMFI Code of conduct for Intermediaries
- Unit 5: Scheme Related Information
  - Understanding the Mandatory Documents and their purpose, objective and significance
  - Explain the Non-Mandatory Disclosures
- Unit 6: Fund Distribution and Channel Management Practices
  - Explain the role and importance of mutual fund distributors
  - Understand the classification of mutual fund distributors
  - Explain the modes of distribution
  - Understand the Pre-requisites to become Distributor of the Mutual Fund
  - Explain Revenue for a mutual fund distributor
  - Know the Commission Disclosure mandated by SEBI
  - Explain the Due Diligence Process by AMCs for Distributors of Mutual Funds
  - Difference between distributors and advisor role in context of Amendment to SEBI Investor Advisory Regulation
  - Discuss Nomination facilities to Agents / Distributors and Payment of Commission to Nominee
  - Explain about change of distributor
- Unit 7: Net Asset Value, Total Expense Ratio and Pricing of Units
  - Discuss the Fair Valuation Principles
  - Compute net assets of a mutual fund scheme and NAV
  - Explain about Dividends & Distributable Reserves
  - Know about the Concept of Entry and Exit Load and its impact on NAV
  - Know about the Key Accounting and Reporting Requirements applicable to mutual funds
  - Know about the NAV, Total expense ratio and pricing of units for the Segregated Portfolio
- Unit 8: Taxation
  - Understand Applicability of various taxes in respect of mutual funds
  - Understand about Capital gains, Capital gains tax and Indexation.
  - Understand about the Dividend Income and Dividend Income tax
  - Understand Stamp duty on mutual funds
  - Understand the basics of Setting off Gains and Losses under Income Tax Act
  - Understand about Securities Transaction Tax
  - Understand about Tax benefit under Section 80C of the Income Tax Act
  - Understand about Tax Deducted at Source (TDS) in mutual funds
  - Understand Applicability of GST in mutual funds
- Unit 9: Investor Services
  - Describe the NFO Process
  - Explain about the New Fund Offer Price /On-going price for subscription
  - Discuss Different types of investment plans and Services
  - Explain how the mutual fund units are allotted to the investor
  - Describe the content and periodicity of Statement of Accounts for investments
  - Describe different types of Mutual Fund Investors
  - Explain how to fill in the application form for mutual funds
  - Describe the financial transactions with mutual funds
  - Explain Cut-off time and Time Stamping
  - Describe the KYC requirement for mutual fund investors
  - Explain the different types of systematic transactions
  - Explain operational aspects of systematic transaction
  - Explain Non – Financial Transactions in Mutual Funds
  - Discuss change in Status of Special Investor Categories
  - Explain Investor Transactions – turnaround times
- Unit 10: Risk, Return and Performance of funds
  - Understand the General and Specific Risk Factors
  - Explain the Factors that affect mutual fund performance
  - Describe Drivers of Returns and Risk in mutual fund Scheme
  - Understand the Measures of Returns
  - Know about the SEBI norms regarding representation of returns by mutual funds in India
  - Explain risks in fund investing with a focus on investors
  - Understand the Measures of Risk
  - Explain certain provisions with respect to Credit risk
- Unit 11: Mutual Fund Scheme Performance
  - Explain the concept of Benchmarks
  - Compare Price Return Index and Total Return Index
  - Identify the Basis of choosing an appropriate performance benchmark
  - Describe the use of market benchmarks to evaluate Fund Performance
  - Explain Quantitative Measures of Fund Manager Performance
  - Define Tracking Error
  - Understand the different Sources for disclosure of scheme performance
- Unit 12: Mutual Fund Scheme Selection
  - Explain Scheme Selection based on Investor needs, preferences and risk-profile
  - Explain Risk Levels in mutual fund scheme
  - Explain Scheme Selection based on investment strategy of mutual funds
  - Explain Selection of Mutual Fund scheme offered by different AMCs or within the scheme category
  - Know about selecting options in mutual fund schemes
  - Know about Do’s and Don’ts while selecting mutual fund schemes
Module 2: Equity Derivatives
- Unit 13: Basics of Derivatives
  - Define the term ‘Derivatives’
  - Know brief history of financial derivatives and list the factors influencing the growth
  - Know the history of derivatives in India and state the derivative products traded in India
  - List different types of market participants and their roles
  - Differentiate between OTC and exchange traded markets
  - Explain the importance of derivatives
  - List various risks faced by the participants in derivatives markets
- Unit 14: Understanding Index
  - Explain the term ‘Index’
  - Understand the economic purpose of index
  - Discuss various types of Indices and their computation
  - List important attributes for construction of an Index and understand the concept of ‘impact cost’
  - Understand how index is constructed, maintained and revised
  - List some of the major equity indices in India
  - Understand various applications of indices
- Unit 15: Introduction to Forwards and Futures
  - Explain the term Forward contract, list essential features and major drawbacks
  - Explain the term Futures contract, list salient features and limitations
  - Discuss the contract specification of Exchange Traded Equity Futures
  - Understand the key terminology associated with futures contracts
  - Compare the advantages and disadvantages of forwards and futures
  - Illustrate payoffs for Futures and draw payoff charts
  - Explain the Cost-of-carry model and Expectations model for futures pricing
  - Understand the concept of convergence of cash and futures prices
  - Describe uses/applications of equity futures
- Unit 16: Introduction to Options
  - Explain the term option contract and understand the options terminology
  - Discuss the contract specifications of Exchange Traded Equity Options contracts
  - Understand the concept of Moneyness of an option
  - Describe the intrinsic value and time value of Options
  - Explain the payoff diagrams of call and put options
  - Differentiate between futures and options contracts
  - List the determinants of option price and understand option greeks
  - Outline the commonly used models for options pricing
  - Understand the concept of implied volatility and its importance
  - Analyse the profitability of call and put options of different strikes
- Unit 17: Strategies using Equity Futures and Equity Options
  - Discuss different strategies for hedging, trading and arbitrage using equity futures
  - Understand various option trading strategies for hedging, trading and arbitrage purposes
  - Describe the principle of Put-Call Parity and Synthetic Option Strategies
  - Explain Delta-hedging with suitable examples
  - Discuss how information from Open Interest, Volume, futures price and Put-Call ratio is used for formulating trading strategies
Module 3: Interest Rate Derivatives
- Unit 18: Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
  - Understand the concept of interest rate
  - Define Fixed Income Securities and their key components
  - Know the basic classification of bonds based on various criteria
  - Differentiate between Equity and Debt securities
  - Explain the concept of risk-free interest rate
  - Understand term structure of interest rates (yield curve), its shape, shifts and their interpretation
  - Understand the conversion of interest rate into interest amount
  - Explain the concept of Accrued Interest
  - Define spot rate (or zero rate) and holding period return
  - Define and calculate various measures of return
  - Determine cashflow, yield and price of bonds
  - Define and calculate various measures of risk
  - Explain the economic role of debt markets and discuss the importance of debt market for the economic development of a country
  - Know the primary and secondary markets for debt securities in India
- Unit 19: Interest Rate Derivatives
  - Define derivatives and discuss economic role of derivatives
  - Recognize various derivative products such as forwards, futures, options and swaps
  - Know the factors driving the growth of financial derivatives
  - List various market players in the Interest Rate Derivatives market
  - Understand interest rate derivatives and bond derivatives with specific reference to their underlying assets
  - Differentiate between features of Over-The-Counter (OTC) and Exchange Traded derivatives
- Unit 20: Exchange Traded Interest Rate Futures
  - Define Interest rate futures (IRF) and understand the basic terms in IRF contracts
  - Draw a pay-off diagram of futures
  - Know the contract specification of Exchange Traded Interest Rate Futures
  - Understand tick size and its relation to the minimum change in the contract value
  - Know the rationale for introducing exchange traded Interest Rate derivatives in India
  - State the advantages and limitations of futures contracts in comparison to forward rate agreement (FRA)
  - Understand the computation of interest rate futures price
- Unit 21: Exchange Traded Interest Rate Options
  - Define Options and basic terms used in options contracts
  - Differentiate between futures and options contracts
  - Distinguish between European and American options
  - Understand the concept of Moneyness of an option
  - List the determinants of option price and understand option greeks
  - Outline the commonly used models for options pricing
  - Understand the concept of Implied Volatility
  - Draw the payoff diagrams of put options and call options
  - Know the contract specifications for interest rate options contracts
  - State the advantages and limitations of Exchange Traded Options contracts in comparison to OTC Options Contracts
- Unit 22: Strategies using Interest Rate Derivatives
  - Understand the role of hedgers, speculators and arbitrageurs in Interest rate derivatives markets
  - Explain how interest rate derivatives can be used for hedging various kinds of interest rate exposures
  - Understand various option trading strategies and draw their payoff diagrams
  - Discuss how interest rate derivatives can be used for speculative transactions (trading)
  - Describe some of the trades that arbitrageurs execute using interest rate derivatives
  - Understand the concept of spread and spread trading using interest rate derivatives
  - Understand the limitations of interest rate derivatives for hedgers