What is the passing mark for NISM Series V-A?

The passing mark is 50 out of 100. The exam has 100 multiple-choice questions with negative marking of 0.25 marks per wrong answer. The duration is 2 hours.

How long is the NISM Series V-A certificate valid?

The certificate is valid for 3 years. After expiry, you must either re-appear for the exam or complete a 10-hour Continuing Professional Education (CPE) programme to renew it.

What is the exam fee for NISM Series V-A?

The exam fee is approximately ₹1,500. Fees are revised periodically — always verify the current fee on the official NISM website at nism.ac.in before registering.

Which modules carry the most questions in NISM Series V-A?

Modules on Legal Structure (Module 3), Scheme Related Information (Module 5), NAV and TER (Module 7), Taxation (Module 8), and Fund Performance (Module 10) typically carry the highest question density.

NISM Series V-A Exam: SEBI-Approved Guide for Indian MF (2026)

Q: What is the NISM Series V-A exam?

NISM Series V-A is the Mutual Fund Distributors Certification Examination conducted by NISM (a SEBI body). It is mandatory for anyone who wants to distribute mutual funds in India and obtain an AMFI Registration Number (ARN).

Q: How do I get an ARN after clearing NISM Series V-A?

After passing NISM Series V-A, apply for your ARN on the AMFI website (amfiindia.com). You will need your NISM certificate, PAN, Aadhaar, a cancelled cheque, and passport photos. AMFI typically issues the ARN within 7–10 working days.

NISM Series V-A certification is mandatory to legally distribute mutual funds in India & earn an ARN. Clear with 50% marks for your AMFI Registration Number.

What Is the NISM Series V-A Exam — and Who Actually Needs It?

If you want to legally distribute mutual funds in India and earn an ARN (AMFI Registration Number), you cannot skip the NISM Series V-A certification. It is a mandatory certification exam conducted by the National Institute of Securities Markets (NISM), a public trust set up by SEBI. Without passing it, you cannot get an ARN, and without an ARN, you cannot advise clients on or sell mutual fund products.

This is not just a bureaucratic checkbox. The exam covers the exact concepts every distributor must understand — from how fund structures work to how NAV is calculated, how taxation applies, and how investor protection regulations are enforced. If you are preparing for the exam, understanding these topics will also make you a better distributor.

NISM Series V-A: Mutual Fund Distributors Certification Examination A SEBI-mandated certification that tests candidates on mutual fund concepts, legal structure, regulatory framework, NAV mechanics, taxation, and investor services. Passing it is a prerequisite for obtaining an AMFI Registration Number (ARN).

Exam Pattern at a Glance

The exam is straightforward in structure — 100 multiple-choice questions in 2 hours. There is negative marking: every wrong answer costs you 0.25 marks. The passing threshold is 50 out of 100. The exam is conducted online at NISM test centres across India.

50 / 100 Minimum passing score — 50 MCQs correct out of 100 (with –0.25 negative marking per wrong answer)

The certificate is valid for 3 years from the date of passing. After that, you must either pass the exam again or complete a Continuing Professional Education (CPE) programme of 10 hours to renew your certification.

Because of negative marking, never guess randomly. If you can eliminate two of four options, guessing is worth attempting. If you have no idea, skip the question. A blank costs you nothing; a wrong answer costs 0.25 marks.

Registration: Step by Step

Register directly on the NISM website at nism.ac.in. Create a candidate profile, select "Series V-A: Mutual Fund Distributors Certification Examination," choose a test centre and date, and pay the exam fee of approximately ₹1,500 (fees are revised periodically — verify on the official site). You will receive an admit card by email 48 hours before the exam.

Do not register through third-party websites claiming to offer NISM exam slots. Only register at nism.ac.in. Slots close quickly for popular centres — book at least 3–4 weeks in advance.

The 10 Syllabus Modules — and What Actually Gets Asked

NISM publishes a detailed workbook for Series V-A. The exam draws questions from across these ten modules. Based on the pattern, modules 3, 5, 7, 8, and 10 carry the highest question density.

Module 1 — Investment Landscape

Covers why people invest, financial goals, asset classes (equity, debt, gold, real estate), and the basic risk-return trade-off. Questions here tend to be straightforward definitions.

Module 2 — Concept and Role of a Mutual Fund

Explains what a mutual fund is, how pooling works, the concept of a unit, and the role of fund managers. Expect definitional questions on who sponsors a fund, what the trustees do, and what the AMC is responsible for.

Asset Management Company (AMC) The entity that actually manages the fund's investments. The AMC is appointed by the trustees and earns a management fee charged as part of the Total Expense Ratio (TER). In India, AMCs must be registered with SEBI.

Module 3 — Legal Structure of Mutual Funds in India

This is a high-weight module. You must know the three-tier structure: Sponsor → Trust / Trustees → AMC. SEBI registration requirements, net worth requirements for AMCs, custodian role, registrar and transfer agent (RTA) functions — all appear frequently.

Memorise the minimum net worth for an AMC (₹50 crore) and the sponsor's contribution to the trust corpus. These exact numbers appear on the exam regularly.

Module 4 — Legal and Regulatory Environment

Covers SEBI (Mutual Funds) Regulations 1996, the role of AMFI, investor protection mechanisms, Know Your Customer (KYC) norms, and PMLA (Prevention of Money Laundering Act) obligations. Questions test your understanding of what an ARN holder can and cannot do.

Module 5 — Scheme Related Information

This module covers Scheme Information Documents (SID), Statement of Additional Information (SAI), Key Information Memorandum (KIM), fund categories per SEBI's October 2017 reclassification, load structures, and lock-in rules (ELSS: 3 years). Expect 10–15 questions from here.

Exit Load A fee charged when you redeem units within a specified period after purchase. For example, a 1% exit load if redeemed within 1 year means you receive 1% less than the prevailing NAV. Exit loads are credited back to the scheme, not retained by the AMC.

Module 6 — Fund Distribution and Channel Management

Covers ARN registration, KYD (Know Your Distributor), commission structures, direct vs regular plan differences, SEBI's guidelines on distributor conduct, and the distinction between execution-only platforms and advisory platforms.

The single most important concept for investors here is also an exam favourite: Direct Plans have the same portfolio as Regular Plans but a lower expense ratio because there is no distributor commission. Use BullWiser's fund analyser to see the expense ratio gap for any fund you recommend to clients.

Module 7 — NAV, Total Expense Ratio, and Yield

NAV calculation is tested numerically. You must know the formula: NAV = (Market Value of Assets – Liabilities) / Number of Units. TER components, SEBI-prescribed TER limits by AUM slab, and how TER is accrued daily — all are fair game for numerical questions.

2.25% Maximum TER allowed for equity schemes with AUM up to ₹500 crore (SEBI TER slab — verify current SEBI circular for latest limits)

Module 8 — Taxation of Mutual Funds

Among the most numerically heavy modules. LTCG vs STCG on equity funds (holding period > 12 months = LTCG at 10% above ₹1 lakh; < 12 months = STCG at 15%), debt fund taxation (as per slab after FY 2023-24 amendments), ELSS and 80C deduction limits, dividend taxation (added to income), STT applicability, and TDS rules for NRIs.

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Mutual fund taxation rules changed significantly in the Union Budget 2023. For debt funds purchased after 1 April 2023, the indexation benefit and the 20% LTCG rate were removed — gains are now taxed as per your income slab regardless of holding period. Know this distinction for the exam and for advising clients. Check BullWiser's disclaimer for context on regulatory changes.

Module 9 — Investor Services

Covers SIP, SWP, STP mechanics, nomination rules, transmission of units, redemption timelines (T+2 for equity, T+1 for liquid/overnight), NAV applicability cut-off times, and grievance redressal (SEBI SCORES portal).

Module 10 — Risk, Return, and Mutual Fund Performance

Standard deviation, Sharpe ratio, beta, alpha, Treynor ratio, and the difference between absolute returns and CAGR — this module tests both definitions and interpretation. Benchmark comparison and rolling returns concepts also appear here.

Sharpe Ratio Measures risk-adjusted return: (Fund Return – Risk-Free Rate) / Standard Deviation. A higher Sharpe ratio means the fund delivered more return per unit of risk taken. A ratio above 1 is generally considered good.

How to Prepare: A Realistic Study Plan

The NISM workbook is the primary source — read it cover to cover at least once. Most candidates who fail do so because they skip modules they consider "easy" (usually modules 1, 2, and 6) and get surprised by the specificity of questions there.

Supplement with practice questions. With over 2,000 practice questions in BullWiser's NISM V-A question bank, you can simulate full-length mock exams, drill weak modules, and track your accuracy across topics. Aim for a consistent 65%+ accuracy in mock tests before booking the real exam — the buffer accounts for questions you have not seen before.

Focus on numericals first. NAV calculation, TER computation, return calculation (CAGR vs absolute), and tax liability questions are predictable in format. Getting these right reliably adds 15–20 marks to your score. The definitional questions are harder to predict — but a solid mock-test drill over 2 weeks will cover the most commonly tested ones.

After You Pass: Getting Your ARN

Once you clear NISM Series V-A, apply for your ARN on the AMFI website (amfiindia.com). You will need your NISM certificate, PAN, Aadhaar, a cancelled cheque, and passport-size photographs. AMFI verifies your details and issues the ARN, typically within 7–10 working days. The ARN is required on every application form you submit on behalf of a client.

BullWiser is not a SEBI-registered investment adviser. Nothing on this page constitutes investment advice. Past returns are not indicative of future performance. Please consult a qualified financial adviser before investing. Full Disclaimer ↗

Start Practising Now

Clearing NISM Series V-A in one attempt is entirely achievable with the right preparation. Use BullWiser's free mutual fund analyser to build familiarity with real fund data — seeing live NAVs, TERs, and category classifications will make the exam concepts click faster than reading them in isolation.

Study Chapter by Chapter — Full Guide

Each chapter below links to a dedicated guide covering key concepts, exact exam numbers, and 3 practice questions with worked answers. Chapters 9 and 12 carry the highest weightage — start there if you are short on time.

100 Marks Total marks across 12 chapters — master each chapter guide below to cover the full syllabus

Chapter 1 — Investment Landscape (8 marks) — Asset classes, risk-return trade-off, inflation risk, suitability scenarios.
Chapter 2 — Concept and Role of a Mutual Fund (6 marks) — Pooling, units, NAV basics, fund manager role, benefits of mutual funds.
Chapter 3 — Legal Structure (4 marks) — Sponsor, Trust, AMC three-tier structure, ₹50 crore net worth, custodian, RTA.
Chapter 4 — Legal and Regulatory Framework (10 marks) — SEBI, AMFI, KYC/KRA, PMLA, ARN conduct rules.
Chapter 5 — Scheme Related Information (10 marks) — SID, SAI, KIM, 36 SEBI categories, exit load, ELSS lock-in.
Chapter 6 — Fund Distribution (6 marks) — ARN, KYD, trail commission, Direct vs Regular plan, churning.
Chapter 7 — NAV, TER and Pricing (8 marks) — NAV formula, TER slabs, cut-off times, ₹2 lakh realisation rule.
Chapter 8 — Taxation (4 marks) — Equity LTCG/STCG rates, debt fund tax post-2023, ELSS 80C, dividend TDS.
Chapter 9 — Investor Services (15 marks) ★ Highest — SIP, SWP, STP, redemption timelines, nomination, SEBI SCORES.
Chapter 10 — Risk, Return and Performance (7 marks) — Standard deviation, Sharpe ratio, beta, alpha, CAGR vs absolute return.
Chapter 11 — Scheme Performance (7 marks) — Benchmarks, rolling returns, point-to-point returns, factsheet reading.
Chapter 12 — Scheme Selection (15 marks) ★ Highest — Risk profiling, life-stage allocation, goal-to-fund mapping, SIP strategy.

Once you have covered all 12 chapters, test yourself with a full 100-question timed mock exam at BullWiser's NISM Mock Test →. The questions are chapter-weighted to match the real exam pattern.