Series V-DNew
Mutual Fund - Specialized Investment Fund Distributors
50 questionsPass mark 60%Negative marking 10% / wrong answer
Exam preparation
NISM Series V-D: Mutual Fund - Specialized Investment Fund Distributors
The NISM paper for people who sell mutual funds and specialized investment funds, or SIFs. It covers how a mutual fund works, its rules, tax, NAV and how to choose a scheme. It also covers equity derivatives and interest rate derivatives, because some SIF strategies use them.
Questions1501 mark each
Duration180 min3 hours
Pass mark60%90 of 150 marks
Negative marking10%0.1 marks off per wrong answer
NISM Series V-D Mutual Fund - Specialized Investment Fund Distributors
Exam rules read on NISM's site on 30 October 2026. Check the current rules on NISM's site (opens in a new tab)
The NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination is 150 questions worth 150 marks in 180 minutes, and 60% is the pass mark. A wrong answer costs 0.1 marks and a blank costs nothing, so the two are not the same choice. The certificate is valid 3 years from the date of the examination. Every figure here was read from NISM's own published pages on 30 October 2026.
What the Series V-D certification is for
The NISM paper for people who sell mutual funds and specialized investment funds, or SIFs. It covers how a mutual fund works, its rules, tax, NAV and how to choose a scheme. It also covers equity derivatives and interest rate derivatives, because some SIF strategies use them.
Who takes it
Distributors, agents, brokers and others who sell or distribute mutual fund and SIF products. Students and other learners may also take it.
Why it is on this site
Learn how a fund's costs, risks and rules affect an investor. The derivatives part explains futures and options, which some SIF strategies use to hedge or to go short.
Exam format at a glance
Questions1501 mark each
Total marks150150 × 1
Duration180 min3 hours
Pass mark60%90 of 150 marks
Negative marking10%0.1 marks off per wrong answer
Certificate validity3 yearsfrom the date of the examination
150 multiple-choice questions of 1 mark each in 180 minutes. 60% to pass, which is 90 of 150 marks. A wrong answer loses 10% of its mark.
The examination fee is deliberately not printed here. NISM publishes it per certification and revises it from time to time, and a fee is the one figure on a page like this that somebody acts on with money — read the current one on nism.ac.in.
How the marking works — and what the quiz here does with it
Each question carries 1 mark, so the paper is scored out of 150 and 90 marks are needed to pass. A wrong answer deducts 10% of the marks assigned to the question — 0.1 marks here. A question left unanswered scores nothing and deducts nothing, so a wrong answer and a blank are not equivalent, and deciding between them is part of what the paper tests.
The practice quiz here uses these same figures. Timed practice applies this pass mark and this deduction. Its clock runs at this paper's pace (180 minutes for 150 questions), scaled to the size of your set.
Syllabus units, and what each is worth
22 practice topics, in the order our questions are written. Each row links to the topic's full questions and answers. Each answer explains why the other options are wrong. The marks column is the published syllabus outline's, and where two of our unit headings sit under one published unit they show that unit's whole mark value. The official outline gives a combined figure for these headings.
Because a shared unit reports its whole value under each of our headings, the marks column does not add to 150 — the published units do. The source each figure is quoted from is printed on that unit's own page.
Test yourself on this syllabus
It is marked with the pass mark and negative marking shown above.
150 Series V-D practice questions
Answer one at a time and see the reason straight away. Or sit a timed set marked like this paper: 0.1 marks off for a wrong answer, 60% to pass.
Start practising →NISM Series V-D mock tests
Three fixed papers of 50 questions each, timed at this exam's pace, with its pass mark and negative marking. When you submit, you see your score and why each answer is right.
Take a mock test →Every series' practice set
The other certifications we hold questions for, each scored on its own published pass mark and marking rule — which are not the same as this paper's.
Browse every series →Which NISM exam applies to you
Which series fits your work, with the lessons and tools for each one.
Open the certification hub →The other certifications on this site
- Series VIII — Equity Derivatives
- Series V-A — Mutual Fund Distributors
- Series XV — Research Analyst
- Series VII — Securities Operations and Risk Management
- Series I — Currency Derivatives
- Series X-A — Investment Adviser (Level 1)
- Series IV — Interest Rate Derivatives
- Series VI — Depository Operations
- Series XVI — Commodity Derivatives
- Series XXI-A — Portfolio Management Services (PMS) Distributors
- Series XII — Securities Markets Foundation
- Series XIII — Common Derivatives
- Series III-A — Securities Intermediaries Compliance (Non-Fund)
- Series IX — Merchant Banking
- Series XIX-A — Alternative Investment Funds (Category I and II) Distributors
- Series XXI-B — Portfolio Managers
- Series II-B — Registrars to an Issue and Share Transfer Agents - Mutual Fund
- Series II-A — Registrars to an Issue and Share Transfer Agents - Corporate
Sources & review date. The question count, total marks, duration, pass mark, negative marking and certificate validity above come from NISM's own pages for the NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination, last read on 30 October 2026. Marks per question, marks needed to pass and marks lost per wrong answer are worked out from those figures. The syllabus marks are quoted from the published outline. The mapping from that outline onto this site's own unit headings is stated on each unit's page, including where one published unit covers two headings and its marks are therefore reported whole under both. The unit headings follow the order of these practice questions. Compare them with NISM's published unit list.
NISM Series V-D: common questions
How many questions are in the NISM Series V-D exam?
The NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination has 150 questions worth 150 marks in total, to be completed in 180 minutes (3 hours).
What is the passing score for NISM Series V-D?
60%, which on a 150-mark paper means 90 marks, calculated after negative marking has been applied to wrong answers. Checked against NISM's own published page for this examination on 30 October 2026.
Is there negative marking in NISM Series V-D?
Yes — 10% of the marks assigned to a question. Each question here carries 1 mark, so a wrong answer costs 0.1 marks. A question left unanswered neither earns nor deducts anything, so a wrong answer and a blank are not the same thing.
How long is the NISM Series V-D certificate valid?
3 years from the date of the examination. NISM also runs a Continuing Professional Education programme for its certifications. Confirm the current revalidation route on nism.ac.in before your certificate expires.
Are the practice questions on this page from the NISM Series V-D exam?
No. LearnNifty wrote all 150 of them from NISM's public syllabus for this certification. NISM does not publish its question bank. The questions help you practise the syllabus. They cannot predict the paper.
What does the NISM Series V-D syllabus cover?
Our practice questions for this certification are sorted into 22 topics: The Investment Landscape, Concept & Role of a Mutual Fund, Legal Structure of Mutual Funds in India, Legal and Regulatory Framework, Scheme Related Information, Fund Distribution and Channel Management Practices, Net Asset Value, Total Expense Ratio and Pricing of Units, Taxation, Investor Services, Risk, Return and Performance of Funds, Mutual Fund Scheme Performance, Mutual Fund Scheme Selection, Basics of Derivatives, Understanding Index, Introduction to Forwards and Futures, Introduction to Options, Strategies Using Equity Futures and Equity Options, Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets, Interest Rate Derivatives, Exchange Traded Interest Rate Futures, Exchange Traded Interest Rate Options, Strategies Using Interest Rate Derivatives. That is the structure the practice set follows. NISM publishes its own curriculum and test objectives for the examination on nism.ac.in, and the workbook current for your sitting is the only examinable material.
Where does LearnNifty get these NISM Series V-D exam figures from?
The question count, time, pass mark, negative marking and certificate validity come from NISM's own exam pages, last read on 30 October 2026. The quiz here marks with the same figures. NISM changes them from time to time, so confirm them on nism.ac.in before you register.
Is a calculator allowed in the NISM Series V-D exam?
At a test centre, yes. NISM's candidate rules let you bring your own calculator. It must be silent and must not connect to any computer. In a remote proctored exam you cannot use your own calculator. The screen gives you a scientific calculator instead. Check NISM's candidate rules on nism.ac.in before exam day.
Sit a Series V-D paper marked on the figures above
Series V-D questions written against the published syllabus and scored under this paper’s own rules — 60% to pass, 0.1 marks off for a wrong answer. Practice mode explains every option as you go. Timed practice hides answers until you submit.
Open the Series V-D practice questionsPaper Trading Try it on the practice trading desk