Structure of Mutual Funds
16 questions. Each answer is explained.
Question 1 of 10Practice · Series V-A — Mutual Fund Distributors
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Exam format
| Questions | 100 · 1 mark each |
|---|---|
| Duration | 120 min · 2 hours |
| Pass mark | 50% · 50 of 100 marks |
| Negative marking | None · a wrong answer costs nothing beyond the mark |
| Certificate validity | 3 years · from the date of the examination |
| Marks for this unit | Not published by NISM |
NISM Series V-A Mutual Fund Distributors
Exam rules read on NISM's site on 3 October 2026. Check the current rules on NISM's site (opens in a new tab)
What these answers assume, and when it was last checked
Each question uses the rules listed below. We last checked them on 5 September 2026. A Budget or SEBI circular can change a rate, lot size or expiry day. If a rule changes before your exam, treat the linked questions as out of date and check NISM's current workbook.
- NSE uses Tuesday expiry and BSE uses Thursday expiry. This applies from 1 September 2025.
- The January 2026 index lot sizes are NIFTY 65, BANKNIFTY 30, FINNIFTY 60, MIDCPNIFTY 120 and NIFTYNXT50 25.
- The October 2024 SEBI framework sets a minimum index contract value of Rs 15–20 lakh. Each exchange may list one weekly benchmark index.
- Option buyers pay the premium upfront from 1 February 2025. A short index option has an extra 2% Extreme Loss Margin on expiry day from 20 November 2024.
- Equity short-term capital gains are taxed at 20%. Long-term gains are taxed at 12.5% above Rs 1.25 lakh. Both rates apply from 23 July 2024.
- F&O income is non-speculative business income in ITR-3. NSE equity derivatives trade from 9:15 a.m. to 3:40 p.m.
- The final ten-minute session began on 3 August 2026. It aligns with the cash market Closing Auction Session.
- Most Securities Transaction Tax questions test the base and who pays. On an option sale, it is the premium and the seller pays. On a futures sale, it is the traded value and the seller pays.
- On exercise, Securities Transaction Tax uses intrinsic value: settlement price minus strike price. The buyer pays it.
- Two questions test the current rate. From 1 April 2026, option sales carry 0.15% on the premium and futures sales carry 0.05% on traded price. The earlier rates were 0.10% and 0.02% from 1 October 2024.
- This section uses the T+1 rolling settlement cycle. Obligations are fixed on T+1. A short delivery goes to buy-in auction on T+1 and settles on T+2.
- The trade-for-trade surveillance segment uses direct close-out. Funds pay in by 10:30 a.m. and pay out on or after 1:30 p.m. on settlement day.
- Securities pay in to the settlement pool by 10:30 a.m. They pay out directly to the client’s demat account by 3:30 p.m.
- The 3:30 p.m. deadline replaced 1:30 p.m. under SEBI’s 10 October 2024 circular. Direct client credit was required by SEBI’s 5 June 2024 circular.
- The optional T+0 cycle trades until 1:30 p.m. Obligations are fixed by 2:30 p.m. on the trade day. An early pay-in shortage is closed out directly.
- Cash-market Value at Risk margin is six times exponentially weighted moving-average volatility. It has a 9% floor for Group I, a 21.5% floor for Group II, and a fixed 50% or 75% level for Group III.
- Extreme Loss Margin is 3.5% for a share and 2% for a broad-market-index exchange traded fund. Mark-to-market margin is collected before the next day’s trading. The trade-for-trade segment has 100% upfront margin.
- Close-out uses the higher of the highest price from trade day to auction day and 20% above the auction day’s official close.
- A funds shortage costs 0.07% a day. The trading facility is withdrawn at a shortage of Rs 5 lakh or more.
- SCORES allows 21 calendar days, then two 15-day review levels. Online Dispute Resolution moves from conciliation to arbitration after the market participant and SCORES steps.
- At NSE, the Investor Protection Fund limit is Rs 35 lakh per investor for each defaulting or expelled member. This applies to claims arising after 13 August 2024.
- A Basic Services Demat Account has no annual maintenance charge up to Rs 4 lakh of holdings. It costs up to Rs 100 above that, until the Rs 10 lakh eligibility ceiling. These slabs apply from 1 September 2024.
- The rupee pairs are USD-INR, EUR-INR, GBP-INR and JPY-INR. The cross-currency pairs are EUR-USD, GBP-USD and USD-JPY.
- Each contract covers 1,000 units of the foreign currency, except JPY-INR. JPY-INR covers 100,000 yen and is quoted in rupees per 100 yen.
- The tick is 0.25 paise, or Rs 0.0025. It equals Rs 2.50 a contract.
- Rupee pairs trade from 9:00 a.m. to 5:00 p.m. A monthly contract stops trading at 12:30 p.m. two working days before the expiry month’s last business day.
- Final settlement is in cash at the FBIL reference rate on expiry day. FBIL, Financial Benchmarks India, has published this rate in place of the Reserve Bank since 2018. Premium-style European options are quoted in rupees. The buyer pays the premium in cash on T+1.
- Daily settlement is on T+1 and final settlement is on T+2.
- NSE Clearing circular 026/2020 sets SPAN margin plus Extreme Loss Margin. The futures margin is 0.50% for USD-INR, 0.15% for EUR-INR, 0.25% for GBP-INR and 0.35% for JPY-INR. A short option has 0.75%. These figures apply from 1 June 2020.
- A USD-INR client may hold 6% of total open interest or USD 20 million, whichever is higher. A trading member may hold 15% or USD 100 million.
- A resident user has one USD 100 million equivalent limit across all rupee pairs and exchanges. No document is needed below that limit, but a valid underlying contracted exposure must still exist. This clarification applies from 3 May 2024.
- The currency segment has no Securities Transaction Tax.
The exam figures (questions, time, pass mark, negative marking and certificate validity) come from NISM's own pages, read on 3 October 2026. Timed practice uses the same figures. Study with the official workbook as well.
The written-out answers on this page are hidden while your timed set runs.
All 16 questions on Structure of Mutual Funds, with answers
Q1An Indian mutual fund is constituted in which legal form?
Option A. A limited liability partnership.
Why it is wrong: An LLP is not the mutual fund structure being tested.
Option B. A joint-stock company.
Why it is wrong: This confuses the fund with a company such as its AMC.
Option C. A co-operative society.
Why it is wrong: A co-operative society is a different organisational form.
Option D. A trust. — Correct answer
Answer: D. The trust is the fund’s legal structure. The fund is established as a trust. The presence of an asset management company does not make the fund itself a company. The fund and its manager perform different functions. Remember: Distinguish the mutual fund trust from the asset management company.
Hint, shown before you answer in practice mode: Common mistake: Choosing company because the manager is called an AMC.
VA-001easyconceptual
Q2Which activity most directly reflects the trustees’ oversight role in a mutual fund?
Option A. Selecting each security for the scheme’s daily trades and placing the orders.
Why it is wrong: Security selection is an investment-management function, not the central trustee oversight activity.
Option B. Maintaining each investor’s unit transaction register and sending account statements.
Why it is wrong: Maintaining unit-holder records is an investor-record administration function.
Option C. Keeping scheme securities in safe custody and processing custody records.
Why it is wrong: Safekeeping and custody records describe the custodian’s function.
Option D. Reviewing whether the AMC acts in line with its obligations to unitholders. — Correct answer
Answer: D. This answer describes supervision of how the AMC fulfils its responsibilities. The question asks about oversight of the AMC, not portfolio execution or record maintenance. Review of the AMC’s conduct and obligations fits that role. Investment selection, investor records and custody are distinct functions. Remember: Associate trustees with oversight and protection of unitholder interests.
Hint, shown before you answer in practice mode: Common mistake: Assuming oversight means personally executing portfolio trades.
VA-002mediumapplication
Q3Which activity is most directly associated with a mutual fund’s custodian?
Option A. Safekeeping the securities held by the schemes. — Correct answer
Option B. Deciding which shares the scheme should buy.
Why it is wrong: Portfolio selection belongs to investment management.
Option C. Selecting a suitable scheme for an individual investor.
Why it is wrong: Personal scheme selection concerns the investor-facing suitability process.
Option D. Maintaining the investor’s subscription and redemption register.
Why it is wrong: Unit-holder transaction administration is distinct from custody of portfolio securities.
Answer: A. Safekeeping is the central custody function. The custodian holds scheme securities in custody. Being responsible for custody does not give the custodian the fund manager’s investment-selection role or make the securities its own investments. Remember: Keep portfolio management, custody and investor records separate in role-based questions.
Hint, shown before you answer in practice mode: Common mistake: Confusing the person who safeguards an asset with the person who chooses the investment.
VA-029easyconceptual
Q4An Indian mutual fund’s trust deed authorises its trustee to appoint the AMC. Which arrangement is consistent with Regulation 18 of the SEBI (Mutual Funds) Regulations, 2026?
Option A. The sponsor appoints an AMC without requiring SEBI approval
Why it is wrong: The sponsor is an appointing route under Regulation 18, but that does not remove the requirement that the AMC be approved by SEBI.
Option B. The authorised trustee appoints an AMC approved by SEBI — Correct answer
Option C. SEBI directly appoints the AMC instead of the sponsor or trustee
Why it is wrong: The question distinguishes regulatory approval from appointment. Regulation 18 assigns appointment to the sponsor or the authorised trustee.
Option D. The custodian appoints an AMC approved by SEBI
Why it is wrong: SEBI approval does not make the custodian the appointing authority under the provision being tested.
Answer: B. Regulation 18 permits appointment by the trustee when the trust deed authorises it, and the AMC must have the required SEBI approval. The trust deed expressly authorises the trustee to appoint the AMC, so the conditional trustee route in Regulation 18 is available. The regulation describes appointment by the sponsor, or the trustee if the trust deed authorises it. It also requires an AMC approved by SEBI under Regulation 16(4). Consequently, the authorised trustee can make the appointment, but cannot treat the trust deed as a substitute for SEBI approval. This question tests that narrow allocation of roles. Other trustee obligations and requirements for a later change of AMC must still be checked separately. Remember: Distinguish who appoints the AMC from the regulator that approves it.
Hint, shown before you answer in practice mode: Common mistake: Answering “trustee” or “sponsor” as an unconditional rule without checking the trust deed and the approval requirement.
VA-030mediumregulatory
Q5An AMC shareholder claims that a scheme’s securities are assets belonging to the AMC because it manages them. Which statement is correct?
Option A. They belong to the sponsor because it established the mutual fund.
Why it is wrong: Establishing the mutual fund does not make the sponsor the beneficiary of every scheme asset.
Option B. They belong to the AMC because its staff make investment decisions.
Why it is wrong: Making investment decisions is not ownership of the scheme assets for the AMC’s benefit.
Option C. They are trust property held for the benefit of the scheme’s unitholders. — Correct answer
Option D. They belong to the custodian because it maintains custody of them.
Why it is wrong: Custody does not convert entrusted securities into the custodian’s own property.
Answer: C. This answer correctly identifies the trust-property relationship and the beneficiaries. The scheme portfolio is not converted into the AMC’s own corporate property merely because the AMC manages it. Trustees hold the fund’s property for unitholder benefit. Similarly, a sponsor’s establishment role or a custodian’s safekeeping role is not ownership for its own benefit. Remember: Ask separately who manages, who holds in trust, who safeguards and who benefits.
Hint, shown before you answer in practice mode: Common mistake: Using “legally belongs to” without distinguishing trustee holding from beneficial interest.
VA-031mediumapplication
Q6Which description best identifies AMFI’s institutional role?
Option A. The statutory regulator responsible for supervising the securities market and mutual funds.
Why it is wrong: This describes a regulatory role rather than AMFI’s industry-association role.
Option B. The custodian that holds and safeguards the securities of every mutual fund scheme.
Why it is wrong: Custody of scheme assets is a separate service-provider responsibility.
Option C. The registrar that maintains the unit register and investor records for every mutual fund.
Why it is wrong: Maintaining unit registers is not AMFI’s role as the industry association.
Option D. The mutual fund industry association that supports industry development and standards. — Correct answer
Answer: D. This answer identifies the nature and general function of the association. The name refers to the Association of Mutual Funds in India. An industry association can support standards and development without replacing SEBI as the statutory securities regulator. Remember: Distinguish an industry association from a statutory regulator.
Hint, shown before you answer in practice mode: Common mistake: Assuming that involvement in industry standards makes an association the securities regulator.
VA-032easyconceptual
Q7An AMC has outsourced its unitholder recordkeeping. An investor’s statement shows the wrong unit balance, although the scheme’s NAV is correct. Which service provider’s records should be checked first?
Option A. The scheme’s custodian
Why it is wrong: The custodian’s central role concerns the scheme’s securities. It is not the primary ledger for the investor’s unit balance.
Option B. The independent valuation agency
Why it is wrong: The valuation agency supplies security valuation inputs. Repricing an underlying security does not correct an omitted unit transaction.
Option C. The registrar and transfer agent — Correct answer
Option D. The scheme’s credit rating agency
Why it is wrong: Credit ratings concern an issuer’s or instrument’s credit risk, not an investor’s folio balance.
Answer: C. The RTA’s account records contain the investor’s unit movements and are the relevant starting point. The problem is the number of units recorded for one investor, not the value of each unit. Check the investor’s opening units, purchases, redemptions and other recorded unit movements with the RTA. Reconcile these entries with the accepted transaction records. A correct NAV does not by itself establish that the investor’s unit balance is correct. Remember: Identify whether the error concerns investor units, scheme assets or security prices before choosing the service provider.
Hint, shown before you answer in practice mode: Common mistake: Assuming every mutual fund account problem belongs to the custodian.
VA-076easyapplication
Q8An AMC has received the approved prices of its portfolio securities. It must now combine those values with cash, accrued income, liabilities and units outstanding to calculate NAV. Which function performs this calculation?
Option A. Credit rating
Why it is wrong: Credit rating assesses creditworthiness. It does not assemble the scheme’s accounting balances.
Option B. Investor record maintenance
Why it is wrong: Investor records identify holdings and unit transactions. They can supply a unit-count input but do not replace the scheme-level NAV calculation.
Option C. Portfolio security selection
Why it is wrong: Portfolio selection decides what to buy and sell. The question concerns accounting for the resulting assets and obligations.
Option D. Fund accounting — Correct answer
Answer: D. This function assembles the scheme’s accounting inputs and calculates NAV, including relevant accruals. The task starts after the portfolio prices have been supplied, so obtaining prices is not the remaining work. The scheme’s net assets must include the relevant balances and accruals and deduct liabilities. Fund accounting uses those net assets and the outstanding units to calculate and validate NAV. Remember: Distinguish the valuation input from the fund-accounting calculation that uses it.
Hint, shown before you answer in practice mode: Common mistake: Treating the valuation agency’s security prices as a finished scheme NAV.
VA-077mediumapplication
Q9A proposed portfolio trade appears attractive but may breach a scheme restriction. Which response best separates the AMC’s investment and compliance responsibilities?
Option A. Let expected outperformance override the restriction if the fund manager documents it.
Why it is wrong: A favourable return expectation does not itself create permission to disregard a binding scheme restriction.
Option B. Apply the restriction through compliance controls before allowing the trade to proceed. — Correct answer
Option C. Treat compliance approval as a substitute for the fund manager’s investment assessment.
Why it is wrong: Passing a compliance check does not establish the investment merits of a trade or replace the fund manager’s assessment.
Option D. Execute the trade first and review its compliance only at the next periodic report.
Why it is wrong: A later report is not a substitute for applying the stated restriction before a trade is allowed.
Answer: B. The restriction must be checked before execution. Compliance clearance and the investment decision remain distinct checks. First establish what restriction applies and whether the proposed transaction would breach it. The compliance function or approved compliance controls must address that question before the trade is treated as permissible. The investment team can then consider an allowed trade on its investment merits. Recording a breach after execution is not a substitute for checking beforehand. Remember: Check whether an investment is permitted separately from whether it appears profitable.
Hint, shown before you answer in practice mode: Common mistake: Confusing a favourable return forecast with permission to disregard the scheme mandate.
VA-078mediumapplication
Q10Which service provider is engaged to examine a scheme’s annual financial statements and express an independent audit opinion on them?
Option A. The registrar and transfer agent
Why it is wrong: The RTA maintains investor and unit-related records. Maintaining those records is different from issuing the statutory audit opinion.
Option B. The portfolio valuation agency
Why it is wrong: A valuation agency supports valuation of portfolio securities. It does not replace the auditor’s opinion on the annual financial statements.
Option C. The statutory auditor — Correct answer
Option D. The credit rating agency
Why it is wrong: A credit rating agency assesses credit quality or repayment risk within its rating scope, not the fairness of the scheme’s full financial statements.
Answer: C. The statutory auditor performs the independent financial-statement audit described in the question. The task in the stem is examination of annual financial statements for an independent audit opinion. That is the auditor’s function. The other providers supply records, valuation inputs or credit opinions that serve different purposes. An audit opinion is not a promise that the scheme will earn a particular return or that no investment loss can occur. Remember: Match the service provider to the output required: unit records, valuation inputs, credit opinion or audit opinion.
Hint, shown before you answer in practice mode: Common mistake: Assuming that a provider supplying data for the accounts also issues the independent audit opinion.
VA-104easyconceptual
Q11A debt fund needs two different inputs: an opinion on a bond issuer’s ability to meet debt obligations, and an input for valuing that bond in the portfolio. Which pairing matches these tasks?
Option A. Credit rating agency for the credit opinion, valuation agency for the valuation input — Correct answer
Option B. Valuation agency for the credit opinion, credit rating agency for the valuation input
Why it is wrong: This reverses the two roles. A valuation input and a rating of debt repayment ability are not interchangeable.
Option C. Statutory auditor for the credit opinion, registrar for the valuation input
Why it is wrong: The auditor examines accounts and the registrar handles investor records. These are not the two specialist inputs described.
Option D. Custodian for the credit opinion, statutory auditor for the valuation input
Why it is wrong: The custodian safeguards and administers held securities. An audit opinion is also different from the bond valuation input sought here.
Answer: A. This correctly separates the credit-rating function from the valuation-input function. An opinion on meeting debt obligations concerns credit quality. The credit rating agency is the relevant specialist for that opinion. An input for assigning a portfolio value is a valuation task. The valuation agency supplies that input within its scope. A rating is not itself a rupee market price, and neither input removes the AMC’s own responsibilities. Remember: A credit rating describes credit quality within its scope, while valuation assigns an amount to a portfolio asset.
Hint, shown before you answer in practice mode: Common mistake: Treating a high credit rating as either a quoted bond price or a guarantee of repayment.
VA-105mediumapplication
Q12An investor holds mutual fund units in dematerialised form and wants to check the electronic holdings recorded in the demat account. Which intermediary normally provides the investor-facing interface to the depository?
Option A. The scheme’s custodian
Why it is wrong: The scheme custodian handles the scheme’s underlying assets. That is distinct from servicing the investor’s own demat account.
Option B. The depository participant — Correct answer
Option C. The scheme’s statutory auditor
Why it is wrong: The auditor’s task concerns audit work, not routine access to an investor’s demat holdings.
Option D. The portfolio valuation agency
Why it is wrong: The valuation agency supplies security valuation inputs. It does not maintain the investor-facing demat account relationship.
Answer: B. The DP connects the investor’s demat account relationship to the depository. The question concerns units recorded in the investor’s demat account, not the underlying bonds and shares owned by the scheme. The depository participant is the investor-facing intermediary for that demat relationship. This does not mean that every mutual fund holding must be dematerialised or that every service request uses the same operational route. Remember: Keep the investor’s units separate from the securities owned inside the mutual fund portfolio.
Hint, shown before you answer in practice mode: Common mistake: Choosing the scheme custodian because both custody and dematerialisation involve holding securities.
VA-106easyapplication
Q13A subscription reconciliation shows that an application was recorded, but the corresponding bank credit is missing. The operations team needs confirmation of receipt into the scheme’s collection account, not a unit-allotment record. Which service provider is directly relevant?
Option A. The collecting banker — Correct answer
Option B. The registrar and transfer agent
Why it is wrong: The RTA maintains application and unit records. Those alone do not replace confirmation of a bank credit.
Option C. The portfolio custodian
Why it is wrong: The portfolio custodian deals with the scheme’s securities and associated custody records, not this subscription bank-credit confirmation.
Option D. The credit rating agency
Why it is wrong: A rating agency assesses creditworthiness. It does not confirm an investor’s payment receipt.
Answer: A. The collecting banker provides the banking record needed to confirm the receipt. The unresolved fact is whether money reached the collection bank account. The collecting banker’s receipt and account records address that fact. The RTA can help reconcile the application and allotment records, but that is a different record layer. Remember: Match the missing evidence to the service provider responsible for that record.
Hint, shown before you answer in practice mode: Common mistake: Sending every investor-transaction mismatch to the same intermediary without identifying whether cash or units are missing.
VA-130easyapplication
Q14An investor’s unit balance is correct, but an intermediary needs to check the investor’s recorded KYC status. Which record source is relevant to that check rather than to the scheme’s unit register?
Option A. The scheme’s custodian inventory
Why it is wrong: A custodian inventory identifies securities held for a scheme. It is not an investor KYC-status record.
Option B. The AMC’s portfolio valuation sheet
Why it is wrong: A portfolio valuation sheet supports valuation of investments. It does not establish the investor’s identity-verification status.
Option C. The relevant KYC Registration Agency record — Correct answer
Option D. The scheme’s distributor commission ledger
Why it is wrong: A commission ledger records distributor remuneration, not completion of investor KYC.
Answer: C. A KRA record is relevant to checking the registered KYC status. The question concerns the investor’s KYC status rather than the number or value of units. AMFI’s KYC page directs users to a KRA for a status check. A KRA record is therefore the relevant record type. The result may still require follow-up with the intermediary. Remember: Keep identity records separate from unit ownership, valuation and remuneration records.
Hint, shown before you answer in practice mode: Common mistake: Assuming that a correct unit statement proves every KYC requirement is complete.
VA-131easyconceptual
Q15An entity takes the initiative to establish a mutual fund trust. A separate AMC will manage the schemes and trustees will oversee the arrangement. Which role does the initiating entity perform?
Option A. The registrar’s role
Why it is wrong: The registrar handles investor records and related processing. It is not identified by initiating the trust.
Option B. The sponsor’s role — Correct answer
Option C. The custodian’s role
Why it is wrong: A custodian provides custody services for assets. Founding the trust is not the defining custody function.
Option D. The statutory auditor’s role
Why it is wrong: A statutory auditor examines financial statements and expresses an audit opinion. This differs from founding the fund.
Answer: B. The entity initiating establishment of the mutual fund is acting as sponsor. The distinctive activity is initiating the establishment of the mutual fund trust. That identifies the sponsor. The stem separately assigns scheme management to the AMC and oversight to trustees, so those functions should not be confused with the initiating role. Remember: Identify the sponsor by establishment of the fund, not by its day-to-day service functions.
Hint, shown before you answer in practice mode: Common mistake: Assuming the entity that establishes a fund must also perform every management and oversight function.
VA-132easyapplication
Q16In an AMC’s payment workflow, one employee can change a payout bank account and release the payment without anyone else checking it. Which control most directly addresses this weakness?
Option A. Review only the total monthly payout amount against the approved budget
Why it is wrong: A correct aggregate payout can hide a payment sent to the wrong account. Monthly review is also after the event.
Option B. Require the same employee to use a longer password and change it monthly
Why it is wrong: A longer password improves access protection but leaves the concentration of decision-making unchanged.
Option C. Give the same employee a second approval login for each payment
Why it is wrong: Two logins controlled by the same person do not create independent checking.
Option D. Require independent verification before the changed account is used — Correct answer
Answer: D. The second person or independently authorised function checks the changed destination before release. The weakness is not merely a short password. The same person can alter the destination and approve the resulting payment. An independent checker should verify the account change against the authorised instruction before use. An audit trail can support that control but does not replace the independent decision. Remember: Independent authorisation is different from giving one person two credentials.
Hint, shown before you answer in practice mode: Common mistake: Treating an audit log or password change as a substitute for separation of duties.
VA-133mediumapplication
Structure of Mutual Funds: common questions
How many practice questions are there on Structure of Mutual Funds?
16 questions, all written out on this page with the correct answer and why each other option is wrong. This unit is one of the 8 practice topics for NISM Series V-A, which has 150 questions in total.
Are these real NISM Series V-A questions on Structure of Mutual Funds?
No. LearnNifty wrote every question from NISM's public syllabus. NISM does not publish its question bank, so nobody can offer you the real paper. Use these questions to check that an idea has gone in. Use the official NISM workbook to see what is examined.
Does negative marking apply to NISM Series V-A?
No. NISM applies no negative marking to Series V-A. A wrong answer costs nothing beyond the mark you did not earn, so a blank is never better than an attempt. Timed practice here uses the same rule.
Are these practice questions kept up to date?
Each question is written against the rules printed on this page, last checked on 5 September 2026. A Budget or a SEBI circular can change a rate, a lot size or an expiry day. If one of those rules changes before your exam, treat the questions that use it as out of date. Then check NISM's current workbook.
Accounting, Valuation and Taxation
19 questions on Accounting, Valuation and Taxation. Its quiz opens on that unit.
Open Accounting, Valuation and Taxation