Exam and Question Bank Details

NISM Series V-A: Mutual Fund Distributors Exam and Question Bank Details

The NISM Series V-A: Mutual Fund Distributors Certification Exam is one of the most widely attempted exams conducted by the National Institute of Securities Market (NISM). It is a mandatory prerequisite for anyone who wants to distribute or sell mutual funds in India. Apart from being a legal requirement, it also adds strong credibility to your profile if you are seeking opportunities in wealth management, banking, insurance, advisory, and other financial services companies.

The NISM Mutual Fund exam is essential for professionals who want to:

• Work as a Mutual Fund Distributor or Advisor.
• Start their own mutual fund distribution business.
• Add value to their career in the financial sector.

This exam also helps candidates build a strong understanding of how mutual funds work in India, including their structure, regulations, taxation, and investor servicing.

Exam Details

• Mode: Online at NISM exam centers
• Type of Questions: Multiple Choice Questions (MCQs)
• No. of Questions: 100
• Marks: 100 (1 mark per question)
• Passing Marks: 50% (i.e., 50 marks)
• Duration: 120 minutes
• NO Negative Marking

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• 600+ Carefully Selected Questions (covering the latest syllabus – 2025 update).
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• Step-by-step explanations for every answer, especially numerical problems like NAV calculation, load, and returns.
• Concept clarity first, then practice – making it easy for you to remember and apply in the exam.

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Background of the Exam

Earlier, AMFI (Association of Mutual Funds in India) used to conduct the AMFI Certification for distributors. However, as per SEBI regulations (CAPSM), 2007, AMFI’s exam has been phased out and replaced by NISM Series V-A: Mutual Fund Distributors Certification.

Today, anyone who wants to sell, distribute, or advise on mutual funds in India must clear this NISM exam.

Who Should Take this Exam?

• Mutual Fund Distributors & Sub-distributors (IFA/agents).
• Employees of banks, NBFCs, and broking firms involved in selling mutual funds.
• Wealth managers, financial planners, and insurance agents who cross-sell mutual funds.
• Entrepreneurs who wish to start their own distribution business.
• Students & finance aspirants looking to build a career in investment advisory and wealth management.

All Asset Management Companies (AMCs), banks, and distributors require this certification before empanelment.

Objectives of the Examination

• Understand the structure, role, and functioning of Mutual Funds in India.
• Learn about different types of mutual fund schemes and how they work.
• Understand NAV calculation, loads, expenses, and taxation of mutual funds.
• Gain knowledge of regulations and guidelines governing mutual fund distribution.
• Learn investor servicing, transaction processes, and risk management in mutual funds.
• Build skills to recommend suitable products to investors based on their risk-return profile.

Study Material for NISM Mutual Fund Exam

The official NISM Mutual Fund Distributors Workbook is available for free download on the NISM website. Candidates may also buy a physical copy online or in bookstores if they prefer.

👉 However, the book is theory-heavy. To make preparation simpler, Finsafar’s question bank with explanations helps you practice exam-oriented questions and revise faster.

Registration & Enrollment Procedure

• Visit the NISM Certification Portal and register using your details (Name, PAN, DOB, etc.).
• Verify your account using the activation email link.
• Login → Go to Enrolment → Enroll for Examination.
• Select NISM Series V-A: Mutual Fund Distributors Exam.
• Choose your City, Exam Center, Date, and Time Slot.
• Make payment online (credit/debit card, net banking).
• Download your Admit Card after successful payment.
• On exam day, carry your PAN/Aadhar/Passport/Driving License along with the Admit Card.

NISM V-A Syllabus at a Glance

• Concept & Role of Mutual Funds
• Fund Structure & Constituents
• Legal & Regulatory Environment
• Scheme Types & Features
• NAV, Loads, Expenses & Returns
• Risk, Performance & Benchmarking
• Investor Services & Grievance Handling
• Taxation of Mutual Funds
• Sales Practices & Ethical Code of Conduct

Preparation Strategy

• Read the NISM Mutual Fund workbook at least once (200–250 pages).
• Dedicate 2–3 hours daily for 1–2 weeks to cover all concepts.
• Pay special attention to numerical problems (NAV, returns, taxation).
• After completing the workbook, attempt Finsafar Mock Tests to test preparation.
• Our Last Day Revision Tests help in quick brushing up before the exam.

👉 Tip: Attempt at least 80 questions confidently in the exam to maximize your chances of passing.

Exam Day Instructions

• Carry your Admit Card + Original ID Proof (PAN/Aadhar/Passport/Driving License).
• Reach the exam center at least 30 minutes before the exam.
• Listen to the invigilator’s instructions on operating the computer.
• Attempt all questions if no negative marking, otherwise be cautious.
• Results & mark sheet are available immediately after submission.

Finsafar Wishes You Success

Once you prepare with Finsafar’s Mutual Fund Question Bank, clearing the NISM Series V-A exam will be much easier.

👉 Do check our free demo test to get a feel of the real exam experience.

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