NISM Series V-A: Mutual Fund Distributors examination

The examination most people mean when they say "the NISM exam". NISM describes it as the common minimum knowledge benchmark for everyone involved in selling and distributing mutual funds.

Examination facts

Source: the page of this examination on nism.ac.in. Fees and rules are revised from time to time; the page is the authority.

Who takes it

NISM's page says the examination seeks to create a common minimum knowledge benchmark for all persons involved in selling and distributing mutual funds, including individual distributors, employees of organisations engaged in sales and distribution of mutual funds, and employees of asset management companies, especially those in sales and distribution. In practice the candidates are bank and distribution staff, insurance agents adding a second line, commerce graduates looking for a first job in financial services, and people who want to start a distribution business of their own.

Chapter outline

These are the chapter titles of the curriculum on NISM's page for this examination, as read on 12 November 2026. The test objectives on the same page say what is expected from each chapter, and the workbook is the text. Check the page for the current edition.

1. Investment Landscape
2. Concept and Role of a Mutual Fund
3. Legal Structure of Mutual Funds in India
4. Legal and Regulatory Framework
5. Scheme Related Information
6. Fund Distribution and Channel Management Practices
7. Net Asset Value, Total Expense Ratio and Pricing of Units
8. Taxation
9. Investor Services
10. Risk, Return and Performance of Funds
11. Mutual Fund Scheme Performance
12. Mutual Fund Scheme Selection

How to prepare for this paper

The paper has no negative marking and a pass mark of 50%, which makes it the most approachable of NISM's examinations, and also the one most often failed through under-preparation. The workbook is long, and candidates who read only the first few chapters meet a paper spread across all twelve.

• Do not skip the regulatory chapters. Legal structure, the regulatory framework, scheme documents and investor services are less interesting than returns, but they are asked directly and reward plain reading.
• Make the calculations certain marks. NAV, units allotted, exit load, absolute return and CAGR are worked on our NAV and returns page.
• Learn the scheme categories as a table: what each kind of scheme invests in, its risk, and the investor it suits. Scheme selection questions describe an investor and ask for the suitable scheme.
• Read figures from the current workbook only. Limits, timings, tax rates and expense limits are revised often; this site deliberately does not state them.
• Attempt every question. With no negative marking, a blank earns nothing and a reasoned guess may.

Practice questions

We have written 36 questions of our own for this examination, each with an explanation. Read all 36 with answers Take them as a test

After passing

NISM's FAQ says the certificate is valid for three years from the date of the examination, and is renewed by attending NISM's CPE for Mutual Fund Distributors or by passing the examination again before expiry. Passing does not by itself permit anyone to sell mutual funds: registration with the industry body and empanelment with fund houses come after, under rules that are theirs and not NISM's. See registration, fees and validity.

Questions candidates ask

Other examinations

Guides

An independent practice site. NISM is the National Institute of Securities Markets. This site is not connected with, approved by or paid by NISM or SEBI, and uses none of their logos. The questions are our own; none is taken from NISM's question bank, workbooks or mock tests, and a score here does not predict a result. Examination facts were read on nism.ac.in on 12 November 2026 and can change: check the page of your module on nism.ac.in before you pay or prepare. Nothing here is investment advice.