NISM PracticeNISM Series V-B: Mutual Fund Foundation examination
The shorter mutual fund examination: fifty questions on the basics of mutual funds and their distribution.
Examination facts
| Particular | As on nism.ac.in, 12 November 2026 |
|---|---|
| Name on NISM's site | NISM-Series-V-B: Mutual Fund Foundation Certification Examination |
| Fee | ₹1,200, payment gateway charges extra |
| Duration | 120 minutes |
| Questions | 50 |
| Total marks | 50 |
| Pass mark | 50% |
| Negative marking | No negative marking |
| Certificate validity | 3 years |
| Certificate | Issued only if PAN is furnished in the registration details |
| Where to enrol | NISM's own portal, certifications.nism.ac.in |
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
Series V-B is a foundation-level examination on mutual funds. Its curriculum, as listed on NISM's page, includes a chapter on "Mutual Fund Products for the New Cadre of Distributors", which shows whom it was designed for: people entering distribution in a limited way. Whether V-B or V-A is the right examination for the work you intend to do is fixed by the current rules of the regulator and the industry body, and those rules have changed over the years. Confirm on NISM's page for the module and with the fund house or distributor you will work with before you enrol.
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.
- Investment Landscape
- Concept and Role of a Mutual Fund
- Legal Structure of Mutual Funds in India
- Mutual Fund Products for the New Cadre of Distributors
- Scheme Related Information
- Fund Distribution and Channel Management Practices
- Performance of Mutual Funds
- Taxation
- Investor Services
- Legal and Regulatory Environment
How to prepare for this paper
The paper is half the length of V-A, with the same two hours, so time is generous: over two minutes a question. There is no negative marking and the pass mark is 50%, that is 25 marks out of 50.
- Read the V-B workbook, not the V-A one. The chapters overlap in title, but each examination is set from its own workbook.
- Be sure of the basics: what a mutual fund is, the sponsor, trustee and asset management company, open-ended and closed-ended schemes, NAV, and the documents an investor receives.
- Use our V-A question set for practice on the shared topics. The questions on concept, legal structure, NAV, investor services and performance apply to both; ignore those that go beyond your workbook.
- Attempt every question. There is no penalty for a wrong answer.
How V-B differs from V-A
| V-B Foundation | V-A Distributors | |
|---|---|---|
| Questions and marks | 50 | 100 |
| Time | 120 minutes | 120 minutes |
| Pass mark | 50% | 50% |
| Fee | ₹1,200 | ₹1,500 |
| Chapters in the outline | 10 | 12 |
Figures as on nism.ac.in on 12 November 2026; payment gateway charges are extra.
Practice questions
We have not written a separate set for V-B. The Mutual Fund Distributors questions on concept, legal structure, NAV, investor services and performance cover the shared topics. Take them as a test
After passing
The certificate validity shown on NISM's page is three years. For renewal, read the FAQ on the module's own page. If you expect to distribute the full range of schemes, look at Series V-A as well, and see which exam.
Questions candidates ask
What is the fee for NISM Series V-B?
₹1,200 plus payment gateway charges, as shown on NISM's page on 12 November 2026. Check the page for the current fee.
What is the pass mark for NISM Series V-B?
50%, as shown on NISM's page on 12 November 2026.
Is there negative marking in NISM Series V-B?
No. NISM's page says there shall be no negative marking.
How long is the certificate valid?
Three years, as shown on NISM's page.
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.