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Why NISM/V-D exam guide

NISM Series V-D: SIF and Mutual Fund Distributors

SIFs and mutual funds in one exam. Everything you need to know before you book, and a free way to prepare.

150 questions180 minutes60% to passNISM fee ₹3,000
Start the free course 10-question sample test
150Questions
180 minDuration
60%Pass mark
YesNegative marking
₹3,000NISM fee
3 yearsValid for

NISM Series V-D certifies distributors of Specialized Investment Funds (SIFs), the newer category SEBI created between mutual funds and PMS, along with mutual funds. Because SIF strategies can use derivatives, the exam adds equity and interest rate derivatives to the mutual fund syllabus.

Good to know. Already hold V-A? NISM XIII together with V-A is another route to SIF distribution. Rules change, so check the current AMFI requirement before you choose.
Who should take it
  • Mutual fund distributors who want to offer SIFs to clients
  • Students aiming for product, sales or wealth roles where SIFs are sold
  • Professionals who want mutual funds and derivatives covered by one certificate
What it opens up
  • Distribute SIFs as well as mutual funds, subject to AMFI registration
  • A solid grounding in derivatives for wealth and product roles
See careers
Syllabus weightage

Where the marks are.

Close to half the paper is the mutual fund distribution unit; the rest is derivatives, equity first and then interest rates. Start with chapters 1 to 3, then take the derivatives chapters slowly: they hold most of the formulas.

Share of questions per unit in the FundsSchool Final exam, built to NISM’s syllabus units. The current NISM workbook is the final word on weightage.

Mutual Fund Distributors45%
Equity Derivatives35%
Interest Rate Derivatives21%
The syllabus, chapter by chapter

13 chapters, about 2 hours.

Every chapter is free to read here, with a worked example, the exam trap and a three-question check.

01Mutual funds: basics, structure and scheme types10 min · How a mutual fund is built, how NAV works, and the SEBI scheme categories every distributor must know.02Specialized Investment Funds: the framework11 min · SEBI's 2025 SIF rules: the ₹10 lakh threshold, long-short strategies, the 25% short limit, branding and who may…03Distribution, scheme evaluation and suitability9 min · ARN, EUIN, trail commission, the AMFI code, risk-adjusted return measures and how to judge whether an SIF suits…04Basics of derivatives9 min · What a derivative is, the four instrument types, OTC versus exchange trading, market participants and the leverage…05Understanding the index9 min · How a stock index is built and maintained, free-float weighting, impact cost, and why indices matter for derivatives…06Forwards and futures9 min · Forward versus futures contracts, basis and contango, cost-of-carry pricing with a worked example, margins…07Options9 min · Calls and puts, moneyness, intrinsic and time value, payoff diagrams with breakeven, the Greeks and put-call parity.08Strategies using futures and options9 min · Beta hedging with index futures, protective puts, covered calls, bull call spreads and straddles, each with a worked…09Interest rates and fixed income securities8 min · Simple and compound interest, real versus nominal rates, RBI policy rates, MIBOR, money market instruments, G-Secs…10Bond valuation and the yield curve9 min · Pricing a bond from its yield, the price-yield relation, clean and dirty prices, accrued interest, and reading…11Duration and convexity9 min · Macaulay and modified duration computed by hand, PVBP, convexity as the correction, and how duration drives bond…12Interest rate futures and options9 min · Exchange-traded interest rate futures on G-Secs and T-bills, contract specifications, pricing, settlement and interest…13Hedging, trading and arbitrage with interest rate derivatives10 min · The duration-based hedge ratio with a full worked check, basis risk, curve trades, cash-and-carry arbitrage…
A study plan that fits

Four weeks, 30 minutes a day.

A comfortable pace alongside college or work. In the app, set your exam date and it plans each day for you.

Week 1Chapters 1 to 7

One chapter a day with its quick check. About 66 minutes of reading in all.

Week 2Chapters 8 to 13

Same rhythm. About 54 minutes of reading. Review your exam-trap cards at the weekend.

Week 3Practise

Chapter tests on your weakest chapters, Quick 20s every day, then your first full-length practice mock.

Week 4Exam ready

A second mock, then the Final exam on the real clock. Revise the chapters it flags and book your NISM slot.

Don’t lose easy marks

Traps people fall for.

A sample from the course. Every chapter marks the trap the exam likes to set.

Chapter 1

Exam trap. The sponsor does not own the scheme assets. The trust does, on behalf of unitholders. If the AMC fails, scheme assets are ring-fenced with the custodian. Questions that make the sponsor or AMC the "owner" of investor money are wrong.

Read “Mutual funds: basics, structure and scheme types”
Chapter 4

Exam trap. Margin is not the price of the contract and not a cost; it is a security deposit returned when the position closes. The cost of a futures trade is brokerage, taxes and the financing of the margin. Questions describing margin as "the premium paid for a futures contract" confuse futures with options.

Read “Basics of derivatives”
Chapter 7

Exam trap. The buyer of a put has limited loss (the premium) and large but limited gain (strike − premium, since the index cannot fall below zero). The writer of a call has limited gain and unlimited loss. Questions that say "put buyer has unlimited profit" or "call writer has limited loss" are both wrong.

Read “Options”
Chapter 10

Exam trap. The coupon is a percentage of face value, not of price. A 7% bond at ₹97.42 still pays ₹7, not ₹6.82. And with semi-annual payments the rate per period is y ÷ 2, the number of periods is 2 × years; do not halve the coupon and leave the yield annual.

Read “Bond valuation and the yield curve”
Formulas to know

Learn these cold.

Chapter 1
NAV per unit = (Market value of assets − Liabilities) ÷ Units outstanding
Chapter 6
With a dividend yield q: F = S × e^((r − q) × T)
Chapter 8
Net debit = Premium paid − Premium received; Max profit = (Higher strike − Lower strike) − Net debit; Max loss = Net debit; Breakeven = Lower strike + Net debit
Chapter 11
Macaulay duration = Σ [t × PV(CF_t)] ÷ Price
Try ten questions now.

A free V-D sample test across the syllabus, every answer explained. Takes about ten minutes.

Start the sample test How to register
V-D, answered

Questions about this exam.

How many questions are in NISM Series V-D?

150 questions in 180 minutes. You need 60% to pass, and wrong answers carry negative marks, so skip what you truly don’t know. Confirm the current pattern on the NISM portal before you book.

How long should I prepare?

Our 13-chapter course takes about 2 hours to read. Add chapter tests and two practice mocks, and three to four weeks at around 30 minutes a day is a comfortable pace. Use the Final exam in the app to check you’re ready before you book.

What does it cost?

NISM charges ₹3,000 to enrol (as listed when we last checked). Preparing on FundsSchool is completely free: every chapter, question, mock and the Final exam.

How long is the certificate valid?

Three years from the date you pass. Plan your renewal before it lapses; NISM lists the renewal options for each certificate on its portal.

Are FundsSchool questions from the real exam?

No. Every question is original practice material written to the official syllabus and pattern. NISM does not publish its exam questions.

Previous guideNISM Series V-A
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