NISM AcademyNISM Series V-A Mutual Fund Distributors: exam pattern, syllabus and mock tests
The exam you need to sell mutual funds and get your ARN from AMFI. NISM Series V-A tests what a mutual fund distributor needs to know: how funds are structured and regulated, scheme types, NAV and pricing, taxation, investor services and how to recommend suitable schemes. Passing it is the first step to getting an ARN.
NISM Series V-A exam pattern at a glance
- Questions
- 100
- Duration
- 120 minutes
- Total marks
- 100
- Passing score
- 50% (50/100)
- Negative marking
- None
- Exam fee
- ₹1,500 + charges
- Certificate valid
- 3 years
100 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series V-A page before you book.
Who should take NISM Series V-A?
New mutual fund distributors, bank and wealth relationship staff, AMC sales teams, and anyone who wants to earn commission on mutual fund sales. There is no minimum qualification.
Why you need it: You need it to apply for an ARN (AMFI Registration Number). Without an ARN you can’t distribute mutual funds or receive commission.
NISM Series V-A syllabus: 12 chapters
- Investment Landscape
- Concept and Role of a Mutual Fund
- Legal Structure of Mutual Funds in India
- Legal and Regulatory Framework
- Scheme Related Information
- Fund Distribution and Channel Management Practices
- Net Asset Value, Total Expense Ratio and Pricing of Units
- Taxation
- Investor Services
- Risk, Return and Performance of Funds
- Mutual Fund Scheme Performance
- Mutual Fund Scheme Selection
How to prepare for NISM Series V-A
Most people are ready in 3 to 4 weeks. Read each chapter, practise it, then take 3 or 4 full mocks. There’s no negative marking, so answer every question.
Not sure where you stand?
Take the free NISM Series V-A level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series V-A FAQs
What is NISM Series V-A?
NISM Series V-A is the Mutual Fund Distributors Certification Examination conducted by the National Institute of Securities Markets. You need it to apply for an ARN (AMFI Registration Number). Without an ARN you can’t distribute mutual funds or receive commission.
How many questions are in NISM Series V-A?
The exam has 100 multiple-choice questions, 1 mark each, for a total of 100 marks. You get 120 minutes.
What is the passing score for NISM Series V-A?
You need 50%, which is 50 out of 100 marks.
Is there negative marking in NISM Series V-A?
No. There is no negative marking, so attempt every question.
How should I prepare for NISM Series V-A?
Most people are ready in 3 to 4 weeks. Read each chapter, practise it, then take 3 or 4 full mocks. There’s no negative marking, so answer every question.
How do I register for NISM Series V-A?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series V-A certificate valid?
Three years from the date you pass.