NISM AcademyNISM Series V-D Specialized Investment Fund Distributors: exam pattern, syllabus and mock tests
For distributors who sell Specialized Investment Funds (SIFs) as well as mutual funds. NISM Series V-D, launched with effect from 22 July 2026, is for mutual fund and Specialized Investment Fund (SIF) distributors. Alongside mutual fund basics and scheme selection, it covers equity derivatives, trading strategies, fixed income and interest rate derivatives, because SIF strategies use them.
NISM Series V-D exam pattern at a glance
- Questions
- 150
- Duration
- 180 minutes
- Total marks
- 150
- Passing score
- 60% (90/150)
- Negative marking
- 10% per wrong answer
- Exam fee
- ₹3,000 + charges
- Certificate valid
- 3 years
150 multiple-choice questions, 1 mark each. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series V-D page before you book.
Who should take NISM Series V-D?
Individual mutual fund and SIF distributors, employees of distribution firms in sales roles, and AMC sales staff.
Why you need it: Covers the knowledge needed to distribute SIFs, the SEBI product category that sits between mutual funds and PMS.
NISM Series V-D syllabus: 22 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
- Basics of Derivatives
- Understanding the Index
- Introduction to Forwards and Futures
- Introduction to Options
- Strategies using Equity Futures and Equity Options
- Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
- Interest Rate Derivatives
- Exchange Traded Interest Rate Futures
- Exchange Traded Interest Rate Options
- Strategies using Exchange Traded Interest Rate Derivatives
How to prepare for NISM Series V-D
It is long: 150 questions in 3 hours. If you have already passed V-A, spend most of your time on derivatives and SIF strategies. Negative marking is only 10%, so attempt questions you can narrow down.
Not sure where you stand?
Take the free NISM Series V-D 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-D FAQs
What is NISM Series V-D?
NISM Series V-D is the Specialized Investment Fund Distributors Certification Examination conducted by the National Institute of Securities Markets. Covers the knowledge needed to distribute SIFs, the SEBI product category that sits between mutual funds and PMS.
How many questions are in NISM Series V-D?
The exam has 150 multiple-choice questions, 1 mark each, for a total of 150 marks. You get 180 minutes.
What is the passing score for NISM Series V-D?
You need 60%, which is 90 out of 150 marks.
Is there negative marking in NISM Series V-D?
Yes. 10% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series V-D?
It is long: 150 questions in 3 hours. If you have already passed V-A, spend most of your time on derivatives and SIF strategies. Negative marking is only 10%, so attempt questions you can narrow down.
How do I register for NISM Series V-D?
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-D certificate valid?
Three years from the date you pass.