What is the passing mark for NISM Series V-A?

You need 50% to pass NISM-Series-V-A: Mutual Fund Distributors. On a 100-mark paper that is 50 marks.

How long is the NISM Series V-A exam?

The exam runs for 120 minutes and carries 100 marks in total.

How long is the NISM Series V-A certificate valid?

NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.

NISM Series V-A

Mutual Fund Distributors

The most widely taken NISM exam. Mandatory for anyone who sells or advises on mutual funds — distributors, bank relationship managers and IFAs. No negative marking, 50% to pass.

Exam pattern

Duration: 120 min
Total marks: 100
Pass mark: 50% (50)
Negative marking: None

There is no negative marking, so never leave a question blank — an uncertain guess costs you nothing.

Syllabus and chapter weightage

Weightages are taken from the official syllabus table published in the NISM workbook, so you can see exactly where the marks are.

Every chapter can be read free, no account needed — tap a chapter to open its plain-English Foundation lesson.

Sample questions

5 questions from the chapter tests, one per chapter. Pick your answer before you open the explanation.

Question 1 · Chapter 1: Investment Landscape
Which among the following investment avenues does NOT offer income on a regular basis?
1. A.Real estate
2. B.Physical gold
3. C.Stocks
4. D.Debentures
Show the answer
Answer: B. Physical gold
Commodities are the only asset class that generates no intermittent cash flow. An investor in gold or silver must rely entirely on capital appreciation.

The others all produce current income: real estate pays rent, stocks may pay dividends (not guaranteed), and debentures pay interest.
Question 2 · Chapter 2: Concept & Role of a Mutual Fund
A mutual fund is best described as a vehicle in the form of a:
1. A.Company
2. B.Trust
3. C.Partnership firm
4. D.Limited liability partnership
Show the answer
Answer: B. Trust
A mutual fund is a vehicle in the form of a trust that mobilises money from investors to invest in markets and securities in line with stated investment objectives.

The trust structure is not a technicality — it is what legally separates your money from the AMC's money, and Chapter 3 is devoted entirely to it.
Question 3 · Chapter 3: Legal Structure of Mutual Funds in India
Mutual funds in India are constituted as trusts and are therefore governed by which Act?
1. A.The Companies Act, 2013
2. B.The Indian Trusts Act, 1882
3. C.The Indian Contract Act, 1872
4. D.The Banking Regulation Act, 1949
Show the answer
Answer: B. The Indian Trusts Act, 1882
Mutual funds are constituted as trusts and are governed by the Indian Trusts Act, 1882. The trust deed itself is registered under the Indian Registration Act, 1908.

The trust form is what keeps scheme assets legally separate from the AMC's own assets — if the AMC fails, its creditors have no claim on your portfolio.
Question 4 · Chapter 4: Legal and Regulatory Framework
Which of the following regulates mutual funds in India?
1. A.Securities and Exchange Board of India
2. B.Association of Mutual Funds in India
3. C.Asset Management Companies
4. D.Board of Trustees of mutual funds
Show the answer
Answer: A. Securities and Exchange Board of India
SEBI regulates the securities markets, including mutual funds, depositories, custodians, RTAs and credit rating agencies.

AMFI is an industry association, not a regulator — it issues codes (ACE and AGNI) but has no statutory regulatory power. The AMC runs the schemes and the trustees supervise, but neither regulates.
Question 5 · Chapter 5: Scheme Related Information
"Please read the scheme related documents carefully" — which documents does this line primarily refer to?
1. A.Scheme Information Document and audited balance sheet of the AMC
2. B.Trust deed and Key Information Memorandum
3. C.Statement of Additional Information and fund factsheet
4. D.Scheme Information Document and Statement of Additional Information
Show the answer
Answer: D. Scheme Information Document and Statement of Additional Information
The two primary documents for understanding a scheme are the Scheme Information Document (SID), which covers the particular scheme, and the Statement of Additional Information (SAI), which holds statutory information about the mutual fund and AMC.

The fund factsheet in option C is not a statutory document at all — publishing it is voluntary market practice. The trust deed and the AMC's balance sheet are not the documents this warning refers to.

Start preparing free

The Foundation lessons are open to everyone. A free account adds the chapter tests, two deeper levels per chapter, and mock exams that use this paper’s real marking rules.

Read chapter 1 free Create a free account

What we teach from

Our Series V-A material is written from the official NISM workbook, and every lesson and question cites the workbook page it came from — so you can check any figure against the source rather than taking our word for it.

NISM Series V-A Mutual Fund Distributors Cert Exam Version March 2026 · March 2026 edition · 318 pages

The workbook is published and copyrighted by NISM. Get your own copy and confirm the current edition at nism.ac.in.

Frequently asked questions

What is the passing mark for NISM Series V-A?: You need 50% to pass NISM-Series-V-A: Mutual Fund Distributors. On a 100-mark paper that is 50 marks.
Is there negative marking in NISM Series V-A?: There is no negative marking, so never leave a question blank — an uncertain guess costs you nothing.
How long is the NISM Series V-A exam?: The exam runs for 120 minutes and carries 100 marks in total.
How long is the NISM Series V-A certificate valid?: NISM certifications are generally valid for 3 years from the date of passing, after which they must be renewed. Confirm the current position on nism.ac.in before your certificate lapses.