NISM Series V-D Mutual Fund, Specialized Investment Fund Distributors (SIF Distributors / NISM V-D / NISM VD): Mock Tests & Exam Prep
NISM Series V-D (Mutual Fund, Specialized Investment Fund Distributors) is a SEBI-recognised certification exam in mutual funds. The exam has 150 marks over 180 minutes, needs 90/150 to pass (negative marking of 0.1), and stays valid for 3 years.
The single certification that qualifies you to distribute Specialized Investment Funds (SIFs), replacing the Series V-A plus Series XIII combination for new entrants.
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Total Marks
Duration
Pass Mark
Your Readiness
Series V-D · NISM
About This Certification
NISM Series V-D is the certification for distributing Specialized Investment Funds (SIFs), a SEBI product category positioned between mutual funds and AIFs for affluent and HNI clients. Launched 22 July 2026, it is administered by the National Institute of Securities Markets (NISM). Per SEBI's circular dated 21 July 2026, passing V-D alone qualifies a distributor for SIF distribution. The earlier route of holding both Series V-A and Series XIII stops being available to new entrants after 21 September 2026, though existing Series XIII holders stay valid for SIF distribution until their certificate expires.
Quick Facts
- RegulatorSEBI
- Conducted byNISM
- Validity3 Years
- Negative Marking0.1%
- Fee₹3000 + GST
What You Get
Question Bank Launching
Exam-pattern practice with full-length timed mocks and negative marking.
AI Smart Notes
Concise chapter summaries generated from the NISM workbook.
Key Concepts
Key concepts, one card at a time, for every formula and definition.
Doubt Forum
Get answers from mentors and past exam-takers.
Which of the following correctly calculates Net Asset Value?
Click an option to check your answer, no login required.
3 Steps to Pass Series V-D
Diagnostic Quiz
15 questions to baseline your current knowledge across all topics.
Personalized Plan
A day-by-day path built around your weak topics, not a generic schedule.
Mock & Improve
Sit full mocks and watch your Readiness Score climb in real time.
Know exactly when you're ready.
Our AI tracks your mock scores, topic mastery, and study consistency to predict your Series V-D pass probability in real time.
Concepts 92%
Regs 54%
Exam Syllabus & Topic Weightage
savings01. Investment Landscape
The broader investment landscape a mutual fund distributor operates in, including how mutual funds compare with other asset classes and investment avenues.
~3.3% weightage
storefront02. Concept and Role of a Mutual Fund
What a mutual fund is, the role it plays for investors, and the basic structure of a pooled investment vehicle.
~2.7% weightage
gavel03. Legal Structure of Mutual Funds in India
The trust structure of Indian mutual funds: the sponsor, trustee, AMC and custodian, and how each is regulated.
~2% weightage
receipt_long04. Legal and Regulatory Framework
The regulatory framework governing mutual funds and distributor conduct, including distributor obligations and codes of conduct.
~4.7% weightage
savings05. Scheme Related Information
How to read scheme-related disclosure documents and what each discloses to investors before they invest.
~4.7% weightage
storefront06. Fund Distribution and Channel Management Practices
The distribution channels through which mutual funds are sold, and the practices distributors are expected to follow when engaging investors.
~2.7% weightage
gavel07. Net Asset Value, Total Expense Ratio and Pricing of Units
How a scheme's NAV is calculated, what the Total Expense Ratio covers, and how units are priced for purchase and redemption.
~3.3% weightage
receipt_long08. Taxation
The tax treatment of mutual fund investments for investors, including how gains are taxed across scheme categories.
~2% weightage
savings09. Investor Services
The services a distributor and AMC provide investors across the investment lifecycle, from onboarding and folio management to statements and grievance redressal. Tied as the heaviest chapter in this module at 10 marks.
~6.7% weightage
storefront10. Risk, Return and Performance of Funds
How risk and return are measured for mutual fund schemes, and the standard metrics used to communicate them to investors.
~3.3% weightage
gavel11. Mutual Fund Scheme Performance
How to evaluate a scheme's historical performance and compare it meaningfully against benchmarks and peers.
~3.3% weightage
receipt_long12. Mutual Fund Scheme Selection
The framework for selecting mutual fund schemes appropriate to an investor's goals and risk profile. Tied as the heaviest chapter in this module at 10 marks.
~6.7% weightage
savings13. Basics of Derivatives
The fundamentals of derivative instruments: what they are, the participants in derivative markets, and how they differ from the underlying cash market.
~6.7% weightage
storefront14. Understanding the Index
How market indices are constructed and used, and their role as the underlying for index derivatives.
~3.3% weightage
gavel15. Introduction to Forwards and Futures
The mechanics and pricing of forward and futures contracts, including margining. The single heaviest chapter on the entire paper at 15 marks.
~10% weightage
receipt_long16. Introduction to Options
The mechanics and pricing of call and put options, including payoff structures. The second-heaviest chapter on the paper at 13 marks.
~8.7% weightage
savings17. Strategies using Equity Futures and Equity Options
Hedging and trading strategies built using combinations of equity futures and options contracts.
~6% weightage
storefront18. Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
The fundamentals of interest rates, fixed income instruments, and how fixed income markets function.
~4% weightage
gavel19. Interest Rate Derivatives
An introduction to interest rate derivative instruments and how they are used to manage interest rate exposure.
~1.3% weightage
receipt_long20. Exchange Traded Interest Rate Futures
The mechanics and pricing of exchange-traded interest rate futures contracts. The heaviest chapter in this module at 10 marks.
~6.7% weightage
savings21. Exchange Traded Interest Rate Options
The mechanics and pricing of exchange-traded interest rate options contracts.
~4% weightage
storefront22. Strategies using Exchange Traded Interest Rate Derivatives
Hedging and trading strategies built using exchange-traded interest rate derivative instruments. Currency derivatives are not part of this syllabus; they remain in Series XIII.
~4% weightage
Free Resources
NISM Series V-D Mutual Fund, Specialized Investment Fund Distributors Mock Tests
Sit free, full-length NISM Series V-D (SIF Distributors / NISM V-D / NISM VD) mock tests that mirror the real exam: 150 marks over 180 minutes, 0.1 negative marking. Each attempt is auto-scored against the 60% pass mark with instant solutions, so you know exactly when you are ready.
NISM Series V-DStudy Material & Notes
Chapter-wise Mutual Fund, Specialized Investment Fund Distributors study material and revision notes built from the official SEBI syllabus, with previous-year style MCQs to lock in every high-weightage topic as the question bank rolls out.
NISM Series V-D Syllabus 2025-26
- Investment Landscape3.3%
- Concept and Role of a Mutual Fund2.7%
- Legal Structure of Mutual Funds in India2%
- Legal and Regulatory Framework4.7%
- Scheme Related Information4.7%
- Fund Distribution and Channel Management Practices2.7%
- Net Asset Value, Total Expense Ratio and Pricing of Units3.3%
- Taxation2%
- Investor Services6.7%
- Risk, Return and Performance of Funds3.3%
- Mutual Fund Scheme Performance3.3%
- Mutual Fund Scheme Selection6.7%
- Basics of Derivatives6.7%
- Understanding the Index3.3%
- Introduction to Forwards and Futures10%
- Introduction to Options8.7%
- Strategies using Equity Futures and Equity Options6%
- Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets4%
- Interest Rate Derivatives1.3%
- Exchange Traded Interest Rate Futures6.7%
- Exchange Traded Interest Rate Options4%
- Strategies using Exchange Traded Interest Rate Derivatives4%
Frequently Asked Questions
Who needs to take the NISM Series V-D exam?
Anyone distributing Specialized Investment Funds (SIFs) needs to be V-D certified. Per SEBI's 21 July 2026 circular, V-D alone is sufficient for SIF distribution; the older Series V-A plus Series XIII combination is no longer required for that purpose for new entrants.
How is V-D different from Series V-A and Series XIII?
Series V-A covers mutual fund distribution, and Series XIII separately covers currency derivatives among other topics. V-D combines mutual fund distribution with equity and interest rate derivatives into one exam built for SIF distributors, and drops currency derivatives, which stays in Series XIII.
What is the V-D exam pattern?
150 MCQs, 1 mark each, for 150 marks, in 180 minutes. Pass mark is 60% (90 marks), with negative marking of 0.10 per wrong answer (10%).
Is V-D harder than Series XIII?
V-D drops currency derivatives from the syllabus and carries negative marking of 0.10 per wrong answer, but it is calculation-heavy: 98 of the 150 marks sit in chapters requiring arithmetic, covering futures and options pricing, yield to maturity and duration.
What happens to my existing Series XIII certificate?
Existing Series XIII holders stay valid for SIF distribution until their certificate expires. The Series V-A plus Series XIII route only closes to new entrants after 21 September 2026.
How long is the V-D certificate valid?
3 years from the date of passing.
What does the V-D syllabus cover?
22 chapters across three modules: Mutual Fund Distribution (45% weightage), Equity Derivatives (35%) and Interest Rate Derivatives (20%).
How we prepare you for Mutual Fund, Specialized Investment Fund Distributors
Everyone selling exam prep tells you that you'll pass. Here is the machinery underneath the claim - six things the product does, in the order you'll meet them.
A diagnostic, before a single lesson
Fifteen questions map what you already know against the syllabus.
Most people waste their first fortnight re-reading chapters they'd already pass. The diagnostic exists so your plan starts at the gaps, not at page one.
Chapters broken into five-minute cards
The syllabus is re-cut into sessions that fit a commute, not an evening.
A 600-page workbook asks you to find an hour you don't have. Bite-sized cards ask for the ten minutes you already lose to a queue - which is why the habit survives past week two.
Practice that follows your mistakes
The engine weights questions toward the topics you keep getting wrong.
A static question bank serves everyone the same 1,200 questions in the same order. Adaptive weighting means your revision time lands where it actually moves the score.
A worked solution on every question
Not just the right option - the reasoning, and the trap you fell for.
Knowing you picked C and the answer was B teaches you nothing. Every question carries the working, so a wrong answer is the most useful thing that happens in a session.
Mocks under real exam conditions
Full length, properly timed, with negative marking where the series has it.
The exam is as much a clock-management problem as a knowledge one. A mock that doesn't reproduce the pressure tells you how you'd do in an untimed, forgiving version of an exam that is neither.
One number: your Preparedness Score
Whether you'd pass today - and which chapters are holding it down.
Every other method leaves you guessing at the only question that matters before you pay the exam fee. The score is the answer, and it moves as you do.
Why people leave the alternatives
You have four other options, and each one genuinely beats us at something. Here is the whole picture - including the rows where they win.
| Dimension | PrepCleverPrepClever | Coaching centreClassroom batch | YouTube & PDFsFree material | Other prep appsTypical case | BooksSelf-study |
|---|---|---|---|---|---|
| What it costs to start | Free forever core - no card | ₹30,000–50,000 upfront | Free | Freemium; the real bank is paywalled | ₹500–1,500 per workbook |
| When you can study | Five-minute sessions, any time | Fixed batch timings, fixed venue | Any time | Any time | Any time |
| Does it know your weak areas? | Adaptive - weights toward what you miss | One pace for the whole batch | Nothing is tracked | Usually a static bank in fixed order | Nothing is tracked |
| Why was my answer wrong? | Worked solution on every question | Strong - if you can get the teacher's time | The comments section | Often an answer key only | Answer key at the back |
| Am I ready to book the exam? | Preparedness Score, updated per session | A mock rank, and instinct | No signal at all | Your raw score on the last test | No signal at all |
| Is the syllabus current? | Tracked against SEBI workbook updates | Depends entirely on the centre | Often years out of date | Varies; rarely dated on the page | Whatever the last reprint said |
| How many NISM series? | All 26 | The one or two that fill a batch | Patchy - the popular ones | Usually the popular ones | One book per series |
Rival columns describe the typical case, not every provider. A good coaching teacher will out-explain any app on the day you can actually reach them.
Rather judge it yourself? Take a free test or read a worked solution before you decide.
Ready to pass Series V-D?
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