NISM Series II-B Formula Sheet
Ten formulas, what each one is for, and a worked example.
Series II-B is mostly about RTA operations and SEBI rules, but the workbook works through a handful of calculations an RTA does every day: units allotted, NAV, exit loads and stamp duty. These ten formulas cover them.
A worked exit-load example from the workbook follows the table.
You save ₹400
- Full-length mock tests
- Chapter-wise question bank
- AI study plan
One payment, no subscription · Valid for 1 month
The 10 Formulas
1
Formula
NAV per unit
Expression
(Total assets − Liabilities) ÷ Units outstanding
Use it for
The price at which units are issued and redeemed on a given day.
2
Formula
Units allotted
Expression
Amount invested ÷ Price per unit
Use it for
Units credited to the folio for a purchase or SIP instalment.
3
Formula
Unit capital
Expression
Units outstanding × Face value
Use it for
The scheme's unit capital, at face value rather than NAV.
4
Formula
Daily TER accrual
Expression
AUM × TER % ÷ 365
Use it for
The expense charged to the scheme each day, so the NAV is always net of costs.
5
Formula
Redemption price with exit load
Expression
NAV × (1 − Exit load %)
Use it for
The per-unit price the investor gets when an exit load applies.
6
Formula
Redemption proceeds (units given)
Expression
Units redeemed × Redemption price
Use it for
Payout when the investor specifies the number of units.
7
Formula
Units to redeem (amount given)
Expression
Amount wanted ÷ Redemption price
Use it for
Units cancelled when the investor specifies a rupee amount; the load pushes this up.
8
Formula
Stamp duty on purchase
Expression
Purchase amount × 0.005%
Use it for
₹5 per lakh on new units (lump sum, SIP or STP), since July 2020. Not on redemptions.
9
Formula
Appreciation withdrawal
Expression
Units redeemed = Appreciation amount ÷ NAV
Use it for
Under the appreciation option, only units equal in value to the gain are redeemed or switched.
10
Formula
Current yield of a bond
Expression
Coupon ÷ Market price × 100
Use it for
A bond's income return on its market price, not its face value.
| # | Formula | Expression | Use it for |
|---|---|---|---|
| 1 | NAV per unit | (Total assets − Liabilities) ÷ Units outstanding | The price at which units are issued and redeemed on a given day. |
| 2 | Units allotted | Amount invested ÷ Price per unit | Units credited to the folio for a purchase or SIP instalment. |
| 3 | Unit capital | Units outstanding × Face value | The scheme's unit capital, at face value rather than NAV. |
| 4 | Daily TER accrual | AUM × TER % ÷ 365 | The expense charged to the scheme each day, so the NAV is always net of costs. |
| 5 | Redemption price with exit load | NAV × (1 − Exit load %) | The per-unit price the investor gets when an exit load applies. |
| 6 | Redemption proceeds (units given) | Units redeemed × Redemption price | Payout when the investor specifies the number of units. |
| 7 | Units to redeem (amount given) | Amount wanted ÷ Redemption price | Units cancelled when the investor specifies a rupee amount; the load pushes this up. |
| 8 | Stamp duty on purchase | Purchase amount × 0.005% | ₹5 per lakh on new units (lump sum, SIP or STP), since July 2020. Not on redemptions. |
| 9 | Appreciation withdrawal | Units redeemed = Appreciation amount ÷ NAV | Under the appreciation option, only units equal in value to the gain are redeemed or switched. |
| 10 | Current yield of a bond | Coupon ÷ Market price × 100 | A bond's income return on its market price, not its face value. |
Worked Example: Redemption With a 1% Exit Load
From the NISM II-B workbook. The NAV is ₹20 and the scheme charges a 1% exit load.
- 1
Redemption price
20 × (1 − 0.01) = ₹19.80 per unit.
- 2
Investor redeems 1,000 units
1,000 × 19.80 = ₹19,800, not ₹20,000.
- 3
Investor asks for ₹20,000 instead
20,000 ÷ 19.80 = 1,010.10 units are redeemed.
Free account, this exam preselected.
Units or Rupees? Read the Request First
An exit load lowers the payout when the request is in units, and raises the units cancelled when it is in rupees. Questions often hinge on which one the investor specified.
FAQs
Is stamp duty charged when I redeem mutual fund units?expand_more
No. The 0.005% stamp duty applies only to purchases of new units. The RTA shows it separately in the account statement.
Can an AMC charge different exit loads to different investors?expand_more
No. SEBI does not permit exit loads that differ by type of investor or by transaction amount.
Is current yield worked on face value?expand_more
No. Current yield divides the coupon by the bond's market price. A 12% coupon bond trading at ₹109.50 has a current yield of about 10.95%.
Access exam-specific mock tests directly from your Android device.Trusted by learners and rated 4.6★ on Google Play.