NISM Series II-B vs V-A: RTA operations or mutual fund distribution
Both exams are about mutual funds. One is for the people who sell them, the other for the people who process them.
Both are mutual fund exams, for opposite ends of the same transaction. Series V-A is for people who sell and distribute mutual funds: individual distributors, their employees, and bank and broker staff who sell schemes. It is the certificate an AMFI Registration Number (ARN) needs. Series II-B is for people who process those sales afterwards: staff in the mutual fund function of a registrar and transfer agent (RTA) such as CAMS or KFintech.
A simple test: if you talk to investors about which scheme to buy, you need V-A. If you handle the application once it is filled in, you need II-B. One certificate does not stand in for the other.
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The two exams side by side
As NISM states them on each exam's pages.
Who it is mandatory for
Series II-B (RTA, Mutual Fund)
Associated persons of an RTA in the mutual fund R&T function
Series V-A (Mutual Fund Distributors)
Associated persons engaged in selling or distributing mutual fund products
Linked registration
Series II-B (RTA, Mutual Fund)
None; the employer is the SEBI-registered RTA
Series V-A (Mutual Fund Distributors)
Needed for an ARN from AMFI
Questions
Series II-B (RTA, Mutual Fund)
100 MCQs, 1 mark each
Series V-A (Mutual Fund Distributors)
100 MCQs, 1 mark each
Duration
Series II-B (RTA, Mutual Fund)
2 hours
Series V-A (Mutual Fund Distributors)
2 hours
Pass mark
Series II-B (RTA, Mutual Fund)
50 out of 100 (50%)
Series V-A (Mutual Fund Distributors)
50 out of 100 (50%)
Negative marking
Series II-B (RTA, Mutual Fund)
None
Series V-A (Mutual Fund Distributors)
None
Chapters
Series II-B (RTA, Mutual Fund)
15
Series V-A (Mutual Fund Distributors)
12
Weightage published
Series II-B (RTA, Mutual Fund)
None
Series V-A (Mutual Fund Distributors)
None
Fee
Series II-B (RTA, Mutual Fund)
₹1,500 plus payment gateway charges
Series V-A (Mutual Fund Distributors)
₹1,500
Validity
Series II-B (RTA, Mutual Fund)
3 years
Series V-A (Mutual Fund Distributors)
3 years
Renewal
Series II-B (RTA, Mutual Fund)
Series II-B CPE or re-exam
Series V-A (Mutual Fund Distributors)
CPE for mutual fund distributors or re-exam
| Series II-B (RTA, Mutual Fund) | Series V-A (Mutual Fund Distributors) | |
|---|---|---|
| Who it is mandatory for | Associated persons of an RTA in the mutual fund R&T function | Associated persons engaged in selling or distributing mutual fund products |
| Linked registration | None; the employer is the SEBI-registered RTA | Needed for an ARN from AMFI |
| Questions | 100 MCQs, 1 mark each | 100 MCQs, 1 mark each |
| Duration | 2 hours | 2 hours |
| Pass mark | 50 out of 100 (50%) | 50 out of 100 (50%) |
| Negative marking | None | None |
| Chapters | 15 | 12 |
| Weightage published | None | None |
| Fee | ₹1,500 plus payment gateway charges | ₹1,500 |
| Validity | 3 years | 3 years |
| Renewal | Series II-B CPE or re-exam | CPE for mutual fund distributors or re-exam |
Where the syllabi overlap
Topics matched by chapter title and content. II-B units from its December 2024 workbook; V-A chapters from NISM's curriculum.
What a mutual fund is, open and close ended, AUM, TER
Series II-B unit
8
Series V-A chapter
II
Sponsor, trustees, AMC, custodian, RTA
Series II-B unit
9
Series V-A chapter
III
SEBI's role and regulation
Series II-B unit
5, 9
Series V-A chapter
IV
Scheme types, plans, product labelling, scheme documents
Series II-B unit
10
Series V-A chapter
II, V, XII
NAV, applicable NAV, cut-off times
Series II-B unit
11
Series V-A chapter
VII, IX
Stamp duty, STT and tax deduction
Series II-B unit
11
Series V-A chapter
VIII
KYC, nomination, investor types
Series II-B unit
12
Series V-A chapter
IX
Purchases, redemptions, switches, SIP, STP, SWP
Series II-B unit
14
Series V-A chapter
IX
Change of bank, address, transmission
Series II-B unit
15
Series V-A chapter
IX
| Topic | Series II-B unit | Series V-A chapter |
|---|---|---|
| What a mutual fund is, open and close ended, AUM, TER | 8 | II |
| Sponsor, trustees, AMC, custodian, RTA | 9 | III |
| SEBI's role and regulation | 5, 9 | IV |
| Scheme types, plans, product labelling, scheme documents | 10 | II, V, XII |
| NAV, applicable NAV, cut-off times | 11 | VII, IX |
| Stamp duty, STT and tax deduction | 11 | VIII |
| KYC, nomination, investor types | 12 | IX |
| Purchases, redemptions, switches, SIP, STP, SWP | 14 | IX |
| Change of bank, address, transmission | 15 | IX |
Same facts, different angle
The overlap is real: both papers test the mutual fund structure, NAV and cut-off times, KYC and the main transactions. If you hold V-A and take II-B, units 8 to 10 will be largely revision, and units 11, 12 and 14 will feel familiar.
The angle is what differs. V-A asks what the investor should buy and what the distributor may say. It spends whole chapters on investment basics, risk and return, scheme performance, scheme selection and distributor conduct. II-B asks what the RTA must do with the request: who may time stamp it, which bank account it may pay, which document proves the claim, how many days the RTA has. It adds equity, debt and other securities, the RTA's own SEBI regulations, Qualified RTA rules, and the banking and payment checks of Unit 13, none of which V-A covers in that depth.
Free account, this exam preselected.
Where a V-A holder loses marks in II-B
- check_circleAnswering as the adviser. II-B wants the operational answer: the stamp, the record, the document, the deadline.
- check_circleTime stamping detail: which location is an official point of acceptance, what gets stamped where, and why a distributor's office cannot stamp.
- check_circleTurnaround times for RTA services, which V-A barely touches.
- check_circleThird-party payment rules and payouts only to a verified bank account.
- check_circleUnit 1 to 4 securities basics: equity, debt, warrants, depository receipts.
Which one should you take?
Selling or advising on mutual funds, including as a bank relationship manager or a distributor's employee: V-A. Working at an RTA's Investor Service Centre or in its back office for mutual funds: II-B. A job seeker aiming at CAMS or KFintech operations wants II-B; one aiming at distribution or wealth sales wants V-A.
If your work covers both, for example an RTA employee who also deals with distributors, ask your compliance team which mandate names you. Each certificate is renewed separately.
II-B vs V-A questions
Is NISM V-A enough to work at CAMS or KFintech?expand_more
Not for roles in the mutual fund R&T function. NISM's standard for those associated persons is Series II-B. V-A covers selling and distributing mutual funds.
Can I get an ARN with NISM Series II-B?expand_more
No. An ARN needs Series V-A. Series II-B is the RTA certificate.
Which is harder, II-B or V-A?expand_more
NISM publishes no pass rate for either. Both have 100 questions, 2 hours, a 50% pass mark and no negative marking. II-B has more exact rules and timelines to remember; V-A has more on investment concepts and scheme selection.
Does passing V-A exempt me from part of II-B?expand_more
No. NISM states no exemption between the two. The mutual fund units will be familiar, but you sit the full II-B paper.
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