NISM Series V-B Exam Pattern
50 marks, 2 hours, negative marking: exactly how Series V-B is scored and passed.
NISM Series V-B, the Mutual Fund Foundation Certification Examination, is one paper of 50 multiple choice questions worth 1 mark each, so 50 marks in all. You get 2 hours. The pass mark is 25 out of 50 (50%). There is no negative marking: a wrong answer scores zero, the same as a blank.
It is the shortest paper in the NISM mutual fund family. Series V-A, the full distributor exam, has 100 questions in the same 2 hours. Series V-B is for the new cadre of distributors (postal agents, retired officials, teachers and bank officers) who sell a limited set of simple schemes, so the paper is half the length. The syllabus page lists its 10 chapters.
Series V-B at a glance
As NISM states it under Assessment Structure on the exam page.
| Item | Detail |
|---|---|
| Questions | 50, all multiple choice with one correct option |
| Marks per question | 1 |
| Total marks | 50 |
| Duration | 120 minutes (2 hours) |
| Pass mark | 25 out of 50 (50%) |
| Negative marking | None. A wrong answer costs nothing |
| Unanswered question | 0, no deduction |
| Case studies or sections | None. One flat paper, one overall pass mark |
| Mode | Computer-based at a test centre, on a slot you choose through NISM's certification portal |
| Result | A temporary mark sheet is given at the end of the examination |
How the score is worked out
Your score is simply the number of correct answers. There is nothing to subtract. 25 correct answers out of 50 is a pass; 24 is a fail. No chapter has its own minimum, so 25 correct from any mix of chapters clears the paper.
Because nothing is deducted, every blank question is a mark thrown away. Answer all 50. If you are unsure, rule out the options you know are wrong and pick from what is left; any guess beats a blank.
Time per question
120 minutes for 50 questions is 144 seconds each, twice the time per question on Series V-A. Most questions are recall of a definition, a document, a deadline or a tax rule. A few ask for a small calculation: a return from two NAVs, or a price after exit load. Answer what you know first, flag the rest, then return to them. Running out of time is not the risk on this paper. Rushing is.
Free account, this exam preselected.
How NISM Series V-B tests the material
The paper is flat MCQ, but the 10 chapters produce different question styles:
- check_circleChapters 1 to 3 (investment landscape, concept of a mutual fund, legal structure): plain definitions and who-does-what questions. Which asset class suits which goal, what an open-ended scheme is, what the sponsor, trustee, AMC, custodian and RTA each do, and what AMFI is.
- check_circleChapter 4 (products for the new cadre): the heart of this paper. Liquid and money market schemes, index funds, diversified equity schemes, retirement benefit schemes and fixed maturity plans. Expect an investor's need and a question on which product fits, or a feature question on one product.
- check_circleChapter 5 (scheme related information): which document is mandatory (scheme information document, statement of additional information, key information memorandum) and what each one carries.
- check_circleChapter 6 (distribution and channel management): what a distributor is paid, commission disclosure, the AMC's due diligence on distributors, and the line between a distributor and an investment adviser.
- check_circleChapters 7 and 8 (performance, taxation): the numerical questions. A return from a change in NAV, a sale price after exit load, risk-adjusted return, which benchmark fits which scheme, how capital gains and IDCW payouts are taxed, STT, stamp duty and Section 80C.
- check_circleChapter 9 (investor services): NFO process, cut-off time and time stamping, KYC, systematic transactions (SIP, SWP, STP), nomination, and turnaround times for payouts and statements.
- check_circleChapter 10 (legal and regulatory environment): SEBI's role, how an investor complaint travels, and the AMFI codes of conduct and ethics.
- check_circleThe trap: the paper tests the new-cadre product list, not the whole mutual fund universe. When a question asks which scheme suits an investor, the right option is one of the chapter 4 products. Taxation and cut-off rules change often; learn them from the current workbook.
Delivery mode and the result
Series V-B is a test-centre exam, not a remote-proctored one. You register on NISM's certification portal, then choose a test centre, a date and a time slot. There is no exam calendar to wait for. At the centre you take the paper on a workstation and click one answer per question.
A temporary mark sheet is handed over at the end of the examination. NISM does not re-evaluate MCQ papers. If you believe a particular question or two had an error, raise it at the test centre before you leave; NISM considers only on-the-spot requests.
Fee, PAN rule, validity and renewal are on the registration page. The chapter list and what each chapter covers is on the syllabus page.
FAQs
Is there negative marking in NISM Series V-B?expand_more
No. NISM states there shall be no negative marking for the Mutual Fund Foundation exam. A wrong answer scores zero, the same as a blank, so there is no reason to leave any question unanswered.
What are the passing marks for NISM V-B?expand_more
25 out of 50 (50%). There is one pass mark for the whole paper and no separate minimum for any chapter. With no negative marking, 25 correct answers out of 50 is enough.
How many questions are in NISM Series V-B and how long is it?expand_more
50 multiple choice questions of 1 mark each, to be completed in 2 hours (120 minutes). That is 144 seconds per question on average.
What is the difference between NISM Series V-A and V-B?expand_more
V-A is the Mutual Fund Distributors exam for anyone who wants to sell mutual funds: 100 questions, 100 marks, 2 hours, pass mark 50%. V-B is the Mutual Fund Foundation exam for the new cadre of distributors named in SEBI's 2012 circular, who sell a limited set of simple schemes: 50 questions, 50 marks, 2 hours, pass mark 50%. Neither has negative marking. V-B covers fewer products and is half the length.
Can I take the NISM V-B exam from home?expand_more
No. Series V-B is a test-centre exam. NISM runs some newer certifications in remote-proctored mode, but the Mutual Fund Foundation exam page does not list it as one. You choose a centre, date and slot on the certification portal.
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