NISM Series V-B Previous Year Papers
No official past paper exists for Series V-B. The published format and 10-chapter curriculum give you what one would have.
NISM does not publish previous year papers for Series V-B, the Mutual Fund Foundation Certification Examination. The exam runs on demand all year, and each candidate's paper is drawn from a question bank, so there is no annual paper to release. A file sold as the 2024 or 2025 Series V-B paper is not an official document.
What NISM does publish is enough: the paper's structure, a 10-chapter curriculum with sub-topics, and a free workbook with chapter-end sample questions. This page shows the question each chapter produces and how to practise against the real format.
About the PDFs that claim to be real papers
Files shared as leaked or memory-based Series V-B papers are recollections at best. They carry no answer key you can trust and often mix in Series V-A questions on products the V-B cadre cannot sell. Do not pay for one.
What the Series V-B paper looks like
Every fact below is from NISM's exam page and FAQ.
| Item | Series V-B |
|---|---|
| Questions | 50 multiple-choice questions, 1 mark each |
| Total marks | 50 |
| Duration | 2 hours |
| Pass mark | 25 out of 50 (50%) |
| Wrong answer | No deduction. A wrong answer scores zero, the same as a blank. |
| Where | NISM test centre, date and slot of your choice, no fixed exam date |
| Result | A temporary mark sheet at the end of the examination |
| Syllabus | 10 chapters on NISM's curriculum page |
The question each chapter produces
NISM publishes no chapter weightage for Series V-B, so ignore any site that prints one. Treat each sub-topic on the curriculum page as something that can be asked.
- check_circleChapter I, Investment Landscape: saving versus investing, asset classes and financial needs. Usually a definition question.
- check_circleChapter II, Concept and Role of a Mutual Fund: what a mutual fund is and how schemes are classified (open-ended or close-ended, equity or debt).
- check_circleChapter III, Legal Structure of Mutual Funds in India: who does what among sponsor, trustee, asset management company, custodian, registrar and AMFI. A role is described and you name the constituent.
- check_circleChapter IV, Mutual Fund Products for the New Cadre of Distributors: the five products the cadre may sell: liquid and money market schemes, index funds, diversified equity schemes, retirement benefit schemes and fixed maturity plans. A feature is described and you name the product.
- check_circleChapter V, Scheme Related Information: which document carries which disclosure, and what counts as a non-mandatory disclosure.
- check_circleChapter VI, Fund Distribution and Channel Management Practices: how a distributor qualifies and earns, commission disclosure, and distributor versus investment adviser.
- check_circleChapter VII, Performance of Mutual Funds: the arithmetic chapter: a return from two NAVs, a price after exit load, and a risk or benchmark concept.
- check_circleChapter VIII, Taxation: capital gains, IDCW income, stamp duty, securities transaction tax, Section 80C, TDS and GST. You pick the tax rule that applies.
- check_circleChapter IX, Investor Services: the process chapter: NFO steps, cut-off time, KYC, systematic and non-financial transactions.
- check_circleChapter X, Legal and Regulatory Environment: SEBI's role, investor grievance redressal, and the AMFI codes of conduct and ethics. Often a clause from the code and whether it is permitted.
Free account, this exam preselected.
How NISM Series V-B tests this material
The paper is a knowledge check, not a calculation test. Most questions test one fact: a definition, a constituent's role, a document's purpose, a process step or a rule from the codes. The options are usually near-neighbours: the right term, the term from the next sub-topic, an older practice, and a plausible invention.
The second trap is the product list. Series V-A covers every scheme type; Series V-B covers only the five products in chapter IV. Candidates who prepare from V-A notes learn products the paper never asks about. Learn the five products thoroughly, including which investor each suits.
The third trap is leaving questions blank. With no negative marking, a blank and a wrong answer both score zero. Answer all 50. The exam-pattern page works through the scoring.
How to practise without past papers
A past paper would give you the format, the question style and a score. You can build all three.
- 1
Turn the curriculum into a question list
Write one question for every sub-topic under every chapter on NISM's curriculum page. Chapter IX alone gives you fifteen. The list covers everything the paper can ask.
- 2
Use the workbook's own questions first
NISM's FAQ points candidates to the chapter-end sample questions and worked-out examples in the workbook as the official practice. Do every one, and redo the chapter VII examples until the arithmetic is automatic.
- 3
Build near-neighbour options
For every term in the workbook, note the term next to it: sponsor beside trustee, exit load beside expense ratio. Those pairs are the options the paper uses.
- 4
Sit timed sets in the real format
A practice set is useful only if it is 50 questions in 2 hours, 1 mark right and nothing off for wrong. Treat 25 marks as the line and aim for a margin above it.
- 5
Fix the chapter, not the question
Group your wrong answers by chapter. Two or more misses in one chapter means re-reading that chapter.
Checking a third-party question set
Compare a set's stated format with the table above. A set built for 100 questions was written for Series V-A, and one with negative marking was not written for this paper. Questions on schemes outside chapter IV's five products are a second sign. The study-material page lists what to read alongside the workbook.
FAQs
Where can I download NISM Series V-B previous year question papers?expand_more
Nowhere official. NISM does not release past papers or answer keys for any certification. Files offered under that name are recollections or third-party sets.
Does NISM repeat questions in the Mutual Fund Foundation exam?expand_more
Each paper is drawn from a question bank, so two candidates on the same day can see different questions. Topics repeat because the curriculum is fixed; the wording does not.
What is the difference between NISM Series V-A and V-B practice questions?expand_more
Series V-A is the full distributor exam, 100 questions on every scheme type. Series V-B is 50 questions for the new cadre of distributors and tests only the five products in chapter IV plus the basics around them.
Can I take the NISM Series V-B exam from home?expand_more
No. NISM lists Series V-B as a test-centre exam, not a remote-proctored one. You pick a test centre, date and time slot; there is no fixed exam date.
Can I ask NISM to re-check my Series V-B paper?expand_more
No. NISM does not re-evaluate papers; the MCQs are marked by the system. A doubt about a particular question can be raised at the test centre before you leave.
Next steps
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