NISM Series V-B Study Material: What to Use
The official NISM workbook, third-party notes and mock tests, and what each is genuinely good for.
The study material for NISM Series V-B is NISM's own workbook, and it is free. NISM sends a soft copy after you enrol, and you can also download it from NISM's study material page after a short form. Printed copies are sold by Taxmann, NISM's publishing partner.
The workbook follows the exam's 10-chapter curriculum, so it is the base for everything. Many candidates reach V-B through Series V-A notes. That works only partly: V-B is a narrower exam for a specific group of distributors, and its product chapter has no twin in V-A.
How to get the workbook
- 1
Enrol for the exam on NISM's certification portal
NISM's FAQ for V-B says a soft copy of the workbook is sent free of cost after enrolment. If it does not arrive, NISM's FAQ says to contact your test administrator.
- 2
Or download it before you enrol
NISM's study material download page asks for your name, email, mobile number, city and state, then opens the workbook library. No charge.
- 3
Buy a printed copy only if you want one
Taxmann sells printed NISM workbooks online. The content is the same as the soft copy.
What to read alongside the workbook
V-B has fewer companion documents than most NISM exams. These are enough:
NISM V-B workbook (free soft copy)
Use it for
All 10 chapters, worked examples and chapter-end sample questions
Watch out for
A tax or load figure may have moved after the edition you hold
SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012
Use it for
Who the new cadre is and what 'simple and performing' schemes means, in SEBI's words (paragraphs 2 to 4)
Watch out for
Only three paragraphs of a wider circular concern this exam
AMFI Code of Conduct for Intermediaries and AMFI Code of Ethics
Use it for
Chapter X asks about conduct rules in AMFI's wording
Watch out for
Read AMFI's current text; the workbook copy may lag
NISM V-A workbook
Use it for
Deeper treatment of the chapters the two exams share
Watch out for
Four of its chapters are not in V-B; see the next section
| Material | Use it for | Watch out for |
|---|---|---|
| NISM V-B workbook (free soft copy) | All 10 chapters, worked examples and chapter-end sample questions | A tax or load figure may have moved after the edition you hold |
| SEBI circular CIR/IMD/DF/21/2012 dated September 13, 2012 | Who the new cadre is and what 'simple and performing' schemes means, in SEBI's words (paragraphs 2 to 4) | Only three paragraphs of a wider circular concern this exam |
| AMFI Code of Conduct for Intermediaries and AMFI Code of Ethics | Chapter X asks about conduct rules in AMFI's wording | Read AMFI's current text; the workbook copy may lag |
| NISM V-A workbook | Deeper treatment of the chapters the two exams share | Four of its chapters are not in V-B; see the next section |
Where the V-A workbook overlaps, and where it does not
Compared against NISM's curriculum pages for both exams:
- check_circleShared ground: concept and role of a mutual fund, legal structure, scheme related information, fund distribution, taxation and investor services have near-identical sub-topics in both curricula. V-A notes on these chapters work for V-B.
- check_circleOnly in V-B: chapter IV, Mutual Fund Products for the New Cadre of Distributors, covering liquid and money market schemes, index funds, diversified equity schemes, retirement benefit schemes and fixed maturity plans.
- check_circleOnly in V-A: separate chapters on NAV and total expense ratio; risk and return; scheme performance; and scheme selection. V-B folds a lighter version of returns, loads, risk and benchmarks into one chapter, Performance of Mutual Funds.
- check_circleThinner in V-B: chapter I stops at financial goals. V-A adds risk profiling, asset allocation and behavioural biases, which V-B does not list.
Free account, this exam preselected.
How Series V-B tests what you read
The paper is 50 one-mark multiple choice questions with no negative marking, so it rewards breadth over depth. The common trap is the product chapter: candidates who studied from V-A material assume a new-cadre distributor may sell any scheme. The SEBI circular restricts them to simple and performing schemes, and the workbook's chapter IV is written around that restriction. Read it as a list of what may be sold and why.
The second trap is arithmetic. Chapter VII asks you to compute a return or a transaction price after exit load, and chapter VIII asks which tax applies to which income. Work every example in the workbook with a calculator, because the questions use the workbook's method.
Spot stale or mislabelled notes in ten seconds
Check how the notes describe the paper. NISM's exam page says 50 questions of 1 mark each, 2 hours, pass at 50% (25 marks) and no negative marking. Notes that mention 100 questions are Series V-A material with a new label, and notes with a deduction for wrong answers were not written for this paper. Notes about the securities market as a whole are for Series XII, the Securities Markets Foundation exam, a different paper.
Using the workbook chapter by chapter
- checkChapters I to III: read once for vocabulary. Know the constituents of a fund (sponsor, trustee, AMC, custodian, RTA) and AMFI's role.
- checkChapter IV: read twice. Be able to say what each of the five product types is and which investor it suits.
- checkChapters V and VI: the mandatory scheme documents by name, who may distribute, how commission is disclosed, and how a distributor differs from an investment adviser.
- checkChapters VII and VIII: do the sums. Returns, exit load on the transaction price, and which tax hits which income.
- checkChapters IX and X: process and conduct. Cut-off times, KYC, systematic transactions, grievance redress and the AMFI codes are asked as plain fact questions.
- checkFinish with the chapter-end sample questions, then a timed set of 50 questions in 2 hours.
FAQs
Where can I download the NISM V-B workbook PDF?expand_more
From NISM's study material download page, after entering your name, email, mobile number, city and state. NISM also sends a soft copy after you enrol; if it does not arrive, contact your test administrator.
Is the NISM Series V-B study material free?expand_more
Yes. The soft copy is free. Only the printed copy, sold by Taxmann, costs money.
What is the difference between NISM Series V-A and V-B?expand_more
V-A is the full Mutual Fund Distributors exam. V-B is the Mutual Fund Foundation exam for the new cadre named in SEBI's September 2012 circular, such as postal agents and retired government officials, teachers and bank officers with at least 10 years of service, who may sell only simple and performing schemes. V-B's paper is shorter and its syllabus has 10 chapters against V-A's 12.
Can I prepare for V-B from the V-A workbook?expand_more
Partly. Six chapters overlap closely, but V-B's chapter IV has no V-A equivalent, and V-A spends four chapters on NAV, risk, performance and scheme selection that V-B compresses into one. Use the V-B workbook as the base and V-A only for depth on shared chapters.
Does NISM give sample questions for Series V-B?expand_more
Yes. NISM's FAQ points candidates to the chapter-end sample questions and worked examples in the workbook, and links to a mock test from the same page.
Next steps
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