NISM Series V-D: Mutual Fund, Specialized Investment Fund Distributors Certification
NISM Series V-D (Mutual Fund, Specialized Investment Fund Distributors Certification Examination) is the SEBI-mandated certification that qualifies a distributor to sell Specialized Investment Funds (SIF). Launched by NISM on 22 July 2026, it is a single exam covering mutual fund distribution, equity derivatives and interest rate derivatives, in place of the earlier two-exam route of Series V-A plus Series XIII.
The exam is 150 marks over 180 minutes, needs 90/150 to pass, carries negative marking of 0.1 per wrong answer, and stays valid for 3 years.
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NISM Series V-D at a glance
- Full nameNISM Series V-D: Mutual Fund, Specialized Investment Fund Distributors
- Conducted byNISM
- RegulatorSEBI
- Questions150
- Duration180 min
- Pass mark90/150 (60%)
- Negative marking0.1
- Validity3 years
- DifficultyHard
Who needs NISM Series V-D?
- check_circleMutual fund distributors who want to add SIF distribution to their existing practice
- check_circleNew entrants to mutual fund and SIF distribution, for whom the Series V-A plus Series XIII combination route closes after 21 September 2026
- check_circleEmployees of AMCs and distributor platforms who advise on or sell Specialized Investment Funds
- check_circleSeries XIII holders planning ahead of their certificate's eventual expiry, even though existing certificates stay valid until then
Where it takes you
- trending_upSIF Distribution Associate at a mutual fund distribution firm
- trending_upRelationship Manager handling Specialized Investment Fund clients
- trending_upMutual Fund and SIF Advisor at an AMC-empanelled distributor platform
- trending_upWealth Associate expanding from mutual funds into SIF products
NISM Series V-D syllabus
Investment Landscape
The broader investment landscape a mutual fund distributor operates in, including how mutual funds compare with other asset classes and investment avenues.
Concept and Role of a Mutual Fund
What a mutual fund is, the role it plays for investors, and the basic structure of a pooled investment vehicle.
Legal Structure of Mutual Funds in India
The trust structure of Indian mutual funds: the sponsor, trustee, AMC and custodian, and how each is regulated.
Legal and Regulatory Framework
The regulatory framework governing mutual funds and distributor conduct, including distributor obligations and codes of conduct.
Scheme Related Information
How to read scheme-related disclosure documents and what each discloses to investors before they invest.
Fund Distribution and Channel Management Practices
The distribution channels through which mutual funds are sold, and the practices distributors are expected to follow when engaging investors.
Net Asset Value, Total Expense Ratio and Pricing of Units
How a scheme's NAV is calculated, what the Total Expense Ratio covers, and how units are priced for purchase and redemption.
Taxation
The tax treatment of mutual fund investments for investors, including how gains are taxed across scheme categories.
Investor Services
The services a distributor and AMC provide investors across the investment lifecycle, from onboarding and folio management to statements and grievance redressal. Tied as the heaviest chapter in this module at 10 marks.
Risk, Return and Performance of Funds
How risk and return are measured for mutual fund schemes, and the standard metrics used to communicate them to investors.
Mutual Fund Scheme Performance
How to evaluate a scheme's historical performance and compare it meaningfully against benchmarks and peers.
Mutual Fund Scheme Selection
The framework for selecting mutual fund schemes appropriate to an investor's goals and risk profile. Tied as the heaviest chapter in this module at 10 marks.
Basics of Derivatives
The fundamentals of derivative instruments: what they are, the participants in derivative markets, and how they differ from the underlying cash market.
Understanding the Index
How market indices are constructed and used, and their role as the underlying for index derivatives.
Introduction to Forwards and Futures
The mechanics and pricing of forward and futures contracts, including margining. The single heaviest chapter on the entire paper at 15 marks.
Introduction to Options
The mechanics and pricing of call and put options, including payoff structures. The second-heaviest chapter on the paper at 13 marks.
Strategies using Equity Futures and Equity Options
Hedging and trading strategies built using combinations of equity futures and options contracts.
Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
The fundamentals of interest rates, fixed income instruments, and how fixed income markets function.
Interest Rate Derivatives
An introduction to interest rate derivative instruments and how they are used to manage interest rate exposure.
Exchange Traded Interest Rate Futures
The mechanics and pricing of exchange-traded interest rate futures contracts. The heaviest chapter in this module at 10 marks.
Exchange Traded Interest Rate Options
The mechanics and pricing of exchange-traded interest rate options contracts.
Strategies using Exchange Traded Interest Rate Derivatives
Hedging and trading strategies built using exchange-traded interest rate derivative instruments. Currency derivatives are not part of this syllabus; they remain in Series XIII.
How to register for NISM Series V-D
- 1
Create an NISM account
Register at certifications.nism.ac.in with your PAN, email and mobile number.
- 2
Complete KYC
Upload PAN and address proof. Verification is usually same-day.
- 3
Select the Series V-D module
Choose "Series V-D: Mutual Fund, Specialized Investment Fund Distributors" from the certification list and pay the registration fee online.
- 4
Book your test-centre slot
Pick a date and NISM test centre. Metro centres typically have slots within a week.
- 5
Take the exam
150 questions in 180 minutes, computer-based. Your result appears immediately on submission.
Fees and slot availability are set by NISM and can change: confirm current details on certifications.nism.ac.in.
NISM Series V-D guides
The syllabus, exam pattern and everything else about Mutual Fund, Specialized Investment Fund Distributors, each on its own page.
NISM Series V-D: frequently asked questions
What is NISM Series V-D?expand_more
NISM Series V-D is the Mutual Fund, Specialized Investment Fund Distributors Certification Examination conducted by the National Institute of Securities Markets. Passing it qualifies a distributor to sell Specialized Investment Funds (SIF), alongside mutual funds.
How is NISM Series V-D different from Series V-A?expand_more
Series V-A certifies mutual fund distribution alone. Series V-D covers mutual fund distribution plus equity derivatives and interest rate derivatives, and is what SEBI's 21 July 2026 circular now requires for SIF distribution. Series V-A on its own does not qualify a distributor to sell SIF.
How is NISM Series V-D different from Series XIII?expand_more
Series XIII (Common Derivatives) used to be paired with Series V-A as the two-exam route to SIF eligibility. That combination route closes to new entrants after 21 September 2026, and after that date new entrants need Series V-D instead. Distributors who already hold a valid Series XIII certificate keep their SIF eligibility until that certificate expires; the closure applies to new entrants only, not to existing Series XIII holders.
What is the syllabus for NISM Series V-D?expand_more
22 chapters across three modules: Mutual Fund Distribution (chapters 1-12, 68 of 150 marks), Equity Derivatives (chapters 13-17, 52 marks) and Interest Rate Derivatives (chapters 18-22, 30 marks). Currency derivatives are not part of the syllabus; they remain exclusive to Series XIII.
Is there negative marking in NISM Series V-D?expand_more
Yes. 0.10 marks are deducted for every wrong answer, out of 150 questions worth 1 mark each.
What is the passing score for NISM Series V-D?expand_more
90 out of 150 marks (60%), from a 150-question paper over 180 minutes. A large share of the paper, 98 of 150 marks, sits in calculation-heavy chapters covering futures and options pricing, yield to maturity and duration.
How long is NISM Series V-D valid?expand_more
The certification is valid for 3 years from the date of passing. Renewal requires either passing the exam again or completing the CPE programme before it expires.
Ready to start preparing?
1000+ practice questions and full-length mock tests for NISM Series V-D, with a solution for every question, ₹399 for full premium.
scheduleLimited-time price, ends midnight tonight