NISM Series V-D Eligibility: Who Needs It?
NISM certifications have no degree requirement. What matters is the role you hold. Here is who Series V-D is mandatory for.
If you distribute or plan to distribute Specialized Investment Funds (SIFs), NISM Series V-D is the certification SEBI requires. Per SEBI's circular dated 21 July 2026, passing V-D alone is sufficient to qualify a distributor for SIF distribution.
SIFs are a SEBI product category positioned between mutual funds and Alternative Investment Funds, aimed at affluent and HNI clients. V-D was built specifically for the distributors who sell them, combining mutual fund distribution with the equity and interest rate derivatives knowledge SIF products require.
Who must hold Series V-D
Mandatory for anyone distributing or advising on Specialized Investment Funds, including:
- checkMutual fund distributors extending into SIF distribution
- checkWealth managers advising HNI and UHNI clients on portfolios that include SIFs
- checkRelationship managers at a bank, brokerage or private banking desk that offers SIF products
Already hold Series V-A plus Series XIII? You are not affected yet
The earlier route of holding both Series V-A and Series XIII to distribute SIFs closes to new entrants after 21 September 2026. It does not withdraw anyone's existing certificate. If you already hold Series XIII, it stays valid for SIF distribution until it expires. V-D only becomes mandatory for you once you are a new entrant to SIF distribution, or once your Series XIII certificate lapses and you need to requalify.
V-D exam pattern at a glance
The mechanics of the certification you'll actually sit:
| Series V-D | |
|---|---|
| Questions | 150 (1 mark each) |
| Duration | 180 minutes |
| Pass mark | 90 out of 150 (60%) |
| Negative marking | 0.10 per wrong answer |
| Validity | 3 years |
Free account, this exam preselected.
As with NISM's other certifications, there is no minimum educational qualification to sit Series V-D and no prescribed minimum age. What determines whether you need it is the role you hold: anyone distributing or advising on SIFs needs this certification, regardless of background. Confirm the current registration rules on the NISM certification portal before you register, since NISM revises these between cycles.
Quick self-check
Ask yourself one question:
- checkAre you a new entrant to SIF distribution, with no existing Series XIII certificate? → You need Series V-D.
- checkDo you already hold a valid Series XIII certificate? → You remain valid for SIF distribution until it expires; V-D is not yet mandatory for you.
Eligibility questions
Who needs to take the NISM Series V-D exam?expand_more
Anyone distributing Specialized Investment Funds needs to be V-D certified. Per SEBI's 21 July 2026 circular, V-D alone is sufficient for SIF distribution; the older Series V-A plus Series XIII combination is no longer required for that purpose for new entrants.
How is V-D different from Series V-A and Series XIII?expand_more
Series V-A covers mutual fund distribution, and Series XIII separately covers currency derivatives among other topics. V-D combines mutual fund distribution with equity and interest rate derivatives into one exam built for SIF distributors, and drops currency derivatives, which stays in Series XIII.
What happens to my existing Series XIII certificate?expand_more
Existing Series XIII holders stay valid for SIF distribution until their certificate expires. The Series V-A plus Series XIII route only closes to new entrants after 21 September 2026. Nobody's existing certificate is withdrawn.
Is there a minimum qualification for Series V-D?expand_more
NISM certifications generally set no minimum educational qualification or age. Check the current rule on the certification portal before you register, since requirements can be revised between cycles.