NISM Series V-D: Frequently Asked Questions
Fee, validity, negative marking, re-attempts and renewal: the questions candidates actually ask.
The questions candidates ask most about NISM Series V-D, answered in one line each where one line is honest.
The exam itself
What is the passing score for NISM Series V-D?expand_more
90 out of 150 (60%). There is no sectional cut-off: the requirement is on the paper as a whole.
How long is the NISM Series V-D exam?expand_more
3 hours (180 minutes) for a 150-mark objective, computer-based paper. The result appears on screen as soon as you submit.
Does NISM Series V-D have negative marking?expand_more
Yes. 0.1 marks are deducted per incorrect answer. Confirm the current rule on your admit card before exam day.
What is the NISM Series V-D exam fee?expand_more
₹3,000 plus applicable GST, payable online at booking. The fee applies per attempt.
How long is NISM Series V-D valid?expand_more
3 years from the date of passing. To stay certified you either pass the exam again or complete the CPE programme before it expires.
When is the next NISM Series V-D exam date?expand_more
There isn't one. NISM certification exams run on demand throughout the year, so you register, choose a test centre and pick your own slot, typically within a week or two.
More about Mutual Fund, Specialized Investment Fund Distributors
Who needs to take the NISM Series V-D exam?expand_more
Anyone distributing Specialized Investment Funds (SIFs) 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 is the V-D exam pattern?expand_more
150 MCQs, 1 mark each, for 150 marks, in 180 minutes. Pass mark is 60% (90 marks), with negative marking of 0.10 per wrong answer (10%).
Is V-D harder than Series XIII?expand_more
V-D drops currency derivatives from the syllabus and carries negative marking of 0.10 per wrong answer, but it is calculation-heavy: 98 of the 150 marks sit in chapters requiring arithmetic, covering futures and options pricing, yield to maturity and duration.
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.
How long is the V-D certificate valid?expand_more
3 years from the date of passing.
What does the V-D syllabus cover?expand_more
22 chapters across three modules: Mutual Fund Distribution (45% weightage), Equity Derivatives (35%) and Interest Rate Derivatives (20%).
Free account, this exam preselected.