How to Prepare for NISM Series V-D
Chapter order, time needed, and where marks are actually lost on the Mutual Fund, Specialized Investment Fund Distributors paper.
NISM Series V-D launched on 22 July 2026, and no pass rate has been published for it yet. That absence is not a difficulty signal either way. Too few candidates have sat it so far for a number to exist. Ignore any site that quotes one; there is nothing to quote.
What is known is the shape of the paper: 150 questions in 180 minutes, negative marking of 0.10 per wrong answer, and a pass mark of 90 out of 150 (60%). That negative marking is lower than the 0.25 most other 150-mark NISM papers carry, but it is still a real cost. Unlike a zero-negative-marking exam, a blind guess can still hurt your score.
A study order that follows the marks
The syllabus is organised into three modules. Study in this order, heaviest first:
- 1
Module 1: Mutual Fund Distribution (chapters 1-12, 68 of 150 marks, 45%)
The largest module and the foundation for everything after it. Chapter 9 (Investor Services) and chapter 12 (Mutual Fund Scheme Selection) are the two heaviest chapters here at 10 marks each. Chapters 4 (Legal and Regulatory Framework) and 5 (Scheme Related Information) carry 7 marks each. Together, these four chapters are more than half the module.
- 2
Module 2: Equity Derivatives (chapters 13-17, 52 of 150 marks, 35%)
The most calculation-heavy module on the paper. Chapter 15 (Introduction to Forwards and Futures) is the single heaviest chapter on the entire exam at 15 marks, followed by chapter 16 (Introduction to Options) at 13. Between them, these two chapters alone are close to a fifth of the total paper.
- 3
Module 3: Interest Rate Derivatives (chapters 18-22, 30 of 150 marks, 20%)
The lightest module by marks, but still calculation-heavy. Chapter 20 (Exchange Traded Interest Rate Futures) carries 10 marks on its own. Currency derivatives are not part of this syllabus. They remain in Series XIII.
- 4
At least one full timed mock
150 questions, 180 minutes, no interruptions. A paper this long rewards pacing practice: knowing which calculation-heavy questions to work through and which to flag and return to.
Calculation-heavy: 98 of 150 marks
98 of the 150 marks on this paper sit in chapters that require arithmetic: futures and options pricing, hedging calculations and strategy payoffs in Module 2, yield to maturity and duration calculations in Module 3, and NAV, TER and scheme-selection metrics in Module 1. Reading the workbook is not enough for these chapters. You need to be able to work through the calculations under time pressure, not just recognise the formulas.
Free account, this exam preselected.
With 0.10 marks off per wrong answer, a random guess on a four-option question still carries a small positive expected value, but it is nowhere near as forgiving as an exam with no negative marking at all. Save guessing for questions where you can eliminate at least one option, and use the time you'd otherwise spend agonising over a genuine unknown on the calculation-heavy chapters instead, where accuracy is the difference between a mark and a deduction.