NISM Series V-D Syllabus: Mutual Fund, Specialized Investment Fund Distributors
All 22 chapters of the Mutual Fund, Specialized Investment Fund Distributors workbook, with the weightage each carries in the exam.
The NISM Series V-D workbook is 22 chapters long, and the exam draws from all of them. What varies is how much each one is worth. The weightage column below is the most useful thing on this page, because it tells you where revision time actually pays.
This page lists what each chapter covers. Marks, timing and the pass mark are on the exam pattern page.
All 22 chapters and their weightage
Weightage is the share of the 150-mark paper each chapter contributes.
01
Chapter
Investment Landscape
Weightage
3.3%
02
Chapter
Concept and Role of a Mutual Fund
Weightage
2.7%
03
Chapter
Legal Structure of Mutual Funds in India
Weightage
2%
04
Chapter
Legal and Regulatory Framework
Weightage
4.7%
05
Chapter
Scheme Related Information
Weightage
4.7%
06
Chapter
Fund Distribution and Channel Management Practices
Weightage
2.7%
07
Chapter
Net Asset Value, Total Expense Ratio and Pricing of Units
Weightage
3.3%
08
Chapter
Taxation
Weightage
2%
09
Chapter
Investor Services
Weightage
6.7%
10
Chapter
Risk, Return and Performance of Funds
Weightage
3.3%
11
Chapter
Mutual Fund Scheme Performance
Weightage
3.3%
12
Chapter
Mutual Fund Scheme Selection
Weightage
6.7%
13
Chapter
Basics of Derivatives
Weightage
6.7%
14
Chapter
Understanding the Index
Weightage
3.3%
15
Chapter
Introduction to Forwards and Futures
Weightage
10%
16
Chapter
Introduction to Options
Weightage
8.7%
17
Chapter
Strategies using Equity Futures and Equity Options
Weightage
6%
18
Chapter
Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
Weightage
4%
19
Chapter
Interest Rate Derivatives
Weightage
1.3%
20
Chapter
Exchange Traded Interest Rate Futures
Weightage
6.7%
21
Chapter
Exchange Traded Interest Rate Options
Weightage
4%
22
Chapter
Strategies using Exchange Traded Interest Rate Derivatives
Weightage
4%
| # | Chapter | Weightage |
|---|---|---|
| 01 | Investment Landscape | 3.3% |
| 02 | Concept and Role of a Mutual Fund | 2.7% |
| 03 | Legal Structure of Mutual Funds in India | 2% |
| 04 | Legal and Regulatory Framework | 4.7% |
| 05 | Scheme Related Information | 4.7% |
| 06 | Fund Distribution and Channel Management Practices | 2.7% |
| 07 | Net Asset Value, Total Expense Ratio and Pricing of Units | 3.3% |
| 08 | Taxation | 2% |
| 09 | Investor Services | 6.7% |
| 10 | Risk, Return and Performance of Funds | 3.3% |
| 11 | Mutual Fund Scheme Performance | 3.3% |
| 12 | Mutual Fund Scheme Selection | 6.7% |
| 13 | Basics of Derivatives | 6.7% |
| 14 | Understanding the Index | 3.3% |
| 15 | Introduction to Forwards and Futures | 10% |
| 16 | Introduction to Options | 8.7% |
| 17 | Strategies using Equity Futures and Equity Options | 6% |
| 18 | Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets | 4% |
| 19 | Interest Rate Derivatives | 1.3% |
| 20 | Exchange Traded Interest Rate Futures | 6.7% |
| 21 | Exchange Traded Interest Rate Options | 4% |
| 22 | Strategies using Exchange Traded Interest Rate Derivatives | 4% |
What each chapter covers
The workbook's own scope, chapter by chapter:
- 01. Investment Landscape (3.3%)
- The broader investment landscape a mutual fund distributor operates in, including how mutual funds compare with other asset classes and investment avenues.
- 02. Concept and Role of a Mutual Fund (2.7%)
- What a mutual fund is, the role it plays for investors, and the basic structure of a pooled investment vehicle.
- 03. Legal Structure of Mutual Funds in India (2%)
- The trust structure of Indian mutual funds: the sponsor, trustee, AMC and custodian, and how each is regulated.
- 04. Legal and Regulatory Framework (4.7%)
- The regulatory framework governing mutual funds and distributor conduct, including distributor obligations and codes of conduct.
- 05. Scheme Related Information (4.7%)
- How to read scheme-related disclosure documents and what each discloses to investors before they invest.
- 06. Fund Distribution and Channel Management Practices (2.7%)
- The distribution channels through which mutual funds are sold, and the practices distributors are expected to follow when engaging investors.
- 07. Net Asset Value, Total Expense Ratio and Pricing of Units (3.3%)
- How a scheme's NAV is calculated, what the Total Expense Ratio covers, and how units are priced for purchase and redemption.
- 08. Taxation (2%)
- The tax treatment of mutual fund investments for investors, including how gains are taxed across scheme categories.
- 09. Investor Services (6.7%)
- 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.
- 10. Risk, Return and Performance of Funds (3.3%)
- How risk and return are measured for mutual fund schemes, and the standard metrics used to communicate them to investors.
- 11. Mutual Fund Scheme Performance (3.3%)
- How to evaluate a scheme's historical performance and compare it meaningfully against benchmarks and peers.
- 12. Mutual Fund Scheme Selection (6.7%)
- 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.
- 13. Basics of Derivatives (6.7%)
- The fundamentals of derivative instruments: what they are, the participants in derivative markets, and how they differ from the underlying cash market.
- 14. Understanding the Index (3.3%)
- How market indices are constructed and used, and their role as the underlying for index derivatives.
- 15. Introduction to Forwards and Futures (10%)
- The mechanics and pricing of forward and futures contracts, including margining. The single heaviest chapter on the entire paper at 15 marks.
- 16. Introduction to Options (8.7%)
- The mechanics and pricing of call and put options, including payoff structures. The second-heaviest chapter on the paper at 13 marks.
- 17. Strategies using Equity Futures and Equity Options (6%)
- Hedging and trading strategies built using combinations of equity futures and options contracts.
- 18. Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets (4%)
- The fundamentals of interest rates, fixed income instruments, and how fixed income markets function.
- 19. Interest Rate Derivatives (1.3%)
- An introduction to interest rate derivative instruments and how they are used to manage interest rate exposure.
- 20. Exchange Traded Interest Rate Futures (6.7%)
- The mechanics and pricing of exchange-traded interest rate futures contracts. The heaviest chapter in this module at 10 marks.
- 21. Exchange Traded Interest Rate Options (4%)
- The mechanics and pricing of exchange-traded interest rate options contracts.
- 22. Strategies using Exchange Traded Interest Rate Derivatives (4%)
- 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.
Free account, this exam preselected.
Where the marks concentrate
The heaviest chapter here is Introduction to Forwards and Futures at 10%. With a pass mark of 90 out of 150 (60%) and no sectional minimum, scoring well on the top-weighted chapters gets you most of the way before the lighter ones are counted.