Updated 9 October 2026 · By Kiran Dutta
NISM Series V-D Exam Guide: Syllabus, Fees, Pattern & Preparation
A practical guide to the Mutual Fund – Specialized Investment Fund Distributors Certification Examination, with the official exam pattern and a chapter-to-mock preparation path.
NISM Series V-D exam pattern
NISM launched Series V-D on 22 July 2026. The certification sets a common knowledge benchmark for professionals involved in the sale and distribution of mutual funds and Specialized Investment Funds in India.
- Questions
- 150 MCQs
- Duration
- 180 minutes
- Passing score
- 60% · 90/150
- Negative marking
- 10% per wrong answer
- Exam fee
- ₹3,000 + gateway charges
- Certificate validity
- 3 years
Exam details can change. Confirm fees, registration rules and current instructions on the official NISM website before booking.
NISM Series V-D syllabus: three modules
The syllabus combines mutual fund distribution with the derivative knowledge needed to understand Specialized Investment Fund strategies.
Chapters 1–12
Mutual Fund Distributors
Investment landscape, fund structure, regulation, distribution, transactions, taxation, performance and scheme selection.
Chapters 13–17
Equity Derivatives
Derivative basics, indices, futures, options, and equity hedging, trading and arbitrage strategies.
Chapters 18–22
Interest Rate Derivatives
Fixed-income concepts, interest-rate products, exchange-traded futures and options, hedging and arbitrage.
How to prepare for NISM Series V-D
- 1
Map the syllabus
Review all 22 chapters and give each one a place in your calendar. Start with the larger mutual fund module before moving to derivatives.
- 2
Learn chapter by chapter
Read structured notes, then use recall cards or a short summary to make rules, formulas and definitions retrievable.
- 3
Practise immediately
Answer chapter-level questions after studying. Review why every incorrect option is wrong instead of memorising only the answer key.
- 4
Train for negative marking
Because wrong answers attract a penalty, practise accuracy and disciplined skipping rather than attempting every uncertain question.
- 5
Simulate the full exam
Attempt 150 questions in 180 minutes. Analyse weak chapters, revise them and repeat until your scores remain safely above the 90-mark threshold.
Series V-D preparation resources
SIFPrime Academy connects the syllabus to a complete learning path: structured notes, revision, chapter practice and full-length mock exams.
NISM Series V-D FAQs
What is the NISM Series V-D examination?
NISM Series V-D is the Mutual Fund – Specialized Investment Fund Distributors Certification Examination. It is the requisite certification standard for people engaged in selling or distributing Mutual Fund and Specialized Investment Fund products.
How many questions are in the NISM Series V-D exam?
The computer-based examination has 150 multiple-choice questions carrying one mark each. Candidates have 180 minutes to complete it.
What are the passing marks for NISM Series V-D?
The passing score is 60%, or 90 marks out of 150. The exam applies negative marking of 10% of the marks assigned to a question.
What is the NISM Series V-D exam fee?
NISM lists the examination fee as ₹3,000 plus payment gateway charges. Candidates should confirm the current amount on the official NISM registration portal before booking.
How long is the NISM Series V-D certificate valid?
The certificate is valid for three years from the examination date. NISM states that renewal requires passing the Series V-D examination again before the current certificate expires.
How should I prepare for NISM Series V-D?
Cover the three modules in sequence, practise questions after every chapter, revise formulas and regulations, and attempt full-length 150-question mock tests under a three-hour time limit. Use mock results to revisit weak chapters before the exam.