V-A and V-D at a glance
| Assessment | V-A | V-D |
|---|---|---|
| Coverage | Mutual funds | Mutual funds and derivatives |
| Questions | 100 | 150 |
| Duration | 120 minutes | 180 minutes |
| Passing score | 50% | 60% |
| Negative marking | None | 10% per incorrect answer |
Start with the work you intend to do
For mutual fund distribution, investigate V-A and the applicable AMFI registration process. For a role involving mutual funds and SIFs, investigate V-D. Choose by the products and responsibilities in your role, rather than assuming the shorter exam is interchangeable with the broader one.
What changed in July 2026?
V-D became available on July 22, 2026. AMFI confirms successful V-D candidates can seek registration for MF and SIF distribution. Passing an examination is one step: apply under the relevant AMFI process, fulfil documentation and registration conditions, and complete applicable empanelment before conducting business.
Scope and assessment
V-A focuses on mutual fund distribution. Its assessment has 100 questions in 120 minutes, a 50% passing score and no negative marking. V-D adds equity and interest-rate derivatives to mutual fund coverage: 150 questions in 180 minutes, 60% to pass and 10% negative marking per incorrect answer.
What about an existing V-A or Series XIII certificate?
Do not infer that an existing certificate automatically grants SIF distribution registration. Read the current SEBI certification circular and AMFI registration instructions for your circumstances. Keep certification, ARN validity and registration for SIF distribution as separate checks.
Renewal is examination-specific
NISM states both certificates are valid for three years. The V-D FAQ specifies passing V-D again before expiry. The V-A FAQ describes the examination or applicable MFD CPE route before expiry. Check eligibility and current instructions directly with NISM before selecting a renewal route.
Which training is available here?
SIFPrime Academy currently advertises V-D live preparation. This page provides V-A examination information; guided Academy training currently focuses on V-D. If you intend to prepare only for V-A, use NISM’s V-A curriculum; if your role includes SIF distribution, compare the additional V-D coverage before enquiring.
Official sources
- NISM V-D examination (opens in a new tab)
- NISM V-D curriculum (opens in a new tab)
- NISM V-A examination (opens in a new tab)
- AMFI V-D registration announcement (opens in a new tab)
- AMFI registration circular: July 28, 2026 (opens in a new tab)
- SEBI certification requirements: July 21, 2026 (opens in a new tab)
- NISM V-D renewal FAQ (opens in a new tab)
- NISM V-A renewal FAQ (opens in a new tab)
Requirements can change. Confirm current examination, registration and renewal conditions directly with NISM and AMFI.