Free NISM V-A Exam Prep
NISM-Series-V-A Mutual Fund Distributors
Prepare for the NISM V-A exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
Quick Facts
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NISM NISM Certifications (India) License: Complete Roadmap
Follow this path to organize your licensing and exam preparation
Phase 1: Concepts, Structure, RegulationYou are here
Build foundations in mutual fund concepts, the sponsor-trustee-AMC structure, constituents, SEBI/AMFI regulation, KYC/AML, and the offer document.
Phase 2: Distribution, Accounting, Taxation
Study distribution channels, ARN/EUIN, commission, NAV, total expense ratio, valuation, IDCW, and capital-gains taxation of equity and debt funds.
Phase 3: Investor Services, Risk & Return
Cover account opening, transactions, SIP/STP/SWP, nomination, transmission, grievance handling, return and risk measures, ratios, and benchmarks.
Phase 4: Selection, Planning, Mocks
Practise scheme and product selection, financial planning, asset allocation, model portfolios, then complete timed 100-question mocks and an error log.
Can You Take the NISM V-A Exam?
Check if you meet the basic eligibility requirements
- •Mandatory for individuals seeking an AMFI Registration Number (ARN) to sell or distribute mutual funds in India
- •Register and schedule the test through the NISM certifications portal
- •Certificate is valid for three years and renewable through the Continuing Professional Education (CPE) program before expiry
- •Employees of distributors who interact with investors must obtain an EUIN linked to a valid certification
NISM V-A Quick Facts
Time to Get Licensed
4-8 weeks for most candidates at part-time study using the official NISM workbook.
From start to license in hand
Exam Provider
NISM-authorised computer-based test centres across India
Retake Policy
Candidates who do not pass may re-register and re-take the examination after paying the fee again; there is no fixed limit on attempts.
Total Cost Breakdown
Free NISM V-A Prep Tools
Reported exam pass rate: NISM does not publish an official NISM-Series-V-A pass rate; the passing standard is a fixed 50% (50 of 100 marks).. Check the exam sponsor for the latest official figure.
100 Practice Questions
MCQ drills aligned to the official 12-unit NISM-Series-V-A weightings.
AI-Powered Learning
Adaptive guidance targets weak units before your NISM test date.
2026 Updated
Aligned to the current NISM syllabus, exam pattern, taxation, and SEBI categorization context.
Free Access
Start NISM-Series-V-A prep free before paying the NISM examination fee.
What You'll Study
13 chapters covering the exam topics in this guide
Chapter 1: Introduction & Exam Overview
2 sections
Chapter 2: Investment Landscape
8 sections
Chapter 3: Concept and Role of a Mutual Fund
3 sections
Chapter 4: Legal Structure of Mutual Funds in India
4 sections
Chapter 5: Legal and Regulatory Framework
5 sections
Chapter 6: Scheme Related Information
3 sections
Chapter 7: Fund Distribution and Channel Management Practices
7 sections
Chapter 8: Net Asset Value, Total Expense Ratio and Pricing of Units
7 sections
Chapter 9: Taxation
6 sections
Chapter 10: Investor Services
11 sections
Chapter 11: Risk, Return and Performance of Funds
7 sections
Chapter 12: Mutual Fund Scheme Performance
7 sections
Chapter 13: Mutual Fund Scheme Selection
5 sections
NISM V-A Exam Details
NISM-Series-V-A Mutual Fund Distributors
Administered by National Institute of Securities Markets (NISM)
Exam Content Breakdown
Based on the official National Institute of Securities Markets (NISM) content outline
What a mutual fund is, roles of investors and the industry, fund types, open- and close-ended schemes, units, NAV, and advantages and limitations of mutual fund investing.
Three-tier structure of sponsor, trustee, and AMC, plus custodian, RTA, auditors, fund accountants, distributors, and the role of SEBI and AMFI.
SEBI (Mutual Funds) Regulations 1996, AMFI code of conduct, investor protection, KYC, AML/PMLA, SCORES grievance redressal, and regulatory roles.
SID, SAI, and KIM contents, NFO process, drafting and approval, key information disclosed to investors, and how to read an offer document.
Types of distributors, ARN and EUIN, modes of distribution, trail commission, commission disclosure, due diligence by AMCs, and nomination of distributors.
NAV computation, total expense ratio, mark-to-market valuation, dividend/IDCW, capital gains taxation, STT, TDS, and tax treatment of equity and debt funds.
Account opening, KYC and CKYC, folio, transactions, SIP/STP/SWP, redemption, nomination, transmission, statements, and investor grievance handling.
Drivers of return and risk, measures of return (simple, CAGR, XIRR), standard deviation, beta, Sharpe and Treynor ratios, benchmarks, and SEBI return-representation norms.
Selecting equity, debt, and hybrid schemes, scheme categorization, expense ratio, fund manager and portfolio analysis, and matching schemes to investor needs.
Classifying financial products, comparing mutual funds with other products, gold and real estate, and aligning products to investor goals and risk profile.
Financial planning need and process, life-cycle and wealth-cycle stages, risk profiling, asset allocation, and the role of the distributor as adviser.
Risk profiling tools, strategic and tactical asset allocation, model portfolios for investor types, and building a goal-based financial plan.
What's Included
13 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
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What's Next After the NISM V-A?
After passing the NISM V-A, you can pursue these career paths
NISM-Series-V-B
Add the simpler Mutual Fund Foundation certification or progress to advisory specializations
NISM-Series-X-A Investment Adviser Level 1
Move from distribution toward registered investment advisory work
NISM-Series-VIII Equity Derivatives
Broaden into equity derivatives market dealing and risk concepts
CFP
Advance toward comprehensive client-facing financial planning
NISM V-A Exam FAQ
Official National Institute of Securities Markets (NISM) Resources
Verify information with these official sources
More Free Resources
Ready to Start Your Free NISM V-A Prep?
Review the study guide, practice key concepts, and use the free tools at your own pace.