← NISM Mock Test Center

Series V-A · Beginner

Mutual Fund Distributors

The entry ticket to the mutual fund distribution business.

Educational content only. VIA Capital does not provide buy/sell calls, tips, or personalized advice. Always do your own research.

Questions

100

Duration

120 min

Pass mark

50%

Negative marking

None

Exam fee

₹1,500 + GST

Validity

3 years

Why this certification matters

Without this certificate you cannot get an ARN from AMFI, and without an ARN you cannot legally earn commission on mutual fund distribution in India.

Who should take it: IFAs, bank relationship managers, sub-brokers, and anyone selling or distributing mutual funds.

What you get after clearing it

  • Required to apply for an AMFI Registration Number (ARN)
  • Lets you build a trail-commission based distribution practice
  • Strong foundation in scheme types, NAV, taxation and KYC
  • Widely accepted by banks and wealth firms for RM hiring

Where it takes you

Mutual fund distributor / IFABank relationship managerWealth management associateSub-broker support

Freshers are hired as RMs or sales associates; independent distributors start their own ARN practice.

Salaried RM roles commonly start around entry level, while independent distributors earn recurring trail income that grows with assets serviced.

Explore finance careers

How VIA Capital preparation works

One clear path. Built for students, and built for discipline.

  1. Step 1

    Read

    Slide through the study book chapter by chapter.

  2. Step 2

    Practise

    Chapter questions with answer and explanation.

  3. Step 3

    Chapter tests

    Beginner and advanced tests for each chapter.

  4. Step 4

    Full mock sets

    100-question papers in a real exam screen.

  5. Step 5

    Review

    See every mistake and why, then improve.

Why prepare with VIA Capital

Student first

Simple screens, small steps, no clutter.

Every answer explained

If you get one wrong, you learn why.

Help on every question

Report anything confusing, our team fixes it.

Honest

Independent practice. We never claim to be NISM or promise a pass.

Practice pass · NISM Series V-A

Everything you need to prepare, in one pass

  • Digital study book, read chapter by chapter
  • Chapter-wise questions to understand every chapter
  • Chapter tests, beginner and advanced
  • Full mock sets as questions are added
  • Answer and explanation for every question
  • Real exam screen with timer and question palette

Why we charge a small amount

This is not the NISM exam fee. It helps us run the platform: our research team writing and checking questions, keeping explanations accurate, and the technology behind the study book and exam screen.

ResearchQuestion writingTechnology
  • Secure checkout by RazorpayPay by UPI, card or net banking on Razorpay's checkout.
  • We never see card or UPI detailsPayment details are entered with Razorpay, not stored by VIA Capital.
  • Access after verified paymentAccess starts only after Razorpay's payment signature is verified.
  • Payment record in your accountYour payment and expiry date are saved to your VIA Capital account.

One simple package

…

11 days access · one series · incl. taxes

Try 10 questions free Start studying

The official NISM exam fee is paid separately to NISM.

3 week study plan

  1. Week 1

    Fund basics

    Structure of a mutual fund, scheme categories, NAV, expense ratio, open vs closed ended.

  2. Week 2

    Distribution and process

    ARN, KYC, transactions, SIP / STP / SWP, cut-off timings, commissions.

  3. Week 3

    Regulation, tax and mocks

    SEBI MF Regulations, AMFI code, taxation, then full-length mock tests daily.

Exam-day tips

  • Numericals on NAV, load and taxation repeat every attempt, practise them by hand
  • There is no negative marking here, so never leave a question blank
  • Memorise cut-off timing rules, they are easy marks

Full syllabus · 12 chapters

Matches official NISM curriculum · checked 30 September 2026
  1. 1Chapter 1Investment Landscape
    1. 1.1Investors and their Financial Goals
    2. 1.2Savings or Investments?
    3. 1.3Different Asset Classes
    4. 1.4Investment Risks
    5. 1.5Risk Measures and Management Strategies
    6. 1.6Behavioral Biases in Investment Decision Making
    7. 1.7Risk Profiling
    8. 1.8Understanding Asset Allocation
    9. 1.9Do-it-yourself versus Taking Professional Help
  2. 2Chapter 2Concept and Role of a Mutual Fund
    1. 2.1Concept of a Mutual fund
    2. 2.2Classification of Mutual Funds
    3. 2.3Growth of the mutual fund industry in India
  3. 3Chapter 3Legal Structure of Mutual Funds in India
    1. 3.1Structure of Mutual Funds in India
    2. 3.2Key Constituents of a Mutual Fund
    3. 3.3Organization Structure of Asset Management Company
    4. 3.4Role and Support function of Service Providers
    5. 3.5Role and Function of AMFI
  4. 4Chapter 4Legal and Regulatory Framework
    1. 4.1Role of Regulators in India
    2. 4.2Role of Securities and Exchange Board of India
    3. 4.3Due Diligence Process by AMCs for Distributors of Mutual Funds
    4. 4.4Investor Grievance Redress Mechanism
    5. 4.5AMFI Code of Conduct for Intermediaries
  5. 5Chapter 5Scheme Related Information
    1. 5.1Mandatory Documents
    2. 5.2Non-Mandatory Disclosures
  6. 6Chapter 6Fund Distribution and Channel Management Practices
    1. 6.1The role and importance of mutual fund distributors
    2. 6.2Different kinds of mutual fund distributors
    3. 6.3Modes of distribution
    4. 6.4Pre-requisites to become Distributor of a Mutual Fund
    5. 6.5Revenue for a mutual fund distributor
    6. 6.6Commission Disclosure mandated by SEBI
    7. 6.7Due Diligence Process by AMCs for Distributors of Mutual Funds
    8. 6.8Difference between distributors and Investment Advisors
    9. 6.9Nomination facilities to Agents/Distributors and Payment of Commission to Nominee
    10. 6.10Change of distributor
  7. 7Chapter 7Net Asset Value, Total Expense Ratio and Pricing of Units
    1. 7.1Fair Valuation Principles
    2. 7.2Computation of Net Assets of Mutual Fund Scheme and NAV
    3. 7.3Dividends & Distributable Reserves
    4. 7.4Concept of Entry and Exit Load and its impact on NAV
    5. 7.5Key Accounting and Reporting Requirements
    6. 7.6NAV, Total expense ratio and pricing of units for the Segregated Portfolio
  8. 8Chapter 8Taxation
    1. 8.1Applicability of taxes in respect of mutual funds
    2. 8.2Capital Gains
    3. 8.3Dividend income
    4. 8.4Stamp Duty on Mutual Fund Units
    5. 8.5Setting off of Capital Gains and Losses under Income Tax Act
    6. 8.6Securities Transaction Tax
    7. 8.7Tax benefit under Section 80C of the Income Tax Act
    8. 8.8Tax Deducted at Source
    9. 8.9Applicability of GST
  9. 9Chapter 9Investor Services
    1. 9.1The NFO process
    2. 9.2New Fund Offer Price/On-going Offer Price for subscription
    3. 9.3Investment Plans and Services
    4. 9.4Allotment of Units to the Investor
    5. 9.5Account statements for investments
    6. 9.6Mutual Fund Investors
    7. 9.7Filling the Application Form for Mutual Funds
    8. 9.8Financial Transactions with Mutual Funds
    9. 9.9Cut-off Time and Time Stamping
    10. 9.10KYC Requirements for Mutual Fund Investors
    11. 9.11Systematic Transactions
    12. 9.12Operational aspects of Systematic Transactions
    13. 9.13Non-Financial Transactions in Mutual Funds
    14. 9.14Change in Status of Special Investor Categories
    15. 9.15Investor transactions, turnaround times
  10. 10Chapter 10Risk, Return and Performance of Funds
    1. 10.1General and Specific Risk Factors
    2. 10.2Factors that affect mutual fund performance
    3. 10.3Drivers of Returns and Risk in a Scheme
    4. 10.4Measures of Returns
    5. 10.5SEBI Norms regarding Representation of Returns by Mutual Funds in India
    6. 10.6Risks in fund investing with a focus on investors
    7. 10.7Measures of Risk
    8. 10.8Certain Provisions with respect to Credit risk
  11. 11Chapter 11Mutual Fund Scheme Performance
    1. 11.1Benchmarks and Performance
    2. 11.2Price Return Index or Total Return Index
    3. 11.3Basis of Choosing an appropriate performance benchmark
    4. 11.4Benchmarks for equity schemes
    5. 11.5Benchmarks for Debt Schemes
    6. 11.6Benchmarks for Other Schemes
    7. 11.7Quantitative Measures of Fund Manager Performance
    8. 11.8Tracking Error
    9. 11.9Scheme Performance Disclosure
  12. 12Chapter 12Mutual Fund Scheme Selection
    1. 12.1Scheme Selection based on Investor needs, preference and risk-profile
    2. 12.2Risk levels in mutual fund schemes
    3. 12.3Scheme Selection based on investment strategy of mutual funds
    4. 12.4Selection of Mutual Fund scheme offered by different AMCs or within the scheme category
    5. 12.5Selecting options in mutual fund schemes
    6. 12.6Do’s and Don’ts while selecting mutual fund schemes

Source: NISM curriculum page. Chapter names and order follow NISM; sub-topic numbering (1.1, 1.2) is added by VIA Capital for easy reading. NISM may revise its curriculum; always confirm on nism.ac.in.

Quick revision · flashcards

NISM Series V-A flashcards

Flip 10 cards free as a demo. The practice pass opens every card, chapter by chapter.

Learn it first in VIA Capital Academy

Level 2

Investing basics and how funds pool money

Open lessons

Level 3

Risk, return and portfolio thinking

Open lessons

NISM Series V-A: questions people ask

What is NISM Series V-A?

It is the Mutual Fund Distributors certification exam, mandatory for anyone who wants to distribute or sell mutual funds in India and earn an ARN from AMFI.

Who should take this exam?

Anyone who wants to become a mutual fund distributor, bank RM, sub-broker, or IFA selling mutual fund products.

What is the passing score?

50 out of 100 marks (50%). There is no negative marking, so you can attempt every question.

Is this official NISM material?

No. VIA Capital provides independent practice questions for self-assessment. Always refer to the official NISM workbook before the exam.

How long is the certificate valid?

The certificate is valid for 3 years. You can renew it by completing a CPE programme or re-taking the exam.

How many questions are in the NISM Series V-A exam?

NISM lists 100 questions for 100 marks, to be answered in 120 minutes.

What is the passing score for NISM Series V-A?

You need 50% (50 of 100 marks) to pass.

Is there negative marking in NISM Series V-A?

No. NISM does not deduct marks for wrong answers in this exam.

Who should take NISM Series V-A?

IFAs, bank relationship managers, sub-brokers, and anyone selling or distributing mutual funds.

How do I prepare for NISM Series V-A on VIA Capital?

Follow the five steps: read each chapter, practise questions, pass the chapter tests, take the full mock tests, then sit the final practice exam. Your progress is saved to your account.

Where do I register for the real exam?

Only on the official NISM website, nism.ac.in. VIA Capital is an independent preparation platform and cannot book or conduct the NISM exam.

Ready to test yourself?

100 questions · 120 minutes · no negative marking. First 10 questions free, then full papers with the practice pass.

Start mock test Daily quick quiz
You may also like

Related NISM series

Preparing for NISM Series V-A Mutual Fund Distributors? These certifications sit closest to it on the same career path.

Beginner

NISM Series V-B

Mutual Fund Foundation

Benchmark for the new cadre of distributors selling simple and performing mutual fund schemes.

Next step on the same career path

View series
Intermediate

NISM Series V-D

Specialized Investment Fund Distributors

Benchmark for people selling mutual fund and Specialized Investment Fund (SIF) products.

Next step on the same career path

View series
Advanced

NISM Series X-A

Investment Adviser Level 1

Mandatory (with Series X-B) for individuals who want to become SEBI-registered Investment Advisers (RIAs).

Next step on the same career path

View series

Ready to book the real exam?

How to register on the official NISM website

VIA Capital does not take exam registrations. Enrolment, fees and certificates are handled only by NISM. Follow these steps on their website.

  1. 1

    Create your NISM account

    Register on the official NISM certification portal with your name exactly as on your ID, plus email and mobile.

  2. 2

    Choose the examination

    Select the series you want (for example, Series V-A) and read the current test objectives and rules.

  3. 3

    Pick a test centre and date

    Choose an available test centre or mode, date and time slot.

  4. 4

    Pay the examination fee

    Pay the fee shown on the NISM portal. Fees can change, so rely only on the amount NISM shows.

  5. 5

    Keep your confirmation

    Save the enrolment confirmation and carry a valid photo ID on exam day.

Go to NISM certification portal Official NISM website

Opens nism.ac.in in a new tab. Always check current fees, rules and eligibility there.