Last reviewed: June 2026 · Aligned with November 2025 NISM workbook · Reviewed by NISM-certified professionals
NISM Series V-A Exam
Preparation Guide 2026
Everything you need to clear NISM Series V-A on your first attempt — full 12-chapter syllabus with difficulty ratings, a 2-week study plan, and the three mistakes that cause most failures.
NISM Series V-A exam at a glance — 2026
The NISM Series V-A (Mutual Fund Distributor) certification is issued by the National Institute of Securities Markets. Passing it is mandatory before you can apply for your ARN number from AMFI.
Questions
100 MCQs
Duration
2 hours
Pass mark
50 / 100
Negative marking
None
Unanswered
No penalty
Exam fee
₹1,500 + taxes
Chapters
12 chapters
Certificate validity
3 years
CPE renewal
30 hours
Mode
Computer-based
Chapter-wise syllabus and weightage — all 12 chapters
Difficulty ratings are based on Passlane question bank performance across all chapters. Hard chapters (red) have the lowest average accuracy scores.
Weightages are indicative based on NISM workbook structure and historical exam patterns. Visit nism.ac.in for the official syllabus.
| # | Chapter | Weight | Difficulty | Qs |
|---|---|---|---|---|
| 1 | Investment Landscape Concept of investment, risk and return, financial markets overview | 5% | Easy | 80+ |
| 2 | Concept of Risk and Return Standard deviation, beta, portfolio risk, diversification, correlation | 8% | Easy | 100+ |
| 3 | Mutual Fund Structure Sponsors, trustees, AMC, custodian, RTA — roles and regulatory obligations | 10% | Medium | 150+ |
| 4 | Legal and Regulatory Framework SEBI MF Regulations, AMFI rules, offer documents, SID, SAI, AGNI | 12% | Hard | 180+ |
| 5 | Scheme Types and Features Equity, debt, hybrid, index, ETF, FOF — features, suitability, risk profile | 10% | Medium | 160+ |
| 6 | Fund Accounting and Valuation NAV calculation, expense ratio, load structure, dividend vs growth options | 10% | Hard | 150+ |
| 7 | Distribution Channels and AMFI Direct vs regular, EUIN, ARN, commission disclosure, AMFI code of conduct | 12% | Hard | 180+ |
| 8 | Investor Services KYC, SIP/STP/SWP transactions, grievances, investor rights, AMFI guidelines | 8% | Medium | 120+ |
| 9 | Risk Management in Mutual Funds Credit risk, liquidity risk, market risk, concentration risk, risk measures | 8% | Medium | 120+ |
| 10 | Financial Planning and Mutual Funds Goal-based investing, SIP calculators, asset allocation, life stages | 7% | Hard | 110+ |
| 11 | Retirement and Tax Planning NPS, ELSS, indexation, LTCG/STCG on MF units, tax slabs, 80C deductions | 5% | Medium | 80+ |
| 12 | Ethics, Integrity and KYC Anti-money laundering, PMLA, KYC norms, ethical standards for distributors | 5% | Easy | 80+ |
1. Investment Landscape
Concept of investment, risk and return, financial markets overview
2. Concept of Risk and Return
Standard deviation, beta, portfolio risk, diversification, correlation
3. Mutual Fund Structure
Sponsors, trustees, AMC, custodian, RTA — roles and regulatory obligations
4. Legal and Regulatory Framework
SEBI MF Regulations, AMFI rules, offer documents, SID, SAI, AGNI
5. Scheme Types and Features
Equity, debt, hybrid, index, ETF, FOF — features, suitability, risk profile
6. Fund Accounting and Valuation
NAV calculation, expense ratio, load structure, dividend vs growth options
7. Distribution Channels and AMFI
Direct vs regular, EUIN, ARN, commission disclosure, AMFI code of conduct
8. Investor Services
KYC, SIP/STP/SWP transactions, grievances, investor rights, AMFI guidelines
9. Risk Management in Mutual Funds
Credit risk, liquidity risk, market risk, concentration risk, risk measures
10. Financial Planning and Mutual Funds
Goal-based investing, SIP calculators, asset allocation, life stages
11. Retirement and Tax Planning
NPS, ELSS, indexation, LTCG/STCG on MF units, tax slabs, 80C deductions
12. Ethics, Integrity and KYC
Anti-money laundering, PMLA, KYC norms, ethical standards for distributors
Struggling with Chapter 4 or 7?
Passlane has 180+ questions per chapter with detailed explanations for every answer.
Which chapters are hardest to pass?
Based on Passlane's question bank performance data, these four chapters have the lowest average accuracy — and together account for approximately 41% of the total exam paper.
Chapter 4
Legal and Regulatory Framework
Most SEBI regulations, AMFI circulars, and offer document provisions. High volume of regulation-specific questions with similar-sounding options.
Chapter 7
Distribution Channels and AMFI
EUIN, ARN, commission disclosure rules, and AMFI code of conduct — heavily tested with exact regulatory wording.
Chapter 6
Fund Accounting and Valuation
NAV calculations, expense ratio formulas, and load structure arithmetic. Calculation-heavy. One wrong formula = wrong answer.
Chapter 10
Financial Planning and Mutual Funds
SIP calculators, goal-based scenarios, and asset allocation logic. Application-based, not factual recall.
Chapters 1, 2, and 12 are consistently the highest-scoring for Passlane users. Prioritise the Hard chapters above.
2-week NISM Series V-A study plan
This plan covers all 12 chapters with practice questions and two full mock tests in 14 days — approximately 26 hours of total study time. For a 4-week plan, see the detailed first-attempt strategy guide.
Recommended for working professionals with 1.5–2 hours available per day.
Week 1 — Build the foundation
Ch 1–2: Investment basics + risk-return concepts
1.5 hrs/day · Easy chapters. Read once, attempt 20 Qs each. Score target: 80%+.
Ch 3–4: MF structure + legal and regulatory framework
2 hrs/day · Chapter 4 is the hardest. Take notes on every SEBI regulation mentioned.
Ch 5–6: Scheme types + fund accounting and NAV
2 hrs/day · Practice NAV calculations by hand. Expense ratio and load structure questions appear often.
Ch 7: Distribution channels + AMFI code of conduct
2.5 hrs · Second hardest chapter. EUIN, ARN, and direct vs regular distinction are exam favourites.
Week 2 — Complete coverage + mock tests
Ch 8–9: Investor services + risk management
1.5 hrs/day · SIP/STP/SWP processing timelines. Risk ratios (Sharpe, Treynor) appear in Chapter 9.
Ch 10–11: Financial planning + retirement and tax
2 hrs/day · LTCG/STCG taxation on MF units — calculate with examples. One question guaranteed.
Ch 12: Ethics, KYC, and AML norms
1.5 hrs · Easiest chapter. 30–45 minutes of reading, 20 practice questions. Done.
Full mock test #1 + detailed chapter review
3 hrs · First mock is your baseline. Review every wrong answer before taking mock #2.
Full mock test #2 + final weak chapter drill
3 hrs · Target 65%+ on mock #2. Candidates averaging 65%+ on mocks clear the exam.
Start your 14-day plan today
First 3 mock tests free. Chapter-wise questions included. No credit card.
The three mistakes that cause NISM V-A failures
Most first-attempt failures are not because the exam is difficult — they are because of avoidable preparation errors.
Reading the workbook without practising questions
The NISM exam tests application, not memorisation. Chapter 4 alone has 40+ possible question formats derived from 30 pages of SEBI regulations. Candidates who only read fail at application questions. The fix is immediate: read one chapter, attempt 20 questions on that chapter, review every wrong answer, move forward.
Try chapter-wise practice questions →Mismanaging time under exam pressure
NISM V-A has no negative marking — every question attempted is a chance at a mark. The failure mode is running out of time. Candidates who spend too long on uncertain questions reach the final 10–15 questions under a rushed clock, making avoidable errors. The rule: move through questions at a steady pace and come back to uncertain ones.
Full first-attempt strategy →Treating all 12 chapters as equal priority
Chapters 4, 6, 7, and 10 together account for ~41% of the paper and carry Hard difficulty ratings. Spending equal time on Chapter 1 (5% weightage, Easy) and Chapter 4 (12% weightage, Hard) is a preparation error. Allocate study hours proportional to weightage × difficulty.
From NISM V-A to ARN: what happens after you pass
Clearing the exam is step one. The ARN (AMFI Registration Number) is what allows you to legally distribute mutual funds in India.
Step 01
Download your certificate
Log into the NISM portal and download your Series V-A pass certificate. This is required for AMFI registration.
Step 02
Register on amfiindia.com
Visit the AMFI website and create an account. Fill the ARN application form and upload your NISM certificate and KYC documents.
Step 03
Pay the AMFI registration fee
The registration fee for individuals is ₹3,000 (plus taxes). AMFI reviews applications and issues the ARN within 7–10 business days.
Step 04
Get empanelled with AMCs
Use your ARN to empanel with Asset Management Companies. Empanelment allows you to start distributing their fund schemes and earning trail commission.
Full step-by-step guide: How to get your ARN number after passing NISM V-A →
Passlane — free vs full access
Start free. Upgrade only when you need unlimited mocks and chapter analytics.
| Feature | Free | Full pack — ₹799 |
|---|---|---|
| Full-length mock tests (100 Qs, timed) | 3 tests | Unlimited |
| No negative marking — attempt all questions | ✓ | ✓ |
| Instant chapter-wise results | ✓ | ✓ |
| Chapter-wise practice questions | 3 chapters | All 12 chapters |
| Performance analytics dashboard | Basic | Full — score trend, accuracy by chapter |
| Pass probability tracker | ✗ | ✓ |
| AI answer explanations | ✗ | ✓ |
| Question bank | ~200 Qs | 2,000+ Qs |
Full refund if you're not satisfied. Refund policy →
Frequently asked questions — NISM V-A preparation
What is the passing mark for NISM Series V-A?
The passing mark is 50 out of 100. Each correct answer scores 1 mark. There is no negative marking — wrong answers and unanswered questions both score zero. Attempt every question to maximise your score.
How many chapters are in the NISM Series V-A exam?
The NISM Series V-A workbook has 12 chapters, covering investment basics, mutual fund structure, legal framework, scheme types, fund accounting, distribution channels, investor services, risk management, financial planning, retirement planning, ethics, and KYC.
How long does it take to prepare for NISM V-A?
Most candidates clear NISM V-A in 2–4 weeks of focused preparation. Working professionals typically need 4–6 weeks. The 2-week plan above covers all 12 chapters with practice questions and two full mock tests — approximately 26 hours of total study time.
Does NISM Series V-A have negative marking?
No. NISM Series V-A has no negative marking. A wrong answer scores zero, the same as an unanswered question. You should attempt every one of the 100 questions — there is no downside to guessing if you are unsure.
Which is the hardest chapter in NISM Series V-A?
Based on question bank performance data, the most challenging chapters are 4 (Legal and Regulatory Framework, 12% weightage), 7 (Distribution Channels and AMFI, 12% weightage), 6 (Fund Accounting and Valuation, 10%), and 10 (Financial Planning, 7%). Together these four chapters account for 41% of the exam.
How many attempts are allowed for NISM Series V-A?
NISM places no limit on the number of attempts. You can retake as many times as needed. There is a mandatory gap of at least 30 days between attempts, and each attempt requires fresh registration and payment of the ₹1,500 exam fee.
What happens after clearing NISM Series V-A?
After passing, download your certificate from the NISM portal. Then register on the AMFI website to apply for your ARN (AMFI Registration Number). Submit your NISM certificate, KYC documents, and the AMFI registration fee. Your ARN is typically issued within 7–10 business days.
For how long is the NISM V-A certificate valid?
The NISM Series V-A certificate is valid for 3 years. After expiry, you must either re-appear for the exam or complete 30 hours of Continuing Professional Education (CPE) to renew your certification and maintain your ARN.
Can I prepare for NISM V-A without the official workbook?
No. The official NISM V-A workbook is the primary source for all exam questions. All questions are set from workbook content. Practice questions and mock tests help with application, but the workbook must be the base. Use the November 2025 edition — verify on nism.ac.in before purchasing.
How many mock tests should I take before the NISM V-A exam?
Take at least 3 full 100-question mock tests under timed conditions. The first mock after completing all chapters gives your baseline. The second after reviewing wrong answers tests your improvement. The third, 1–2 days before the exam, is the final readiness check. Candidates scoring 65%+ on mock 3 have a high first-attempt pass rate.
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