NISM Series V-A · 2026
NISM Series V-A Exam Pattern — What to Expect in 2026
Everything you need to know before you sit the NISM Series V-A exam — question count, marks, pass mark, negative marking rules, chapter-wise weightage, and a proven strategy to clear it on your first attempt.
100
Questions
100
Total marks
50%
Pass mark
2 hrs
Duration
Exam Structure at a Glance
| Parameter | Details |
|---|---|
| Exam name | NISM Series V-A: Mutual Fund Distributors Certification Examination |
| Conducted by | NISM (National Institute of Securities Markets) |
| Mode | Online — Computer Based Test (CBT) |
| Number of questions | 100 MCQs (4 options each) |
| Total marks | 100 (1 mark per question) |
| Pass mark | 50 out of 100 (50%) |
| Negative marking | None — attempt all questions |
| Duration | 2 hours (120 minutes) |
| Language | English |
| Certificate validity | 3 years from date of exam |
| Re-attempt cooling period | 30 days |
| Exam fee | ₹1,500 + GST (approximately) |
Chapter-Wise Weightage
NISM does not officially publish a fixed chapter-wise breakup. The weightage below is based on analysis of actual exam patterns reported by candidates. Use this as a guide to prioritise your preparation — not as a guarantee.
| Ch. | Chapter | Est. Questions | Priority |
|---|---|---|---|
| 1 | Investment Landscape | 4–6 | Medium |
| 2 | Concept and Role of a Mutual Fund | 6–9 | High |
| 3 | Legal Structure of Mutual Funds | 5–8 | High |
| 4 | Legal and Regulatory Framework | 8–12 | Critical |
| 5 | Scheme Related Information | 6–10 | High |
| 6 | Fund Distribution and Channel Management | 6–9 | High |
| 7 | NAV, TER and Pricing | 6–9 | Critical |
| 8 | Taxation | 8–12 | Critical |
| 9 | Investor Services | 5–8 | High |
| 10 | Risk, Return and Performance | 8–12 | Critical |
| 11 | Scheme Performance | 4–7 | Medium |
| 12 | Selecting the Right Scheme | 4–7 | Medium |
Strategy: Chapters 4, 7, 8, and 10 are marked Critical — they together account for roughly 30–45 questions. Master these four first. Then cover Chapters 2, 3, 5, 6, and 9. Chapters 1, 11, and 12 can be revised last.
Types of Questions in the Exam
All questions are MCQs with 4 options and a single correct answer. The question types you will encounter:
- Conceptual — Testing definitions, roles, and regulatory rules. Example: "Which entity holds mutual fund assets in trust?"
- Numerical / Calculation — NAV calculation, TER computation, tax liability, SWP/STP amounts. Bring a calculator to the exam.
- Scenario-based — "An investor submits a redemption request at 4:30 PM for a liquid fund. Which NAV applies?" These test applied knowledge.
- True/False style — "Which of the following is NOT a feature of an open-ended fund?" Requires elimination.
- Regulatory numbers — Specific figures like ₹50 crore AMC net worth, 3-year ARN validity, 10 working day redemption window.
Most missed question type: Scenario-based questions on NAV cut-off times and applicable NAV rules. Practice these specifically — they appear in almost every paper.
Marking Scheme and Strategy
There is no negative marking in NISM Series V-A. This is critical for your strategy: never leave a question unanswered. Even a random guess gives you a 25% chance of being correct.
To pass, you need 50 correct answers out of 100. If you are well-prepared on Chapters 4, 7, 8, and 10 alone, you can score 30–45 marks from those four chapters. The remaining 5–20 marks from other chapters then become your buffer.
| Score | Result | What it means |
|---|---|---|
| 50–59 | Pass | Cleared — ARN application can proceed |
| 60–74 | Pass | Solid pass — comfortable margin |
| 75+ | Pass | Strong pass — distinction territory |
| Below 50 | Fail | Retake after 30-day cooling period |
Exam Day — 8 Things to Know
01
Bring a calculator
Scientific or basic — allowed in exam. Essential for NAV, TER, and taxation questions.
02
Arrive 30 minutes early
Biometric registration and document verification take time. Late arrivals are not admitted.
03
No negative marking
Attempt every question. Never leave blanks — there is zero downside to guessing.
04
ID proof is mandatory
Carry Aadhaar, PAN, or passport. Name must match NISM registration exactly.
05
Flag and revisit
The CBT interface allows flagging questions. Mark uncertain ones and return with remaining time.
06
Read options carefully
NISM uses "NOT" and "EXCEPT" questions frequently. Read the full question before answering.
07
Time management
120 minutes for 100 questions = 72 seconds per question. Spend no more than 2 minutes on any single question.
08
Result is immediate
You see your pass/fail result on screen immediately after submission. Certificate is available within 2–3 working days.
After Clearing NISM V-A — What Next?
Clearing NISM Series V-A is step one. To start distributing mutual funds, you need to:
- Apply for ARN (AMFI Registration Number) on the AMFI website within the certificate validity period
- Submit KYD (Know Your Distributor) documents — PAN, address proof, bank details
- Pay the ARN registration fee (approximately ₹3,000 for individuals)
- Receive ARN within 2–3 weeks of application
- Empanel with AMCs of your choice using the ARN
- Complete CPE (Continuing Professional Education) every 3 years for renewal
Certificate validity: Your NISM V-A certificate is valid for 3 years. Apply for ARN before it expires. If you miss the window, you must re-appear for the exam.
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Frequently Asked Questions
How many questions are there in the NISM Series V-A exam?
The NISM Series V-A exam has 100 questions, each carrying 1 mark. Total marks are 100 and duration is 2 hours.
What is the pass mark for NISM Series V-A?
The minimum passing score is 50 out of 100 (50%). There is no negative marking.
Is there negative marking in NISM Series V-A?
No. There is no negative marking. Attempt all 100 questions.
Which chapters carry the most marks in NISM Series V-A?
Chapters 4 (Legal & Regulatory Framework), 7 (NAV & TER), 8 (Taxation), and 10 (Risk & Return) typically have the highest weightage.
How long is the NISM Series V-A certificate valid?
The certificate is valid for 3 years. After 3 years, renew via CPE or re-appear for the exam.
Can I retake the NISM Series V-A exam if I fail?
Yes. No limit on attempts. You can retake after a 30-day cooling-off period.