Content last reviewed: July 2026 · Aligned with NISM Series V-A workbook, November 2025 edition
NISM Series V-A · Mutual Fund Distributor Certification
The NISM Series V-A Mock Test That Tells You If You're Actually Ready
Not another chapter-wise quiz. A full 100-question, 2-hour simulation of the real exam — timed, no negative marking, with a chapter-by-chapter breakdown of exactly where you'd lose marks today.
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A quiz bank tells you what you know. A mock test tells you if you'll pass.
Free chapter-wise MCQ banks are useful for reinforcing a concept you just read. They don't tell you what actually happens under exam conditions: 100 questions, a 2-hour clock, and zero option to look anything up.
The NISM Series V-A exam has no negative marking — a wrong answer and a skipped question both score zero, so the real risk isn't guessing wrong, it's running out of time on the chapters you're weakest in and never reaching them. That's a pacing problem, and pacing can only be diagnosed by sitting a full-length timed paper, not by drilling ten questions on Chapter 4 in isolation.
This is what a Passlane mock test replicates: same question count, same duration, same no-negative-marking scoring, same one-shot pressure.
Don't take our word for it — try one
Sample question · Chapter 8: Taxation
An investor redeems units of an equity-oriented mutual fund scheme after holding them for 8 months. The redemption amount includes a capital gain of ₹1,20,000. How is this gain taxed?
A) Exempt up to ₹1,00,000, balance taxed at 10%
B) Taxed at 15% as short-term capital gain, no exemption threshold
C) Taxed at the investor's income tax slab rate
D) Exempt entirely as it is a mutual fund investment
Correct answer: B
Units held for less than 12 months in an equity-oriented scheme are classified as short-term capital gains and taxed at a flat rate, with no exemption threshold — the ₹1,00,000 LTCG exemption only applies to gains classified as long-term (holding period 12 months or more).
Built to match the exam, not simplify it
100 questions
Full-length paper, same format and question mix as the real exam
No negative marking
Attempt every question — a wrong answer and a skip both score zero, exactly like the real exam
2-hour timer
Auto-submits at zero, same as the NISM exam-day clock
Instant results
Score, accuracy %, and pass/fail badge the moment you submit
Chapter-wise breakdown
See your accuracy across all 12 chapters — not just your total score
Pass probability score
Calculated from your last 3 attempts, so you know when to actually book your exam slot
AI answer explainer
Every question includes a plain-English explanation of why the answer is correct — not just what it is
All 12 chapters, weighted the way the real exam weights them
Difficulty ratings are derived from wrong-answer rates across the Passlane question bank, not guesswork.
Chapters 4, 6, 7, 8 and 10 together carry 48% of the paper. Your chapter-wise breakdown after each mock test tells you exactly how you're tracking against this table.
| # | Chapter | Weightage | Passlane difficulty |
|---|---|---|---|
| 1 | Investment Landscape | 5% | Easy |
| 2 | Concept and Role of a Mutual Fund | 10% | Easy–Medium |
| 3 | Legal Structure of Mutual Funds | 8% | Medium |
| 4 | Legal and Regulatory Framework | 12% | Hard |
| 5 | Scheme Related Information | 10% | Medium |
| 6 | Fund Distribution and Channel Management | 10% | Medium–Hard |
| 7 | NAV, TER and Pricing of Units | 8% | Hard |
| 8 | Taxation | 8% | Hard |
| 9 | Investor Services | 8% | Medium |
| 10 | Risk, Return and Performance of Funds | 10% | Hard |
| 11 | Mutual Fund Scheme Performance | 6% | Medium |
| 12 | Selecting the Right Mutual Fund Scheme | 5% | Medium |
1. Investment Landscape
2. Concept and Role of a Mutual Fund
3. Legal Structure of Mutual Funds
4. Legal and Regulatory Framework
5. Scheme Related Information
6. Fund Distribution and Channel Management
7. NAV, TER and Pricing of Units
8. Taxation
9. Investor Services
10. Risk, Return and Performance of Funds
11. Mutual Fund Scheme Performance
12. Selecting the Right Mutual Fund Scheme
Why trust these numbers
Reviewed by NISM-certified professionals. Content and question accuracy checked against the November 2025 NISM V-A workbook edition.
Independent platform, stated plainly. Passlane is not affiliated with, endorsed by, or connected to NISM, AMFI, SEBI, or any regulatory body. Our questions are original compositions aligned to the publicly available syllabus — not sourced from NISM's official bank.
Data-driven, not opinion-driven. Difficulty ratings and the pass probability model are calculated from actual wrong-answer rates and score trends across real attempts on the platform, not manually assigned.
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| Free sample test | Full mock test | |
|---|---|---|
| Questions | 25, proportionally weighted across all 12 chapters | 100, full exam-length paper |
| Timer | 30 minutes | 2 hours |
| Attempts | 1 | Unlimited |
| Chapter breakdown | — | ✓ |
| Pass probability score | — | ✓ |
| AI answer explainer | — | ✓ |
| Price | Free — sign in to start | ₹799 one-time |
Frequently asked questions
Is the Passlane mock test the same difficulty as the real NISM V-A exam?
Yes. Questions are calibrated to the same difficulty distribution as the real exam, based on the November 2025 workbook edition, and cover all 12 chapters in the same proportion as the actual paper.
Does the mock test have negative marking?
No. Neither the Passlane mock test nor the real NISM Series V-A exam has negative marking. A wrong answer and a skipped question both score zero — the mock test scores you the same way the real exam does.
How is the free sample test different from the full mock test?
The free sample test is 25 questions across a 30-minute window — enough to gauge your starting point. The full mock test is the complete 100-question, 2-hour exam simulation with chapter-wise analytics and the pass probability score.
Can I retake the mock test?
The full mock test can be retaken unlimited times after purchase, with a new question set each time. The free sample test is a single attempt.
How many mock tests should I take before booking my exam?
Most candidates who pass on the first attempt take 5–10 full-length mock tests and stop once they’re consistently scoring above 65.
Find out where you actually stand.
25 free questions. No card. No pressure — just a real diagnostic.
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