NISM V-A Free Practice Questions
Practice with AMFI-aligned NISM Series V-A questions across all chapters. Each question includes the correct answer and a concise explanation so you understand, not just memorise.
Start practising freeSample questions from the bank
Q1. Which of the following entities is responsible for the day-to-day management of a mutual fund scheme?
EXPLANATION
The Asset Management Company (AMC) is responsible for managing the investments and day-to-day operations of mutual fund schemes. Trustees provide oversight but do not manage schemes directly.
Q2. The Net Asset Value (NAV) of a mutual fund scheme is calculated:
EXPLANATION
SEBI regulations require AMCs to calculate and publish the NAV of open-ended schemes at the end of every business day. This ensures investors always transact at a fair, current price.
Q3. Under AMFI guidelines, which of the following commissions is currently permitted for mutual fund distributors?
EXPLANATION
AMFI banned upfront commissions in September 2018. Distributors can only earn trail commission, which is a percentage of AUM paid annually by the AMC.
What the full question bank covers
Mutual fund basics
Concept, types, advantages and regulatory framework
Fund structure
Sponsors, trustees, AMC, custodian and RTA roles
Offer documents
SID, SAI, KIM — what they contain and when they apply
NAV and accounting
Calculation, expense ratio, loads, dividend and growth options
KYC and compliance
KYC process, CKYC, PAN, in-person verification rules
Distributor regulations
ARN, EUIN, disclosure norms, AMFI code of conduct
Investor services
Transaction types, grievance redressal, nomination, FATCA
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