NISM Series V-A Syllabus 2026: Chapter-wise Topics & Weightage
The NISM Series V-A exam covers 12 chapters spanning mutual fund concepts, regulations, taxation, and investor services. This guide breaks down each chapter with its weightage and key topics so you know exactly what to study.
Exam Overview
The NISM Series V-A: Mutual Fund Distributors Certification Examination is a 100-question, 120-minute online test conducted by NISM.
The passing score is 50% with no negative marking. Results are available immediately at the test centre.
- 100 multiple-choice questions
- 2-hour duration
- 50% passing score
- No negative marking
- Online proctored exam at NSEIT/Mettl centres
Chapter-wise Syllabus Breakdown
The 12 chapters are grouped into broad areas: mutual fund concepts, legal structure, regulation, fund accounting, distribution, taxation, and investor services.
Chapters 8 and 10 carry the highest combined weight at approximately 35%.
| Chapter | Topics | Weightage |
|---|---|---|
| Ch 1: Mutual Fund Concept | History, types, structure | 8% |
| Ch 2: Legal Structure | Trust, sponsor, AMC, trustee | 7% |
| Ch 3: Scheme Types | Equity, debt, hybrid, ETF | 10% |
| Ch 8: Taxation | Taxation of MF investments | 18% |
| Ch 10: Risk & Return | Risk metrics, performance | 17% |
How to Use This Syllabus for Exam Prep
Start with high-weightage chapters (8 and 10) as they account for over a third of the exam. Then cover the medium-weightage chapters (3, 4, 9).
Practice with mock tests after each chapter to reinforce learning. Focus on numerical questions in Chapters 5 (NAV/TER) and 8 (taxation).