NISM VA Exam (Series V-A): Syllabus, Fees, Mock Test, Pass Marks
NISM VA exam guide: Rs 1,500 fee, 100 questions in 2 hours, 50% pass mark, 12-unit syllabus, free workbook, registration steps and 10 practice questions.
The NISM VA exam (NISM Series V-A) is the certification you must pass to work as a mutual fund distributor in India. It costs ₹1,500 (plus payment gateway charges), has 100 multiple-choice questions of 1 mark each in 120 minutes, needs 50% to pass, and has no negative marking (NISM, retrieved 2026-10-28). The certificate is valid for 3 years, and anyone can take it; there is no age or education requirement. After passing, you apply to AMFI for an ARN to start distributing. For the full career path, read how to become a mutual fund distributor.
Below are the 7 steps from registration to certificate, the full syllabus, how to prepare in 3 to 4 weeks, 10 practice questions with answers, and what changed in 2026. Where details are not confirmed by NISM, we say so plainly.
| Question | Answer |
|---|---|
| Full name | NISM Series V-A: Mutual Fund Distributors Certification Examination |
| Fee | ₹1,500 plus payment gateway charges |
| Questions | 100 multiple-choice, 1 mark each |
| Duration | 120 minutes |
| Pass mark | 50% |
| Negative marking | None |
| Validity | 3 years from the exam date |
| Eligibility | Open to anyone; no age or education limit |
| Study material | Free official workbook from NISM |
| Next step after passing | AMFI ARN registration |
Exam fee, pattern, eligibility and validity are from NISM's mutual fund distributor exam page and FAQ (NISM, retrieved 2026-10-28).
How this guide is ordered: the steps follow the real journey, from downloading the workbook to receiving your certificate, followed by the syllabus, practice questions and renewal rules.
1. Download the Free Official Workbook
Cost: free | Where: NISM's courseware portal | Needs: name, email, mobile, city, state
NISM gives the official V-A workbook free to download after you enter basic details on its courseware portal (NISM FAQ, retrieved 2026-10-28). Printed copies are also sold through Taxmann. Always study from the latest official workbook, because exam questions follow its test objectives.
How to get it:
- Visit NISM's website and open the Series V-A page.
- Go to the free courseware download link.
- Enter your details and download the PDF.
- Note the version on the cover and use only that version.
2. Register and Book Your Exam
Portal: NISM's certification portal | Choose: test centre, date and time slot | Pay: ₹1,500 plus gateway charges
You register on NISM's certification portal and book a slot at a test centre. Searches for "NISM exam registration" are among the highest for this exam, so here is the process:
- Create an account on NISM's certification portal.
- Select "NISM Series V-A: Mutual Fund Distributors".
- Pick a test centre, date and time slot.
- Enter your PAN; NISM issues the certificate only if PAN is given at registration (NISM FAQ, retrieved 2026-10-28).
- Pay the fee online and save the confirmation.
NISM has offered remote-proctored exams for some certifications, but its main V-A page lists test centres, and the online option can be withdrawn without notice. Check the current mode when you book.
3. Learn the 12-Unit Syllabus
Units: 12 | Appendices: 4 | Heaviest areas: regulation, scheme types, NAV and taxation
The NISM VA exam syllabus has 12 units plus appendices on the SEBI Fifth Schedule, the AMFI Code of Ethics and the AMFI Code of Conduct (NISM curriculum page, retrieved 2026-10-28).
| Unit | Topic | What it covers |
|---|---|---|
| 1 | Investment basics | Savings, investment options, risk and return basics |
| 2 | Concept and Role of a Mutual Fund | How mutual funds pool money, types of schemes |
| 3 | Legal Structure of Mutual Funds in India | Sponsor, trustee, AMC, custodian, RTA |
| 4 | Legal and Regulatory Framework | SEBI and AMFI rules, investor protection |
| 5 | Scheme Related Information | SID, SAI, KIM documents |
| 6 | Fund Distribution and Channel Management | Distributor rules, commissions, due diligence |
| 7 | NAV, TER and Pricing of Units | How NAV and expense ratios work |
| 8 | Taxation | Capital gains and tax on mutual funds |
| 9 | Investor Services | KYC, SIP, switches, redemptions, nominations |
| 10 | Risk, Return and Performance of Funds | Risk types, riskometer, return measures |
| 11 | Mutual Fund Scheme Performance | Benchmarks, comparing performance |
| 12 | Mutual Fund Scheme Selection | Matching schemes to investors |
4. Prepare in 3 to 4 Weeks
Daily time: 1 to 2 hours | Method: read, note, practise | Focus: regulation, NAV, taxation, scheme types
Most people with no finance background can prepare in 3 to 4 weeks with steady daily study. Read one or two units a day, write short notes, and take practice tests in the final week.
A simple 4-week plan:
- Week 1: Units 1 to 4: basics, structure and regulation.
- Week 2: Units 5 to 8: scheme documents, distribution, NAV and taxation.
- Week 3: Units 9 to 12: investor services, risk, performance and selection.
- Week 4: Revise notes, take mock tests, and re-read weak units.
5. Take Mock Tests Before the Exam
Official: NISM lists a mock test on its certification portal | Goal: score 70%+ before the real exam | Watch: timing
NISM's FAQ points to a mock test on its online certification platform (NISM FAQ, retrieved 2026-10-28). Use it to get used to the screen, the timing and the question style. Aim to score comfortably above the 50% pass mark before you sit the exam.
6. Sit the Exam
Bring: original photo ID (PAN, Aadhaar, driving licence or passport) | Time: 120 minutes for 100 questions | Tip: no negative marking, so answer every question
Reach the centre early with your original photo ID. With 100 questions in 120 minutes you have just over a minute per question. Since there is no negative marking, never leave a question blank.
7. Get Your Certificate and Apply for an ARN
Certificate: valid 3 years from the exam date | Next: AMFI ARN registration | Re-evaluation: not allowed
Once you pass, NISM issues your certificate, valid for 3 years from the exam date. NISM does not allow re-evaluation of answers (NISM FAQ, retrieved 2026-10-28). Your next step is registering with AMFI for an ARN, which lets you earn commission on mutual fund sales.
NISM VA Exam Practice Questions (With Answers)
Try these 10 sample questions based on the V-A syllabus. They are written by us for practice and are not actual exam questions.
- Who regulates mutual funds in India? (a) RBI (b) SEBI (c) IRDAI (d) AMFI. Answer: (b) SEBI.
- What is the industry body of mutual funds in India? (a) NISM (b) SEBI (c) AMFI (d) NSE. Answer: (c) AMFI.
- In India, a mutual fund is set up as a: (a) Company (b) Trust (c) Partnership (d) Society. Answer: (b) Trust.
- NAV per unit is calculated as: (a) Total assets divided by investors (b) Net assets divided by units outstanding (c) Income divided by expenses (d) Market price of the AMC's share. Answer: (b).
- What is the lock-in period of an ELSS fund? (a) 1 year (b) 3 years (c) 5 years (d) None. Answer: (b) 3 years.
- SIP stands for: (a) Systematic Investment Plan (b) Single Investment Plan (c) Savings Investment Policy (d) Secure Income Plan. Answer: (a).
- When is an exit load charged? (a) On purchase (b) On redemption within a set period (c) Every year (d) On dividend payout. Answer: (b).
- Compared with a direct plan, a regular plan of the same scheme has: (a) A lower expense ratio (b) A higher expense ratio, because it includes distributor commission (c) The same NAV (d) No exit load. Answer: (b).
- How many risk levels does the mutual fund riskometer have? (a) 3 (b) 4 (c) 5 (d) 6. Answer: (d) 6, from Low to Very High.
- Which scheme invests in debt securities maturing in one day? (a) Liquid fund (b) Overnight fund (c) Gilt fund (d) Credit risk fund. Answer: (b) Overnight fund.
How Long Is the NISM V-A Certificate Valid?
The V-A certificate is valid for 3 years from the exam date. To renew it, you can either attend NISM's Continuing Professional Education (CPE) programme for mutual fund distributors, or pass the V-A exam again before your certificate expires (NISM FAQ, retrieved 2026-10-28).
| Renewal route | What it involves | When |
|---|---|---|
| NISM CPE programme | A one-day programme of about 6 hours with a test; an online eCPE option also exists | Within 12 months before expiry |
| Re-take the V-A exam | Pass the exam again | Before the certificate expires |
A CPE completed on time extends the certificate for 3 years from the old expiry date (NISM CPE page, retrieved 2026-10-28). Your AMFI ARN also needs renewing, and it can be renewed only after your NISM certificate is renewed.
What changed in 2026: NISM V-D and SIFs
NISM launched a new Series V-D exam for Mutual Fund and Specialised Investment Fund (SIF) distributors, live from 22 July 2026 (NISM communique, 14 July 2026). Based on published summaries of SEBI's circular of 21 July 2026, V-D holders can distribute both mutual funds and SIFs without V-A, while distributors who sell only mutual funds continue to need V-A. Check the latest NISM and SEBI notices before choosing which exam to take.
NISM V-A vs V-B: which one do you need?
NISM V-B (Mutual Fund Foundation) is a simpler exam for the "new cadre" of distributors, such as postal agents, retired officials and teachers selling simple schemes. It costs ₹1,200 and has 50 questions with a 50% pass mark (NISM V-B FAQ, retrieved 2026-10-28). If you want to distribute the full range of mutual funds, take V-A.
How Do You Pass the NISM VA Exam on the First Attempt?
- Study the latest workbook only: old versions may miss updated rules.
- Answer every question: there is no negative marking.
- Learn the numbers: lock-in periods, tax rules, riskometer levels and timelines are common questions.
- Practise under time: 100 questions in 120 minutes needs pace.
- Keep PAN ready at registration: NISM issues certificates only with PAN.
Is the NISM V-A Exam Right for You?
- Want to earn from mutual fund distribution? Yes, V-A is the required certificate.
- Also want to sell SIFs? Look at the new NISM V-D exam.
- Selling only simple schemes as a postal agent or retiree? V-B may be enough.
- Want to earn from finance without an exam first? Start with cards, loans and accounts as a loan consultant or partner, and take V-A later.
The NISM V-A exam is very passable with 3 to 4 weeks of steady study: 100 questions, a 50% pass mark and no negative marking. Download the free workbook, follow the plan, practise, and you will be ready to apply for your ARN.
GroMo is a free app where partners help customers apply for credit cards, loans, bank accounts and investment products from partner institutions, and earn a commission on approval. On GroMo, investment products such as Axis Mutual Funds pay up to ₹400 (GroMo catalogue, retrieved 2026-10-28).
FAQ: NISM Series V-A Exam
What is the fee for the NISM V-A exam?
₹1,500, plus payment gateway charges, as listed by NISM.
What is the passing mark for NISM V-A?
You need 50%, which is 50 out of 100 marks.
Is there negative marking in NISM V-A?
No. There is no negative marking, so attempt every question.
How many questions are there in NISM V-A?
There are 100 multiple-choice questions of 1 mark each, to be completed in 120 minutes.
Is the NISM V-A workbook free?
Yes. NISM lets you download the official workbook free after entering basic details.
How long is the NISM V-A certificate valid?
3 years from the exam date. Renew it through NISM's CPE programme or by passing the exam again.
Can I take NISM V-A without a degree?
Yes. NISM sets no age or education requirement for the exam.
What do I do after passing NISM V-A?
Register with AMFI for an ARN (AMFI Registration Number), complete KYD, and get empanelled with mutual fund houses before selling. See how the GroMo app works to earn on other products meanwhile.
GroMo (Vitrak Technologies Pvt Ltd) is a distribution platform. GroMo is not a bank, NBFC, insurer or investment adviser. All products are offered by their respective RBI, IRDAI or SEBI-regulated providers.
Sources: NISM mutual fund distributors exam page, FAQ, curriculum and CPE pages; NISM circular MFD/2021/01 (4 August 2021); NISM communique on Series V-D (14 July 2026); NISM V-B FAQ; GroMo product catalogue; all retrieved 2026-10-28. Practice questions are written by GroMo for study and are not official NISM questions.
Disclaimer
Exam fees, pattern, syllabus and rules are set by NISM and SEBI and can change; check NISM's official website before registering. Mutual fund investments are subject to market risks; read all scheme-related documents carefully. GroMo does not promise any level of income. GroMo commissions are set by partner institutions, vary by product and campaign, and are paid only on approved applications. GroMo is available only to users aged 18 and above. Everything above is general information, not financial advice.
