How to Become a SIF Distributor in India (2026): V-D, ARN and Fees

To distribute Specialised Investment Funds you need to pass NISM Series V-D, register with AMFI for the combined mutual fund and SIF licence, and get empanelled with the fund houses whose SIFs you want to sell. This page walks through each step and what it costs. If you already hold V-A or XIII, check which certificate you need first, because you may not need to sit V-D yet.

What is a SIF?

Specialised Investment Funds were introduced under a SEBI framework in February 2025 as a category between mutual funds and portfolio management services. They are aimed at investors who can commit more: the minimum investment is Rs 10 lakh per investor, applied across all of an AMC's SIF strategies. Because they can use strategies that ordinary mutual funds cannot, SEBI ties their distribution to a certificate that tests derivatives knowledge, which is why V-D includes equity and interest rate derivatives.

Step-by-step

1. Register on NISM and pass V-D. The exam is 150 MCQs in 180 minutes with a pass mark of 90 (60%) and 10% negative marking. The fee is Rs 3,000 plus taxes. Make sure your PAN is updated in your NISM registration, because the certificate is issued only then. See the V-D exam pattern and syllabus and how to register.
2. Apply to AMFI for the combined registration. Passing V-D makes you eligible to distribute both mutual funds and SIFs, after registration with AMFI. Cafemutual reports the combined individual fee at Rs 5,000 plus GST for registration and Rs 3,000 plus GST for renewal, valid for three years. The process for a new ARN is described in the ARN number process guide.
3. Get empanelled with AMCs that offer SIFs. Each fund house has its own empanelment and paperwork, and not every AMC has launched a SIF, so confirm with the AMC.
4. Track your renewals. The certificate and the registration both run in multi-year cycles, so note the expiry dates.

What it costs

That puts the entry cost of the combined route at about Rs 8,000 before taxes and charges, against roughly Rs 4,500 for the mutual-fund-only route (V-A exam plus ARN). The reports we reviewed do not state an upgrade fee for existing mutual-fund-only ARN holders, so check with AMFI if that is your case.

If you already hold V-A or XIII

You may not need V-D right away. Distributors who hold a valid Series XIII certificate obtained on or before 21 September 2026 can continue to distribute SIFs until it expires, as long as V-A stays valid. Distributors who want only mutual funds can carry on with V-A. Details are in V-D vs V-A vs XIII.

Is it worth it for you?

This depends on your clients. With a Rs 10 lakh minimum per investor, SIFs suit distributors who work with larger investors, not those whose book is mostly small SIPs. The exam is also demanding: 55% of the syllabus is derivatives. If SIFs will be a real part of your offering, V-D gives you one certificate for both products; if not, V-A remains the lighter route.

Sources: NISM V-D exam page, ETV Bharat report on SEBI's 21 July 2026 decision, LexiBox summary of the SEBI circular and Cafemutual report on the combined MF and SIF licence fee. Fees and rules can change; confirm on nism.ac.in and amfiindia.com.

Related: V-D exam pattern and syllabus, V-D vs V-A vs XIII, how to become a SIF distributor, exam fees and negative marking.