The NISM Series V-A (Mutual Fund Distributors) exam has 12 chapters, and they are not equally weighted. Two chapters, Investor Services and Mutual Fund Scheme Selection, carry 15 marks each, so 30 of the 100 marks come from just two units. This page gives the official chapter-wise weightage, what the biggest chapters usually test, and a study order that puts your time where the marks are.
| Questions | 100 multiple-choice questions, 1 mark each |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes (2 hours) |
| Passing score | 50 marks (50%) |
| Negative marking | None |
| Exam fee | Rs 1,500 plus payment-gateway charges (as published by NISM) |
| Certificate validity | 3 years from the exam date |
| Registration | Online at cert.nism.ac.in; a PAN is needed to receive the passing certificate |
Because there is no negative marking, never leave a question blank. An educated guess costs nothing, so flag hard questions, move on, and come back with the time you saved.
Each question is worth one mark, so a chapter's weightage in per cent is also the number of questions you should expect from it in a 100-question paper.
| Ch. | Chapter | Weight | Priority | Free practice |
|---|---|---|---|---|
| 1 | Investment Landscape | 8% | Medium | Practice |
| 2 | Concept & Role of a Mutual Fund | 6% | Medium | Practice |
| 3 | Legal Structure of Mutual Funds in India | 4% | Low | Practice |
| 4 | Legal & Regulatory Framework | 10% | High | Practice |
| 5 | Scheme Related Information | 10% | High | Practice |
| 6 | Fund Distribution & Channel Management Practices | 6% | Medium | Practice |
| 7 | Net Asset Value, Total Expense Ratio & Pricing of Units | 8% | Medium | Practice |
| 8 | Taxation | 4% | Low | Practice |
| 9 | Investor Services | 15% | Highest | Practice |
| 10 | Risk, Return & Performance of Funds | 7% | Medium | Practice |
| 11 | Mutual Fund Scheme Performance | 7% | Medium | Practice |
| 12 | Mutual Fund Scheme Selection | 15% | Highest | Practice |
| Total | 100% |
Source: NISM's published test structure for the Mutual Fund Distributors certification. Weightage can change when NISM updates the workbook, so check nism.ac.in before you book.
Group the chapters into three tiers and study them in this order.
Tier 1 (50 marks): Chapters 9, 12, 4 and 5. Investor Services and Scheme Selection are 15% each, and Legal & Regulatory Framework and Scheme Related Information are 10% each. Together they decide half the paper. If you can score 80% here you have 40 marks banked before you touch anything else.
Tier 2 (36 marks): Chapters 1, 2, 6, 7, 10 and 11. These are 6 to 8 marks each. They are mostly concept and definition questions, with a few calculations in the NAV and performance chapters.
Tier 3 (8 marks): Chapters 3 and 8. Legal Structure and Taxation are 4% each. Do not skip them, since four easy marks decide close results, but do not spend more than a day on either.
This is BullWiser's summary of how the chapters are typically examined; use the NISM workbook for the exact scope.
Practical, procedure-heavy questions on what a distributor does for an investor: KYC, transactions, statements, nomination, and how service requests are handled. These are easy marks if you have read the chapter once, and easy losses if you have not.
Scenario questions about matching a scheme to an investor's goal, horizon and risk profile. Read the question stem for the investor's constraints before looking at the options.
Rules, limits and the roles of regulators and intermediaries. Mostly recall, so repetition and chapter-wise practice work better than re-reading.
Scheme categories, features and documents. Learn the differences between categories in a table rather than as isolated facts.
This is a suggested plan for someone studying about an hour a day; compress or stretch it to fit your exam date.
| Week | Focus | Goal |
|---|---|---|
| 1 | Chapters 9 and 12 | Finish both and score 70%+ on their chapter practice |
| 2 | Chapters 4 and 5, then 7 and 10 | Finish the rest of Tier 1 and the calculation-based chapters |
| 3 | Chapters 1, 2, 6, 11, then 3 and 8 | Cover the remaining chapters once |
| 4 | Full-length mocks, then revise weak chapters | Two or three timed mocks; revise only the chapters where you lost marks |
After each full mock, sort your wrong answers by chapter. A chapter that loses you three marks in a 15-mark unit is worth more revision than one that loses three marks in a 4-mark unit.
The V-A certificate is valid for 3 years from the exam date. To renew, you can pass the NISM CPE (Continuing Professional Education) programme for Mutual Fund Distributors or retake the certification exam before the certificate expires. The certificate is issued within about two weeks of passing, provided your PAN was submitted at registration. Comparing series? Start from the NISM certification guide.
12 chapters, from Investment Landscape to Mutual Fund Scheme Selection.
Investor Services (Chapter 9) and Mutual Fund Scheme Selection (Chapter 12) carry 15% each, followed by Legal and Regulatory Framework (Chapter 4) and Scheme Related Information (Chapter 5) at 10% each.
50 marks out of 100 (50%). There is no negative marking.
100 multiple-choice questions, 1 mark each, in 120 minutes.
Legal Structure of Mutual Funds (Chapter 3) and Taxation (Chapter 8) are 4% each, so they carry the least weight. Still cover them once, because they are usually quick marks.
BullWiser has a free practice page for each of the 12 chapters, plus free full-length mocks. The first mock needs no login.
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