Both are NISM certifications tied to SEBI-regulated roles, but they lead to different careers. V-A is the certification for mutual fund distributors. XV is the certification that SEBI requires for research analysts who publish securities research. The exams are different in difficulty, so choose by the work you want to do.
| Parameter | Series V-A | Series XV |
|---|---|---|
| Role | Mutual fund distributor | Research analyst |
| Questions | 100 MCQs | 80 MCQs plus 5 case studies of 4 questions each |
| Marks | 100 | 100 |
| Duration | 120 minutes | 120 minutes |
| Pass mark | 50 marks (50%) | 60 marks (60%) |
| Negative marking | None | 25% of the question's marks |
| Exam fee | Rs 1,500 plus gateway charges | Rs 1,500 plus gateway charges |
| Certificate validity | 3 years | 3 years |
| What comes next | Register with AMFI and start distributing | SEBI research analyst registration, which also needs a recognised qualification |
If you want to earn by helping people invest in mutual funds, V-A is the direct route, and it is also the easier exam: 50% to pass and no negative marking. If you want to analyse companies and publish research, XV is the exam you need. Respect its 60% pass mark and the 25% penalty; the negative marking guide explains when guessing helps and when it hurts.
The syllabi barely overlap. V-A is about mutual fund products, regulation, investor services and scheme selection (see the V-A chapter weightage). XV covers 15 chapters from the securities market to economic, industry and company analysis, valuation, report writing and regulation (see the XV career and exam guide).
NISM Series V-D, launched in July 2026, is a separate certification for distributing Specialised Investment Fund products. It is a 150-question, 180-minute exam with a 90-mark pass and 10% negative marking. See the full pattern table for every series.
Yes. They are independent certifications with separate exams, fees and certificates, and many professionals hold both. Doing V-A first is the common order because it is the lower-barrier exam.
V-A is generally easier: a 50% pass mark and no negative marking, against 60% and 25% negative marking in XV. XV also includes case-based questions.
Yes. They are independent certifications with separate exams and certificates, and many professionals hold both.
NISM Series V-A. It is the certification for mutual fund distributors.
NISM Series XV. SEBI research analyst registration also requires a recognised qualification and other conditions in the SEBI (Research Analysts) Regulations.
Yes. There is one free full-length mock for each series; the V-A and XV free mocks need no login.
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