NISM Series V-D is a 150-question, 180-minute multiple-choice exam. The pass mark is 90 out of 150 (60%) and each wrong answer costs 10% of the question's marks. It launched on 22 July 2026 and qualifies you to distribute both mutual funds and Specialised Investment Funds (SIFs). If you are deciding whether you need it at all, read V-D vs V-A vs XIII first.
| Full name | NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination |
|---|---|
| Launched | 22 July 2026 |
| Questions | 150 multiple-choice questions, 1 mark each |
| Total marks | 150 |
| Duration | 180 minutes (3 hours) |
| Pass mark | 90 marks (60%) |
| Negative marking | 10% of the marks assigned to a question; unanswered questions score 0 |
| Exam fee | Rs 3,000 plus taxes and payment-gateway charges |
| Certificate validity | 3 years |
| Who it is for | Individual mutual fund and SIF distributors, and employees of organisations engaged in their sales and distribution |
NISM issues the passing certificate only to candidates who have updated their PAN in their registration details, so complete that before you book.
Every question carries 1 mark, so a wrong answer costs 0.1 mark and a skipped question costs nothing. If you answer 130 questions correctly, 15 wrongly and skip 5, your score is 130 minus 1.5, which is 128.5. Because the penalty is small, it usually pays to attempt any question you can narrow down. Even a blind guess among four options has a positive expected value (0.25 minus 0.75 x 0.1, which is +0.175 marks). The negative marking guide covers this across all series.
| Module | Weightage | Marks | Chapters |
|---|---|---|---|
| 1. Mutual Fund Distributors | 45% | 67.5 | 1 to 12 |
| 2. Equity Derivatives | 35% | 52.5 | 13 to 17 |
| 3. Interest Rate Derivatives | 20% | 30 | 18 to 22 |
Module 1 carries at most 67.5 marks. Even a perfect score there leaves at least 22.5 marks to earn from the two derivatives modules, which together carry 82.5 marks, so you need roughly 27% of the derivatives marks at the very least. Nobody scores 100% in Module 1, so in practice you need a solid score in both derivatives modules. A distributor who has passed V-A will find Module 1 familiar ground; the derivatives chapters are where most of your preparation time should go.
Sources: NISM V-D exam page and NISM's V-D exam details annexure. Fees and rules can change; confirm on nism.ac.in.
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.
150 multiple-choice questions of 1 mark each, for a total of 150 marks, in 180 minutes.
90 marks out of 150, which is 60%.
Yes. 10% of the marks assigned to a question is deducted for a wrong answer, so 0.1 mark per question. Unanswered questions score zero.
3 years, the same as other NISM distributor certificates.
Yes. BullWiser has one free full-length V-D mock with 150 MCQs, a 180-minute timer and 10% negative marking. The paid pack adds more mocks.