Short answer: if you only sell mutual funds, NISM V-A is still enough. If you also want to sell Specialised Investment Funds (SIFs), you need the new NISM Series V-D, launched on 22 July 2026, unless you already hold a valid NISM Series XIII certificate obtained on or before 21 September 2026. Below is each case, the differences between the exams and what registration costs.
| Your situation | What you need |
|---|---|
| You sell only mutual funds and hold V-A | Nothing new. V-A stays valid for mutual-fund-only distribution. |
| You hold V-A and a valid XIII certificate obtained on or before 21 September 2026 | You can distribute SIFs until your XIII certificate expires, as long as your V-A stays valid. You need V-D only after that. |
| You hold V-A but not XIII and want to sell SIFs | V-D. The XIII requirement for SIF distribution ends after 21 September 2026. |
| You are new and want to sell both mutual funds and SIFs | V-D alone. After AMFI registration it lets you distribute both, without a separate V-A. |
| You are new and want to sell only mutual funds | V-A is still available and cheaper. Choose V-D only if you plan to sell SIFs. |
| Parameter | V-A | V-D |
|---|---|---|
| Full name | Mutual Fund Distributors | Mutual Fund – Specialised Investment Fund Distributors |
| Questions | 100 MCQs | 150 MCQs |
| Duration | 120 minutes | 180 minutes |
| Pass mark | 50 out of 100 | 90 out of 150 (60%) |
| Negative marking | None | 10% of the question's marks |
| Exam fee | Rs 1,500 plus gateway charges | Rs 3,000 plus taxes |
| Certificate validity | 3 years | 3 years |
| What it lets you distribute | Mutual funds | Mutual funds and SIFs |
| Syllabus | Mutual fund distribution | Mutual fund distribution (45%), equity derivatives (35%), interest rate derivatives (20%) |
The full V-D format, module weights and chapter list are on the V-D exam pattern and syllabus page.
NISM Series XIII (Common Derivatives) was the certificate SEBI's 27 February 2025 circular required for mutual fund distributors who wanted to offer SIF products, as recorded in the AMFI master circular. Per reports on SEBI's 21 July 2026 decision, the requirement to hold XIII for SIF distribution ceases to apply after 21 September 2026. Distributors who hold a valid XIII obtained by that date do not need V-D until that certificate expires, and they must keep a valid V-A in the meantime.
Only for people who want SIFs. V-D covers both mutual fund and SIF distribution, so a new distributor going the combined route does not need V-A separately. But as reported from the circular, distributors who want to sell only mutual funds may continue with V-A, so V-A has not been withdrawn.
| Route | Exam fee | AMFI registration (individual) |
|---|---|---|
| Mutual funds only (V-A) | Rs 1,500 plus gateway charges | Rs 3,000 plus GST; renewal Rs 1,500 plus GST |
| Mutual funds and SIFs (V-D) | Rs 3,000 plus taxes | Rs 5,000 plus GST; renewal Rs 3,000 plus GST, valid three years |
Before the combined licence, a distributor needed a separate SIF registration at Rs 3,000 plus GST on top of the mutual fund registration, so the combined fee is lower than paying for both. The combined-fee figures come from Cafemutual's report, so confirm the current amounts on the AMFI site before you pay.
V-D is the heavier exam: 150 questions in 180 minutes, a 60% pass mark, negative marking, and 55% of the syllabus in derivatives. If your clients are mostly retail SIP investors, SIFs may not be relevant to your practice, because SIFs carry a minimum investment of Rs 10 lakh per investor across an AMC's SIF strategies. If you serve larger investors and want SIFs in your offering, V-D is the route, and it saves you managing two certificates. Either way, practise the pattern before booking the exam.
Sources: NISM V-D exam page, NISM communiqué dated 14 July 2026, ETV Bharat report on SEBI's 21 July 2026 decision, LexiBox summary of the SEBI circular, Cafemutual report on the combined MF and SIF licence fee and the AMFI master circular for MFDs (14 January 2026). Rules and fees 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.
Only if you want to sell SIFs and do not hold a valid Series XIII certificate obtained on or before 21 September 2026. If you sell only mutual funds, V-A is enough.
V-D covers both mutual fund and SIF distribution, so a new distributor going the combined route does not need V-A separately. Distributors who want only mutual funds can continue with V-A.
The requirement to hold XIII for SIF distribution ends after 21 September 2026. Holders of a valid XIII obtained by that date can continue until it expires, provided their V-A stays valid.
It is longer and stricter: 150 questions in 180 minutes, a 60% pass mark against 50%, 10% negative marking against none, and 55% of the syllabus is derivatives.
The V-D exam fee is Rs 3,000 plus taxes. Cafemutual reports the combined mutual fund and SIF registration at Rs 5,000 plus GST with renewal at Rs 3,000 plus GST; confirm with AMFI.