NISM Series V-D Open for practice Mandated by SEBI
NISM Series V-D Mock Tests and Practice (NISM 5D)
NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors
The certification for distributors of Specialized Investment Funds (SIFs). It combines the full mutual fund distributor syllabus with equity derivatives and interest rate derivatives, because SIF strategies can use derivatives, including short positions that ordinary mutual funds cannot take.
- Duration
- 180 min
- Questions
- 150
- Maximum marks
- 150
- Pass mark
- 60%
- Negative marking
- 10%
- NISM fee
- ₹3,000
Verified 13 Oct 2026 from NISM's official certification listing. Certificate valid 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Free mock tests
3 full-length papers, each 150 questions in 180 minutes, with the real exam's 10% negative marking, and every chapter in its exam weightage. No question appears in more than one paper, so each one is a fresh test.
-
Free Mock 1
150 questions
Not started
-
Free Mock 2
150 questions
Not started
-
Free Mock 3
150 questions
Not started
After you submit, open the review and tap Explain this with the AI Coach on any question you got wrong.
A free account saves your answers, scores and mistake notebook. No payment details needed.
What a paid plan adds
The free mocks show you where you stand. A paid plan gives you the practice to close the gaps before exam day.
- Unlimited full mocks, freshly drawn from all 979 NISM Series V-D questions and favouring ones you haven't seen, so you never sit the same paper twice.
- Unlimited practice by chapter, weak topic and mistake notebook. The free plan stops at 30 questions a day.
- 60 AI Coach messages a day (free: 5). Clear every doubt as it comes up, get calculations worked step by step and a revision plan for your exam date.
- Last-24-hours revision: a timed paper of your recent mistakes plus the highest-weight chapters, built for the day before the exam.
- Retake any free mock to check that you've fixed what you got wrong.
Why start today
- At 30 free questions a day, working through all 979 questions takes about 18 days. With a plan you set the pace, and every extra day of practice before the exam counts.
- Access opens straight away: pay by UPI, enter the reference number, and you get 24 hours of full access while we confirm the payment.
- Plans start at ₹129 (Last 24 hours, 2 days), including GST. No auto-renewal: a plan simply ends.
Syllabus and chapter weightage
Workbook version: July 2026| # | Chapter | Weight | Questions | Actions |
|---|---|---|---|---|
| 1 | Investment Landscape Lesson with examples |
5 | 48 | Practise |
| 2 | Concept and Role of a Mutual Fund Lesson with examples |
4 | 66 | Practise |
| 3 | Legal Structure of Mutual Funds in India Lesson with examples |
3 | 34 | Practise |
| 4 | Legal and Regulatory Framework Lesson with examples |
7 | 43 | Practise |
| 5 | Scheme Related Information Lesson with examples |
7 | 44 | Practise |
| 6 | Fund Distribution and Channel Management Practices Lesson with examples |
4 | 41 | Practise |
| 7 | Net Asset Value, Total Expense Ratio and Pricing of Units Lesson with examples |
5 | 41 | Practise |
| 8 | Taxation Lesson with examples |
3 | 26 | Practise |
| 9 | Investor Services Lesson with examples |
10 | 99 | Practise |
| 10 | Risk, Return and Performance of Funds Lesson with examples |
5 | 67 | Practise |
| 11 | Mutual Fund Scheme Performance Lesson with examples |
5 | 25 | Practise |
| 12 | Mutual Fund Scheme Selection Lesson with examples |
10 | 50 | Practise |
| 13 | Basics of Derivatives Lesson with examples |
10 | 34 | Practise |
| 14 | Understanding the Index Lesson with examples |
5 | 23 | Practise |
| 15 | Introduction to Equity Futures and Forwards Lesson with examples |
15 | 57 | Practise |
| 16 | Introduction to Equity Options Lesson with examples |
13 | 52 | Practise |
| 17 | Strategies Using Equity Futures and Equity Options Lesson with examples |
9 | 45 | Practise |
| 18 | Introduction to Interest Rates, Interest Rate Instruments and the Fixed Income Market Lesson with examples |
6 | 54 | Practise |
| 19 | Interest Rate Derivatives Lesson with examples |
2 | 24 | Practise |
| 20 | Exchange Traded Interest Rate Futures Lesson with examples |
10 | 39 | Practise |
| 21 | Exchange Traded Interest Rate Options Lesson with examples |
6 | 34 | Practise |
| 22 | Strategies Using Exchange Traded Interest Rate Futures and Options Lesson with examples |
6 | 33 | Practise |
Who takes this exam
Mutual fund distributors and their employees who want to sell SIFs, and AMC staff involved in SIF sales.
Formula sheet
Formulas used in our original calculation questions for this exam.
| Chapter | Topic | Formula |
|---|---|---|
| 1 | Asset allocation | Amount to sell = Current value − (Target % × Total portfolio) |
| 1 | Inflation | FV = PV × (1 + r)^n |
| 1 | Investment risks | Real return = (1 + nominal) / (1 + inflation) − 1 |
| 2 | Key concepts | Unit capital = Units outstanding × Face value |
| 2 | Key concepts | AUM = NAV × Units outstanding |
| 5 | NAV disclosure | Current value = Unit balance × Current NAV |
| 6 | Additional commission | Additional commission = min(1% × first investment, ₹2,000) |
| 6 | Trail commission | Daily trail = AUM × annual trail rate ÷ 365 |
| 7 | Expenses | Maximum base expense = Σ (slab amount × slab rate) |
| 7 | Loads | Repurchase price = NAV × (1 − exit load %) |
| 7 | Loads | Units allotted = Amount invested ÷ NAV |
| 7 | NAV computation | NAV = (Assets + accrued income + receivables − liabilities − accrued expenses) ÷ Units outstanding |
| 8 | Capital gains rates | LTCG tax = (Gain − ₹1,25,000) × 12.5% |
| 8 | Grandfathering | Cost of acquisition = Higher of (actual cost, FMV on 31 Jan 2018), capped at the sale value |
| 9 | Options | Additional units = (Units × IDCW per unit) ÷ Ex-IDCW NAV |
| 9 | Redemption | Units redeemed = Amount ÷ (NAV × (1 − exit load)) |
| 9 | SIP | Average cost = Total invested ÷ Total units |
| 10 | Equity ratios | EPS = Net profit ÷ Shares; P/E = Price ÷ EPS |
| 10 | Equity ratios | PEG = P/E ÷ Expected earnings growth (%) |
| 10 | Equity ratios | P/B = Market price ÷ (Net worth ÷ Shares) |
| 10 | Equity ratios | Dividend yield = Dividend per share ÷ Market price |
| 10 | Return measures | Simple return = (Later value − Initial value) ÷ Initial value |
| 10 | Return measures | Annualised return = Simple return × 12 ÷ months |
| 10 | Return measures | CAGR = (Later value ÷ Initial value)^(1/n) − 1 |
| 10 | Risk measures | Annualised SD = Periodic SD × √(periods per year) |
| 10 | Risk measures | WAM = Σ (weight × maturity) |
| 11 | Information ratio | IR = (Portfolio return − Benchmark return) ÷ SD of excess returns |
| 11 | Risk-adjusted returns | Sharpe ratio = (Scheme return − Risk-free return) ÷ Standard deviation |
| 11 | Risk-adjusted returns | Treynor ratio = (Scheme return − Risk-free return) ÷ Beta |
| 12 | Portfolio turnover | Portfolio turnover = Lower of (purchases, sales) ÷ Average net assets |
| 14 | Impact cost | Impact cost = (Actual price − Ideal price) / Ideal price |
| 15 | Cost of carry | F = S + Cost of carry − Income |
| 15 | Fair futures price | F = S × (1 + r − q)^T |
| 15 | Futures pricing | F = S × (1 + r × t) |
| 15 | Futures pricing | F = (S − D) × (1 + r × t) |
| 15 | Hedging with futures | Number of contracts = (Portfolio value × beta) / value of one contract |
| 15 | Mark to market | MTM = (settlement price − previous price) × lot size |
| 15 | Portfolio beta | Portfolio beta = Σ (weight × beta) |
| 16 | Intrinsic and time value | Time value = Premium − Intrinsic value |
| 16 | Option payoff | Put breakeven = Strike − Premium |
| 16 | Put-call parity | C + K/(1 + r × t) = P + S |
| 17 | Portfolio hedge | Lots = (Beta × Portfolio value) / (Futures price × Lot size) |
| 18 | Accrued interest | Accrued interest = coupon × days since last coupon ÷ 360 |
| 18 | Bond pricing | Price = Σ cash flow ÷ (1 + y)ᵗ |
| 18 | Clean and dirty price | Dirty price = clean price + accrued interest |
| 18 | Compounding | Effective rate = (1 + r/n)ⁿ − 1 |
| 18 | Current yield | Current yield = annual coupon ÷ market price |
| 18 | Modified duration | Modified duration = Macaulay duration ÷ (1 + y/n) |
| 18 | Modified duration | % price change ≈ −MD × Δy |
| 18 | PVBP | PVBP ≈ Modified duration × value × 0.0001 |
| 18 | Real rate | Real rate ≈ nominal rate − inflation |
| 18 | Spot and forward rates | (1 + s₂)² = (1 + s₁)(1 + f₁,₂) |
| 18 | T-bill yield | T-bill yield = (Face − Price) ÷ Price × 364 ÷ days × 100 |
| 19 | FRA | FRA payoff ≈ (reference rate − FRA rate) × notional × period |
| 19 | Interest rate swaps | Net swap payment = (floating − fixed) × notional × period |
| 20 | Contract value | Contract value = futures price × 2,000 |
| 20 | Cost of carry | F = S + financing cost − income |
| 20 | Price and yield | Δprice ≈ −MD × Δy × price |
| 20 | Profit and loss | P&L = (sell − buy) × 2,000 × lots |
| 20 | Profit and loss | P&L (short) = (sell − buy) × 2,000 × lots |
| 20 | Profit and loss | P&L = ticks × ₹5 × lots |
| 20 | Tick value | Tick value = tick size × bonds per lot |
| 21 | Breakeven | Call breakeven = K + premium |
| 21 | Breakeven | Put breakeven = K − premium |
| 21 | Intrinsic value | Time value = premium − intrinsic value |
| 21 | Intrinsic value | Put intrinsic value = max(K − S, 0) |
| 21 | Payoffs | Long put = max(K − S, 0) − premium |
| 21 | Payoffs | Long call = max(S − K, 0) − premium |
| 22 | Hedge ratio | N = (P × MDₚ) ÷ (F × MD_f) |
| 22 | Hedge ratio | N = PVBP of exposure ÷ PVBP per futures lot |
| 22 | Straddle | Straddle breakevens = K ± total premium |
NISM Series V-D: frequently asked questions
How many questions are there in the NISM Series V-D exam?
The NISM Series V-D exam has 150 questions for 150 marks, to be answered in 180 minutes.
What is the passing mark for NISM Series V-D, and is there negative marking?
You need 60% to pass. Each wrong answer costs 10% of the marks for that question, so guessing has a price.
What is the fee for the NISM Series V-D exam and how long is the certificate valid?
NISM lists the fee as ₹3,000. The certificate is valid for 3 years. NISM currently lists all certification examinations as online, remote-proctored.
Are the NISM Series V-D mock tests on Integrato Digital free?
Yes. A free account gives you 3 full-length mock papers, each in the real exam pattern (150 questions, 180 minutes) with every chapter in its exam weightage. No question repeats across the free papers, and a 20-question diagnostic needs no sign-up at all. Paid plans add unlimited practice from the full bank and more mocks.
How should I prepare for NISM Series V-D?
Read the chapter lessons (22 chapters), practise chapter by chapter from the 979-question bank, review every explanation you get wrong, then take full mock tests under exam timing until you score comfortably above the pass mark.
Are these official NISM questions?
No. Integrato Digital is an independent practice platform and is not affiliated with or endorsed by NISM. Every question and lesson is original, written to the published NISM syllabus and test objectives.
Registering for the exam
Registration, scheduling, fees and certificates are handled only by NISM. Use the official page to register:
Official NISM Series V-D page on nism.ac.in
NISM also publishes the official workbook for each exam on its website. Our questions and notes are original and are written to complement it, not replace it.