NISM Introduces New Certification Exam in 2026: Complete Guide for Mutual Fund and SIF Distributors
NISM introduced a new certification exam in 2026 for people who sell or distribute Mutual Funds and Specialized Investment Funds (SIFs). The exam is called NISM-Series-V-D, and its full name is Mutual Fund – Specialized Investment Fund Distributors Certification Examination. It became available from July 22, 2026.
This exam covers more than just Mutual Funds. It also includes futures and options, derivatives, fixed income products and other related topics. If you are planning to take this exam, this guide will help you understand what the exam is, who it is for, what you need to study, the passing marks, fees and other important details.
First, What Is NISM?
NISM stands for National Institute of Securities Markets. It was established by SEBI, which regulates the securities market in India. NISM conducts certification exams for people working in different areas of the financial market.
For example, it has exams for Mutual Fund distributors, Research Analysts, Investment Advisers and people working with derivatives.
What Is the New NISM-Series-V-D Exam?
The NISM-Series-V-D exam is mainly for people who sell or distribute Mutual Funds and SIFs. The purpose of the exam is to make sure that these people have enough knowledge about the investment products they are dealing with.
This is especially important for SIFs because they can use more advanced investment strategies.
What Is a Mutual Fund?
A Mutual Fund collects money from many investors and invests that money in different assets. For example, some Mutual Funds invest mainly in shares, while others invest mainly in bonds. Some invest in a mix of different assets.
Instead of choosing and managing individual investments themselves, investors put their money into a Mutual Fund that follows a particular investment plan. The value of a Mutual Fund investment can rise or fall, so Mutual Funds also involve investment risk.
What Is an SIF?
SIF stands for Specialized Investment Fund. An SIF comes under the Mutual Fund framework, but it can use more advanced investment strategies than a regular Mutual Fund. For example, an SIF may use derivatives as part of its investment strategy.
A derivative is a financial product whose value depends on another asset. Futures and options are common examples. Because SIFs can use these more advanced strategies, people who distribute them need knowledge beyond basic Mutual Funds. This is why the new NISM exam includes topics such as futures, options and other derivatives.
Who Is the New Exam For?
The NISM-Series-V-D exam is for people involved in selling or distributing Mutual Funds and SIFs. This may include:
- Individual distributors
- Employees of companies that distribute these products
- Employees of Asset Management Companies (AMCs) who work in Mutual Fund or SIF distribution
An Asset Management Company (AMC) is a company that manages investment funds. If your work involves distributing Mutual Funds or SIFs, this certification may be relevant to you.
Why Was a New Exam Needed?
Regular Mutual Funds and SIFs are not exactly the same. SIFs can use more advanced strategies, including strategies involving futures and options.
Because of this, someone dealing with SIFs may need to understand more than basic Mutual Fund concepts. The NISM-Series-V-D exam covers this wider knowledge.
What Does the NISM-Series-V-D Exam Cover?
The exam covers several areas.
Mutual Funds
Candidates need to understand how Mutual Funds work, different types of schemes and how these products are distributed.
Futures and Options
The exam includes the Indian equity derivatives market. Candidates need to learn about futures and options and how they can be used with shares and stock market indices.
Fixed Income Securities
The exam also covers fixed income securities. These are investments such as bonds, where investors generally expect income according to certain terms.
Interest Rate Derivatives
Candidates also need to study interest rate derivatives and some strategies related to them. So, compared with a basic Mutual Fund exam, Series-V-D covers a wider range of investment products and strategies.
How Many Questions Are There?
The exam has 150 multiple-choice questions. Each question carries 1 mark, so the total is 150 marks.
How Much Time Do You Get?
You get 3 hours to complete the exam. Since there are 150 questions, managing your time properly is important. Spending too much time on a few difficult questions may leave less time for the rest.
What Are the Passing Marks?
You need 60% to pass. Since the exam is for 150 marks, you need at least 90 marks out of 150.
Is There Negative Marking?
Yes. The exam has 10% negative marking on the marks assigned to a question. This means a small amount of marks can be deducted when you give a wrong answer.
This is different from the NISM-Series-V-A Mutual Fund Distributor exam, which does not have negative marking.
What Is the Exam Fee?
The current fee shown by NISM for the Series-V-D exam is ₹3,000 plus applicable payment gateway charges. Fees can change, so check the latest amount on the official NISM website before paying.
How Long Is the Certificate Valid?
The certificate is valid for 3 years from the date of the exam. According to NISM, if you want to renew the current certificate, you need to pass the NISM-Series-V-D exam again before your existing certificate expires.
Is Study Material Available?
Yes. NISM provides study material for the exam. After enrolling, candidates can receive a digital copy of the workbook, and the study material is also available through the NISM website.
The workbook includes chapter-end questions and examples that can help with exam preparation.
How Can You Register for the Exam?
Registration is done through NISM's certification system. After registering, you can select an available test centre, exam date and time slot.
Available centres and dates may vary, so check the NISM website when you are ready to book the exam.
Do You Need PAN for the Certificate?
Yes, PAN is important. PAN stands for Permanent Account Number. According to NISM, candidates need to provide or update their PAN in their registration details to receive the passing certificate.
Make sure your PAN and other registration details are correct.
Is This the Same as NISM-Series-V-A?
No. NISM-Series-V-A and NISM-Series-V-D are different exams. Series-V-A mainly focuses on Mutual Fund distribution.
Series-V-D covers Mutual Funds as well as SIFs and includes additional topics such as futures and options, equity derivatives, fixed income securities and interest rate derivatives. Their exam patterns are also different.
Series-V-A
- 100 questions
- 2 hours
- 50% passing score
- No negative marking
Series-V-D
- 150 questions
- 3 hours
- 60% passing score
- 10% negative marking
So, Series-V-D is not simply the old Mutual Fund Distributor exam with a different name. It covers a wider range of topics.
Is the New Exam Difficult?
It depends on how much you already know. If you are completely new to Mutual Funds and derivatives, some topics may take time to understand.
Futures, options, hedging and interest rate derivatives may look difficult when you first see them, but you do not need to learn everything at once. Start with Mutual Funds and understand how they work.
Then move to futures, options and other derivatives. After that, study fixed income products and interest rate derivatives. Learning one area at a time can make the syllabus easier to manage.
How Should a Beginner Prepare?
Start with the official NISM study material and focus on understanding the topics instead of only memorising answers. For example, before learning option strategies, understand what an option is and how it works.
Once the basic concepts are clear, move to more advanced topics and practise questions. Also remember that the exam has negative marking, so avoid rushing through questions when you are unsure of the answer.
Important Exam Details at a Glance
Here are the main details:
- Exam: NISM-Series-V-D
- Full name: Mutual Fund – Specialized Investment Fund Distributors Certification Examination
- Available from: July 22, 2026
- Questions: 150
- Total marks: 150
- Duration: 3 hours
- Passing score: 60% or 90 marks
- Negative marking: 10%
- Current fee: ₹3,000 plus payment gateway charges
- Certificate validity: 3 years
Always check the latest information on the official NISM website before booking the exam.
What Does This Mean for Mutual Fund and SIF Distributors?
SIFs can use investment strategies that are more advanced than those used by regular Mutual Funds. Because of this, distributors dealing with these products may need knowledge of areas such as futures, options and other derivatives.
The Series-V-D exam is designed to cover this wider knowledge. For distributors, understanding these products is important not only for passing the exam but also for understanding what they are dealing with when working with investors.
Final Thoughts
The NISM-Series-V-D is a new certification exam introduced in 2026 for people involved in Mutual Fund and SIF distribution. It covers regular Mutual Fund topics along with more advanced areas such as futures and options, equity derivatives, fixed income securities and interest rate derivatives.
The exam has 150 questions, lasts 3 hours and requires 60% marks to pass. It also has 10% negative marking, and the certificate is valid for 3 years.
If you are a beginner, start with Mutual Funds before moving to derivatives and other advanced topics. Use the official NISM study material, understand the basic concepts and then practise questions.
You do not need to make the syllabus complicated. Study one area at a time and build your understanding gradually.
The NISM-Series-V-D exam covers both Mutual Funds and advanced topics such as futures, options and derivatives. Build your understanding step by step, use the official NISM study material, and focus on understanding the concepts instead of only memorising answers.
