What is the structure of the NISM Series V-D MF-SIF examination?

The examination consists of 150 questions of 1 mark each, to be completed in 3 hours. The passing score is 60 percent (90 out of 150 marks) and there is negative marking of 10 percent of the marks assigned to a question.

What is a Specialized Investment Fund (SIF)?

A Specialized Investment Fund is a new product line introduced by SEBI under the Mutual Funds Regulations to bridge the gap between mutual funds and PMS. The minimum investment amount is Rs. 10 lakh per investor across all investment strategies of the same AMC, and risk is depicted through a five-level Risk-Band.

Which modules does the NISM V-D syllabus cover?

Three modules: Mutual Fund Distributors (45% weightage, Chapters 1-12), Equity Derivatives (35%, Chapters 13-17) and Interest Rate Derivatives (20%, Chapters 18-22).

NISM Series V-D · March 2026 Workbook Your journey to certification begins here

Master the Mutual Fund & SIF
Distributors Examination

Twenty-two interactive chapters spanning mutual fund distribution, equity derivatives and interest rate derivatives with weightage maps, chapter quizzes, timed mock exams and a final certification simulator.

Note: your progress is saved automatically on this device, so you can close the tab and pick up right where you left off.

Short Notes Download Workbook

Explainer Video

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MF–SIF Distributors Certification Overview

A guided introduction to the NISM-Series-V-D curriculum — what Specialized Investment Funds are, how the three modules fit together, and how to plan your preparation.

Audio Explainer

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The Workbook, in Your Ears

An audio walk-through of the official NISM workbook — exam structure, passing criteria and the concepts examiners love. Perfect for commutes and revision walks.

Exam Snapshot

know the battlefield

Questions

Duration

0hours

Passing Score

0% · 90 marks

Negative Marking

0% per wrong

Chapters

0/ 3 modules

Syllabus & Weightages

study smart, not just hard

45%

Mutual Fund Distributors

Chapters 1–12 · 68 marks

35%

Equity Derivatives

Chapters 13–17 · 52 marks

20%

Interest Rate Derivatives

Chapters 18–22 · 30 marks

what makes this exam new

The SIF Difference

SEBI's Specialized Investment Fund bridges the gap between mutual funds and PMS. These four facts appear again and again in the exam make them second nature.

₹10 Lakh Minimum Minimum investment per investor across all investment strategies of the same AMC.

Risk-Band, not Risk-o-meter SIF risk is shown on a 5-level Risk-Band (1 lowest → 5 highest), evaluated monthly and disclosed within 10 days of month-end.

Long-Short Strategies Equity, debt and hybrid long-short strategies with unhedged short exposure via derivatives capped at 25% of NAV.

Distinct Branding SIFs need their own brand name, logo and website; the sponsor's brand may be referenced for only 5 years from SEBI approval.

Assessment Structure & Exam Rules

Marking Scheme

Total Marks

150 questions × 1 mark each = 150 marks. All questions are multiple-choice.

Negative Marking −0.10 per wrong

10% of the marks assigned to a question is deducted for every incorrect answer. Never guess blindly.

Passing Criterion

Score 60% — that is 90 marks out of 150 — to earn the certification.

Test Centre Guidelines

Numerical Computations

Workstations carry Microsoft Excel or LibreOffice be fluent in both for NAV, futures pricing and bond maths.

Time Management

180 minutes for 150 questions — an average of 1.2 minutes each. Bank easy marks in Module 1 first.

Who Should Appear

Individual MF & SIF distributors, employees of distribution organisations, and AMC sales & distribution teams.

Mock Exams

rehearse the real thing

Practice Set 1

50 randomised questions 60-minute timer Drawn from all 22 chapters

Practice Set 2

50 randomised questions 60-minute timer A fresh shuffle every attempt

Last-Day Rapid Revision

50-question exam-style bank 50-minute sprint Fully solved with explanations

Final Certification Exam

Complete all 22 chapter quizzes to unlock the final simulation 150 questions in 180 minutes, exactly like the real examination.

Master the Mutual Fund & SIFDistributors Examination