Series V-A · Beginner
Mutual Fund Distributors
The entry ticket to the mutual fund distribution business.
Questions
100
Duration
120 min
Pass mark
50%
Negative marking
None
Exam fee
₹1,500 + GST
Validity
3 years
Why this certification matters
Without this certificate you cannot get an ARN from AMFI, and without an ARN you cannot legally earn commission on mutual fund distribution in India.
Who should take it: IFAs, bank relationship managers, sub-brokers, and anyone selling or distributing mutual funds.
What you get after clearing it
- Required to apply for an AMFI Registration Number (ARN)
- Lets you build a trail-commission based distribution practice
- Strong foundation in scheme types, NAV, taxation and KYC
- Widely accepted by banks and wealth firms for RM hiring
Where it takes you
Freshers are hired as RMs or sales associates; independent distributors start their own ARN practice.
Salaried RM roles commonly start around entry level, while independent distributors earn recurring trail income that grows with assets serviced.
Explore finance careers3 week study plan
Week 1
Fund basics
Structure of a mutual fund, scheme categories, NAV, expense ratio, open vs closed ended.
Week 2
Distribution and process
ARN, KYC, transactions, SIP / STP / SWP, cut-off timings, commissions.
Week 3
Regulation, tax and mocks
SEBI MF Regulations, AMFI code, taxation, then full-length mock tests daily.
Exam-day tips
- Numericals on NAV, load and taxation repeat every attempt, practise them by hand
- There is no negative marking here, so never leave a question blank
- Memorise cut-off timing rules, they are easy marks
Full syllabus
Basics of Mutual Funds
- Concept and structure of mutual funds
- Advantages and limitations of investing through MFs
- Types of mutual funds equity, debt, hybrid, solution-oriented
- Open-ended, closed-ended and interval schemes
- Growth and dividend options; IDCW
Fund Distribution & Practice
- Role of mutual fund distributors and ARN
- KYC, FATCA and CRS requirements
- Investor transactions purchase, redemption, switch, STP, SWP
- Trail and upfront commissions
- SIP, STP, SWP concepts and processing
Legal, Regulatory & Taxation
- SEBI (Mutual Funds) Regulations, 1996
- AMFI Code of Ethics and guidelines
- Investor grievance redressal and SCORES
- Taxation of mutual funds in India
- TDS and reporting requirements
Mutual Fund Schemes and Features
- Equity-linked savings schemes (ELSS)
- Capital protection funds and FMPs
- Index funds, ETFs and fund-of-funds
- Expense ratio, NAV, and total expense ratio
- Exit load and cut-off time applicability
Investor Education and Suitability
- Risk profiling and product suitability
- Risk-adjusted returns
- Understanding offer documents and factsheets
- Common investor mistakes
- Financial planning basics relevant to MFs
Learn it first in VIA Capital Academy
Frequently asked questions
What is NISM Series V-A?
It is the Mutual Fund Distributors certification exam, mandatory for anyone who wants to distribute or sell mutual funds in India and earn an ARN from AMFI.
Who should take this exam?
Anyone who wants to become a mutual fund distributor, bank RM, sub-broker, or IFA selling mutual fund products.
What is the passing score?
50 out of 100 marks (50%). There is no negative marking, so you can attempt every question.
Is this official NISM material?
No. VIA Capital provides independent practice questions for self-assessment. Always refer to the official NISM workbook before the exam.
How long is the certificate valid?
The certificate is valid for 3 years. You can renew it by completing a CPE programme or re-taking the exam.
Ready to test yourself?
100 questions · 120 minutes · no negative marking. Free, no login.