Recognized and accepted by leading institutions
Exams are booked through authorized testing partners across 75+ Indian cities.
The gap
Reading the syllabus is not the same as preparing for the exam
NISM Series V-D asks you to develop knowledge across several inter-related fields at once — mutual funds, Specialized Investment Funds, equity derivatives and interest rate derivatives. Candidates rarely fail because the material is beyond them. They fail because of how it is approached.
A broad syllabus across multiple concepts
Three distinct knowledge areas in one paper, each with its own vocabulary and its own logic. Covering them one by one leaves no time to see how they connect.
Theory that doesn't survive contact with the question
The concepts are understood, but application-based questions in the exam are framed differently from the way the workbook explains them.
Too little practice on calculations and strategies
Derivatives and strategy questions carry real calculation weight. Reading them through once is not preparation for solving them under time pressure.
No structured plan across modules
Without a sequence, most candidates over-prepare the familiar module and arrive at derivatives with too little time left.
Accuracy, timing and negative marking
150 questions in 180 minutes with 10% negative marking makes guessing expensive. Knowing when not to attempt is a skill in itself.
This training programme offers a systematic preparation pattern — covering the important concepts, linking concepts from one module to the next, giving you exam-oriented practice, and sharpening how you approach the paper itself.
What is the NISM Series V-D certification exam?
NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination was launched by NISM with effect from 22 July 2026. It seeks to create a common minimum knowledge benchmark for everyone involved in selling and distributing mutual fund and Specialized Investment Fund products. The examination covers ground that was previously spread across separate certifications. Alongside the structure and distribution of mutual funds, it tests the basics of the Indian equity derivatives market, the trading strategies built using futures and options on stocks and indices, fixed-income securities, and the analytical framework behind interest rate futures and options traded on Indian exchanges.
Who the examination is intended for
Individual mutual fund and SIF distributors; employees of organisations engaged in the sale and distribution of mutual fund and SIF products; and employees of asset management companies, particularly those engaged in sales and distribution.
What our training does
Covers the concepts required by the official NISM syllabus and shows how each applies in exam-type questions — taking you from core mutual fund and distribution concepts through to Specialized Investment Funds, equity derivatives, fixed-income securities and interest rate derivatives.
Who should take the NISM Series V-D certification?
Mutual fund distributors
Existing MFDs extending their practice into Specialized Investment Funds as the category opens up.
AMC sales & distribution teams
Employees engaged in the sale and distribution of mutual fund and SIF products who need the certification for their role.
Distribution house employees
Staff at organisations engaged in selling and distributing mutual fund and SIF products.
RIAs and advisory professionals
Advisers who want to understand SIFs and derivatives properly before recommending them.
Banking and wealth relationship teams
Professionals whose product conversations now include a category their existing certification doesn't cover.
Finance students and new entrants
Those entering distribution who want a structured route through a demanding first certification.
Mutual Fund Distributor SIF Distributor AMC Sales Manager Relationship Manager Investment Adviser Wealth Manager Distribution Channel Partner
Why prepare with AAFM® India
AAFM® India has been working in financial education since 1996, running certification and training programmes for finance professionals across the country, and is part of a global network of 300,000+ certified professionals.
INDIA
INTERNATIONAL
A systematic route through the NISM V-D syllabus
Build
a structured understanding of mutual funds, Specialized Investment Funds,
equity derivatives and interest rate derivatives while preparing systematically
for the NISM Series V-D certification examination.
The
training assists you with the concepts required by the official syllabus and
shows how they can be applied effectively in solving exam-type questions. It
takes you from core mutual fund and distribution concepts through to more
advanced areas — Specialized Investment Funds, equity derivatives, fixed-income
securities and interest rate derivatives — and covers the structure of mutual
funds and their distribution, services provided to investors, tax aspects, risk
and performance analysis, scheme selection, futures and options, and hedging,
trading and arbitrage strategies.
Carefully designed learning material, concept explanations, exam-relevant examples and practice questions guide you through the volume of the Series V-D syllabus in a manageable way.
NISM Series V-D syllabus — what the training covers
The training covers all three major knowledge areas prescribed under NISM Series V-D.
| Area | What it covers |
|---|---|
| Structure of mutual funds | The role of mutual funds, how a fund is structured, the parties involved, and the different kinds of schemes and their features. |
| Distribution and investor services | How mutual funds are distributed in the marketplace, the channels involved, and the services provided to investors. |
| Specialized Investment Funds | What SIFs are, how they differ from conventional mutual fund schemes, and how they are positioned and distributed. |
| Tax aspects | The tax treatment applicable to mutual fund and SIF investments, and what it means for investor recommendations. |
| Risk, return and performance analysis | Measuring scheme risk and return, benchmarking, and evaluating performance meaningfully. |
| Scheme selection and suitability | Evaluating schemes and recommending suitable products and services to investors and prospective investors. |
| Area | What it covers |
|---|---|
| Basics of the Indian equity derivatives market | Market structure, participants, contract specifications and how the segment operates. |
| Futures on stocks and indices | Pricing, payoff, margining and settlement, and how index futures differ from single-stock futures in practice. |
| Options on stocks and indices | Option mechanics, payoffs and the factors that drive premium. |
| Trading strategies | The strategies that can be built using futures and options on both stocks and stock indices, and the conditions each suits. |
| Area | What it covers |
|---|---|
| Fixed-income securities | The basics of fixed-income instruments in India — valuation, yield and the drivers of price movement. |
| Interest rate derivative products | The interest rate derivative products available in India and the purpose each serves. |
| Analytical framework | The analytical framework behind interest rate futures and options traded on Indian exchanges. |
| Hedging, trading and arbitrage | The strategies that can be built using interest rate derivatives, and when each applies. |
Curriculum coverage follows the official NISM Series V-D syllabus. NISM publishes the definitive curriculum and workbook on its own website, and candidates should always refer to the current NISM version.
Just reading the syllabus is insufficient to prepare for the NISM Series V-D exam. Candidates are required to develop knowledge in various inter-related fields like Mutual funds, Specialized Investment funds, Equity Derivatives and Interest rate Derivatives.
Many candidates may struggle because of:
- A broad syllabus covering multiple financial-market concepts
- Difficulty connecting theoretical concepts with application-based questions
- Limited practice with calculations, derivatives, and strategy-based questions
- Lack of a structured study plan across different modules
- Insufficient focus on accuracy, time management, and negative marking
How we help you succeed:
This is a training program that offers a systematic preparation pattern which covers important concepts, links concepts from one module to another, helps you practice exam-oriented questions and enhances your preparation approach for the NISM Series V-D Certification Examination.
How the training is built
Concepts, then application
Each concept is explained and then immediately shown in the form the examination is likely to ask it — so recognition, not recall, becomes the habit.
Modules linked, not isolated
Where the syllabus repeats a theme across modules — risk, return, valuation — the training makes the link explicit instead of teaching it three times.
Calculation practice built in
Derivatives, fixed income and performance questions carry calculation weight. The practice set is weighted accordingly.
Exam technique
Sequencing the paper, managing 150 questions across 180 minutes, and deciding when a 10% negative mark makes an attempt not worth taking.
No uncertainty after payment
No uncertainty after payment
Enroll in the training
Pay securely. Your learning access is activated within 24 hours.
Work through the modules
Mutual funds and SIFs first, then equity derivatives, then interest rate derivatives — in that sequence, for a reason.
Practise exam-type questions
Application-based and calculation questions in the format the paper uses.
Register with NISM
Book your examination directly on the NISM certification portal and pay the NISM examination fee.
Sit the examination
A computer-based test at an NISM examination centre — 150 questions in 180 minutes.
Receive your certificate
Issued by NISM on passing, valid for three years. Your PAN must be updated in your NISM registration details for the certificate to be issued.
Faculty
◆Learn from practitioners, not presenters
Saurabh Jain
CA, CS, CFA, FRM, CFP (US), CWM®, CTEP®, CISI (UK), CCRA, CIRA, AIM
Capital markets & investment analysis · Financial advisory & wealth management · Fintech & advanced trading technologies
Romit Barat
Executive Director – AAFM® India
Regulatory certifications & financial education · Investment & portfolio management · Corporate growth & innovation
Himanshu Patodi
Vice President – HSBC · Executive MBA, IIM Mumbai
Derivatives (equity and interest rate) · Wealth structuring · Estate and succession planning
Dr. Deepak Jain
Co-founder & Director – AAFM® India
Estate & succession planning · Wealth protection & portfolio management · Financial literacy advocacy · Training & thought leadership
Certificate Training in Mutual Fund-Specialized Investment Fund Distributors
Certificate Training in Mutual Fund-Specialized Investment Fund Distributors 71 Lessons 23:52:42
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Investment Landscape Part- 1
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Investment Landscape - Part 2
00:22:52
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Concept and Role of a Mutual Fund- Part 1
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Concept & Role of Mutual Funds Part 2
00:34:34
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Legal Structure of Mutual Funds in India- Part 1
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Legal Structure of Mutual funds in India - Part 2
00:17:15
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Legal & Regulatory Framework- Part 1
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Legal & Regulatory Framework - Part 2
00:16:54
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Scheme Related Information- Part 1
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Scheme Related information - Part 2
00:11:19
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Fund-Distribution-and-Channel-Management-Practices
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Fund Distribution & Channel Management Practices - Part 2
00:21:12
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Net-Asset-Value-Total-Expense-Ratio-and-Pricing-of-Units
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Taxation
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Investor Services- Part 1
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Investor Services - Part 2
00:20:26
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Investor Services - Part 3
00:17:54
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Investor Services - Part 4
00:19:30
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Investor Services - Part 5
00:19:27
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Investor Services - Part 6
00:23:35
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Risk, Return-and-Performance of Funds- Part 1
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Risk, Return and performance of Funds - Part 2
00:27:10
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Risk, Return and performance of Funds - Part 3
00:21:07
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Risk, Return and performance of Funds - Part 4
00:26:31
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Mutual Fund Scheme Performance- Part 1
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Mutual Funds Scheme Performance - Part 2
00:15:31
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Mutual-Fund-Scheme-Selection
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Mutual Funds Scheme Selection - Part 2
00:29:12
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Basics of Derivatives Part 1
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Basics of Derivatives Part 2
00:43:14
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Understanding the Index- Part 1
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Understanding the Index- Part 2
00:32:22
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Introduction to Forwards and Futures Part 1
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Introduction to Forwards and Futures Part 2
00:39:59
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Introduction to Options Part 1
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Introduction to Options- Part 2
00:48:47
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Strategies using Equity Futures and Equity Options Part 1
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Strategies using Equity Futures and Equity Options Part 2
00:33:29
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Introduction to Interest rate instruments and Fixed Income Markets Part 1
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Introduction to Interest rate instruments and Fixed Income Markets Part 2
00:51:41
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Interest Rate Derivatives Part 2
01:03:23
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Interest Rate Derivatives Part 3
01:01:10
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Interest Rate Derivatives Part 1
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Exchange traded interest rate futures Part 2
00:40:16
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Exchange traded interest rate futures Part 3
00:46:28
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Exchange traded interest rate futures Part 4
00:35:39
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Exchange traded interest rate futures Part 1
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Exchange-Traded-Interest-Rate-Options
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Strategies-Using-Exchange-Traded-Interest-Rate-Derivatives
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Our alumni work at India's leading wealth institutions
CWM® charterholders serve in private banking, wealth advisory, financial planning, and portfolio roles across these organizations — part of a 300,000+ global alumni network.
Conducted by NISM
NISM Series V-D exam pattern, fees & passing marks
A computer-based examination with multiple-choice questions, conducted by NISM at its examination centres. Registration is made directly on the NISM certification portal.
The counsellor call, replaced
Frequently asked questions
Everything you'd normally ask a counselor, answered here.
General
◆
| Chartered Wealth Manager® | ₹10–29 LPA | ≈ ₹12 LPA |
| Relationship / Wealth Manager | ₹6–19 LPA | — |
| Private Banker | ₹12–30 LPA | — |
Not sure whether V-A or V-D is the right exam for you?
The right certification depends on what you distribute and what your organisation requires. A career expert can work through it with you in ten minutes.
Talk to a Career Expert →Self-paced or live
◆Choose your Study Mode
Choose the study mode that works best for NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Training. Your selected course access and applicable fees are shown below.
- Structured coverage of all three modules
- Concept explanations with exam-relevant examples
- Practice questions in the examination format
- Calculation practice on derivatives and fixed income
- Guidance on sequencing, timing and negative marking
- Access on mobile and desktop
- Dedicated learning support
Prepare properly for a paper that rewards it.
150 questions, three knowledge areas, 60% to pass and negative marking on every wrong answer. Everything you need to decide is on this page — the syllabus coverage, the exam format and the fee structure.
Enroll in the Training →
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