From Features to Suitability
Assess objective, risk and fit with an investor’s needs.
Free practice test
NISM Series V-D: Free Mock Test
Answer 25 exam-style questions, one at a time. At the end, you'll see your score, your strong and weak topics, and the right answers with short explanations.
Your practice session
FREE
Test your exam readiness
25questions
30 mintime limit
60%to pass (15 of 25)
Nonegative marking
Before you begin
- The timer starts when you begin the test.
- Skip questions and return to them before submitting.
- Enter your details at submission to view your score and explanations.
Topic-wise scores & answer explanations after submission
Question navigator ·
Gold = current · Blue = answered · White = unansweredTime remaining:
Ready to submit?
You can return to the questions before submitting. The timer continues until you submit.
Enter your details to see results
These practice questions are prepared by AAFM India to help learners practice. They are not NISM's official exam questions. NISM conducts the Series V-D exam and issues the certificate.
Why professionals choose AAFM® India
The American Academy of Financial Management® has set standards in financial certification since 1996. AAFM® India brings these international standards to Indian professionals, with a curriculum built for Indian markets, regulation, and clients.
Recognized in 151 countries
Conferred under AAFM® international standards, with certification issued from the USA.
300,000+ global alumni
Join a worldwide community of certified wealth managers, planners, and private bankers.
Faculty who practice
Instructors hold CA, CFA, FRM, CFP, and CWM® designations with current industry experience.
A curriculum for this decade
AI in portfolio management, alternative funds, international tax, behavioral finance - updated continuously.
Who this is for
Built for Professionals Working with Funds and Investors
Relevant to people who sell, distribute or support mutual fund and SIF products, as well as those preparing for NISM Series V-D.
Mutual Fund Distributors
Extend mutual fund knowledge to derivatives and specialized strategies.
AMC Sales Teams
Strengthen product, disclosure and SIF risk understanding.
Distribution Team Employees
Build a shared foundation across mutual funds and derivatives.
Relationship Managers
Improve discussions around objectives, suitability and risk.
Wealth Management Professionals
Connect fund selection with futures and options mechanics.
Aspiring Distributors
Follow a structured route through the 22-chapter workbook.
Why choose AAFM India?
Prepare for your exam. With AAFM India.
Chapter-wise learning, exam-focused practice and extended LMS access—all in one place.
01
Practice that follows the exam
Quizzes aligned to the syllabus help you focus your practice and revision.
02
Chapter-wise video lectures
Work through chapter-wise lessons and replay topics whenever you need revision.
03
Learn from Renowned Industry Experts
Learn with experts who connect mutual funds, SIFs and derivatives with practical industry understanding.
04
6 Months of LMS Access
Revisit lessons, practice material and course resources for six months.
05
One free mock test
Test your understanding and identify areas that need another pass.
06
Emphasize Practical Distribution & SIF Strategies
Designed for MFDs: Master Specialized Investment Funds & Derivatives Strategies
Understand the Products Behind Specialized Fund Distribution
Build the knowledge to understand SIF strategies and discuss their features, risks and suitability with greater clarity.
Start with the Investor
Review financial goals, risk profiles and product suitability.
Understand the Fund
Study structures, disclosures, taxation, performance and scheme selection.
Read the Derivatives
Understand futures, options, pricing, payoffs and common strategies.
Explain the Risk
Connect product features and derivative exposures with risks an investor should understand.
Program Overview
One Syllabus. Three Connected Areas of Expertise.
- BUILD THE BASE
Mutual Fund Fundamentals
Understand investor goals, scheme types, regulation, NAV, taxation and investor services.
LEARN THE INSTRUMENTS
Equity Derivatives
Work through indices, futures, options, pricing, payoffs and common trading strategies.
CONNECT THE STRATEGIES
Interest Rate Derivatives
Study fixed income, bond risk, interest rate futures and options, and their use in hedging and trading.
- SIF CONTEXT
Connect Product and Strategy
Understand why derivative knowledge matters when explaining specialized fund strategies.
Don’t pass? Get a 100% refund.*
If you do not pass the examination, you can claim a 100% refund under AAFM India’s applicable refund policy.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
*Refund coverage and eligibility are governed by the applicable policy. Review the refund terms before enrolling.
Prepare Across the Full V-D Syllabus
01
Start with the Investor and the Product
Review financial goals, risk profiles, mutual fund structures, disclosures, taxation and scheme selection.
02
Make Derivatives Visual
Practise futures and options payoffs before moving to pricing, Greeks and multi-leg strategies.
03
Work Through Fixed Income Calculations
Build confidence with bond prices, yields, duration and interest rate futures.
04
Revise Across Modules
Mix conceptual questions with numerical practice so you can apply the material under exam conditions.
Understand the concept. Work the calculation. Explain the risk.
Skills You Can Put into Practice
SIF Distribution Knowledge
Understand SIF distribution requirements, product positioning and the considerations involved when discussing specialised strategies with investors.
Derivative Product Insight
Interpret equity and interest-rate derivatives, including futures, options, pricing, payoffs and common strategies.
Investor Suitability Assessment
Connect investor goals, risk profile and product characteristics when considering mutual fund and SIF suitability.
Fund & Product Understanding
Read scheme features, disclosures, NAV, taxation, performance information and specialised investment strategies.
Fixed Income Risk Analysis
Understand yields, bond-price sensitivity, duration and the role of interest-rate derivatives in managing risk.
Exam-Focused Application
Apply concepts from the 22-chapter workbook to conceptual, numerical and exam-style questions across all three syllabus areas.
Learn from experience
◆Meet Your Trainers
Raj Kumar
• Wealth Management Education: He is an experienced corporate trainer and faculty member for premier wealth management programs, including Charted Wealth Manager (CWM) and Chartered Trust and Estate Planner (CTEP).
• Pension Systems & National Training: He serves as a Master Trainer with PFRDA for UPS, NPS, and APY, managing a nationwide team to conduct train-the-trainer programs and handle content development.
• Financial Certification & Workshops: He is a practicing Certified Financial Planner and empaneled NISM CPE Trainer who has conducted over 300 AMFI/NISM mutual fund certifications and customized financial workshops.
Chilukuri Vijaya Kumar
LLB, MBA, MSC, MA, CFP, CWM, CTEP, FIII, ALMIKey Expertise:• Strategic Wealth & Investment Advisory
• Business Development & SME Growth Strategy
• Behavioral Coaching & Capability Development
The next step in product understanding
Move from Explaining a Fund to Explaining Its Strategy
Connect investor needs with fund features, derivative exposures and the risks a client should understand before investing.
From Jargon to Clarity
Explain futures, options and long-short strategies clearly.
From Returns to Risk
Discuss outcomes alongside volatility, leverage and liquidity.
From Separate Topics to One Picture
Connect mutual fund rules, SIF features and derivative strategies.
Course Curriculum
What You Will Learn
Certificate Training in Mutual Fund-Specialized Investment Fund Distributors 72 Lessons 19:03:57
Chapter 1 Investment Landscape
3 Lessons
00:41:22 Hours
-
Investment Landscape Part- 1
Preview .
-
Investment Landscape - Part 2
00:22:52
Chapter 2 Concept and Role of a Mutual Fund
3 Lessons
00:44:09 Hours
-
Concept and Role of a Mutual Fund- Part 1
.
-
Concept & Role of Mutual Funds Part 2
00:34:34
Chapter-3 Legal Structure of Mutual Funds in India
3 Lessons
00:35:20 Hours
-
Legal Structure of Mutual Funds in India- Part 1
.
-
Legal Structure of Mutual funds in India - Part 2
00:17:15
Chapter 4: Legal and Regulatory Framework
3 Lessons
00:34:37 Hours
-
Legal & Regulatory Framework- Part 1
.
-
Legal & Regulatory Framework - Part 2
00:16:54
Chapter 5: Scheme Related Information
3 Lessons
00:23:16 Hours
-
Scheme Related Information- Part 1
.
-
Scheme Related information - Part 2
00:11:19
Chapter 6: Fund Distribution and Channel Management Practices
3 Lessons
00:33:49 Hours
-
Fund-Distribution-and-Channel-Management-Practices
.
-
Fund Distribution & Channel Management Practices - Part 2
00:21:12
Chapter 7: Net Asset Value Total Expense Ratio and Pricing of Units
2 Lessons
00:36:40 Hours
-
Net Asset Value Total Expense Ratio and Pricing of Units
.
Chapter 8 : Taxation
2 Lessons
00:23:54 Hours
-
Taxation
.
Chapter 9: Investor Services
7 Lessons
01:55:57 Hours
-
Investor Services- Part 1
.
-
Investor Services - Part 2
00:20:26
-
Investor Services - Part 3
00:17:54
-
Investor Services - Part 4
00:19:30
-
Investor Services - Part 5
00:19:27
-
Investor Services - Part 6
00:23:35
Chapter 10 : Risk Return and Perfomance of Funds
5 Lessons
01:30:38 Hours
-
Risk, Return and Performance of Funds Part 1
.
-
Risk, Return and performance of Funds - Part 2
00:27:10
-
Risk, Return and performance of Funds - Part 3
00:21:07
-
Risk, Return and performance of Funds - Part 4
00:26:31
Chapter 11 : Mutual Fund Scheme Performance
3 Lessons
00:24:02 Hours
-
Mutual Fund Scheme Performance- Part 1
.
-
Mutual Funds Scheme Performance - Part 2
00:15:31
Chapter 12: Mutual Fund Scheme Selection
3 Lessons
00:40:09 Hours
-
Mutual Fund Scheme Selection
.
-
Mutual Funds Scheme Selection - Part 2
00:29:12
Chapter 13: Basics of Derivatives
2 Lessons
00:32:59 Hours
-
Basics Concepts of Derivatives and its Important Terminologies
.
Chapter 14: Understanding The Index
2 Lessons
00:25:13 Hours
-
Contract Agreement and various formats of Derivatives Instruments
.
Chapter 15: Introduction To Forwards And Futures
2 Lessons
00:27:07 Hours
-
Options, Types of Options and Introduction to Option Pricing
00:27:07
Chapter 16: Introduction To Options
2 Lessons
00:31:03 Hours
-
Option Pricing, Option Greek and Numerical Questions
.
Chapter 17: Strategies Using Equity Futures And Equity Options
2 Lessons
00:24:41 Hours
-
Strategies Using Equity Futures And Equity Options
.
Chapter 18: Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market
7 Lessons
02:41:01 Hours
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-1
.
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-2
00:22:21
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-3
00:21:07
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-4
00:27:46
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-5
00:34:09
-
Introduction To Interest Rate, Interest Rate Instruments And Fixed Income Market Part-6
00:23:51
Chapter 19: Interest Rate Derivatives
4 Lessons
01:04:13 Hours
-
Interest Rate Derivatives Part-1
.
-
Interest Rate Derivatives Part-2
00:24:07
-
Interest Rate Derivatives Part-3
00:14:37
Chapter 20: Exchange Traded Interest Rate Futures
3 Lessons
01:09:41 Hours
-
Exchange Traded Interest Rate Futures Part-1
.
-
Exchange Traded Interest Rate Futures Part-2
00:35:43
Chapter 21: Exchange Traded Interest Rate Options
3 Lessons
01:24:01 Hours
-
Exchange Traded Interest Rate Options Part-1
.
-
Exchange Traded Interest Rate Options Part-2
00:41:55
Chapter 22: Strategies Using Exchange Traded Interest Rate Derivatives
4 Lessons
01:20:05 Hours
-
Strategies Using Exchange Traded Interest Rate Derivatives Part-1
.
-
Strategies Using Exchange Traded Interest Rate Derivatives Part-2
00:22:40
-
Strategies Using Exchange Traded Interest Rate Derivatives Part-3
00:35:43
Mock Test 1
1 Lessons
00:00:00 Hours
Frequently asked questions
Understand the syllabus, examination and who this program is designed for.
NISM Series V-D is the Mutual Fund – Specialized Investment Fund Distributors Certification Examination, designed to set a common knowledge benchmark for people involved in selling and distributing mutual funds and Specialized Investment Funds (SIFs).
The NISM Series V-D certification is designed for individuals who want to distribute Mutual Funds (MFs) and Specialized Investment Funds (SIFs) in India. It is suitable for mutual fund distributors, financial advisors involved in distribution, employees of Asset Management Companies (AMCs), and other professionals engaged in selling or distributing these investment products. It helps candidates understand the regulatory framework, product features, and distribution practices relevant to MF and SIF products.
The examination has 150 one-mark questions over a three-hour duration.
The stated passing score is 90 out of 150 marks, though candidates should verify current details with NISM before booking.
Yes, equity derivatives and interest rate derivatives are substantial parts of the syllabus alongside mutual fund distribution, covering futures, options, pricing, payoffs and fixed-income risk.
SIFs are discussed within the mutual fund framework along with equity derivatives and interest rate derivatives, and the syllabus covers their investment strategies, distribution-related requirements and the considerations investors should be aware of.
It's harder than the basic V-A mutual fund exam, for two reasons: three certifications' worth of syllabus, plus negative marking that V-A doesn't have. The mutual fund chapters feel familiar to most distributors, but the ten derivatives chapters are where people lose marks. Our teaching is concentrated exactly there, with worked examples and practice sets on the part that decides whether you pass.
The 22-chapter workbook is organized into three modules: mutual fund distribution (investor goals, scheme features, NAV and taxation), equity derivatives (indices, futures, options and strategies), and interest rate derivatives (fixed income, yields, bond risk and rate derivatives).
No, this is preparation content. NISM conducts the actual certification examination and awards certification to candidates who meet its requirements.
Self-paced or live
◆Choose your Study Mode
Study on your own schedule
₹1999
+ 18% GST
₹2358.82 payable today
- Chapter-wise structured learning
- Exam-focused practice
- 6 Months of LMS Access
- Mock-test practice
- Mobile and desktop access
- Learning support
Ready to Take on the Full Series V-D Syllabus?
Build your understanding of mutual funds, SIFs and derivatives through structured preparation.
Enroll in the Training →
Write a public review