If you are about to register for the NISM Series V-A Mutual Fund Distributors exam, these are the numbers that matter. All figures below are as published by NISM.
NISM Series V-A passing marks
| Metric | Value |
|---|---|
| Total marks | 100 |
| Passing marks | 50 (50%) |
| Negative marking | None |
| Number of questions | 100 |
| Marks per question | 1 |
| Duration | 120 minutes |
50% is unusually generous for a NISM exam. Series VIII, XII and XV all require 60%. If you have prepared for one of those, or read a study guide written for them, do not carry the 60% figure across.
No negative marking changes your strategy
NISM's wording for V-A is explicit: "There shall be no negative marking."
That single line should change how you sit the exam:
- Never leave a question blank. On a four-option question a pure guess has an expected value of 0.25 marks. Blank is worth zero. Across ten uncertain questions that is roughly two and a half marks you would otherwise throw away.
- Do not agonise. Flag it, pick your best option, move on, come back if time allows.
- Watch the clock, not the risk. With no penalty for being wrong, the only real enemy is running out of time with questions unanswered.
Contrast this with NISM Series VIII (Equity Derivatives), which does carry 25% negative marking. The two exams demand genuinely different exam-day behaviour.
NISM Series V-A exam fees
The examination fee is ₹1,500, plus payment gateway charges. You pay it when you book your slot on the NISM certification portal.
The fee is per attempt. If you do not clear the exam you pay again to re-sit it, so it is worth taking a couple of full-length mocks first rather than treating the real exam as a diagnostic.
How to register
- Create an account on the NISM certification portal.
- Complete your profile, including PAN.
- Select NISM-Series-V-A: Mutual Fund Distributors Certification Examination.
- Choose a test centre and slot, or the remote-proctored option where available.
- Pay the fee and download your admit card.
Certificate validity and CPE renewal
Your certificate is valid for 3 years from the exam date. Before it lapses you have two options:
- CPE (Continuing Professional Education) — a prescribed programme for Mutual Fund Distributors. One day, no exam.
- Re-examination — sit V-A again and pass.
The timing matters. CPE is only available while your certificate is still valid. Let it expire and you must take the full exam again. Distributors who have held an ARN for years still get caught by this, so diarise the expiry the day you pass.
What you need on exam day
- A valid government-issued photo ID — Aadhaar, PAN, passport or driving licence.
- Your admit card, printed or digital as specified.
- Arrive 30 minutes early for verification.
- Nothing else. No calculator, no phone, no notes — an on-screen calculator is provided where the exam needs one.
How hard is NISM V-A really?
It is a broad exam rather than a difficult one. There is little mathematics beyond NAV and return calculations, and no derivatives-style problem solving. What catches candidates out is volume: 12 chapters of operational detail — cut-off timings, TER slabs, KYC requirements, nomination rules — that must simply be known.
With a 50% pass mark and no negative marking, the arithmetic is forgiving. If you can answer half the paper confidently and guess sensibly on the rest, you clear it.
Practise free on ScoreSetu: 650 NISM V-A questions with explanations, plus timed mocks that mirror the real 100-question, 2-hour, 50%-to-pass format.
Quick recap
- Passing marks: 50% (50/100), no negative marking.
- Fee: ₹1,500 + payment gateway charges, per attempt.
- Pattern: 100 questions, 1 mark each, 120 minutes.
- Validity: 3 years, renewable via CPE or re-exam.
- After passing: apply to AMFI for your ARN and complete KYD.