The numbers for the NISM Series V-B Mutual Fund Foundation examination, as published in NISM's assessment structure.
Passing marks and pattern
| Metric | Value |
|---|---|
| Total marks | 50 |
| Passing marks | 25 (50%) |
| Number of questions | 50 |
| Marks per question | 1 |
| Negative marking | None |
| Duration | 2 hours |
No negative marking — answer all 50
NISM's rule for V-B is explicit: "There shall be no negative marking." On a four-option question a blind guess is worth an expected 0.25 marks; a blank is worth exactly zero. Leaving four questions blank because you were unsure throws away a mark for nothing — and on a 50-question paper, every mark is 2% of the total.
Many V-B questions are two- or three-option items ("State true or false", "Both 1 and 2"), where a guess is worth even more. Attempt everything.
Two hours for fifty questions
That is 2 minutes 24 seconds per question — more than twice what Series V-A allows. There is no reason to rush. Read every option, and read the True/False items twice: they turn on a single word.
Exam fee and registration
The fee is per attempt and payment gateway charges are extra; check the current amount on the NISM certification portal when you register.
- Create an account on the NISM certification portal.
- Complete your profile, including PAN.
- Select NISM-Series-V-B: Mutual Fund Foundation Certification Examination.
- Pick a test centre and slot.
- Pay and download your admit card.
Certificate validity
3 years from the date of the examination. Before expiry you can either sit the exam again or complete the CPE programme for this certification, which is the route most working distributors take.
Who this exam is for
V-B is the certification for the new cadre of distributors: postal agents, retired government and semi-government officials of class III and above with 10 years' service, retired bank officers with 10 years' service, and similar persons AMFI notifies. It licenses you to sell only simple and performing schemes — liquid, index, diversified equity, retirement and FMP schemes that have matched or beaten their benchmark in each of the last three years.
If you want to sell the full range of mutual funds, or you are not in one of those groups, you need NISM Series V-A instead.
On exam day
- Bring a government-issued photo ID — Aadhaar, PAN, passport or driving licence.
- Bring your admit card.
- Arrive 30 minutes early for verification.
- No calculator or notes; the workstation has Excel or LibreOffice Calc for numericals.
Practise free on ScoreSetu: 360+ NISM V-B questions with explanations, plus timed 50-question mocks scored to the real 50% pass mark.
Quick recap
- Pass: 25 out of 50 (50%). No negative marking — answer everything.
- Pattern: 50 questions, 1 mark each, 2 hours.
- Validity: 3 years.
- Who: the new cadre of distributors; everyone else needs V-A.