NISM Series V-B has ten chapters, and the March 2026 workbook publishes the weight of each in its "Syllabus Outline with Weights" table. On a 50-question paper, a percentage point is half a question — so the table below is also, near enough, a count of questions.
The full syllabus, by weightage
| Chapter | Weight | ≈ Questions |
|---|---|---|
| Investor Services | 20% | 10 |
| Concept and Role of a Mutual Fund | 12% | 6 |
| Scheme Related Information | 12% | 6 |
| Performance of Mutual Funds | 12% | 6 |
| Fund Distribution and Channel Management Practices | 10% | 5 |
| Legal Structure of Mutual Funds in India | 8% | 4 |
| Legal and Regulatory Environment | 8% | 4 |
| Investment Landscape | 6% | 3 |
| Mutual Fund Products for the New Cadre of Distributors | 6% | 3 |
| Taxation | 6% | 3 |
| Total | 100% | 50 |
Where the pass mark comes from
You need 25. The top four chapters are worth 28. A candidate who is genuinely solid on Investor Services, Concept and Role, Scheme Information and Performance has passed before touching the other six — which is exactly the order to study them in.
What each chapter asks
Investor Services (20%) — KYC and the application form, who can invest, third-party payments and their exceptions, cut-off times and applicable NAV, SIP, SWP and STP, account statements and the CAS, nomination and transmission. Operational detail, all of it learnable. Full chapter guide.
Concept and Role of a Mutual Fund (12%) — what a fund is and does, open- against close-ended, the scheme categories, and the advantages and limitations of the vehicle. The exam likes "close-end schemes do not have a re-open date" and "investor money goes into the scheme's own bank account".
Scheme Related Information (12%) — the SID (scheme details), the SAI (statutory information about the fund house), the KIM and the factsheet. Know which document holds what.
Performance of Mutual Funds (12%) — NAV, absolute and annualised return, CAGR, daily mark-to-market, benchmarks and the rules on quoting past performance.
Fund Distribution and Channel Management (10%) — ARN and EUIN, the KYD process, trail commission (paid as long as the money stays invested — no time cap), and what a distributor may not do.
Legal Structure (8%) — sponsor, trustees, AMC, custodian, RTA, and who does what. The AMC runs operations; the trustees supervise.
Legal and Regulatory Environment (8%) — SEBI and AMFI, changes to a scheme's fundamental attributes (a transparent process with a no-load exit window for dissenters), investor rights.
Investment Landscape (6%) — savings against investment, risk and return, inflation, compounding, and why equity needs a long horizon.
Products for the New Cadre (6%) — the chapter unique to V-B: who the new cadre is and the five scheme types they may sell. Three questions, all of them predictable. Full chapter guide.
Taxation (6%) — holding periods, capital gains on equity and non-equity schemes, IDCW, STT, the ELSS lock-in.
The question types V-B favours
- Fill in the blank — "Investor money goes into ______." These test one fact each.
- All / none of the above — common, and "all of the above" is right more often than candidates expect when every option is a genuine rule.
- True or false — hinge on a word: only, cannot, maximum, within.
How to use this
- Study in the table's order — Investor Services first.
- Do the chapter's practice set immediately after reading it.
- Once the top four chapters are solid, take a timed mock and see where you stand against 25.