The numbers for the NISM Series V-C Mutual Fund Distributors (Level 2) examination, as published in NISM's assessment structure — and they are not the numbers you know from V-A.
Passing marks and pattern
| Metric | Value |
|---|---|
| Total marks | 100 |
| Passing marks | 60 |
| Number of questions | 75 |
| 1-mark questions | 50 |
| 2-mark questions | 25 |
| Negative marking | 25% of the marks assigned to the question |
| Duration | 2 hours |
Negative marking that scales
A wrong answer on a 1-mark question costs 0.25; on a 2-mark question it costs 0.5. The expected value of a blind four-option guess is still positive (+0.375 on a 2-mark question), but the downside on the numerical questions is real. The rule of thumb: work the 2-mark questions; guess only once you have eliminated an option.
Why the 2-mark questions decide it
Twenty-five questions carry half the marks. They are the numerical and case-based ones. A candidate who scores 40 of 50 on the theory and 10 of 50 on the calculations has 50 — and has failed. The reverse split passes.
Two hours
Roughly 96 seconds a question on average, but the 2-mark items need three to four minutes each. Bank time on the 1-mark questions.
Exam fee and registration
The fee is per attempt with payment gateway charges extra; check the current amount on the NISM portal when you register.
- Create an account on the NISM certification portal.
- Complete your profile, including PAN.
- Select NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination.
- Pick a test centre and slot; the workstation has Excel or Calc for numericals.
- Pay and download your admit card.
Certificate validity
3 years from the date of the examination.
Who takes it
V-C is voluntary. It is not needed for an ARN. It is taken by experienced distributors positioning for HNI clients, by relationship managers whose employers expect it, and by candidates heading for advisory roles. NISM's own advice: be fully conversant with V-A first — the case studies assume it.
Practise free on ScoreSetu: 340 NISM V-C questions with explanations, plus 75-question timed mocks.
Quick recap
- Pass: 60 of 100.
- Pattern: 75 questions — 50 × 1 mark, 25 × 2 marks — in 2 hours.
- Negative marking: 25% of the question's marks.
- Validity: 3 years.
- Not mandatory — an advanced level after V-A.