NISM Series V-D has the longest syllabus of the common NISM certifications — 22 chapters in three modules — and the March 2026 workbook publishes a weightage for every one of them. The marks sum to the paper's 150.
Module 1 — Mutual Fund Distributors (68 marks)
This is the V-A syllabus, with SIF material woven into the concept, regulatory, scheme-information and selection chapters. If you hold V-A, revise it against the 2026 workbook rather than an older bank — the SIF rules are new and examinable. SIF explained.
Module 2 — Equity Derivatives (52 marks)
| Chapter | Marks |
|---|---|
| Basics of Derivatives | 10 |
| Understanding the Index | 5 |
| Introduction to Forwards and Futures | 15 |
| Introduction to Options | 13 |
| Strategies Using Equity Futures and Equity Options | 9 |
The first five chapters of Series VIII. Forwards and Futures is the single heaviest chapter in the paper; with Options it is 28 marks from two chapters.
Module 3 — Interest Rate Derivatives (30 marks)
New to almost every candidate — and a third of it sits in one chapter. Interest rate futures explained.
The six chapters that decide it
| Chapter | Marks |
|---|---|
| Introduction to Forwards and Futures | 15 |
| Introduction to Options | 13 |
| Investor Services | 10 |
| Mutual Fund Scheme Selection | 10 |
| Basics of Derivatives | 10 |
| Exchange Traded Interest Rate Futures | 10 |
| Together | 68 |
Sixty-eight marks — more than two-thirds of the 90 needed — from six of twenty-two chapters. That is the study order. The remaining sixteen chapters average five marks each and are, for the most part, single-fact chapters that the practice sets cover quickly.
How the modules differ in kind
Module 1 is operational and regulatory: rules, documents, thresholds, procedures. Module 2 is conceptual and numerical: pricing, payoffs, hedge ratios, the Greeks. Module 3 is Module 2's logic applied to bonds, plus the bond mathematics — price against yield, duration — that makes it work. Candidates from a mutual fund background find Module 2 the wall; candidates from a dealing background find Module 1 the grind. Know which you are and budget accordingly.
How to use this
- Study the six heavy chapters first, in any order that suits your background.
- Do each chapter's practice set as soon as you finish it.
- Take a 150-question timed mock — they are built to this table — and let the module breakdown on the result page tell you where to go next.