NISM V-A Scheme Related Information — Practice Questions
Practise the scheme documents a distributor must be able to read and explain: the Scheme Information Document, Statement of Additional Information and Key Information Memorandum, plus riskometer, benchmark and mandatory disclosures.
72 questions on Scheme Related Information in the ScoreSetu bank — each with a detailed explanation and, where useful, a memory hook.
What this topic covers
- SID, SAI and KIM
- Riskometer and benchmarking
- New Fund Offers
- Mandatory disclosures
Free sample questions
1. Which of the following information is generally NOT provided in a Scheme Information Document (SID) ?
- A. The scheme’s investment objective
- B. Risk factors associated with the scheme
- C. Complete list of securities in the portfolio ✅
- D. Portfolio characteristics/features
Answer: C — Complete list of securities in the portfolio
Why: The SID (Scheme Information Document) is prepared at the time of NFO (New Fund Offer) or scheme launch. It provides details such as the investment objective, portfolio strategy/features, and risk factors of the scheme. Even after the fund is running, the portfolio keeps changing daily as the fund manager buys and sells securities. So the actual names of securities held in the portfolio are disclosed through the monthly factsheet / portfolio disclosure — not the SID.
💡 SID = launch-time doc; live security holdings come from the monthly factsheet, NOT the SID.
2. Identify the mandatory scheme-related documents from the options given below: A) Key Information Memorandum (KIM) B) Fund factsheet C) Addendum D) Scheme Information Document (SID) E) Statement of Additional Information (SAI)
- A. A, B, C, D and E
- B. B, C, D and E
- C. A, B and E
- D. A, C, D and E ✅
Answer: D — A, C, D and E
Why: Mandatory Scheme-Related Documents (as per SEBI/AMFI guidelines) : - Statement of Additional Information (SAI) – contains statutory information about the mutual fund, AMC, trustees, etc. - Scheme Information Document (SID) – detailed document about the specific scheme, including objectives, risks, fees, and portfolio strategy. - Key Information Memorandum (KIM) – a summarized version of SID, highlighting key facts for investors. - Addendum – issued whenever there is a change in SID/SAI/KIM; it is considered part of the mandatory documentation. Not Mandatory : - Fund Fact Sheet – this is an investor communication tool published monthly/quarterly, but it is not a statutory mandatory document under SEBI regulations.
💡 Mandatory docs: SAI + SID + KIM + Addendum. Fund factsheet is NOT mandatory.
3. The __________ is used by the fund manager to communicate their views on the economy and the markets to the investors
- A. Key Information Memorandum (KIM)
- B. Statement of Additional Information (SAI)
- C. Scheme Information Document (SID)
- D. Fund Factsheet ✅
Answer: D — Fund Factsheet
Why: A Fund Factsheet is like a monthly report card of a mutual fund scheme. It is published every month by the AMC and is the most investor-friendly document among all MF documents. It typically includes the fund manager's commentary on the economy, current market conditions, sector outlook, portfolio composition, top holdings, and scheme performance — making it the go-to document for anyone wanting to understand where the markets are headed and how the fund is positioned.
💡 Fund FACTSHEET (monthly) = fund manager's market & economy commentary; not SID/SAI/KIM.
Practise all 72 Scheme Related Information questions
Plus the full 743-question NISM V-A bank and real-feel mock exams.