NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors — Practice Questions & Mock Tests

853 practice questions covering the full 22-unit syllabus, a detailed explanation on every question, 853 memory hooks, and 3 full-length real-feel timed mock exams. The pass mark is 60% — we help you get there.

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Practice by topic

Investment Landscape
30 questions · 5 marks
Savings vs investment · Risk, return and inflation
Concept & Role of Mutual Funds
32 questions · 4 marks
Pooling & professional management · Open-ended vs close-ended
Legal Structure
18 questions · 3 marks
Sponsor, trustee and AMC · Custodian and RTA
Legal & Regulatory
41 questions · 7 marks
SEBI Mutual Fund Regulations · Role of AMFI
Scheme Related Information
47 questions · 7 marks
SID and SAI · Key Information Memorandum
Distribution & Channels
29 questions · 4 marks
ARN and EUIN · Commission and trail
NAV, TER & Pricing
40 questions · 5 marks
NAV computation · TER components and limits
Taxation
18 questions · 3 marks
Equity vs non-equity holding periods · Short- and long-term capital gains
Investor Services
60 questions · 10 marks
KYC and the application form · Cut-off times and applicable NAV
Risk, Return & Performance
35 questions · 5 marks
Absolute, annualised and CAGR returns · Standard deviation and beta
Scheme Performance
30 questions · 5 marks
Choosing a benchmark · Total return indices
Scheme Selection
54 questions · 10 marks
Goals, horizon and risk appetite · Choosing between categories
Basics of Derivatives
60 questions · 10 marks
Forwards, futures, options and swaps · Hedgers, speculators and arbitrageurs
Understanding the Index
30 questions · 5 marks
Free-float market capitalisation · Impact cost
Forwards & Futures
81 questions · 15 marks
Forwards vs futures · Cost of carry and pricing
Options
69 questions · 13 marks
Calls and puts · Moneyness, intrinsic and time value
Equity Derivative Strategies
50 questions · 9 marks
Hedging with futures · Protective puts and covered calls
Interest Rates & Fixed Income
24 questions · 6 marks
Drivers of interest rates · Fixed income instruments
Interest Rate Derivatives
12 questions · 2 marks
FRAs and swaps · Interest rate futures and options
Interest Rate Futures
46 questions · 10 marks
Contract specifications · Pricing of interest rate futures
Interest Rate Options
25 questions · 6 marks
Contract design · Pricing of interest rate options
Interest Rate Strategies
32 questions · 6 marks
Hedging a bond portfolio · Duration hedging

Question sets

Practice — 24 sets, 403 questions with instant feedback →Real-feel exams — 3 full-length timed papers, scored to the 60% pass mark →
Candidate preparing for the NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors exam

About the NISM V-D exam

The NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination is required to distribute SEBI's new Specialized Investment Fund (SIF) category. It combines the full Mutual Fund Distributors syllabus with equity derivatives and interest rate derivatives, because SIF strategies may take derivative positions that ordinary mutual fund schemes cannot.

The exam has 150 multiple-choice questions of 1 mark each, a duration of 3 hours, and a passing score of 60% (90 marks). It carries negative marking of 10% of the marks assigned to a question — lighter than the 25% on VIII or XV. The syllabus is in three modules: Mutual Fund Distributors (68 marks), Equity Derivatives (52 marks) and Interest Rate Derivatives (30 marks). ScoreSetu's mock papers follow that weightage chapter by chapter.

📘 Download the official NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors workbook (PDF, March 2026) — the full 596-page syllabus material, free.

Other certifications on ScoreSetu

NISM Series XV: Research Analyst →NISM Series XII: Securities Markets Foundation →NISM Series V-A: Mutual Fund Distributors →NISM Series VIII: Equity Derivatives →NISM Series V-B: Mutual Fund Foundation →NISM Series V-C: Mutual Fund Distributors (Level 2) →