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NISM Series VA - Mutual Fund Distributors Exam

What is the NISM Series VA Mutual Fund Distributor Exam?

The examination aims at creating a common minimum knowledge benchmark for all persons who are involved in selling and distributing mutual funds.

The certification aims to enhance the quality of sales, distribution and related support services in the mutual fund industry.

Note: It is illegal to sell mutual funds without passing the NISM VA mutual fund exam. 

Exam Pattern

Name of Module: NISM-Series-V-A: Mutual Fund Distributors Certification

Test Duration (in minutes) No. of Questions Maximum Marks Pass Marks* (%)
120 100 100 50

There will be no negative marking.


  • Concept and Role of a Mutual Fund
  • Fund Structure and Constituents
  • Legal and Regulatory Environment
  • Offer Document
  • Fund Distribution and Channel Management Practices
  • Accounting, Valuation and Taxation
  • Investor Services
  • Risk, return and performance of funds
  • Mutual Fund Scheme Selection
  • Selecting the Right Investment Products for Investors
  • Helping Investors with Financial Planning
  • Recommending Model Portfolios and Financial Plans

Where to apply

  1. You can apply on NISM's official website here
  2. Fill the registration form, select the exam date and pay the fee


  • 18 years of age
  • HSC (12th) pass or 10th + 3 yrs diploma, holder.


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1 Week Study Plan