NISM Series V-D Practice Test: MF and SIF Distributors
Prepare for the NISM Mutual Fund–Specialized Investment Fund Distributors examination with original Finance Prep questions, a free full-length practice set and worked explanations.
Read practice updates and share Series V-D feedback .
Use Finance Prep to practise mutual-fund distribution alongside the equity and interest-rate derivatives knowledge required for NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors. Work through client decisions, scheme documents, cash flows, hedge sizes, option payoffs and explained alternatives.
This is a separate NISM examination from Series V-A . V-D covers MF and SIF distribution and substantial derivatives content; it is not simply a renamed V-A question set. Confirm the certification route required for your role with NISM, SEBI and AMFI.
These are original Finance Prep practice questions. Mastery Exam Prep and Finance Prep are independent from NISM; they do not provide official NISM questions, copied live-exam content or exam dumps.
Examination at a glance
| Item | Official examination |
|---|---|
| Provider | National Institute of Securities Markets (NISM) |
| Format | 150 one-mark multiple-choice questions |
| Time | 180 minutes |
| Passing score | 60%, or 90 net marks out of 150 |
| Wrong-answer penalty | 10% of the assigned mark: 0.1 mark for a wrong one-mark answer |
| Main modules | Mutual Fund Distribution 45%; Equity Derivatives 35%; Interest Rate Derivatives 20% |
Official sources checked October 15, 2026: NISM’s examination FAQ and July 2026 examination structure . Confirm candidate instructions when booking. The official penalty and pass score are not verified settings of Finance Prep’s scorer; use app results to review learning, not as an official-score simulation or pass prediction.
Practise the decision behind the calculation
| Module | Work to practise |
|---|---|
| Mutual Fund Distribution | Match products to investor needs; use scheme documents; follow distribution and investor-service processes; calculate NAV, returns and performance. Apply SIF eligibility, liquidity and exposure distinctions. |
| Equity Derivatives | Identify rights and obligations; interpret indices and contracts; calculate carry, payoffs, hedge sizes and margin cash flows; assess strategies and residual risk. |
| Interest Rate Derivatives | Read yield and price quotations; distinguish duration from maturity; assess futures, options, settlement and hedges using the stated contract terms. |
The 150-question free practice exam is one fixed, single-answer set with explanations. Use it as a one-pass check alongside fresh topic and mixed practice in Finance Prep. The Exam Blueprint maps the scope; the Study Plan turns gaps into a schedule. A practice percentage describes the questions attempted, not the probability of passing NISM.
Access and help
The public questions and preparation pages are free to read. An active Finance Prep subscription or access pass includes this bank and the other Finance Prep banks for its access period. App preview allowances are separate from the public set. Sign in on web with the same account used on supported mobile devices; see Finance Prep access options or support for access and billing help.
The bank is live and will continue to expand or refine with learner usage, feedback and syllabus updates. For exam booking and controlling rules, use Official Resources .
In this section
- NISM Series V-D Cheat Sheet: Funds, Futures and OptionsReview fund calculations, SIF boundaries, derivative cash flows and interest-rate sensitivities before testing them in fresh practice.
- NISM Series V-D Study Plan: Distribution and DerivativesOrganise six weeks of mutual-fund, equity-derivative and interest-rate preparation with calculation review, timed practice and a useful error log.
- NISM Series V-D Exam Blueprint: Modules and Preparation ScopeMap the July 2026 V-D modules, chapter allocations, official marking and the distinction between distribution knowledge and derivatives application.
- Free NISM Series V-D Practice Exam: MF and SIF DistributorsTry 150 original NISM Series V-D practice questions with answers and explanations across mutual-fund distribution, equity derivatives and interest-rate derivatives.
- NISM Series V-D Practice Updates and FeedbackRead the Series V-D launch record and share private feedback about a question, calculation, explanation or preparation page.
- NISM Series V-D Official Resources: Syllabus and Candidate RulesFind the official V-D structure, objectives, workbook access and current SEBI/AMFI references for mutual-fund and SIF distribution.