NISM Series V-D Exam Blueprint: Modules and Preparation Scope
Map the July 2026 V-D modules, chapter allocations, official marking and the distinction between distribution knowledge and derivatives application.
Official examination structure
NISM’s July 2026 Annexure I , checked October 15, 2026, specifies 150 one-mark MCQs in 180 minutes, a 60% passing score and a penalty of 10% of the assigned mark for each wrong answer. That is a 0.1-mark deduction on a one-mark item; passing requires 90 net marks.
| Module | Published module label | Sum of listed chapter marks | Public practice allocation |
|---|---|---|---|
| Mutual Fund Distribution | 45% | 68 | 68 |
| Equity Derivatives | 35% | 52 | 52 |
| Interest Rate Derivatives | 20% | 30 | 30 |
| Total | 100% | 150 | 150 |
The rounded module percentages and integer chapter marks appear together in NISM’s document. The public set follows those chapter-sum allocations; its selection is independent practice, not a promise of the exact questions or live-paper mix.
Mutual Fund Distribution
The first 12 chapters cover the investment landscape; fund role and legal structure; regulation; scheme information; distribution; NAV, expenses and pricing; tax; investor services; risk/return; performance; and scheme selection.
Prepare to use these ideas together: choose the relevant document, identify the holder and transaction, apply the right date, reconcile value and units, and assess the client’s horizon, liquidity, loss capacity and existing portfolio. SIF cases also require distinguishing the regulated product from AIF/PMS, entry eligibility from suitability, and subscription access from redemption rights.
Equity Derivatives
Five chapters cover derivative markets, indices, forwards/futures, options and strategies. Practise both calculations and economic interpretation:
- underlying exposure versus asset ownership;
- contract quantity, notional, ticks, margin and daily settlement;
- index construction, benchmark fit and impact cost;
- carry, executable arbitrage, basis and hedge direction/size;
- option rights, payoff, premium-adjusted profit and combined positions.
The highest-return strategy is not automatically an appropriate hedge. State what risk is being reduced and what remains, including basis and funding risk.
Interest Rate Derivatives
Five chapters cover interest rates and fixed-income markets; derivative foundations; exchange-traded rate futures; rate options; and strategies. Read quotations carefully: a price, a yield, a price per 100 face and a contract notional are different quantities. Use duration and PVBP with compatible units, and apply the stated expiry, multiplier, settlement and delivery terms.
A bond-price option differs from a yield-based payoff. A hedge can reduce first-order rate sensitivity while leaving basis, timing, liquidity or convexity risk.
Turn the outline into a readiness check
Use NISM’s detailed test objectives to check the whole scope. For each objective, test whether you can identify the relevant facts, perform the calculation where needed and explain the result’s limits. Do not substitute chapter size for weight or a practice percentage for validated readiness.
Finance Prep provides original single-answer practice and explanations. Its app timer, question selection and score should not be assumed to reproduce NISM’s delivery or negative marking. Continue with the Study Plan and free practice exam .