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A 22-chapter learning guide across 3 modules, a diagnostic quiz, practice worksheets, a full 150-question timed mock exam with genuine 10% negative marking, a visual guide, a searchable glossary, and flashcards — weighted exactly to the official syllabus.
If you're not sure what a Specialized Investment Fund is, or why this exam combines mutual funds with derivatives, read these three short answers first.
NISM — the National Institute of Securities Markets, set up by SEBI — certifies people working across securities markets. Series V-D is the certification for distributing Specialized Investment Fund (SIF) strategies: a newer category sitting between traditional mutual funds and PMS, which can use derivatives far more extensively than a standard mutual fund scheme can.
Because SIF strategies are built on both. A distributor needs the full NISM-Series-V-A style mutual fund foundation (Module 1) and a genuine working knowledge of equity derivatives (Module 2) and interest rate derivatives (Module 3), since SIF strategies can deploy futures and options as core portfolio tools, not just for incidental hedging.
Read who typically takes this exam and what SIF distribution involves →
150 questions, 150 marks, 3 hours, 60% to pass — straightforward MCQ format, no caselets. Like XXI-A, V-D carries 10% negative marking on every wrong answer. The derivatives modules (2 and 3) together carry 55% of the marks — more than the mutual fund module alone.
Each piece below builds on the last — use them in this order the first time through.
A plain-language walkthrough of all 22 syllabus chapters across 3 modules, in order, with module weightage — the actual teaching material, not just a test.
A short quiz weighted by how much each module is worth on the real exam, with instant feedback and hints.
Worksheets covering all 3 modules: a concept recap, a key-numbers/formula table, practice questions, and a full answer key.
150 questions, 150 marks, a genuine 3-hour countdown, real 10% negative marking, question navigator with flagging, and a pass/fail result (90 to pass) broken down by chapter.
These three aren't a sequence — dip into whichever one matches what you're stuck on, any time during your prep.
Diagrams for the topics people mix up under pressure: forward vs. futures, option payoffs, the Greeks, and interest rate futures contract specs.
Open the visual guideTerms, formulas and key regulatory numbers in one searchable page — Sharpe/Treynor, cost-of-carry, IRF contract specs, and more.
Open the glossaryCards across several decks for pure active recall — definitions, formulas, roles, and key numbers.
Open the flashcardsThe mock exam's marks per chapter mirror this table exactly. The chapter guide walks through every chapter within each module.
| Ch. | Topic | Marks |
|---|---|---|
| Module 1: Mutual Fund Distributors — 68 marks | ||
| 1 | Investment Landscape | 5 |
| 2 | Concept & Role of a Mutual Fund | 4 |
| 3 | Legal Structure of Mutual Funds | 3 |
| 4 | Legal and Regulatory Framework | 7 |
| 5 | Scheme Related Information | 7 |
| 6 | Fund Distribution & Channel Management | 4 |
| 7 | NAV, TER and Pricing of Units | 5 |
| 8 | Taxation | 3 |
| 9 | Investor Services | 10 |
| 10 | Risk, Return and Performance | 5 |
| 11 | Mutual Fund Scheme Performance | 5 |
| 12 | Mutual Fund Scheme Selection | 10 |
| Module 2: Equity Derivatives — 52 marks | ||
| 13 | Basics of Derivatives | 10 |
| 14 | Understanding the Index | 5 |
| 15 | Forwards and Futures | 15 |
| 16 | Options | 13 |
| 17 | Equity F&O Strategies | 9 |
| Module 3: Interest Rate Derivatives — 30 marks | ||
| 18 | Interest Rate & Fixed Income Market | 6 |
| 19 | Interest Rate Derivatives | 2 |
| 20 | Interest Rate Futures | 10 |
| 21 | Interest Rate Options | 6 |
| 22 | IRD Strategies | 6 |
Every question, explanation and chapter summary in this kit was written from scratch, based on the official NISM-Series-V-D workbook (March 2026 version) and the exam format NISM publishes. It is not an official NISM product, and it is not a leaked or licensed copy of NISM's own question bank.