NISM Series V-A Mock Test: Mutual Fund Distributors
Up to 30 full-length mock tests of 100 questions each, built on the official syllabus, with an explanation for every answer.
About the NISM Series V-A exam
NISM Series V-A is the core mutual fund distributor exam. It covers how mutual funds are structured and regulated, scheme types, NAV, loads and TER, taxation, investor services, risk and return, scheme performance and choosing the right scheme for an investor.
Who should take it: Anyone who wants to distribute mutual funds and obtain an ARN from AMFI, including independent advisers, bank relationship managers and employees of distribution firms.
NISM Series V-A exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 50% |
| Negative marking | −0.25 mark per wrong answer |
Indicative pattern. Exam bodies revise patterns — confirm the details in the latest official notification before your exam.
Syllabus covered in our NISM Series V-A question bank
Our 50-question bank for NISM Series V-A covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investment Landscape5 practice questions
- Concept and Role of a Mutual Fund5 practice questions
- Legal Structure of Mutual Funds4 practice questions
- Legal and Regulatory Framework4 practice questions
- Scheme Related Information3 practice questions
- Fund Distribution and Channel Management5 practice questions
- NAV, TER and Pricing of Units5 practice questions
- Taxation3 practice questions
- Investor Services6 practice questions
- Risk, Return and Performance of Funds5 practice questions
- Mutual Fund Scheme Performance3 practice questions
- Mutual Fund Scheme Selection2 practice questions
Free NISM Series V-A sample questions
Try five questions from our bank. Each mock test gives you 100 like these, with your score, chapter-wise analysis and explanations at the end.
Which of the following is a real (physical) asset rather than a financial asset?
- Equity shares of a listed company
- A bank fixed deposit
- A residential flat held to earn rent
- Units of a debt mutual fund
Show answer & explanation
Answer: C. A residential flat held to earn rent
Real assets are tangible, physical assets; shares, deposits and fund units are financial claims on an issuer.
Which type of scheme lets investors buy and redeem units directly with the fund on an ongoing basis at NAV-based prices?
- Closed-ended scheme
- Fixed maturity plan
- Interval scheme
- Open-ended scheme
Show answer & explanation
Answer: D. Open-ended scheme
Open-ended schemes offer continuous sale and repurchase; closed-ended schemes and FMPs do not, and interval schemes allow it only during specified windows.
In India, a mutual fund is legally constituted as a
- Company under the Companies Act
- Limited liability partnership
- Trust
- Co-operative society
Show answer & explanation
Answer: C. Trust
Mutual funds are set up as trusts under the Indian Trusts Act, 1882, with trustees holding the assets for unitholders.
Which body is the primary regulator of mutual funds in India?
- RBI
- IRDAI
- AMFI
- SEBI
Show answer & explanation
Answer: D. SEBI
Mutual funds are regulated by SEBI under the SEBI (Mutual Funds) Regulations, 1996.
Information common to all schemes of a mutual fund, such as details of the sponsor, AMC and trustees, is contained in the
- Scheme Information Document (SID)
- Key Information Memorandum (KIM)
- Monthly factsheet
- Statement of Additional Information (SAI)
Show answer & explanation
Answer: D. Statement of Additional Information (SAI)
The SAI carries statutory information about the fund house common to all its schemes, while the SID is scheme-specific.
NISM Series V-A mock test plans
Every plan unlocks one full-length mock test per day of the plan. Prices include GST.
| Plan | Mock tests | Questions | Price |
|---|---|---|---|
| 10 Days | 10 mock tests | 1,000 questions | ₹199 incl. GST |
| 15 Days | 15 mock tests | 1,500 questions | ₹279 incl. GST |
| 20 Days Popular | 20 mock tests | 2,000 questions | ₹349 incl. GST |
| 30 Days Best value | 30 mock tests | 3,000 questions | ₹449 incl. GST |
Official study material
Links open the official website. We do not host or alter official material.
NISM Series V-A mock test FAQs
How many questions are there in the NISM Series V-A exam?
The NISM Series V-A paper has 100 multiple-choice questions for 100 marks, to be completed in 120 minutes. This is the indicative pattern — always confirm it in the latest official notification.
Is there negative marking in NISM Series V-A?
Yes. −0.25 mark per wrong answer (25% of the marks for that question). Our mock tests apply the same rule.
What is the pass mark for NISM Series V-A?
You need 50% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series V-A mock tests do I get?
One full-length mock test is unlocked for each day of your plan: 10, 15, 20 or 30 mock tests on the 10 Days, 15 Days, 20 Days or 30 Days plans. You can retake any unlocked test while your plan is active.
Are these the actual exam questions?
No. Every question is an original practice question written to match the official syllabus and the exam's style. Reproducing real exam questions is not permitted, and we do not do it.
Where can I get the official NISM Series V-A study material?
NISM provides the latest workbook free of cost on its official portal after a short registration. The link is in the Official study material section on this page.