NISM Series V-D Mock Test: Mutual Fund – Specialized Investment Fund (SIF) 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-D exam
NISM Series V-D covers Specialized Investment Funds (SIFs) — the SEBI product category between mutual funds and PMS — together with the mutual fund, equity derivatives and interest rate derivatives concepts needed to explain SIF strategies to investors.
Who should take it: Mutual fund distributors who want to distribute SIF strategies, and AMC sales teams supporting SIF products.
NISM Series V-D exam pattern
| Questions | 100 multiple-choice questions |
|---|---|
| Total marks | 100 |
| Duration | 120 minutes |
| Passing score | 60% |
| 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-D question bank
Our 50-question bank for NISM Series V-D covers every chapter below. Mock tests mix questions across all of them in the same proportion as the real paper.
- Investment Landscape2 practice questions
- Concept and Role of a Mutual Fund4 practice questions
- Legal Structure of Mutual Funds2 practice questions
- Legal and Regulatory Framework3 practice questions
- Scheme Related Information2 practice questions
- Fund Distribution and Channel Management3 practice questions
- NAV, TER and Pricing of Units3 practice questions
- Taxation2 practice questions
- Investor Services2 practice questions
- Risk, Return and Performance of Funds3 practice questions
- Mutual Fund Scheme Performance2 practice questions
- Mutual Fund Scheme Selection2 practice questions
- Basics of Derivatives2 practice questions
- Understanding Index2 practice questions
- Equity Futures and Forwards2 practice questions
- Equity Options2 practice questions
- Strategies Using Equity Futures and Options2 practice questions
- Interest Rates and Fixed Income Market2 practice questions
- Interest Rate Derivatives2 practice questions
- Exchange Traded Interest Rate Futures2 practice questions
- Exchange Traded Interest Rate Options2 practice questions
- Strategies Using Interest Rate Futures and Options2 practice questions
Free NISM Series V-D 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.
An investor's 'risk capacity', as distinct from 'risk appetite', refers to
- The ability to bear losses given income, wealth, liabilities and time horizon
- The willingness to take risk
- The past returns of the portfolio
- The volatility of the market
Show answer & explanation
Answer: A. The ability to bear losses given income, wealth, liabilities and time horizon
Risk capacity is objective financial ability to absorb losses; risk appetite is the psychological willingness to do so.
What is the minimum investment an investor (other than an accredited investor) must make in a Specialized Investment Fund (SIF)?
- ₹1 lakh per strategy
- ₹50 lakh per strategy
- ₹10 lakh across all SIF strategies, at PAN level
- ₹1 crore across strategies
Show answer & explanation
Answer: C. ₹10 lakh across all SIF strategies, at PAN level
SEBI's SIF framework sets a ₹10 lakh minimum investment per investor, aggregated across strategies at PAN level.
At least what proportion of an AMC's board must consist of independent directors?
- Two-thirds
- Half (50%)
- One-third
- One-fourth
Show answer & explanation
Answer: B. Half (50%)
SEBI requires at least 50% of an AMC's directors to be independent, while trustees need a two-thirds independent majority.
Which statement about the branding of a Specialized Investment Fund is correct?
- An SIF must use the same name as an existing equity scheme
- An SIF must carry branding distinct from the AMC's regular mutual fund schemes
- An SIF is branded as a portfolio management service
- An SIF need not be identified separately
Show answer & explanation
Answer: B. An SIF must carry branding distinct from the AMC's regular mutual fund schemes
SEBI requires SIFs to have separate branding so investors can distinguish them from regular mutual fund products.
The offer document for each SIF investment strategy, comparable to an SID, is called the
- Key Information Memorandum
- Private Placement Memorandum
- Draft Red Herring Prospectus
- Investment Strategy Information Document (ISID)
Show answer & explanation
Answer: D. Investment Strategy Information Document (ISID)
Each SIF strategy is launched through an ISID that describes the strategy, asset allocation, risks and other terms.
NISM Series V-D 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-D mock test FAQs
How many questions are there in the NISM Series V-D exam?
The NISM Series V-D 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-D?
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-D?
You need 60% to pass. Our mock tests show pass or fail against the same mark.
How many NISM Series V-D 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-D 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.