NISM Series V-D — Mutual Fund & Specialized Investment Fund (SIF) Distributors
The new consolidated certification for distributing mutual funds AND Specialized Investment Funds (SIFs). Three modules — Mutual Funds (45%), Equity Derivatives (35%), and Interest Rate Derivatives (20%). 150 questions, 3 hours, 60% to pass. A superset of NISM 5A.
Quick info
- Layer
- NISM Certifications
- Track
- NISM Certifications
- Estimated hours
- 90 hrs
- Chapters
- 22
- Exam body
- NISM
- Cost on Trustner
- Free
Every chapter below has Foundation, Deep Dive, and Advanced material — read in any order, expand each chapter to see the full content.
About this course
NISM Series V-D — the Mutual Fund–Specialized Investment Fund (MF-SIF) Distributors Certification Examination — is the certification for anyone distributing BOTH mutual funds and the new Specialized Investment Fund (SIF) product category. Because SIFs may use derivatives for hedging and long-short strategies, the exam bundles mutual-fund knowledge (Module 1) with equity derivatives (Module 2) and interest-rate derivatives (Module 3). It is a superset of NISM 5A: 5A still qualifies you to distribute plain mutual funds, while V-D adds the derivatives competence a SIF distributor needs.
Who this is for
- You already distribute mutual funds and want to add Specialized Investment Funds (SIFs).
- You are an AMC sales or distribution employee handling MF-SIF products.
- You want a single certification covering mutual funds plus equity and interest-rate derivatives.
- You are a serious learner who wants distributor-grade command of derivatives, not just theory.
What you'll learn
- Everything in the mutual-fund distributor syllabus — structure, NAV/TER, taxation, investor services, scheme selection
- The four derivative building blocks and the Indian derivatives market
- How index construction drives what an index derivative actually tracks
- Futures (cost-of-carry, margining) and options (moneyness, the Greeks) from first principles
- Interest-rate instruments, duration, and the exchange-traded rate futures/options used to manage rate risk
Course material — 22 chapters
Each chapter offers three tiers — Foundation for the core concept, Deep Dive for worked examples and practitioner depth, and Advanced for edge cases and exam tips. Click any chapter to expand.
- 1Chapter 1
Investment Landscape
- Why people invest, financial vs real assets, the role of mutual funds
- Investment risk and reward — the trade-off explained from scratch
- Channels to invest — direct vs distributor-led
✓ Full chapter — read, examples, FAQ, MCQs - 2Chapter 2
Concept and Role of a Mutual Fund
- How a mutual fund is structured — sponsor, trustee, AMC
- Open-ended vs close-ended schemes
- NAV, units, mark-to-market, expense ratio
✓ Full chapter — read, examples, FAQ, MCQs - 3Chapter 3
Legal Structure of Mutual Funds in India
- SEBI regulations — the framework
- AMFI — role and self-regulation
- Rights and obligations of investors
✓ Full chapter — read, examples, FAQ, MCQs - 4Chapter 4
Legal and Regulatory Framework
- Role of regulators in India; SEBI as the mutual-fund regulator
- Advertising code; celebrity endorsement (industry-level only)
- AMC due diligence of distributors; AMFI Code of Conduct
- Investor grievance redress — the 21-day norm and SCORES; investor rights
✓ Full chapter — read, examples, FAQ, MCQs - 5Chapter 5
Scheme Related Information
- Reading an SID, SAI, KIM
- Disclosure obligations and the role of the trustee report
✓ Full chapter — read, examples, FAQ, MCQs - 6Chapter 6
Fund Distribution and Channel Management Practices
- ARN registration — process and renewals
- Code of conduct for distributors
- Direct plans vs regular plans — what changed in 2013 and why it matters
✓ Full chapter — read, examples, FAQ, MCQs - 7Chapter 7
Net Asset Value, Total Expense Ratio and Pricing
- How NAV is calculated
- TER caps and their impact on returns
- Cut-off timings and applicable NAV
✓ Full chapter — read, examples, FAQ, MCQs - 8Chapter 8
Taxation
- Equity, debt, hybrid — current taxation
- STCG, LTCG, indexation (and the post-2024 changes for debt)
- TDS, surcharges, dividend taxation
✓ Full chapter — read, examples, FAQ, MCQs - 9Chapter 9
Investor Services
- KYC and account opening
- Folios, nominations, joint holdings
- Redemption, switch, STP, SWP, SIP
✓ Full chapter — read, examples, FAQ, MCQs - 10Chapter 10
Risk, Return and Performance of Funds
- Standard deviation, beta, Sharpe — the practitioner's shortlist
- Benchmarking — what beats what, and what doesn't
- How to read a factsheet without being misled
✓ Full chapter — read, examples, FAQ, MCQs - 11Chapter 11
Mutual Fund Scheme Performance
- Benchmarks and performance; choosing an appropriate benchmark
- Price Return Index (PRI) vs Total Return Index (TRI); the 2018 shift
- Risk-adjusted return measures — Sharpe, Treynor, alpha
- Tracking error; benchmarks for equity, debt and other schemes
✓ Full chapter — read, examples, FAQ, MCQs - 12Chapter 12
Mutual Fund Scheme Selection
- Matching scheme to investor goal — frameworks and rejection criteria
- Risk profiling — beyond the questionnaire
- Common mistakes in scheme selection
✓ Full chapter — read, examples, FAQ, MCQs - 13Chapter 13
Basics of Derivatives
- What a derivative is; the four building blocks — forwards, futures, options, swaps
- History and evolution; the Indian derivatives market and its regulation
- Market participants — hedgers, speculators, arbitrageurs
- Exchange-traded vs OTC; risks in derivatives trading
✓ Full chapter — read, examples, FAQ, MCQs - 14Chapter 14
Understanding the Index
- What an index is and why it matters as a benchmark and as a derivative underlying
- Market-cap weighted, free-float, price-weighted and equal-weighted indices
- Index maintenance and the major Indian indices (Sensex, Nifty)
✓ Full chapter — read, examples, FAQ, MCQs - 15Chapter 15
Introduction to Forwards and Futures
- Forward contracts — features, limitations, counterparty risk
- Futures — standardisation, margining, mark-to-market, settlement
- Payoff charts; futures pricing (cost-of-carry); basis and convergence
- Uses of futures — hedging (long/short), speculation, arbitrage
✓ Full chapter — read, examples, FAQ, MCQs - 16Chapter 16
Introduction to Options
- Calls and puts; buyer (right) vs writer (obligation); the premium
- Moneyness; intrinsic value and time value
- Payoff charts for the four basic positions; capped vs unlimited risk
- Option pricing basics and the Greeks; implied volatility
✓ Full chapter — read, examples, FAQ, MCQs - 17Chapter 17
Strategies using Equity Futures and Equity Options
- Hedging (long/short), speculation and arbitrage with futures
- Option strategies — covered call, protective put, bull/bear spreads
- Put-call parity and arbitrage; delta-hedging
- Reading open interest and the put-call ratio
✓ Full chapter — read, examples, FAQ, MCQs - 18Chapter 18
Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets
- The interest-rate concept; fixed income securities and their features
- Bond cash flows, price and yield; the inverse price-yield relationship
- Coupon, current yield, yield-to-maturity; the term structure
- Credit risk and credit spread; duration as a risk measure
✓ Full chapter — read, examples, FAQ, MCQs - 19Chapter 19
Interest Rate Derivatives
- Definition and economic role of derivatives in the rate market
- Products — FRAs, interest-rate swaps, interest-rate futures
- Market size and growth drivers; market participants
- The underlying — notional vs physical bonds; OTC vs exchange-traded
✓ Full chapter — read, examples, FAQ, MCQs - 20Chapter 20
Exchange Traded Interest Rate Futures
- Interest-rate futures — contract mechanics, long/short payoff
- Contract specification; lot size (2,000), tick size, value of a tick
- Settlement — cash (bill futures) vs physical; open interest
- Rationale for ETIRD in India; futures vs FRA
✓ Full chapter — read, examples, FAQ, MCQs - 21Chapter 21
Exchange Traded Interest Rate Options
- Basics of interest-rate options; the premium; buyer vs seller risk
- Moneyness; intrinsic and time value
- Option pricing basics, the Greeks and implied volatility
- Payoff diagrams for interest-rate option positions
✓ Full chapter — read, examples, FAQ, MCQs - 22Chapter 22
Strategies using Exchange Traded Interest Rate Derivatives
- Market participants — hedgers, speculators, arbitrageurs
- Hedging a bond portfolio with interest-rate futures and options
- Option and spread strategies; speculative and arbitrage uses
- Limitations of interest-rate derivatives — basis risk
✓ Full chapter — read, examples, FAQ, MCQs
About the exam
- Provider
- NISM
- Duration
- 3 hrs
- Questions
- 150
- Pass mark
- 60% (90/150), negative marking 10%
Note: Three modules — Mutual Funds 45%, Equity Derivatives 35%, Interest Rate Derivatives 20%. Workbook version March 2026.
The exam is administered by NISM. Trustner Academy is not affiliated with NISM; we provide independent preparatory educational material. See our disclaimer.
More from NISM Certifications
NISM Series 5A — Mutual Fund Distributors
The foundational certification for anyone advising on or distributing mutual funds in India. Highest demand, fastest path to a career in financial services.
NISM Series 22 — Mutual Fund Foundation
A simpler entry point to mutual fund advisory — covers the basics for those new to the industry.
NISM Series 8 — Equity Derivatives
Futures, options, and the equity derivatives market — required for anyone working as an approved user or sales person on the equity derivatives segment.
NISM Series 7 — Securities Operations & Risk Management
Back-office, risk, settlement, and operations across capital markets — the backbone of a securities career.