NISM Series V-D Exam: The New SIF Distributor Certification Explained (2026)
Last updated: July 31, 2026, with confirmed details from AMFI circular CIR/ARN-33/2026-27.
NISM-Series-V-D is the new certification exam that lets mutual fund distributors sell Specialized Investment Fund (SIF) products without clearing the tougher NISM-Series-XIII derivatives exam. NISM announced it on July 14, 2026, and registrations opened on July 22, 2026. Per AMFI's July 28, 2026 circular, passing V-D also eliminates the need to separately hold NISM-Series-V-A, since it's built on the same mutual fund distribution syllabus MFDs already know, plus a lighter derivatives module.
Why NISM Just Created a Fifth MFD Exam
SEBI opened the door to Specialized Investment Funds in February 2025, positioning them as a middle ground between mutual funds and portfolio management services. Individual investors could get in with just ₹10 lakh, far below the ₹50 lakh PMS threshold, and the category structure let AMCs run more concentrated, higher-conviction strategies than a regular mutual fund scheme permits (SEBI's SIF regulatory framework circular, dated February 27, 2025).
There was one catch. To distribute SIF products, SEBI required every MFD (individual or non-individual) to first pass NISM-Series-XIII: Common Derivatives Certification Examination. That exam wasn't built for mutual fund distributors. It was designed back in 2014 for dealers and sales staff at brokerages trading equity, currency, and interest rate derivatives on exchanges. Passing it meant learning an entire market segment, currency derivatives, that has nothing to do with mutual fund distribution.
The result: SIF assets under management still crossed ₹17,858 crore by June 2026, with monthly inflows jumping 171% to ₹3,782 crore that month (AMFI data via Outlook Money), so demand was clearly there. But the distributor bottleneck was real. Most MFDs who'd already cleared NISM-Series-V-A for regular mutual funds had no appetite for a from-scratch derivatives qualification with steep negative marking, and it showed in how few of them bothered registering for SIF distribution.
NISM's fix, announced via its July 14, 2026 communiqué, is a purpose-built exam: NISM-Series-V-D: Mutual Fund - Specialized Investment Fund Distributors Certification Examination.
What NISM-Series-V-D Actually Covers
The exam blends the existing mutual fund distributor curriculum with a scaled-down derivatives component, structured across three modules (NISM's official test objectives and exam structure annexure):
Module | Weightage | Chapters covered |
|---|---|---|
Module 1: Mutual Fund Distributors | 45% (67 marks) | Investment landscape, MF structure and regulation, scheme documents, distribution practices, NAV/TER/taxation, investor services, risk and performance, scheme selection |
Module 2: Equity Derivatives | 35% (52 marks) | Basics of derivatives, index construction, futures and forwards, options, trading/hedging strategies |
Module 3: Interest Rate Derivatives | 20% (31 marks) | Fixed income and interest rate basics, interest rate derivatives, exchange-traded IR futures and options, IR trading strategies |
Notice what's missing: currency derivatives. NISM-Series-XIII forces candidates through an entire currency derivatives segment even though it has zero relevance to a mutual fund distributor's job. NISM-Series-V-D drops it entirely and instead leads with the mutual fund distribution content that most candidates already half-know from their NISM-Series-V-A days.
Exam Format, Fees, and Passing Criteria
Here's the full structure, straight from the official annexure:
Format: Computer-based, multiple choice, 150 questions of 1 mark each
Duration: 3 hours
Total marks: 150
Passing score: 60%, or 90 out of 150 marks
Negative marking: 10% of the marks assigned to a wrong answer
Fee: ₹3,000 plus applicable taxes
That negative marking figure matters more than it looks. NISM-Series-XIII penalizes wrong answers at 25% of the question's marks. NISM-Series-V-D cuts that penalty to 10%, which changes exam strategy meaningfully: candidates can afford to attempt more questions they're unsure about instead of leaving them blank out of fear.
Who Needs to Take It
Per the communiqué, the exam applies to "distributors, agents, brokers, authorised persons or called by any other name, employed or engaged or to be engaged in the sale and/or distribution of Mutual Fund and Specialized Investment Fund products." In practice, that covers:
Individual MFDs who want to add SIF products to what they already sell
Employees of distribution firms (non-individual ARN holders) who handle SIF sales
AMC sales and distribution staff working specifically on SIF products
Brand-new distributors who want mutual fund and SIF distribution rights from day one, without ever sitting NISM-Series-V-A separately
If you only distribute regular mutual funds and have no interest in SIFs, you don't need this exam. Your existing (or a freshly cleared) NISM-Series-V-A certification still covers you, and AMFI's fee note confirms that V-A-only registration keeps the older, lower ARN fee structure.
Confirmed: NISM-Series-V-D Replaces V-A, and NISM-Series-XIII Has an Expiry Date
AMFI settled the open questions around this exam in circular CIR/ARN-33/2026-27, dated July 28, 2026, issued in terms of SEBI circular No. HO/24/13/17(1)2026-IMD-POD-1/I/16895/2026 dated July 21, 2026. Four things are now confirmed:
Unified certification: Passing NISM-Series-V-D makes you eligible to distribute both mutual funds and SIF products under a single certificate.
It replaces V-A: If you pass V-D, you don't need to separately hold NISM-Series-V-A. One exam, one certificate, both product categories.
V-A still works for MF-only distributors: If you never plan to sell SIF products, you can keep using (or start with) NISM-Series-V-A, and your ARN fees stay at the older, lower rate.
NISM-Series-XIII has a hard deadline: The NISM-Series-XIII route for new SIF distribution eligibility ends after September 21, 2026. Distributors who already hold a valid XIII certificate can keep using it until it expires, but only if they also hold a valid V-A certificate alongside it.
That last point matters if you're mid-preparation for NISM-Series-XIII right now. After September 21, 2026, XIII stops being a valid new pathway into SIF distribution altogether, and V-D becomes the only route.
The ARN Fee Comes With a Catch
Passing the exam is only half the cost. AMFI's July 28, 2026 circular also introduced a new, separate ARN registration and renewal fee schedule for anyone registering for combined mutual fund and SIF distribution on the basis of NISM-Series-V-D, effective July 22, 2026. For most entity types, it's exactly double the fee that applies to MF-only registration under V-A: an individual pays ₹5,000 to register (versus ₹3,000 for V-A-only) and ₹3,000 to renew (versus ₹1,500), while a private limited company pays ₹80,000 to register (versus ₹40,000). If SIF isn't part of your plan, staying on the V-A track keeps your ARN costs lower.
Why This Matters for SIF Distribution in India
I've watched enough NISM cycles to know that certification friction directly throttles product adoption. When AMFI introduced NISM-Series-V-A back in the day, MF penetration in India was a fraction of what it is now (the industry crossed ₹82.22 lakh crore in AUM as of June 2026, per AMFI's monthly data), and every step that lowered the barrier to becoming a distributor correlated with faster growth in distributor count.
SIF is a useful product category for the segment of clients who've outgrown plain-vanilla mutual funds but aren't ready for a ₹50 lakh PMS ticket. A dedicated, mutual-fund-flavored certification exam removes the single biggest reason working MFDs gave for staying away from it: "I don't want to learn currency derivatives to sell a fund product." The numbers back this up. As of June-end 2026, India had roughly 8,371 registered SIF distributors against a total active MFD base of about 340,000, according to Business Standard's reporting on the change, meaning barely 2.5% of MFDs could sell SIF products more than a year after the category launched. Not everyone in the industry is convinced merging the exams is purely upside. Suranjana Borthakur, head of distribution and strategic alliances at Mirae Asset Mutual Fund, told Business Standard the change "risks diluting the purpose of understanding derivatives" since SIFs use long-short and derivative overlay strategies distributors still need to actually understand, not just clear a compliance hurdle for.
FAQs
Q: When can I register for NISM-Series-V-D?
A: The exam becomes available to candidates starting July 22, 2026, as stated in NISM's July 14, 2026 communiqué. Registration happens through NISM's online certification portal.
Q: What's the fee for NISM-Series-V-D?
A: ₹3,000 plus applicable taxes, per Annexure I of the official circular.
Q: How many questions are on the exam and how long do I get?
A: 150 multiple-choice questions worth 1 mark each, to be completed in 3 hours.
Q: What's the passing score?
A: 60%, which works out to 90 marks out of a total of 150.
Q: Is there negative marking?
A: Yes, 10% of the marks assigned to a question is deducted for a wrong answer. That's less punishing than NISM-Series-XIII's 25% negative marking.
Q: Do I still need NISM-Series-XIII to distribute SIF products?
A: Not if you take NISM-Series-V-D instead. Per AMFI's July 28, 2026 circular, the NISM-Series-XIII pathway for new SIF eligibility ends after September 21, 2026. Existing XIII certificate holders can keep using them until expiration, provided they also hold a valid V-A certificate.
Q: Does NISM-Series-V-D cover currency derivatives?
A: No. Unlike NISM-Series-XIII, which includes a full currency derivatives module, NISM-Series-V-D only covers equity derivatives and interest rate derivatives alongside the core mutual fund distribution syllabus.
Q: Does passing NISM-Series-V-D mean I don't need NISM-Series-V-A?
A: Correct. AMFI's circular confirms that passing V-D eliminates the need to separately hold the V-A certificate, since V-D already covers the full mutual fund distribution syllabus.
If you're planning to add SIF products to your distribution business once you clear NISM-Series-V-D, Creso's free prep portal at prep.creso.in can help you study for the exam, and Creso's platform can help you track SIF holdings alongside your regular mutual fund book without juggling separate systems.
