NISM V-A Mutual Fund Distributors: Practice Tests

This course contains the use of artificial intelligence.

Choosing a mutual fund involves more than recognising a scheme name. A distributor must connect an investor’s goal and time horizon to portfolio risk, understand the documents that govern a scheme, and handle transactions without confusing NAV, costs or tax treatment. These practice tests help you work through those decisions in the context of the NISM-Series-V-A: Mutual Fund Distributors Certification Examination.

Work from individual decisions to a complete paper

The course contains 320 original English questions in six tests:

• Three 30-question targeted tests cover the investment landscape and fund structure; regulation, disclosure and distribution; and valuation, taxation and investor services.
• A fourth 30-question targeted test develops risk, return, performance comparison and scheme selection.
• Two 100-question mock exams each allow 120 minutes and use the twelve-unit weightings in the March 2026 NISM workbook.

The mock settings reflect the published V-A structure: 100 equally weighted questions, a 50% passing threshold and no negative marking. The shorter targeted tests are study exercises. Your practice result measures performance on these questions; it does not predict an examination outcome.

Understand the reason behind each choice

Each question includes an explanation of the correct decision, feedback for every alternative and a study suggestion. Practise distinguishing scheme documents, applying cash-flow and NAV rules, comparing investment risks, interpreting performance measures and checking suitability under stated investor constraints. Numerical questions specify assumptions and exclusions so you can reproduce the calculation.

Start with a targeted test, review the explanation for every answer you missed, and return to the relevant NISM workbook section. Take the mock exams under timed conditions after completing that review. Compare your errors by unit, then revisit the decisions that caused them before attempting another paper.

The scope follows the current public V-A objectives and the March 2026 workbook applicable from 4 June 2026, with regulatory conflicts checked against current primary sources as of 16 October 2026. Rules can change; use NISM’s current study material alongside these tests. This is an independent preparation resource, unaffiliated with NISM, SEBI or AMFI. It contains original practice questions and does not provide official examination questions, certification or a guarantee of passing. V-B and the separate V-D certification are outside this course’s examination scope.