NISM Series V-A (5A) Exam Prep: Mock Tests and Practice Questions

Self-paced practice for the NISM mutual fund distributor exam. Try a free mock test.

NISM Series V-A is the certification exam that mutual fund distributors in India must pass. It has 100 questions, 120 minutes, a pass mark of 50% and no negative marking. Proschool’s self-paced prep gives you a question bank and mock tests from ₹500, with videos, flashcards and an AI Tutor in the ₹1,500 plan.

50,000+ students taught
Training since 2010
Built on NISM’s official 12 units

Quick Facts about NISM 5A

EXAM

NISM-Series-V-A: Mutual Fund Distributors Certification Examination, computer-based

EXAM PATTERN

100 multiple-choice questions, 120 minutes, pass mark 50 of 100, no negative marking

CERTIFICATE VALIDITY

3 years from the exam date

OUR PLANS

₹500 and ₹1,500, GST included. 30 days of access

NISM EXAM FEE

₹1,500 plus payment gateway charges, paid to NISM. Not part of our plans.

ELIGIBILITY

NISM states no minimum qualification or experience.

HOW TO BOOK

Register at cert.nism.ac.in, pick a test centre, date and slot, then pay online

OUR PREP

Self-paced online course. No classes or lectures.

FREE TRIAL

1 free mock test, plus videos, flashcards, quizzes and the AI Tutor

What is NISM Series V-A?

NISM Series V-A, also called NISM 5A, is the NISM certification exam for mutual fund distributors, formally the Mutual Fund Distributors Certification Examination, run by the National Institute of Securities Markets. SEBI’s certification rules require people who sell or distribute mutual funds to pass it.

Who takes it

Individual mutual fund distributors, relationship managers in banks and wealth firms, employees of firms that distribute mutual funds, and distribution staff at asset management companies.

Not the same as AMFI registration

NISM conducts the exam, AMFI issues the ARN and EUIN once you have passed.

NISM hub page

Plans and pricing

Proschool has two self-paced NISM 5A plans, each with 30 days of access. ₹500 gives an 800+ question bank, 5 mock tests, chapter quizzes and study notes. ₹1,500 adds videos, summaries, flashcards, formula sheets and an AI Tutor. Prices include GST.

 

Free from NISM

Proschool Regular

Proschool AI Plus

Price

Free

₹500

₹1,500

Access

Free pdf

30 days

30 days

Question bank (800+)

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✓

✓

5 mock tests (100 questions each)

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✓

✓

Chapter quizzes and study notes

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✓

✓

Topic videos, chapter summaries, flashcards, formula sheets, AI Tutor

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✓

Try Free gives all ₹1,500 plan features (20 actions) plus 1 mock test. NISM’s exam fee (₹1,500 plus gateway charges) is separate and paid to NISM directly (fee details). For support, email us on info@proschoolonline.com

NISM 5A syllabus and weightage

The NISM 5A exam syllabus has 12 units. Unit 9 (Investor Services) and Unit 12 (Scheme Selection) carry 15 marks each, 30% of the paper. Units 4 and 5 carry 10 each. Start with these, then the rest.

UNIT

WEIGHT (NISM, AUG 2021)

MARKS

1 Investment Landscape

8

2 Concept and Role of MF

6

3 Legal Structure

4

4 Regulatory Framework

10

5 Scheme Information

10

6 Distribution Practices

6

7 NAV and Expenses

8

8 Taxation

4

9 Investor Services

15

10 Risk and Return

7

11 Scheme Performance

7

12 Scheme Selection

15

12 units · 100 questions · 100 marks

NISM 5A exam pattern

The NISM 5A exam has 100 multiple-choice questions worth 1 mark each, to be finished in 120 minutes. The pass mark is 50 out of 100. There is no negative marking, so attempt every question. You get about 72 seconds per question.

MODE

Computer-based

at a NISM test centre

QUESTIONS

100

multiple choice, 1 mark each (100 marks)

DURATION

120 minutes

PASS MARK

50%

NEGATIVE MARKING

None

LANGUAGE

English

NISM V-A (5A) mock tests

Proschool offers 5 full-length NISM mock tests for 5A (V-A), also called model tests, of 100 questions each, with answer explanations and a mock report. They follow the exam’s shape, 100 questions in 120 minutes across the 12 units, in the same proportion as NISM’s weights.

Our mocks are curated by Proschool, run inside our LMS and do not use NISM’s exam interface. Work through the 300+ unit practice questions first, then take the mocks: one once you’ve covered the units, and the rest in your last week.

NISM 5A sample questions

12 sample questions, one for each unit. The full-length mocks are inside the LMS and included in both plans, and 1 mock test is free in the free trial.

Unit 1 · Investment Landscape
Inflation is 6% a year and a deposit earns 5% a year. Roughly, what is the real return?
A) +1%
B) -1%
C) 5%
D) 11%

Unit 2 · Concept and Role of a Mutual Fund
A mutual fund is best described as:
A) A bank deposit with a guaranteed return
B) A pool of investors’ money in which each investor shares gains and risks in proportion to units held
C) A loan from investors to the AMC
D) An insurance policy

Unit 3 · Legal Structure of Mutual Funds in India
In India, a mutual fund is set up as a:
A) Company
B) Trust
C) Partnership firm
D) Cooperative society

Unit 4 · Legal and Regulatory Framework
Which regulation governs mutual funds in India?
A) SEBI (Mutual Funds) Regulations, 1996
B) Banking Regulation Act, 1949
C) Insurance Act, 1938
D) Indian Contract Act, 1872

Unit 5 · Scheme Related Information
Which document gives a scheme’s investment objective, asset allocation, risk factors and expenses in detail?
A) Scheme Information Document (SID)
B) Account statement
C) Distributor’s visiting card
D) Bank passbook

Unit 6 · Fund Distribution and Channel Management Practices
Compared with a regular plan of the same scheme, a direct plan generally has:
A) A higher expense ratio
B) A lower expense ratio, because no distributor commission is paid
C) The same expense ratio
D) No NAV

Unit 7 · NAV, Total Expense Ratio and Pricing of Units
A scheme has total assets of ₹1,100 crore and liabilities of ₹50 crore, with 10 crore units outstanding. What is the NAV per unit?
A) ₹95
B) ₹105
C) ₹110
D) ₹1,050

Unit 8 · Taxation
Whether a capital gain on redeeming units is short term or long term depends on:
A) The holding period and the type of scheme
B) The investor’s age
C) The size of the AMC
D) The exit load

Unit 9 · Investor Services
Which facility moves a fixed amount from one scheme to another at regular intervals?
A) SIP
B) SWP
C) STP
D) NFO

Unit 10 · Risk, Return and Performance of Funds
Fund X has a higher standard deviation than Fund Y. This suggests Fund X’s returns are:
A) Less volatile
B) More volatile
C) Always higher
D) Tax free

Unit 11 · Mutual Fund Scheme Performance
To judge whether a large-cap equity scheme added value, you compare its return with:
A) A savings account rate
B) Its benchmark index and similar schemes
C) The NAV of another scheme
D) Inflation only

Unit 12 · Mutual Fund Scheme Selection
A client needs to park money for about three months and does not want to take much risk. Which scheme type is usually most suitable?
A) Small-cap equity fund
B) Sectoral equity fund
C) Liquid fund
D) Equity linked savings scheme

Sample questions are original Proschool questions, not NISM’s.

Try a free NISM 5A mock test

A free NISM VA mock test, included in your free trial. No card needed.

Free trial includes 1 mock test, plus videos, flashcards, quizzes and the AI Tutor. The other mock tests unlock with a plan.

How to register for the NISM 5A exam

Register for the NISM 5A exam at cert.nism.ac.in, then choose a test centre, date and slot and pay online. If you gave your PAN, your certificate arrives within two weeks of the exam. Then apply to AMFI online for an ARN; the EUIN comes with it.

1

Pass the NISM 5A exam

Register at cert.nism.ac.in
Pick a centre, date and slot, then pay online
Carry your PAN card. You can flag up to 2 questions before you leave.

2

Get your NISM 5A certificate

Within 2 weeks of the exam if you gave your PAN
No PAN: a temporary mark sheet only. Results can’t be re-evaluated.
Renew with a 1-day CPE or by re-sitting.

3

Apply for your AMFI ARN and EUIN

Apply online with PAN, Aadhaar and KYD. You must be 18 or older.
The EUIN comes with your ARN
Renew the certificate first, then the ARN, up to 6 months before expiry.

NISM registration · AMFI how to apply · NISM CPE · NISM fee and booking FAQ. Overseas distributors are exempt; distributors aged 50 or more, or with 10 or more years’ experience on 31 May 2010, have a CPE route.

NISM 5A study plan: 30 days, heaviest units first

Follow a 30-day plan that matches your 30 days of access. Study the four heaviest units first (9, 12, 4 and 5 carry 50% weight), then the other eight, taking each unit’s practice quiz. Take the 5 mocks at the end of your prep.

UNIT

STUDY TIME

DAYS

9 Investor Services

1–3

12 Scheme Selection

4–6

4 Regulatory Framework

7–8

5 Scheme Information

9–10

7 NAV and Expenses*

11–12

10 Risk and Return*

13–14

11 Scheme Performance*

15–16

8 Taxation*

17

1 Investment Landscape

18

2 and 3 Fund Concept, Legal

19

6 Distribution Practices

20

5 full-length mocks

21–30

* Includes numericals (calculations), shown in yellow. Each unit has a practice quiz of 15 questions, which you can retake. On days 21 to 30, review each mock and revise your weak units in between. Guidance only, not a guarantee of any result.

FAQs

ABOUT THE EXAM

Yes. SEBI’s certification rules require people who sell or distribute mutual funds in India to pass NISM Series V-A. Holders work as independent distributors, bank and wealth-firm relationship managers, and asset management company distribution staff. It does not guarantee a job, and ProSchool does not offer placement for this course.

No degree is needed. NISM states no minimum qualification or experience, and students can take the exam.

100 multiple-choice questions in 120 minutes, with a pass mark of 50 out of 100. There is no negative marking, so attempt every question.

NISM charges ₹1,500 plus payment gateway charges, paid online after you choose your slot. ProSchool’s plans are separate and do not include the NISM exam fee.

Create an account at cert.nism.ac.in, then choose a test centre, date and time slot and pay the NISM fee online. Keep your PAN handy, because only candidates who give a PAN receive the certificate within two weeks of the exam.

If you gave your PAN at registration, NISM issues the certificate within two weeks of the exam. Without a PAN you get only a temporary mark sheet; send your PAN to your test administrator later, with no extra payment, to receive the certificate.

The ARN is your AMFI registration number as a mutual fund distributor. The EUIN identifies the employee or individual who gives advice. Apply to AMFI online after passing; individuals get an EUIN with the ARN.

OUR PREP

Practice and structure: a question bank, mock tests and chapter quizzes, plus videos, flashcards and an AI Tutor in the ₹1,500 plan. The workbook remains the official source.

Both have the question bank, mock tests, chapter quizzes and notes. The ₹1,500 plan adds topic videos, chapter summaries, flashcards, formula sheets and the AI Tutor.

The free trial gives you the ₹1,500 plan’s features, with a limit of 20 actions. One action is opening a video, summary, notes, flashcards, quiz or formula sheet for a topic, or asking the AI Tutor one question. It also includes 1 free mock test. Phone is optional.

They match its length, number of questions and unit weights. The questions are ProSchool’s own, not NISM’s.

NISM’s FAQ page for mutual fund distributors links to a mock test you can take before the exam. ProSchool’s mocks are separate: five full-length tests with answer explanations and a mock report, made by ProSchool, not NISM.

Yes. The free trial includes 1 free mock test. The full set of 5 mock tests is included in both paid plans.

PRICING AND REFUNDS

Yes, ₹500 and ₹1,500 include GST. Access is 30 days on either plan.

No. All purchases are final, so use the free trial and the sample questions on this page first. If something is wrong with your access, use Raise an issue in your account.

About this page, sources and disclaimer

Written by: Neelam Chaudhary, Sr Manager with Proschool, LinkedIn
Reviewed by: Pankaj Agarwal, M.Com, EA, CFP qualified, LinkedIn

Exam facts checked against NISM, AMFI and SEBI pages on 23 October 2026.

Sources:

  • NISM: Mutual Fund Distributors exam page; Annexure I (syllabus outline); FAQ; CPE page; curriculum page
  • AMFI: Become a mutual fund distributor; how to apply for AMFI registration; Master Circular for Mutual Fund Distributors
  • SEBI: Certification of Associated Persons in the Securities Markets Regulations, 2007

Disclaimer: Proschool is an independent test-preparation provider. It is not affiliated with or endorsed by NISM, SEBI or AMFI. Exam rules, fees and syllabus can change; check NISM’s website before you register. Practice material does not guarantee an exam result.

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