Free NISM Series V-A mock test
Practise for the Mutual Fund Distributors Certification with a free, timed mock test. You answer real exam-style questions, see your score against the 50% pass mark, and learn from clear explanations.
One click with Google. No ARN or sign-up form needed.
What the NISM V-A exam looks like
- 100 multiple-choice questions, one mark each
- 120 minutes to finish
- Passing mark is 50%
- No negative marking
- One correct answer per question
- Certificate is valid for three years
Why take a mock test
A timed mock test shows you where you stand before exam day. You build speed, get used to the question style, and find the topics that need more work. Each attempt gives a topic-wise score, so your study time goes where it counts.
Sample questions
Here are a few questions in the same style as the test.
1. Which body regulates mutual funds in India?
- Reserve Bank of India (RBI)
- Securities and Exchange Board of India (SEBI)Correct answer
- Association of Mutual Funds in India (AMFI)
- Insurance Regulatory and Development Authority (IRDAI)
Why: SEBI regulates mutual funds under the SEBI (Mutual Funds) Regulations, 1996. AMFI is an industry body, not a regulator.
2. How is the Net Asset Value (NAV) per unit of a scheme calculated?
- Total assets divided by the number of unit holders
- (Assets minus liabilities) divided by units outstandingCorrect answer
- The market price quoted on the stock exchange
- Purchase price plus the exit load
Why: NAV per unit equals scheme assets minus liabilities, divided by the total units outstanding. It is computed each business day.
3. Units of an equity mutual fund held for more than 12 months are treated as:
- Short-term capital gains
- Long-term capital gainsCorrect answer
- Business income
- Always fully tax-free
Why: For equity funds, a holding period above 12 months gives long-term capital gains treatment, taxed as per the prevailing rules.
Questions people ask
Is this NISM V-A mock test free?
Yes. The mock test is free. You sign in with Google once so we can save your progress and show your score.
What is the format of the real NISM Series V-A exam?
The real exam has 100 multiple-choice questions in 120 minutes, with a 50% passing mark and no negative marking. Each question has one correct answer, and the certificate is valid for three years.
Do I need an ARN to take the mock test?
No. The mock test is for anyone preparing for NISM V-A, including people who do not yet have an ARN.
Will I see why an answer is right or wrong?
Yes. After you submit, each question shows the correct answer, your answer, and a short explanation, plus a topic-wise breakdown of where you can improve.
Ready to see where you stand?
Pick a mock test and start now. Each one takes about an hour.