Free NISM 5A mock test (Series V-A)
NISM 5A, officially NISM Series V-A, is the Mutual Fund Distributors Certification. Practise for it with a free, timed mock test: answer real exam-style questions, see your score against the 50% pass mark, and learn from clear explanations.
Start with a free trial mock, no sign-in needed. Sign in with Google for the full 100-question mock.
What the NISM 5A exam looks like
- 100 multiple-choice questions, one mark each
- 120 minutes to finish
- Passing mark is 50%, or 50 of 100
- No negative marking
- One correct answer per question
- Certificate is valid for 3 years
How to prepare for NISM 5A
A simple plan that works for most first-time candidates. Allow three to four weeks if you are new to finance, studying two to three hours a day.
- Take one mock cold. Sit a full timed mock before you study. Your chapter-wise score shows where you are weak on day one, so you do not spend a week on what you already know.
- Study the heaviest chapters first. Chapter 9 (Investor Services), Chapter 12 (Mutual Fund Scheme Selection), Chapter 4 (Legal and Regulatory Framework) and Chapter 5 (Scheme Related Information) carry 50% of the marks between them. The full weightage is in the table below.
- Drill one chapter at a time. Use the chapter-wise questions until a topic sticks, then move on. This is where you find gaps while they are still cheap to fix.
- Mock every few days, then book. You get 100 questions in 120 minutes, about 72 seconds each, so pace matters as much as recall. Our rule of thumb: book the real exam once you are scoring 65% or more on mocks consistently, comfortably above the 50% pass mark.
NISM 5A chapter-wise weightage
NISM's official weightage for the 12 chapters of the NISM Series V-A syllabus.
- 1. Investment Landscape8%
- 2. Concept and Role of a Mutual Fund6%
- 3. Legal Structure of Mutual Funds in India4%
- 4. Legal and Regulatory Framework10%
- 5. Scheme Related Information10%
- 6. Fund Distribution and Channel Management Practices6%
- 7. Net Asset Value, Total Expense Ratio and Pricing of Units8%
- 8. Taxation4%
- 9. Investor Services15%
- 10. Risk, Return and Performance of Funds7%
- 11. Mutual Fund Scheme Performance7%
- 12. Mutual Fund Scheme Selection15%
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.
Pass, and we will frame your certificate for free
Score 50% or more on a full NISM 5A mock here, then pass the real NISM Series V-A exam and upload your NISM certificate. We send you a framed copy, free. It is a keepsake: the qualification itself always comes from NISM.
Questions people ask
Is NISM 5A the same as NISM Series V-A?
Yes. NISM 5A is the common name for NISM Series V-A, the Mutual Fund Distributors Certification. It is the exam you pass to get an ARN and distribute mutual funds in India.
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.
Should I take NISM 5A or NISM 5D?
Take NISM 5A if you plan to distribute mutual funds only. Take NISM 5D if you also want to distribute Specialized Investment Funds (SIFs): it covers both, and adds equity and interest-rate derivatives, so it is a longer and harder paper. If 5D is the one for you, try the free NISM 5D mock test.
Is there negative marking in NISM 5A?
No. A wrong answer costs you nothing, so answer every question. A blank and a wrong answer both score zero, and a guess at least has a chance.
How long does it take to prepare for NISM 5A?
Most first-time candidates need three to four weeks at two to three hours a day. Go by your mock scores rather than the calendar: book the real exam once you are clearing the mocks comfortably above the 50% pass mark.
Do I need a PAN to get my NISM 5A certificate?
Yes. NISM issues the passing certificate only to candidates who have added their PAN to their registration details, so add it when you register.
How do I register for the exam?
You register with NISM directly, not with us. Create an account on the NISM certification portal, complete your profile with your PAN and a photograph, then pick your date, centre and slot and pay online.
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 120 minutes.
Also selling SIF products?
NISM Series V-D covers the distribution of both mutual funds and Specialized Investment Fund products, and adds equity and interest-rate derivatives. You can take a free NISM V-D mock test too.