Free NISM Series V-D mock test
Practise for the Mutual Fund – Specialized Investment Fund (SIF) Distributors Certification with a free, timed mock test. You answer 150 exam-style questions in 180 minutes, see your score against the 60% pass mark with the negative marking applied, and learn from clear explanations.
One click with Google. No ARN or sign-up form needed.
What the NISM V-D exam looks like
- 150 multiple-choice questions, one mark each
- 180 minutes to finish
- Passing mark is 60%, or 90 of 150
- Negative marking: 10% of the marks for each wrong answer
- Exam fee is ₹3,000
- Certificate is valid for 3 years
22 chapters across 3 modules: Mutual Fund (45.3% of marks), Equity Derivatives (34.7%) and Interest Rate Derivatives (20.0%).
Why negative marking changes how you prepare
V-D deducts 10% of a question’s marks for every wrong answer, and the pass mark is 60% rather than V-A’s 50%. Guessing is no longer free, so knowing when to leave a question alone is part of the exam. Our mock applies the same deduction and the same pass mark, so the score you see is the score you would get.
Also sitting the mutual fund exam? Take the free NISM V-A mock test, or read what the V-D exam covers.
Sample questions
Here are a few questions in the same style as the test, from the derivatives modules that are unique to V-D.
1. Which option gives the right to sell an asset at a set price on or before a specified date?
- European call
- European put
- American call
- American putCorrect answer
Why: The right to sell makes it a put; 'on or before' the date makes it American-style, so it is an American put option.
2. Which futures are cash-settled and cannot be used to take delivery of the underlying?
- Gold futures
- Individual stock futures
- Copper futures
- Index futuresCorrect answer
Why: An index is a mathematical construct that cannot be delivered, so index futures are always cash-settled and cannot be used to acquire the underlying.
3. Which of the following is an interest rate derivative?
- An interest rate swap
- An interest rate future
- A forward rate agreement
- All of theseCorrect answer
Why: An interest rate swap, an interest rate future and a forward rate agreement all derive their value from an interest rate and are used to manage rate risk, so all of them qualify.
Questions people ask
Is this NISM V-D 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-D exam?
The real exam has 150 multiple-choice questions in 180 minutes. You need 60% to pass, which is 90 marks, and 10% of a question's marks are deducted for each wrong answer. The certificate is valid for 3 years.
Does the mock test apply the negative marking?
Yes. Your score is calculated the way the real exam calculates it, with marks deducted for wrong answers, so the number you see is the number you would get. That is the main reason to practise V-D under timed conditions rather than just reading.
What does the V-D exam cover that V-A does not?
22 chapters across 3 modules: Mutual Fund (45.3% of marks), Equity Derivatives (34.7%) and Interest Rate Derivatives (20.0%). The two derivatives modules are the part V-A does not have, and they carry more than half the marks.
Who is the NISM Series V-D exam for?
It is the certification for people engaged in the sale and distribution of mutual fund and Specialized Investment Fund products. You do not need an ARN to start preparing, and you do not need one to use this site.
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 chapter-wise breakdown of where you can improve.
Ready to see where you stand?
Pick a mock test and start now. Each one takes 180 minutes.