Free NISM 5D mock test (Series V-D, SIF)
NISM 5D, officially NISM Series V-D and often called the NISM SIF exam, is the Mutual Fund – Specialized Investment Fund (SIF) Distributors Certification. Practise for it 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.
Start with a free trial mock, no sign-in needed. Sign in with Google for the full 150-question mock.
What the NISM 5D 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%).
How to prepare for NISM 5D
The same plan as for 5A, with more time: V-D is a longer paper and adds two derivatives modules, so give it longer than you would give 5A, especially if futures and options are new to you.
- 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 15 (Introduction to Forwards and Futures), Chapter 16 (Introduction to Options), Chapter 9 (Investor Services) and Chapter 12 (Mutual Fund Scheme Selection) carry 32% 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 150 questions in 180 minutes, about 72 seconds each, so pace matters as much as recall. Our rule of thumb: book the real exam once you are scoring 75% or more on mocks consistently, comfortably above the 60% pass mark.
NISM 5D chapter-wise weightage
NISM's official weightage for the 22 chapters of the NISM Series V-D syllabus, with the marks each chapter carries out of 150.
Module 1 · 68 marks
- 1. Investment Landscape5 marks
- 2. Concept and Role of a Mutual Fund4 marks
- 3. Legal Structure of Mutual Funds in India3 marks
- 4. Legal and Regulatory Framework7 marks
- 5. Scheme Related Information7 marks
- 6. Fund Distribution and Channel Management Practices4 marks
- 7. Net Asset Value, Total Expense Ratio and Pricing of Units5 marks
- 8. Taxation3 marks
- 9. Investor Services10 marks
- 10. Risk, Return and Performance of Funds5 marks
- 11. Mutual Fund Scheme Performance5 marks
- 12. Mutual Fund Scheme Selection10 marks
Module 2 · 52 marks
- 13. Basics of Derivatives10 marks
- 14. Understanding Index5 marks
- 15. Introduction to Forwards and Futures15 marks
- 16. Introduction to Options13 marks
- 17. Strategies using Equity Futures and Equity Options9 marks
Module 3 · 30 marks
- 18. Introduction to Interest Rate, Interest Rate Instruments and Fixed Income Markets6 marks
- 19. Interest Rate Derivatives2 marks
- 20. Exchange Traded Interest Rate Futures10 marks
- 21. Exchange Traded Interest Rate Options6 marks
- 22. Strategies using Interest Rate Derivatives6 marks
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.
Pass, and we will frame your certificate for free
Score 60% or more on a full NISM 5D mock here, then pass the real NISM Series V-D 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 5D the same as NISM Series V-D?
Yes. NISM 5D is the common name for NISM Series V-D, the certification for distributing Specialized Investment Funds (SIFs).
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.
Should I take NISM 5D or NISM 5A?
Take NISM 5D if you want to distribute Specialized Investment Funds (SIFs) as well as mutual funds: it covers both. If you only plan to distribute mutual funds, NISM 5A is the shorter paper with no negative marking, and you can take a free NISM 5A mock test.
Do I need a PAN to get my NISM 5D 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 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.