If you're a mutual fund distributor planning to offer Specialized Investment Fund (SIF) products, there's good news.

NISM has introduced a brand-new certification exam called NISM Series V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination. The biggest advantage? You no longer have to clear the more difficult NISM Series XIII (Common Derivatives Certification) just to distribute SIF products.

The announcement was made on 14 July 2026, and registrations will begin on 22 July 2026. For thousands of Mutual Fund Distributors (MFDs), this removes one of the biggest roadblocks to entering the growing SIF market.

In this guide, we'll explain what the new NISM V-D exam is, what it covers, who needs it, the syllabus, fees, passing marks, and why this change matters for India's mutual fund industry.

Complete Detail of NISM V-D Exam

One welcome change is the lower negative marking. The earlier NISM Series XIII exam deducted 25% of the marks for every wrong answer, making candidates extremely cautious when attempting questions.

Series V-D reduces this penalty to 10%, allowing candidates to attempt questions with greater confidence.

Who Should Take the NISM V-D Exam?

The NISM V-D certification is intended for professionals involved in selling or distributing Specialized Investment Funds. This includes:

• Individual Mutual Fund Distributors (MFDs)
• Employees of ARN-holder distribution firms
• Brokers and agents involved in SIF distribution
• AMC sales and distribution professionals handling SIF products

If you only distribute regular mutual funds and have no plans to sell SIF products, your existing NISM Series V-A certification remains sufficient.

NISM Series V-D Syllabus

The exam is divided into three modules.

Nearly half of the exam focuses on mutual fund distribution, making it much more familiar for candidates who have already passed NISM Series V-A.

Why Did NISM Launch the Series V-D Exam?

The introduction of Specialized Investment Funds (SIFs) created an entirely new investment category in India. Launched under SEBI's regulatory framework in February 2025, SIFs are designed to bridge the gap between traditional mutual funds and Portfolio Management Services (PMS).

Unlike PMS, which typically requires a minimum investment of ₹50 lakh, SIFs are accessible with investments starting from ₹10 lakh. They also allow fund houses to run more concentrated and flexible investment strategies than regular mutual funds.

While the product was welcomed by investors, there was one major challenge for distributors. To sell SIF products, distributors were required to clear NISM Series XIII, an exam originally designed for professionals dealing in equity, currency, and interest-rate derivatives.

For most mutual fund distributors, this didn't make much sense. Many experienced MFDs already understood mutual funds inside out, but they still had to study topics like currency derivatives, which have very little relevance to selling mutual fund products.

As a result, many distributors simply chose not to enter the SIF segment. Recognizing this issue, NISM introduced Series V-D, a certification specifically designed for mutual fund professionals.

What Makes NISM Series V-D Different?

Instead of focusing heavily on derivatives trading, the new exam builds upon the knowledge that mutual fund distributors already have.

The syllabus combines:

• Core mutual fund distribution concepts
• Basic equity derivatives
• Interest rate derivatives
• SIF-related knowledge

Most importantly, currency derivatives have been removed.

This makes the exam much more practical for professionals working in the mutual fund industry.

Do You Still Need NISM Series XIII?

For new distributors entering the SIF space, NISM Series V-D is expected to become the standard certification.

However, if you've already cleared NISM Series XIII certification, NISM has not yet issued detailed transition guidelines explaining whether additional action will be required.

It's a good idea to keep an eye on future NISM circulars for any clarification regarding existing certificate holders.

Why This Change Is Important?

The launch of NISM Series V-D isn't just another certification update. It removes one of the biggest barriers preventing mutual fund distributors from offering SIF products.

The demand for Specialized Investment Funds has grown rapidly since their introduction. By June 2026, SIF assets under management had crossed ₹17,858 crore, while monthly inflows increased sharply during the same period.

Yet many distributors stayed away simply because the required certification felt unnecessarily difficult and unrelated to their daily work.

The new exam aligns much better with what mutual fund professionals actually do. Instead of spending weeks learning currency derivatives, distributors can now focus on subjects directly connected to mutual fund investing and SIF distribution.

For the industry, this could encourage more MFDs to expand their offerings and help investors gain easier access to specialized investment strategies.

Frequently Asked Questions (FAQs)

Q. When will registration for NISM Series V-D begin?

Registration opens on 22 July 2026 through the NISM certification portal.

Q. What is the fee for the exam?

The examination fee is ₹3,000 plus applicable taxes.

Q. How many questions are there?

The exam contains 150 multiple-choice questions, each carrying one mark.

Q. What is the passing score?

Candidates must score 90 out of 150 marks, which equals 60%.

Q. Is there negative marking?

Yes, every incorrect answer attracts 10% negative marking, which is significantly lower than the previous Series XIII exam.

Q. Does the syllabus include currency derivatives?

No, unlike NISM Series XIII, the new Series V-D exam does not include currency derivatives. It focuses only on equity derivatives, interest rate derivatives, and mutual fund distribution.

Q. Is NISM Series V-D mandatory for SIF distribution?

For new distributors planning to sell Specialized Investment Funds, Series V-D is expected to become the primary certification requirement. Existing Series XIII certificate holders should wait for further guidance from NISM regarding transition rules.

Final Thoughts

NISM Series V-D is a welcome step for India's mutual fund distribution ecosystem. Rather than asking distributors to master topics that have little relevance to their work, the new certification focuses on practical knowledge required for selling Specialized Investment Funds.

If you're already a mutual fund distributor and want to expand your business into SIFs, this exam offers a much more relevant and approachable pathway.

Once you're certified and begin distributing SIF products, using a platform like ZFunds can help you manage SIF investments alongside your regular mutual fund portfolio from a single dashboard, making day-to-day operations far more efficient.