NISM Series V-A Model Question Bank with Answer Key 2025

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NISM Mutual Fund Distributor exam study material PDF|NISM Series V-A Mutual Fund Distributors Examination Practice Questions Chapter wise

NISM mutual fund exam preparation 2026: We have prepared MCQs related to each topic of each chapter after reading NISM Series V-A book for Mutual Fund Exam. Any candidate who wants to give NISM mutual fund VA exam or doing nism mutual fund exam preparation must read this Nism – series v a – model question bank with answer key (nism mutual fund distributor exam mock test).

This will make it very easy to remember each chapter.  We have given more than 120 questions in each chapter. Some have more than 150 questions.

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Chapter 1: Investment Landscape MCQs

• Introduction to mutual funds
• Types of Funds
• NISM Series 5A Mutual Fund Returns Numerical Questions with Solutions 2025

Chapter 2: Concept and Role of a Mutual Fund MCQs

• Concept of a Mutual fund
• Classification of Mutual Funds
• Growth of the mutual fund industry in India 

Chapter 3: Legal Structure and Mutual funds in India MCQs

• Structure of Mutual Funds in India
• Key Constituents of a Mutual Fund
• Organization Structure of Asset Management Company
• Role and Support function of Service Providers
• Role and Function of AMFI

Chapter 4: Legal and Regulatory Framework MCQs

• Role of Regulators in India
• Role of Securities and Exchange Board of India
• Due Diligence Process by AMCs for Distributors of Mutual Funds
• Investor Grievance Redress Mechanism
• AMFI Code of Conduct for Intermediaries

Chapter 5: Scheme Related Information MCQs 

• Mandatory Documents
• Non-Mandatory Disclosures
• NISM Series 5A NAV Current Value Numerical Practice Questions 2025

Chapter 6: Fund Distribution and Channel Management Practices 

• The role and importance of mutual fund distributors
• Different kinds of mutual fund distributors
• Modes of distribution
• Pre-requisites to become Distributor of a Mutual Fund
• Revenue for a mutual fund distributor
• Commission Disclosure mandated by SEBI
• Due Diligence Process by AMCs for Distributors of Mutual Funds
• Difference between distributors and Investment Advisors
• Nomination facilities to Agents/Distributors and Payment of Commission to Nominee
  Change of distributor
• NISM VA Trail Commission Calculation Numerical Questions with
  Solutions 2025

Chapter 7: Net Asset value, Total Expense Ratio And Pricing of units

• Fair Valuation Principles
• Computation of Net Assets of Mutual Fund Scheme and NAV
• Dividends & Distributable Reserves
• Concept of Entry and Exit Load and its impact on NAV
• Key Accounting and Reporting Requirements
• NAV, Total expense ratio and pricing of units for the Segregated Portfolio
• NISM Series VA NAV Calculation and Exit Load Numerical Questions with
  Solutions 2025

Chapter 8: Taxation 

• Applicability of taxes in respect of mutual funds
• Capital Gains
• Dividend income (IDCW option)
• Stamp Duty on Mutual Fund Units
• Setting off of Capital Gains and Losses under Income Tax Act
• Securities Transaction Tax
• Tax benefit under Section 80C of the Income Tax Act
• Tax Deducted at Source
• Applicability of GST
• NISM VA Capital Gains Tax SIP STT Numerical Questions with Solutions
  2025

Chapter 9: Investor Services

• The NFO process
• New Fund Offer Price/On-going Offer Price for subscription
• Investment Plans and Services
• Allotment of Units to the Investor
• Account statements for investments
• Mutual Fund Investors
• Filling the Application Form for Mutual Funds
• Financial Transactions with Mutual Funds
• Cut-off Time and Time Stamping
• KYC Requirements for Mutual Fund Investors
• Systematic Transactions
• Operational aspects of Systematic Transactions
• Non-Financial Transactions in Mutual Funds
• Change in Status of Special Investor Categories
• Investor transactions – turnaround times
• NISM Series 5A SIP SWP STP Units Allotment Numerical Questions with
  Explanation 2025

Chapter 10: Risk, Return And Performance Of Funds

• General and Specific Risk Factors
• Factors that affect mutual fund performance
• Drivers of Returns and Risk in a Scheme
• Measures of Returns
• SEBI Norms regarding Representation of Returns by Mutual Funds in India
• Risks in fund investing with a focus on investors
• Measures of Risk
• Certain Provisions with respect to Credit risk
• NISM VA CAGR Sharpe Ratio Risk Return Numerical Questions with
  Solutions 2025 ( Most important)

Chapter 11: Mutual Fund Scheme Performance

• Benchmarks and Performance
• Price Return Index or Total Return Index
• Basis of Choosing an appropriate performance benchmark
• Benchmarks for equity schemes
• Benchmarks for Debt Schemes
• Benchmarks for Other Schemes
• Quantitative Measures of Fund Manager Performance
• Tracking Error
• Scheme Performance Disclosure
• NISM Series 5A Sharpe Treynor Information Ratio Numerical Questions
  with Solutions 2025

Chapter 12: Mutual Fund Scheme Selection

• Scheme Selection based on Investor needs
• Risk levels in mutual fund schemes
• Scheme Selection based on investment strategy of mutual funds
• Selection of Mutual Fund scheme offered by different AMCs or within the scheme
  category
• Selecting options in mutual fund schemes
• Do’s and Don’ts while selecting mutual fund schemes
• NISM VA Portfolio Turnover Ratio Numerical Questions with Solutions
  2025

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