The guidebook
The NISM V-A syllabus, actually taught .
Every chapter of the Mutual Fund Distributors exam, rewritten as a learning path — plain English, worked ₹ examples with our own numbers, the tricks examiners pull, and a 2-minute revision sheet at the end of each chapter.
The path
Twelve chapters, in the order the exam thinks.
Follow the workbook's sequence — each chapter builds on the last. Pair it with the 30-day study plan and a mock test after every few chapters.
- 1 Investment Landscape Live Financial goals, inflation maths, the four asset classes, five investment risks, behavioural biases, risk profiling, and asset allocation. Read chapter
- 2 Concept & Role of a Mutual Fund Soon What a mutual fund actually is, how schemes are classified, and how the Indian MF industry grew.
- 3 Legal Structure of Mutual Funds Soon Sponsor, trustees, AMC, custodian, RTA — the four-pillar architecture and who answers to whom.
- 4 Legal & Regulatory Framework Soon SEBI's role, key MF regulations, due-diligence requirements for distributors, grievance redress, AMFI code of conduct.
- 5 Scheme Related Information Soon SID, SAI, KIM — the mandatory documents, what lives in each, and the disclosures that matter.
- 6 Fund Distribution & Channel Management Soon Distributor types, modes of distribution, ARN prerequisites, commission structures and disclosure, distributor vs RIA.
- 7 NAV, TER & Pricing of Units Live Fair valuation, net assets and NAV computation, mark to market, TER limits, exit loads, segregated portfolios. Read chapter
- 8 Taxation Soon Capital gains by fund type, IDCW taxation, STT, stamp duty, set-off rules, Section 80C, TDS, GST.
- 9 Investor Services Soon NFO process, plans and options, KYC, transactions, cut-off times, SIP/STP/SWP mechanics, non-financial transactions.
- 10 Risk, Return & Performance Soon Risk factors, drivers of return, measures of return (CAGR, XIRR), SEBI return-representation norms, risk measures.
- 11 Mutual Fund Scheme Performance Soon Benchmarks (PRI vs TRI), choosing the right benchmark, quantitative measures of fund-manager performance, tracking error.
- 12 Mutual Fund Scheme Selection Soon Matching schemes to investor needs, risk levels and the riskometer, selecting within categories, options, do's and don'ts.
How to use it
Read. Revise. Test. Repeat.
Read the chapter
Each one is a 12–15 minute teach, not a summary — worked ₹ examples, the SEBI rules examiners love, and the traps built into wrong answer options.
Save the revision sheet
Every chapter ends with a 2-minute revision sheet — every memorisable number in bold. That's your last-week revision pack, pre-made.
Take a mock
After every 3–4 chapters, take a timed mock test. 50% passes the real exam and there's no negative marking — attempt everything, always.
Quick answers
FAQ.
Is this based on the latest NISM workbook?
Yes — the guide follows the March 2026 workbook syllabus, which applies to all NISM V-A exams taken on or after June 4, 2026. When NISM revises the workbook, we update the affected chapters.
Is this a replacement for the official workbook?
It's a companion, written in our own words. The official NISM workbook remains the canonical source — our guide teaches the same syllabus with clearer explanations, different worked examples, and exam-focused revision sheets.
Is it really free?
Fully free, no signup. We make money when readers choose zfunds courses or distributor services — the guide itself has no paywall.
How long does the whole path take?
Reading all 12 chapters takes roughly 10–12 hours. With revision and 3–4 mock tests, most candidates are exam-ready in 3–4 weeks — see the 30-day study plan for a day-by-day schedule.
When will the remaining chapters go live?
We're publishing in study order, a few chapters at a time. Chapters marked 'Soon' are in editing — check back weekly.
What happens after I pass?
You register with AMFI for an ARN and can start distributing mutual funds. See our guide to becoming a mutual fund distributor for the full path, including how zfunds helps new distributors get started.
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