Aumsetu
← Mock Test
Aumsetu
← Mock Test
Everything below follows the official NISM-Series-V-A workbook (Version March 2026). Print it, revise it the night before, then drill the free mock tests.
| NAV | (Assets − Liabilities) ÷ Units outstanding |
| AUM | NAV × Units outstanding |
| Units allotted | Amount ÷ NAV (no entry load ⇒ sale price = NAV) |
| Redemption price | NAV × (1 − exit load%) — loads credited back to the scheme; none on bonus/reinvested units |
| Simple return | (Sell − Buy) ÷ Buy |
| Total return | (Capital gain + Income) ÷ Cost |
| CAGR | (FV ÷ PV)^(1/years) − 1 e.g. doubles in 3 yrs ⇒ 2^(1/3) − 1 ≈ 26% |
| Holding period return | (Interest + Capital gain or loss) ÷ Price paid |
| Real rate | ≈ Nominal − Inflation (negative when inflation > coupon) |
| Post-tax return | Nominal × (1 − tax rate), then subtract inflation for post-tax real |
| Weighted return | Σ (weightᵢ × returnᵢ) |
| Beta move | ≈ Beta × market move (index Beta = 1) |
| TRI vs PRI | TRI ≈ PRI + dividend yield (~1.5–2.5% in India); TRI benchmarking since 1-Feb-2018 |
| Inflated goal cost | Today’s cost × (1 + inflation)^years |
| Ex-dividend NAV | NAV − dividend per unit; reinvestment units = dividend ÷ ex-div NAV |
| Item | Rule |
|---|---|
| Equity-oriented fund | >65% of AUM in Indian listed equity (an equity fund-of-funds counts as NON-equity) |
| Equity STCG (≤12 m) | 20% |
| Equity LTCG (>12 m) | 12.5% on gains above ₹1.25 lakh per financial year (grandfathered to 31-Jan-2018) |
| Debt-oriented fund | Marginal slab rate — both short and long term, any holding period |
| Other assets (FoF, gold…) | 24-month holding period for LTCG at 12.5% |
| Dividend (IDCW) | Taxed at slab; TDS 10% if dividend > ₹10,000 (resident) |
| STT | Only on redemption / switch-out / sale of EQUITY fund units — not on purchase, never on debt |
| Stamp duty | 0.005% on purchase (lump sum/SIP/STP/switch-in/reinvestment); 0.015% on transfer |
| ELSS | 80C deduction up to ₹1.5 lakh (old regime); 3-year lock-in per instalment |
| Fund itself | Income earned by the scheme is exempt — tax arises in the investor’s hands |
| NFO window | Min 3 working days; max 15 days (non-ELSS) |
| Allotment / refund | Within 5 business days of closure (delayed refund earns 15% p.a. interest, borne by the AMC); scheme re-opens within 5 business days; demat credit in 2 working days |
| KIM update | At least every 6 months |
| CAS | Monthly if any transaction; half-yearly if none (periods ending Sep/Mar); common investor identified by PAN |
| Grievance | AMC must redress within 21 calendar days; escalation: AMC → SEBI (SCORES) |
| Fundamental attribute change | Exit at NAV without load, window open at least 30 days |
| Dividend record date | 5 calendar days from the AMC’s notice (not needed for daily-to-monthly liquid/debt payouts) |
| Folio | Max 3 holders; up to 10 nominees (equal split presumed); 5 bank accounts (resident individual); PoA holder cannot make/change nominations; minor folio: guardian KYC, no joint holders, frozen at majority until updated |
| Nomination | Nominate or opt out by signed declaration (from 30-Sep-2023); optional for jointly held folios |
| Structure | Sponsor: 5 yrs in financial services + positive net worth in each of the preceding 5 yrs; trustees ≥ two-thirds independent; scheme may borrow ≤ 6 months for liquidity |
| TER caps | Index fund / ETF: 0.90%. Fund-of-funds — liquid/index/ETF: 0.90%; ≥65% equity-oriented: 2.10%; others: 1.85%; FoF layer ≤ 2× the underlying’s weighted-average TER. Brokerage ≤ 0.06% (cash) / 0.02% (derivatives). TER disclosed daily on the AMC + AMFI sites |
| Unitholder powers | 75% (by unitholding) can wind up a scheme or terminate the AMC’s appointment |
| Distribution | NISM V-A certificate → KYD (biometric) → ARN from AMFI (min age 18); employees quote EUIN under the institution’s ARN; 50+/10-yrs (as of 31-May-2010) may use the CPE route |
| SIF | Specialized Investment Fund minimum: ₹10 lakh per investor (PAN level, across its strategies) |
| Risk ladders | liquid < debt < hybrid < equity · large < mid < small cap · diversified < focused < thematic < sector |
| Credit risk | Gilt funds carry none (G-secs); credit-risk funds carry the most; a lower rating (BBB vs AAA) = higher credit risk; credit spread is the price of credit risk |
| Rates view | Rates expected to FALL → long-duration gilt funds gain; rates expected to RISE → shift to short-duration; bond prices move inversely to rates |
| Core–satellite | Core = long-term (diversified/large-cap); satellite = tactical (sector/gilt/gold); moderate investor ≈ 80/20 |
| Structures | Open-ended: redeem with AMC at NAV − load. Close-ended: exit via exchange (can trade at a discount, no limit). FMP = close-ended debt; interval = NFO + specified transaction periods |
| Benchmarks | Large-cap → Sensex/Nifty 50; midcap → midcap indices; sector → sectoral indices; index fund → its own index; chosen by AMC + trustees, from objective/allocation/strategy — never from past returns |
Aumsetu — free tools for Mutual Fund Distributors. This sheet is an independent, free study aid based on the publicly published NISM-Series-V-A workbook (Version March 2026). It is not affiliated with, endorsed by, or a product of NISM or SEBI. Always study the official workbook for the exam.