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NISM Series V-A · Chapter 7: NAV, Total Expense Ratio and Pricing of Units

NAV, कुल व्यय अनुपात एवं यूनिट मूल्य निर्धारण · NISM-Series-V-A: Mutual Fund Distributors Certification Examination

8% weightage · ~8 questions 100 questions · 120 minutes · 50% to pass · no negative marking 53 practice questions in our bank

What this chapter covers

The arithmetic chapter: how NAV is computed, what goes into the Total Expense Ratio and its SEBI caps, mark-to-market valuation, and how purchase and redemption prices are set including exit loads and cut-off timing.

NAV की गणना, कुल व्यय अनुपात (TER) की सीमाएँ, यूनिट का मूल्य-निर्धारण और कट-ऑफ समय।

What to master before the exam

Exam tip: Numerical questions live here: NAV, TER impact, redemption proceeds after exit load. Use the formula sheet, then drill the chapter until each takes under a minute.

Sample questions from this chapter

Five of the 53 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.

Question 1
As per the fair valuation principles laid out by SEBI, it is mandatory to disclose the valuation policy in ____.
SEBI द्वारा निर्धारित उचित मूल्यांकन सिद्धांतों के अनुसार, मूल्यांकन नीति को ____ में प्रकट करना अनिवार्य है।
  1. Statement of Additional Informationअतिरिक्त सूचना विवरण (SAI)
  2. Statement of Accounts sent to investors periodicallyनिवेशकों को समय-समय पर भेजे जाने वाले खाता विवरण
  3. Fund fact sheetफंड फैक्टशीट
  4. The fair valuation principles are not to be made publicउचित मूल्यांकन सिद्धांत सार्वजनिक नहीं किए जाते
Show answer & explanation
Answer: A — Statement of Additional Information
The valuation policy must be disclosed in the SAI so investors can see how the scheme prices its holdings.
मूल्यांकन नीति SAI में प्रकट होनी चाहिए ताकि निवेशक देख सकें कि योजना अपनी होल्डिंग्स का मूल्य कैसे तय करती है।
Question 2
The responsibility for the true and fair valuation and the correct NAV of a scheme rests with the:
योजना के सत्य व निष्पक्ष मूल्यांकन और सही NAV की ज़िम्मेदारी किसकी होती है?
  1. Asset Management Company (AMC)एसेट मैनेजमेंट कंपनी (AMC)
  2. Custodianकस्टोडियन
  3. SEBISEBI
  4. The distributorवितरक
Show answer & explanation
Answer: A — Asset Management Company (AMC)
The AMC is responsible for true and fair valuation and the correct NAV — even deviating from disclosed policy (with reporting) to reach fair value.
सत्य व निष्पक्ष मूल्यांकन और सही NAV की ज़िम्मेदारी AMC की है — उचित मूल्य हेतु प्रकट नीति से विचलन (रिपोर्टिंग सहित) भी कर सकती है।
Question 3
A security not traded on any stock exchange for how many days prior to the valuation date is treated as a "non-traded" security?
मूल्यांकन तिथि से पहले कितने दिनों तक किसी भी एक्सचेंज पर कारोबार न होने पर प्रतिभूति "non-traded" मानी जाती है?
  1. 7 days7 दिन
  2. 15 days15 दिन
  3. 30 days30 दिन
  4. 60 days60 दिन
Show answer & explanation
Answer: C — 30 days
If not traded for 30 days prior to the valuation date, the scrip is treated as non-traded and valued in good faith by the AMC.
यदि मूल्यांकन तिथि से 30 दिन पहले तक कारोबार न हो, तो स्क्रिप non-traded मानी जाती है और AMC द्वारा सद्भावपूर्वक मूल्यांकित होती है।
Question 4
Traded equity securities are valued at the:
कारोबारित इक्विटी प्रतिभूतियों का मूल्यांकन किस पर होता है?
  1. Last quoted closing price on the stock exchangeस्टॉक एक्सचेंज पर अंतिम उद्धृत समापन मूल्य
  2. Acquisition (purchase) costअधिग्रहण (खरीद) लागत
  3. Face valueअंकित मूल्य
  4. Highest price of the yearवर्ष का उच्चतम मूल्य
Show answer & explanation
Answer: A — Last quoted closing price on the stock exchange
Traded securities are valued at the last quoted closing price on the exchange where they are principally traded.
कारोबारित प्रतिभूतियों का मूल्यांकन उस एक्सचेंज पर अंतिम उद्धृत समापन मूल्य पर होता है जहाँ वे मुख्य रूप से कारोबार होती हैं।
Question 5
Gold held by a Gold ETF is valued at the AM fixing price of the ____, for gold of 995.0 fineness.
गोल्ड ETF द्वारा धारित सोने का मूल्यांकन 995.0 शुद्धता के सोने हेतु ____ के AM fixing मूल्य पर होता है।
  1. London Bullion Market Association (LBMA)लंदन बुलियन मार्केट एसोसिएशन (LBMA)
  2. MCXMCX
  3. RBIRBI
  4. World Gold Councilवर्ल्ड गोल्ड काउंसिल
Show answer & explanation
Answer: A — London Bullion Market Association (LBMA)
Gold is valued at the LBMA AM fixing price (USD per troy ounce, 995.0 fineness); silver uses LBMA at 999.0 fineness.
सोने का मूल्यांकन LBMA AM fixing मूल्य पर (USD प्रति ट्रॉय औंस, 995.0 शुद्धता); चाँदी हेतु LBMA 999.0 शुद्धता पर।
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All V-A chapters

1. Investment Landscape · 8%2. Concept and Role of a Mutual Fund · 6%3. Legal Structure of Mutual Funds in India · 4%4. Legal and Regulatory Framework · 10%5. Scheme Related Information · 10%6. Fund Distribution and Channel Management · 6%7. NAV, Total Expense Ratio and Pricing of Units · 8%8. Taxation · 4%9. Investor Services · 15%10. Risk, Return and Performance of Funds · 7%11. Mutual Fund Scheme Performance · 7%12. Mutual Fund Scheme Selection · 15%
← Chapter 6: Fund Distribution and Channel Management Chapter 8: Taxation →

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