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NISM Series V-D · Chapter 2: Concept and Role of a Mutual Fund

म्यूचुअल फंड की अवधारणा और भूमिका · NISM-Series-V-D: Mutual Fund – Specialized Investment Fund (SIF) Distributors Certification Examination

4% weightage · ~6 questions 150 questions · 180 minutes · 60% to pass · −0.10 per wrong answer 13 practice questions in our bank

What this chapter covers

What a mutual fund actually is — a pool of money managed to a stated objective — plus the vocabulary that every later chapter assumes: units, NAV, AUM, open-ended and close-ended schemes, growth and IDCW options.

म्यूचुअल फंड की मूल अवधारणा, यूनिट, NAV, AUM, ओपन-एंडेड/क्लोज़-एंडेड और योजना के विकल्प।

What to master before the exam

Exam tip: Small arithmetic on units and NAV appears here — units allotted = amount ÷ NAV. Keep the calculator handy in the mock.

Sample questions from this chapter

Five of the 13 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
Which figure indicates how much money can be generated per unit of a mutual fund if the scheme is liquidated?
कौन-सा आँकड़ा दर्शाता है कि योजना का परिसमापन होने पर प्रति यूनिट कितना धन मिल सकता है?
  1. Assets Under Managementएसेट अंडर मैनेजमेंट
  2. Net Asset Valueनेट एसेट वैल्यू
  3. Market priceबाज़ार मूल्य
  4. Exit loadएग्ज़िट लोड
Show answer & explanation
Answer: B — Net Asset Value
NAV = (assets − liabilities) ÷ units. It shows the per-unit value an investor would get if the scheme were liquidated.
NAV = (एसेट − देनदारियाँ) ÷ यूनिट। यह दर्शाती है कि योजना परिसमापित होने पर निवेशक को प्रति यूनिट कितना मिलेगा।
Question 2
Which of the following is an advantage of mutual funds?
निम्नलिखित में से कौन-सा म्यूचुअल फंड का लाभ है?
  1. Fully customized portfolio for each investorप्रत्येक निवेशक हेतु पूर्णतः अनुकूलित पोर्टफोलियो
  2. Buying stocks and bonds directly from the fundफंड से सीधे शेयर व बॉन्ड खरीदना
  3. Economies of scaleपैमाने की बचत (economies of scale)
  4. Guaranteed returnsगारंटीड प्रतिफल
Show answer & explanation
Answer: C — Economies of scale
Pooling money lets a fund trade in large volumes and spread costs across many investors — economies of scale, a core mutual-fund advantage.
धन एकत्र करने से फंड बड़ी मात्रा में लेनदेन कर लागत को कई निवेशकों में बाँट देता है — पैमाने की बचत, म्यूचुअल फंड का मुख्य लाभ।
Question 3
Which category of mutual funds has a fixed maturity date?
म्यूचुअल फंड की किस श्रेणी की एक निश्चित परिपक्वता तिथि होती है?
  1. Open-ended fundsओपन-एंडेड फंड
  2. Close-ended fundsक्लोज-एंडेड फंड
  3. Interval funds (perpetual)इंटरवल फंड (सदाबहार)
  4. Liquid fundsलिक्विड फंड
Show answer & explanation
Answer: B — Close-ended funds
Close-ended funds are launched for a fixed tenor with a defined maturity date; open-ended funds have no maturity and allow ongoing purchase/redemption.
क्लोज-एंडेड फंड एक निश्चित अवधि के लिए लॉन्च होते हैं जिनकी परिपक्वता तिथि तय होती है; ओपन-एंडेड फंड की कोई परिपक्वता नहीं और निरंतर खरीद/रिडेम्पशन होता है।
Question 4
In a Life Cycle (target-date) fund, as the fund moves towards maturity:
लाइफ साइकिल (टारगेट-डेट) फंड में, ज्यों-ज्यों फंड परिपक्वता की ओर बढ़ता है:
  1. Equity component moves up, debt comes downइक्विटी हिस्सा बढ़ता है, डेट घटता है
  2. Equity component moves down, debt goes upइक्विटी हिस्सा घटता है, डेट बढ़ता है
  3. Equity up, gold downइक्विटी बढ़ती, सोना घटता
  4. Both equity and debt vanishइक्विटी और डेट दोनों समाप्त
Show answer & explanation
Answer: B — Equity component moves down, debt goes up
As the target date nears, the fund de-risks by reducing equity and increasing debt, protecting the accumulated corpus.
टारगेट तिथि निकट आने पर फंड इक्विटी घटाकर और डेट बढ़ाकर जोखिम कम करता है, जिससे संचित कोष सुरक्षित रहता है।
Question 5
In the sectoral and thematic funds category, how many such schemes can an AMC launch?
सेक्टोरल एवं थीमैटिक फंड श्रेणी में एक AMC ऐसी कितनी योजनाएँ लॉन्च कर सकता है?
  1. Only one per sector/themeप्रति सेक्टर/थीम केवल एक
  2. As many as they want, without limitजितनी चाहें, बिना किसी सीमा के
  3. Up to 100 per AMCप्रति AMC अधिकतम 100
  4. Exactly tenठीक दस
Show answer & explanation
Answer: B — As many as they want, without limit
The one-scheme-per-category rule does not apply to sectoral/thematic funds; an AMC can launch as many as it wants there.
प्रति-श्रेणी-एक-योजना नियम सेक्टोरल/थीमैटिक फंडों पर लागू नहीं होता; AMC वहाँ जितनी चाहे लॉन्च कर सकता है।
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All V-D chapters

1. Investment Landscape · 5%2. Concept and Role of a Mutual Fund · 4%3. Legal Structure of Mutual Funds in India · 3%4. Legal and Regulatory Framework · 7%5. Scheme Related Information · 7%6. Fund Distribution and Channel Management · 4%7. NAV, Total Expense Ratio and Pricing of Units · 5%8. Taxation · 3%9. Investor Services · 10%10. Risk, Return and Performance of Funds · 5%11. Mutual Fund Scheme Performance · 5%12. Mutual Fund Scheme Selection · 10%13. Basics of Derivatives · 10%14. Understanding the Index · 5%15. Introduction to Forwards and Futures · 15%16. Introduction to Options · 13%17. Strategies using Equity Futures and Options · 9%18. Interest Rate, Instruments and Fixed Income · 6%19. Interest Rate Derivatives · 2%20. Exchange Traded Interest Rate Futures · 10%21. Exchange Traded Interest Rate Options · 6%22. Strategies using Interest Rate Derivatives · 6%
← Chapter 1: Investment Landscape Chapter 3: Legal Structure of Mutual Funds in India →

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