Is there negative marking in NISM Series V-D?

Yes — 0.1 mark is deducted for every wrong answer, so leave a question blank when you cannot eliminate options.

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Aumsetu's free V-D mock test has an untimed chapter-wise practice mode with an explanation after every question, in English and Hindi, plus ten full-length timed mock tests.

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NISM Series V-D · Chapter 6: Fund Distribution and Channel Management

Q: How many questions come from Chapter 6 (Fund Distribution and Channel Management) in the NISM Series V-D exam?

The chapter carries 4% weightage — roughly 6 of the 150 questions.

फंड वितरण एवं चैनल प्रबंधन · 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

The distributor's own chapter: who may distribute, how ARN and EUIN work, KYD, the commission structure (trail, no upfront), direct versus regular plans, and the conduct expected of a distributor.

वितरक कौन बन सकता है, ARN/EUIN, KYD, कमीशन ढाँचा और आचार संहिता।

What to master before the exam

Eligibility to distribute: NISM certification, ARN registration with AMFI, EUIN for employees, KYD.
Channel types: individual MFDs, banks, national distributors, online platforms, and stock-exchange platforms.
Commission: trail-only regime, the ban on upfront commission, and the disclosure rules.
Direct plan versus regular plan and what a distributor may and may not say about them.
AMFI Code of Conduct essentials and the consequences of breaching it.

Exam tip: Because this is about you, the exam likes to test the fine print: who needs an EUIN, when ARN must be renewed, what a distributor must disclose about commission.

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

To become a mutual fund distributor, one must pass the certification examination offered by:

म्यूचुअल फंड वितरक बनने के लिए किसके द्वारा आयोजित प्रमाणन परीक्षा उत्तीर्ण करनी होती है?

SEBISEBI
National Institute of Securities Markets (NISM)नेशनल इंस्टीट्यूट ऑफ सिक्योरिटीज़ मार्केट्स (NISM)
AMFIAMFI
National Skills Development Corporationनेशनल स्किल्स डेवलपमेंट कॉरपोरेशन

Show answer & explanation

Answer: B — National Institute of Securities Markets (NISM)
A distributor must pass the NISM certification examination and then obtain an ARN from AMFI.
वितरक को NISM प्रमाणन परीक्षा उत्तीर्ण करनी होती है और फिर AMFI से ARN प्राप्त करना होता है।

Question 2

The unique number that identifies a registered mutual fund distributor is the:

पंजीकृत म्यूचुअल फंड वितरक की पहचान करने वाला विशिष्ट नंबर क्या है?

ARN (AMFI Registration Number)ARN (AMFI पंजीकरण संख्या)
PANPAN
Folio numberफोलियो नंबर
GST numberGST नंबर

Show answer & explanation

Answer: A — ARN (AMFI Registration Number)
AMFI issues an ARN to each qualifying distributor; commissions are paid against the ARN.
AMFI प्रत्येक योग्य वितरक को ARN जारी करता है; कमीशन ARN के विरुद्ध भुगतान होता है।

Question 3

An Employee Unique Identification Number (EUIN) helps to:

एम्प्लॉई यूनिक आइडेंटिफिकेशन नंबर (EUIN) किसमें मदद करता है?

Identify the individual employee/relationship manager who advised the saleउस व्यक्तिगत कर्मचारी/रिलेशनशिप मैनेजर की पहचान करना जिसने बिक्री की सलाह दी
Guarantee returnsप्रतिफल की गारंटी देना
Replace the ARNARN को प्रतिस्थापित करना
Register a new schemeनई योजना पंजीकृत करना

Show answer & explanation

Answer: A — Identify the individual employee/relationship manager who advised the sale
EUIN tags the specific salesperson behind a transaction, so mis-selling can be traced even if the person later leaves the distributor.
EUIN किसी लेनदेन के पीछे के विशिष्ट विक्रयकर्मी को टैग करता है, ताकि गलत-बिक्री का पता लगाया जा सके, भले वह व्यक्ति बाद में वितरक छोड़ दे।

Question 4

“Trail commission” paid to a distributor is:

वितरक को दिया जाने वाला "ट्रेल कमीशन" क्या है?

A recurring commission based on the value of assets that stay investedनिवेशित बनी रहने वाली एसेट के मूल्य पर आधारित एक आवर्ती कमीशन
A one-time upfront payment onlyकेवल एकमुश्त अग्रिम भुगतान
A penalty for redemptionsरिडेम्पशन पर जुर्माना
Paid by the investor separatelyनिवेशक द्वारा अलग से भुगतान

Show answer & explanation

Answer: A — A recurring commission based on the value of assets that stay invested
Trail commission is paid periodically as long as the investor stays invested, aligning the distributor with keeping assets invested.
ट्रेल कमीशन तब तक समय-समय पर मिलता है जब तक निवेशक निवेशित रहता है, जिससे वितरक का हित एसेट को निवेशित रखने से जुड़ता है।

Question 5

AMFI’s guidelines require a distributor to disclose to the investor:

AMFI के दिशानिर्देश वितरक से निवेशक को क्या प्रकट करने की अपेक्षा करते हैं?

All commissions (trail and any other) received across competing schemesसभी कमीशन (ट्रेल व अन्य) जो प्रतिस्पर्धी योजनाओं में प्राप्त होते हैं
The investor’s PAN to othersनिवेशक का PAN दूसरों को
Nothing about commissionsकमीशन के बारे में कुछ नहीं
The fund manager’s tradesफंड मैनेजर के ट्रेड

Show answer & explanation

Answer: A — All commissions (trail and any other) received across competing schemes
To manage conflicts of interest, distributors must disclose the commissions receivable across competing schemes they recommend.
हितों के टकराव को संभालने हेतु, वितरकों को उन प्रतिस्पर्धी योजनाओं में मिलने वाले कमीशन प्रकट करने होते हैं जिनकी वे सिफारिश करते हैं।

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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 5: Scheme Related Information Chapter 7: NAV, Total Expense Ratio and Pricing of Units →

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