NISM Series V-B: Mutual Fund Foundation Certification Examination
NISM Series V-B: Mutual Fund Foundation Certification Examination is a foundational-level competency test administered by the National Institute of Securities Markets (NISM), an institution established by SEBI. The examination is positioned as a lower-barrier entry point into the NISM V series for individuals who wish to demonstrate basic familiarity with the Indian mutual fund industry but are not yet ready for, or do not need, the full NISM Series V-A Mutual Fund Distributors certification.
The NISM Series V-B does not by itself qualify an individual to obtain an AMFI Registration Number (ARN) or distribute mutual funds commercially. It is intended for:
- students, interns, and entry-level employees in financial services firms who need a background qualification;
- individuals who provide mutual fund-related administrative or back-office support;
- bank staff who assist in mutual fund onboarding tasks but do not directly advise clients; and
- individuals from non-financial backgrounds who wish to upskill before pursuing the full V-A examination.
Examination structure
| Parameter | Details |
|---|---|
| Mode | Computer-based test (CBT) |
| Duration | 2 hours (120 minutes) |
| Number of questions | 100 |
| Question type | Multiple choice |
| Total marks | 100 |
| Passing marks | 50 (50%) |
| Negative marking | 25% per incorrect answer |
| Fee (as of 2025) | Rs 1,500 |
The exam covers a subset of the NISM V-A syllabus with reduced depth on regulatory and tax provisions, and greater emphasis on product types, basic NAV concepts, and investor services.
Distinction from NISM V-A
The key difference between V-B and V-A is regulatory scope and industry standing:
| Aspect | NISM V-B (Foundation) | NISM V-A (Distributors) |
|---|---|---|
| Qualifies for ARN | No | Yes |
| Target audience | Foundational awareness | Active distributors |
| Regulatory depth | Basic | Comprehensive |
| Tax treatment coverage | Introductory | Detailed |
| Advisory conduct provisions | Limited | Extensive |
Pathway to V-A
Many candidates use the V-B examination as a stepping stone: passing V-B provides familiarity with the subject matter and examination format, after which the candidate can study the additional material needed for V-A and attempt that examination. NISM does not require V-B as a prerequisite for V-A; candidates may appear for V-A directly.
See also
- NISM Series V-A Mutual Fund Distributors
- NISM Series V-C Senior Distributor
- AMFI Registration Number (ARN)
- Association of Mutual Funds in India (AMFI)
- Securities and Exchange Board of India (SEBI)
References
- NISM. “NISM Series V-B: Mutual Fund Foundation Certification Examination.” nism.ac.in. Accessed 2026.
- AMFI. “ARN eligibility: NISM certification requirements.” amfiindia.com. Accessed 2026.