NISM on WebNotes

NISM passing criteria for Series V certifications

Tue, 19 May 2026 00:00:00 +0000

NISM passing criteria define the marks and conditions for clearing the National Institute of Securities Markets (NISM) Series V examinations administered for mutual fund distribution and advisory certification. The criteria are uniform across NISM’s examination network and form the gatekeeping standard for credentialling.

For aspiring mutual fund distributors, understanding the passing framework is essential before sitting the examination. The pass marks differ across V-A, V-B, V-C, and negative marking adds a layer of strategy to answering.

NISM Series V-A: Mutual Fund Distributors

Tue, 19 May 2026 00:00:00 +0000

NISM Series V-A: Mutual Fund Distributors is the SEBI-recognised qualifying examination for individuals seeking the ARN (AMFI Registration Number) to distribute mutual fund schemes in India. Administered by the National Institute of Securities Markets (NISM) , V-A is the entry-level examination in the broader Series V family and is the mandatory credentialing step before any individual can be issued an ARN.

For aspiring mutual fund distributors, V-A is the prerequisite gate. Without V-A, an applicant cannot proceed to KYD or ARN issuance.

NISM Series V-B: Mutual Fund Foundation

Tue, 19 May 2026 00:00:00 +0000

NISM Series V-B: Mutual Fund Foundation is the foundation-level certification offered by the National Institute of Securities Markets (NISM) for entry-level professionals in the Indian mutual fund industry. Unlike Series V-A (which is the qualifying gate for ARN distribution), V-B is not tied to a regulatory licence and serves primarily as an industry-knowledge credential.

For mutual-fund-industry career entrants (AMC operations staff, RTA staff, fund accounting trainees, compliance trainees, customer support), V-B is the recommended baseline credential. Some AMCs require V-B for internal sales staff who do not directly hold ARN.

NISM Series V-C: Mutual Fund Distributors (Level 2)

Tue, 19 May 2026 00:00:00 +0000

NISM Series V-C: Mutual Fund Distributors (Level 2) is the advanced certification offered by the National Institute of Securities Markets (NISM) for senior mutual fund distributors and aspirational adviser-track practitioners. V-C extends well beyond Series V-A ’s qualifying scope into portfolio construction, behavioural finance, and advanced risk frameworks.

For mutual fund distributors who serve High Net-worth Individuals (HNI), family offices, or corporate clients, V-C is the recommended credential. Some AMCs prefer V-C for distributors handling complex products like Fund of Funds , thematic funds , or PPF wealth -like complex AMC products.

NISM Series V: Mutual Fund certification framework

Tue, 19 May 2026 00:00:00 +0000

NISM Series V is the family of certifications issued by the National Institute of Securities Markets (NISM), under SEBI’s framework for capital-markets education, covering mutual fund distribution, foundation knowledge, and advisory services. The Series V framework distinguishes three levels of certification, each scoped to a specific role in the Indian mutual fund ecosystem:

Series V-A: Mutual Fund Distributors , the qualifying examination for ARN -holders.
Series V-B: Mutual Fund Foundation , foundation course for entry-level professionals.
Series V-C: Mutual Fund Distributors (Level 2) , advanced certification for senior distributors and aspirational adviser-level practitioners.

For aspiring mutual fund distributors and advisers in India, the NISM Series V framework provides the SEBI-recognised credentialling path, distinct from the SEBI Registered Investment Adviser (RIA) qualification path which involves Series X-A and X-B.

AMFI Registration Number (ARN)