SEBI requires everyone who sells or distributes mutual funds to hold a valid NISM Series V-A certificate. Pass it, register with AMFI, and you can serve investors in an industry that has grown about sevenfold in eleven years.
You, soon
AMFI-registered Mutual Fund Distributor
Your checklist, filled in from your progress on this site.
More Indians invest through mutual funds every year, and most of them need someone to guide them through it. These are the workbook's own figures.
Industry assets in February 2026, growing about 19.3% a year.
Investor folios in March 2026.
Money flowing in through SIPs in March 2026 alone.
Assets held through SIPs in March 2026.
Source: NISM Series V-A workbook (March 2026), Chapter 2.
NISM, the National Institute of Securities Markets, runs certification exams under the SEBI (Certification of Associated Persons in the Securities Markets) Regulations, 2007. Series V-A sets the common minimum knowledge for everyone who sells mutual funds.
Register for the exam at www.nism.ac.in. Test-centre computers have Microsoft Excel or LibreOffice Calc for calculations.
The March 2026 workbook applies to exams taken on or after 4 June 2026. This site follows that edition.
From a candidate who sat the exam in October 2026. The paper was harder than a recall drill suggests, because it tests whether you understand a rule, not just whether you have seen it.
The workbook (Chapter 6) sets out these steps for an individual distributor.
This is mandatory for anyone who sells or distributes mutual fund products.
Submit a self-attested PAN and address proof at a CAMS Point of Service, show the originals, and give a biometric impression of your right index finger. You'll get an acknowledgement.
AMFI allots an AMFI Registration Number (ARN). You must be at least 18, and since 1 October 2024 applications are online only, through amfiindia.com.
With your ARN you can empanel with any number of fund houses, or work as an agent under a distributor who is already empanelled. You can't earn commission without one of these.
Quote your ARN and EUIN on every Regular Plan transaction, follow the AMFI code of conduct, and renew your NISM certificate and AMFI registration on time.
Joining a bank or distribution firm? You still pass V-A, then get an Employee Unique Identification Number (EUIN) from AMFI and work under the firm's ARN.
Firms that sell mutual funds can also offer Specialized Investment Funds (SIFs), if they meet SEBI's extra eligibility rules.
Distributors are paid trail commission: a percentage of the client's money, worked out on daily net assets and paid monthly or quarterly. Unlike insurance, where agent commission stops after a few years, trail continues for as long as the client stays invested.
SEBI now allows only trail commission, paid in money. Upfront commission and transaction charges have been withdrawn.
AMCs also pay an extra commission for bringing in new investors (a new PAN) from smaller towns beyond the top 30 cities, and new women investors anywhere. It's 1% of the first lump sum or of the first year's SIPs, up to Rs 2,000.
The workbook's example
Rs 10,00,000 × 1% ÷ 365 ≈ Rs 27 a day
As the client's investments grow, so does the trail. Rates here are for illustration only.
Your job is to understand the investor; the fund manager's job is to understand the market. You describe yourself as an AMFI-registered Mutual Fund Distributor. Words like "adviser" are reserved for SEBI-registered investment advisers.
Twelve chapters, weighted unevenly. Chapters 9 and 12 alone carry 30 marks. Select a chapter to open its notes.
One-line notes for every chapter, updated to the March 2026 workbook. Tick each chapter as you revise it.
730 chapter questions with the answer and reason after each one, plus a Statement drill in the real paper's true/false style.
Five 100-question exams on a 2-hour timer, weighted like the real paper.
"Certification creates quality market professionals and catalyzes greater investor participation in the markets."
NISM, About NISM Certifications
Independent study aid, not affiliated with or endorsed by NISM, SEBI or AMFI. Questions are original, written from the NISM V-A workbook (March 2026 revised edition); actual exam wording will differ. Progress is saved automatically in this browser on this device; use Export on the Progress tab to move it to another device.