NISM-Series-V-D Exam to Become Mandatory for Mutual Fund and SIF Distributors from July 22, 2026

The National Institute of Securities Markets (NISM) has introduced a common certification examination for mutual funds and Specialised Investment Fund (SIF) distributors. The new certification, which will be available from July 22, 2026, is expected to simplify the qualification process for distributors looking to offer both mutual fund and SIF products. 

The NISM-Series-V-D: Mutual Fund–Specialised Investment Fund Distributors Certification Examination has been designated as the mandatory certification for individuals engaged in the distribution of both mutual funds and SIFs. 

What Changes for Mutual Fund and SIF Distributors? 

Until now, mutual fund distributors seeking to distribute SIF products had to clear separate certification examinations covering mutual funds and derivatives. 

Under the revised framework, these requirements have been consolidated into a single certification examination, reducing the need for multiple certifications. 

However, distributors who have already passed both the NISM-Series-V-A Mutual Fund Distributors Examination and the NISM-Series-XIII Common Derivatives Examination will not be required to take the new examination. 

NISM-Series-V-D Exam Structure 

The new certification examination has been designed to reflect the investment strategies used in the SIF segment. 

Key details of the examination include: 

The syllabus comprises: 

Why the New Certification Matters 

The common certification is expected to make it easier for India's mutual fund distributor network to expand into the growing SIF segment by reducing compliance requirements and certification costs. 

Earlier, distributors had to complete multiple examinations with overlapping content before becoming eligible to distribute SIF products. The new framework streamlines the qualification process while retaining a strong focus on derivatives, reflecting the relatively higher complexity of SIFs compared with traditional mutual funds. 

The move comes as the SIF industry continues to expand. Assets under management (AUM) in the segment increased 29% month-on-month to ₹17,858 crore in June 2026, while monthly inflows rose 171% to ₹3,782 crore. Hybrid investment strategies accounted for nearly 72% of the total SIF AUM during the month. 

Conclusion 

NISM's new common certification examination aims to simplify the qualification process for distributors entering the SIF segment by replacing multiple examinations with a single certification. The initiative comes as the SIF industry continues to grow, with rising assets under management and investor inflows. 

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