NISM VA Mock Test (Free): Mutual Fund Distributor Exam Practice
This free NISM Series V-A practice test has 25 original multiple-choice questions covering the main chapters of the mutual fund distributor syllabus. Answer them, press submit, and you get your score with the correct answer and a short explanation for every question. The real exam has 100 questions in 2 hours with a 50% pass mark and no negative marking.
- Questions: 25
- Price: Free
- Sign-up: Not needed
- Pass mark: 50%
What does the NAV of a mutual fund scheme represent? (Concept of mutual funds)
In a mutual fund, investors' money is pooled and invested according to the scheme's: (Concept of mutual funds)
Mutual funds in India are constituted as: (Legal structure)
Who is responsible for the day-to-day management of a mutual fund scheme's investments? (Legal structure)
Which entity holds the securities of a mutual fund scheme in safekeeping? (Legal structure)
Which body regulates mutual funds in India? (Legal structure)
An open-ended scheme is one that: (Scheme types)
Which type of scheme passively tracks a market index such as the Nifty 50? (Scheme types)
An Equity Linked Savings Scheme (ELSS) has a statutory lock-in period of: (Scheme types)
Which category is generally considered to carry the lowest interest-rate risk? (Scheme types)
Scheme-specific details such as investment objective, asset allocation and risk factors are found in the: (Offer documents)
The total expense ratio (TER) of a scheme is charged: (Expenses and loads)
An exit load is: (Expenses and loads)
Compared with the regular plan of the same scheme, a direct plan has: (Expenses and loads)
A Systematic Investment Plan (SIP) means: (Investor services)
Before investing in any mutual fund, an investor must complete: (Investor services)
The riskometer shown for a mutual fund scheme indicates: (Risk and return)
If interest rates in the economy rise, the prices of existing fixed-rate bonds generally: (Risk and return)
Diversification across many securities mainly helps to reduce: (Risk and return)
To distribute mutual funds, an individual must pass NISM Series V-A and obtain: (Distribution)
Mutual fund distributors are remunerated by AMCs mainly through: (Distribution)
Recommending a scheme mainly because it pays the distributor a higher commission is an example of: (Distribution)
An investor needs money in three months and wants low volatility. Which category is most suitable in principle? (Scheme selection)
Asset allocation refers to: (Scheme selection)
In the growth option of a mutual fund scheme: (Taxation)
How to prepare for NISM V-A
- Download the official NISM Series V-A workbook and read it chapter by chapter.
- Make short notes on scheme categories, expenses, taxation and regulations.
- Take chapter-wise tests, then full-length timed mocks.
- Review every wrong answer and re-read that chapter.
Read more: NISM VA mock test guides, exam pattern and passing marks and how to become a mutual fund distributor. For complete preparation with full mocks, see our Mutual Fund Distributor Course.
We are an independent training provider and are not affiliated with NISM or AMFI. Practice questions are for revision only and do not guarantee exam results.
Frequently asked questions
Is this NISM VA mock test free?
Yes. All 25 questions, answers and explanations are free and need no sign-up.
Are these actual NISM exam questions?
No. They are original practice questions written by our team to revise the concepts in the NISM Series V-A syllabus. Actual exam questions are confidential.
What is the pattern of the real NISM V-A exam?
100 multiple-choice questions for 100 marks in 2 hours. The pass mark is 50% and there is no negative marking. Confirm current details on the NISM website.
Is NISM 5A the same as NISM VA?
Yes. Series V-A, VA and 5A all refer to the Mutual Fund Distributors certification examination.
What should I do after this practice test?
Finish the official NISM workbook, then take full-length timed mocks. Book the exam once you score 60% or more consistently.