NISM SIF Exam (NISM-Series-V-D): What Distributors Need to Know
NISM-Series-V-D, launched for registration on 22 July 2026, is a single certification covering both mutual fund and SIF distribution -- replacing the need for distributors to separately clear the tougher derivatives-focused NISM-Series-XIII just to sell SIF products.
The NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination is the certification the National Institute of Securities Markets (NISM) introduced specifically so mutual fund distributors can also sell SIF products. NISM announced it on 14 July 2026, with registrations opening on 22 July 2026.
Before this exam existed, a distributor who wanted to sell SIF products alongside regular mutual funds had to separately clear NISM-Series-XIII (Common Derivatives Certification) -- a considerably harder exam focused on derivatives, largely unrelated to what most mutual fund distributors do day to day. NISM-Series-V-D replaces that requirement with a single exam built on the same mutual fund distribution syllabus distributors already know, plus a lighter, SIF-specific derivatives module.
Who actually needs this exam
Per NISM's own communiqué, it applies to distributors, agents, brokers, and authorised persons -- whatever they're called -- who are engaged in selling mutual fund and/or SIF products. In practice, that covers individual mutual fund distributors (MFDs) adding SIF to what they already sell, employees of distribution firms who handle SIF sales, and AMC sales staff working specifically on SIF products.
If you only distribute regular mutual funds and have no plans to sell SIF products, you do not need this exam -- your existing (or a freshly cleared) NISM-Series-V-A certification still covers you.
Who is exempt
Distributors who have already cleared both NISM-Series-V-A (Mutual Fund Distributors Certification) and NISM-Series-XIII (Common Derivatives Certification) do not need to take NISM-Series-V-D -- their existing combination already covers SIF distribution.
The reverse also holds, per AMFI's 28 July 2026 circular: passing NISM-Series-V-D on its own is sufficient and separately clearing NISM-Series-V-A is not required, since V-D is built on that same base syllabus.