Last updated: 10 October 2026 · By Yashna Bhuwania (ARN-325085)
Quick answer: NISM Series 5A is the exam every mutual fund distributor in India must pass before getting an ARN. It has 100 one-mark questions in 2 hours, a 50% pass mark and no negative marking. It costs ₹1,500, is held at test centres in English or Hindi, and the certificate is valid for 3 years. Plan 3–4 weeks of study, or 2 weeks if you already work in finance.
What is NISM 5A and who must take it?
NISM Series 5A: Mutual Fund Distributors is the certification SEBI requires before anyone can distribute mutual funds. You need it to apply for an ARN, and employees who sell under a firm's ARN need it for their EUIN.
5A or 5D? Since 22 July 2026, NISM also offers Series 5D, which covers mutual funds and Specialized Investment Funds (SIFs) in one exam. It is harder: 150 questions in 3 hours, a 60% pass mark and 10% negative marking, for ₹3,000. If you only plan to sell mutual funds, 5A is enough. See our NISM Series 5D guide.
What is the NISM 5A exam pattern?
| Detail | NISM Series 5A |
|---|---|
| Questions | 100, one mark each |
| Duration | 2 hours |
| Passing marks | 50% (50 out of 100) |
| Negative marking | None |
| Fee | ₹1,500, plus payment gateway charges |
| Languages | English or Hindi |
| Mode | Computer-based, at a NISM test centre only (remote proctoring ended on 1 January 2023) |
| Calculator | Allowed; bring your own |
| Certificate validity | 3 years from the exam date |
Source: NISM exam page, NISM certifications list and NISM FAQ.
Free NISM 5A mock test from Dhan Saarthi: 100 questions, 2-hour timer, scored by unit so you know what to revise. Launching soon.
What is the NISM 5A syllabus and chapter weightage?
The exam has 12 units. With 100 one-mark questions, each unit's weight is roughly its number of questions.
| Unit | Topic | Weight (≈ questions) |
|---|---|---|
| 9 | Investor Services | 15% |
| 12 | Mutual Fund Scheme Selection | 15% |
| 4 | Legal and Regulatory Framework | 10% |
| 5 | Scheme Related Information | 10% |
| 1 | Investment Landscape | 8% |
| 7 | Net Asset Value, Total Expense Ratio and Pricing of Units | 8% |
| 10 | Risk, Return and Performance of Funds | 7% |
| 11 | Mutual Fund Scheme Performance | 7% |
| 2 | Concept and Role of a Mutual Fund | 6% |
| 6 | Fund Distribution and Channel Management Practices | 6% |
| 3 | Legal Structure of Mutual Funds in India | 4% |
| 8 | Taxation | 4% |
Source: NISM test objectives (unit titles) and the weightage NISM published for the revised exam (Annexure I). NISM's current page lists the same 12 units without weights.
Which chapters should you prioritise?
Four units carry 50 marks, which is the pass mark: Investor Services (15), Scheme Selection (15), Legal and Regulatory Framework (10) and Scheme Related Information (10). Master these first.
- Investor Services (15%): KYC, NFO and ongoing purchase process, cut-off times and NAV applicability, SIP/STP/SWP, transfers and nomination. Mostly rules to memorise.
- Scheme Selection (15%): matching fund categories to investor needs and risk. Expect scenario questions.
- Legal and Regulatory Framework (10%): SEBI's role, AMFI code of conduct, investor grievance redressal, distributor due diligence.
- NAV, TER and pricing (8%): the main source of numerical questions. Practise NAV, load and expense-ratio sums with a calculator.
- Taxation (4%): only about 4 questions, but rates and holding periods change with each Budget. Use the latest workbook, not old notes.
How many days do you need to prepare for NISM 5A?
Most people need 3–4 weeks at 1–2 hours a day. If you already work in banking, insurance or broking, 2 weeks is usually enough.
30-day plan (1–2 hours a day)
| Days | Units | Weight | Focus |
|---|---|---|---|
| 1–7 | 1, 2, 3, 4 | 28% | Investment landscape, what a mutual fund is, legal structure, SEBI and AMFI rules |
| 8–14 | 5, 6, 9 | 31% | Scheme documents, distribution practices, investor services |
| 15–21 | 7, 8, 10, 11 | 26% | NAV, TER, taxation, risk and return, performance measures. Do every numerical example |
| 22–26 | 12 | 15% | Scheme selection, then revise units 4, 5 and 9 |
| 27–30 | All | — | 3–4 full mock tests under a 2-hour timer; re-read only units where you score under 60% |
14-day crash plan (2–3 hours a day)
| Days | Focus |
|---|---|
| 1–4 | Units 9 and 12 (30 marks) |
| 5–7 | Units 4 and 5 (20 marks) |
| 8–10 | Units 7, 8, 10 and 11, with all numericals |
| 11–12 | Units 1, 2, 3 and 6 |
| 13–14 | Two full mock tests and a final pass through your notes |
What study material should you use?
- NISM workbook: NISM sends a free soft copy after you enrol for the exam. It is the only official source, and questions follow it closely.
- Hindi: you can take the exam in Hindi, and NISM publishes Hindi test objectives.
- Mock tests: take at least three full-length tests under a 2-hour timer before the exam. Dhan Saarthi's free test prep and mock test are launching soon. Scoring 65%+ consistently gives you a safe margin over the 50% pass mark.
- Avoid old notes and "question dumps": the syllabus was revised, and taxation changes every year.
What should you know for exam day?
- Reach 30 minutes early. NISM asks candidates to report 30 minutes before the slot.
- Carry original photo ID: PAN, Aadhaar, driving licence or passport (a DigiLocker copy with photo also works), plus your admit card on paper or phone.
- Bring your own calculator and pen. Any silent calculator without connectivity is allowed.
- Leave behind: phones, smartwatches, Bluetooth devices, bags, food and drinks.
- Answer every question. There is no negative marking, so a guess costs nothing.
- Pace yourself: 100 questions in 120 minutes is 72 seconds each. Mark numericals for review and come back to them.
- Need to change the date? You can reschedule once, at least 4 days before the exam.
Source: NISM candidate instructions.
What do you do after you pass?
- Download your certificate. Log in to the NISM certification portal and open My Enrollments. NISM says certificates are generally issued within two weeks. It is issued only if your PAN is on your NISM profile; without it you get a temporary mark sheet.
- Apply for your ARN on the AMFI website with the certificate, PAN and Aadhaar. See our ARN registration guide.
- Get empanelled or join a platform, then onboard your first clients. The full path is in how to become a mutual fund distributor.
Dhan Saarthi partners get free NISM 5A test prep, mock tests and help with registration before their ARN, then one onboarding instead of 40+ AMC empanelments once they have it. You keep 90% of the trail. Book a demo.
Sources
- NISM: Mutual Fund Distributors exam page
- NISM: Certifications list (fees, validity, languages)
- NISM: FAQ for Mutual Fund Distributors
- NISM: Test objectives
- NISM: Revised exam weightage, Annexure I
- NISM: Candidate instructions
- NISM: Discontinuation of remote-proctored exams
Mutual fund investments are subject to market risks, read all scheme related documents carefully. Distribution services are offered through Khazana Fintech Pvt. Ltd. (AMFI ARN – 325085). Exam details are as of October 2026; check NISM before you enrol.
