SEBI, NISM Set New Certification Exam For Mutual Fund And SIF Distributors

The Securities and Exchange Board of India (SEBI) and the National Institute of Securities Markets (NISM) have finalised a combined certification examination for distributors handling mutual fund and SIF products.

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NISM, in consultation with SEBI, has designated the NISM-Series-V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination as the required qualification for associated persons involved in selling and distributing these products. The examination will be available from July 22, NISM said.

The move addresses the certification requirements that had emerged as a hurdle for expanding the distributor network for SIFs. The new product category involves more complex strategies, while distributors had earlier raised concerns over the scope, cost and availability of the certification process under the NISM Series XIII examination.

The new examination will cover mutual fund distribution, equity derivatives and interest rate derivatives. Mutual fund distribution will account for 45% of the examination, while equity derivatives will carry a 35% weightage and interest rate derivatives 20%.

150 Questions, Three-Hour Exam

The computer-based test will consist of 150 multiple-choice questions, with each question carrying one mark.

Candidates will have three hours to complete the examination.

A negative marking of 10% of the marks assigned to a question will apply. The qualifying score has been fixed at 60%, or 90 marks out of 150. The examination fee is ₹3,000, excluding applicable taxes.

The certification requirement will apply to distributors, agents, brokers, authorised persons and other associated individuals involved in the sale and distribution of mutual fund and SIF products.

The initiative follows remarks made earlier this month by SEBI Whole Time Member Amarjeet Singh that the regulator and NISM were working towards a combined certification examination for the two product categories.

SIF Assets Under Management Rise

The certification framework comes as the SIF segment continues to expand. As of June 2026, SIF assets under management increased from ₹13,814 crore to ₹17,858 crore.

During June, 717 distributors became authorised to distribute SIF products, taking the total number of authorised distributors to nearly 7,000.

Asset management companies had earlier conducted training programmes and other learning initiatives to help distributors prepare for the certification process. The new examination is intended to provide a single qualification framework covering the core areas required for mutual fund and SIF distribution.

The certification structure now sets out the examination format, eligibility framework and assessment requirements for professionals seeking to distribute these investment products.