The NISM-Series-V-D: Mutual Fund–Specialised Investment Fund Distributors Certification Examination will be available from July 22. It has been designated as the mandatory certification for individuals involved in the distribution of both mutual funds and SIFs.
The move comes as the SIF industry continues to expand rapidly. SIF assets under management (AUM) rose 29% month-on-month to ₹17,858 crore in June 2026, while monthly inflows jumped 171% to ₹3,782 crore. Hybrid investment strategies accounted for nearly 72% of total SIF assets during the month.
What changes for distributors?
Until now, mutual fund distributors who wanted to distribute SIFs had to demonstrate proficiency in both mutual funds and derivatives by clearing separate examinations.
The new certification combines these requirements into a single examination, reducing the need for multiple certifications.
However, distributors who have already cleared 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 test.
Exam structure
The new examination has been designed to reflect the more sophisticated investment strategies used by SIFs.
The three-hour test will comprise 150 questions, with a minimum passing score of 60%. The registration fee is ₹3,000, excluding applicable taxes.
The syllabus allocates:
- 45% to mutual funds
- 35% to equity derivatives
- 20% to interest rate derivatives
Why the move matters
The common certification is expected to make it easier for India’s large network of mutual fund distributors to expand into the SIF segment by reducing compliance requirements and certification costs.
Industry experts say the earlier framework required distributors to complete multiple examinations with overlapping content, creating additional time and cost burdens for those seeking to offer SIF products.
The revised framework streamlines the qualification process while retaining a significant derivatives component, reflecting the higher complexity of SIF products compared with traditional mutual funds.
Will it boost SIF adoption?
Market participants believe the move removes an important operational hurdle for distributors, but it may not be enough on its own to drive SIF growth.
According to Aditya Agarwal, Co-founder of wealth management platform Wealthy.in, the common certification lowers the qualification and compliance burden, making it easier for existing mutual fund distributors to add SIFs to their product offerings and for new entrants to join the industry.
However, he noted that the long-term growth of SIFs will continue to depend on factors such as investor awareness, product suitability, distributor economics and fund houses’ ability to deliver consistent investment outcomes.
