Who this certification is for
Specialized Investment Funds occupy the space between mutual funds and PMS: more flexible investment strategies than a mutual fund, but a lower entry threshold than portfolio management services. Because the products are more complex and the investors are typically better capitalised, SEBI expects the people distributing them to be certified specifically for that role.
If you already distribute mutual funds under Series V-A and want to offer SIF products, this is the exam that covers you. It does not replace V-A — it sits alongside it.
How V-D differs from Series V-A
- Twice the fee: ₹3,000 against ₹1,500 for V-A
- Three hours instead of two, and 150 marks instead of 100
- A higher pass mark: 60%, where V-A requires 50%
- 10% negative marking — V-A has none, so guessing is no longer free
- Coverage weighted towards product structure, strategy and suitability rather than basic fund mechanics
How to prepare
Start with the official NISM workbook for the certification. It is the only source guaranteed to match the current syllabus, and the exam is drawn directly from it.
Give the negative marking real respect in your preparation. At 10%, four wrong answers cancel out most of a correct one, so the habit many V-A candidates carry over — answering everything — will cost you marks here. Practise identifying which questions you genuinely do not know and leaving them.
Time pressure is different too. Three hours for 150 marks is roughly 72 seconds per mark; comfortable if you know the material, tight if you are working things out from first principles.