Taxmann’s Mutual Fund Foundation by National Institute of Securities Markets (NISM) – Workbook Version – March 2026.

The Mutual Fund Foundation Workbook is the official study material for the NISM-Series-V-B Certification Examination. Developed by the educational arm of SEBI, it establishes the mandatory knowledge benchmark for a specialized ‘new cadre’ of mutual fund distributors. Designed for readers who may be new to financial markets, the book builds from first principles—the distinction between saving and investing—through to the legal structure of mutual funds, scheme documentation, and the full investor-servicing lifecycle.

Weightage-Led Exam Preparation

Because the certification exam is largely based on this workbook, it is structured to help candidates allocate their study time intelligently:

• Investor Services (20% Weightage): The largest unit covers the end-to-end lifecycle, including NFO pricing, cut-off timings, systematic transactions (SIP, SWP, STP), KYC requirements, and non-financial transactions.

• Concept & Role of a Mutual Fund (12% Weightage): Details NAV, AUM, and the complete SEBI scheme-categorization regime (Equity, Debt, Hybrid, Index/ETFs) updated with the latest market-cap definitions.

• Performance & Taxation (18% Weightage): Practical, worked numericals on calculating returns, understanding exit loads, and measuring risk-adjusted returns (Sharpe and Information Ratios), alongside comprehensive taxation rules (STT, Capital Gains, and ELSS).

Who is this Certification For?

This certification and workbook are aimed at the new cadre of mutual fund distributors notified under SEBI guidelines, empowering them to responsibly sell simple, performing mutual fund schemes. It is mandatory or highly recommended for:

• Postal Agents and Bank Correspondents.

• Retired Government Officials, Teachers, and Bank Officers (with at least 10 years of service) looking to build a second career in financial distribution.

• Students, Job Aspirants, & New Entrants seeking a structured, reliable understanding of how mutual funds operate and are sold in India.

Comprehensive Operational & Ethical Guidance

Beyond the exam, this book is a highly practical operational manual for active distributors. It heavily emphasizes the mechanics of channel management, including ARN registration, EUIN requirements, and the nuances of trail commissions. It closes with a definitive guide to the legal and regulatory environment, outlining SEBI’s role, investor rights, and the full AMFI Code of Conduct/Code of Ethics (ACE).

About the Publisher

National Institute of Securities Markets (NISM) The National Institute of Securities Markets (NISM) is an educational institution established in 2006 by the Securities and Exchange Board of India (SEBI). Guided by a vision to enhance the quality of securities markets, NISM provides capacity-building programs and administers mandatory certification examinations under SEBI regulations. These certifications serve as the definitive benchmark for professional knowledge across India’s financial ecosystem.

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