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Curriculum

NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination

I. Mutual Fund Structures

A. Fund of Funds

B. Exchange Traded Funds

C. Real Estate Mutual Funds

D. Venture Capital Funds

E. Private Equity Funds

F. International funds

II. Legal and Regulatory Environment of Mutual Funds

A. Regulatory Framework for Real Estate Mutual Funds

B. Investment Norms for Mutual Funds

C. SEBI Norms for Mutual Funds’ investment in Derivatives

D. SEBI norms with respect to change in controlling interest of an AMC

E. Changes in Mutual Fund Schemes

III. Fund Distribution and Sales Practices

A. Internet and Mobile Technologies

B. Stock Exchanges

IV. Investment and Risk Management

A. Fundamental Analysis

B. Technical Analysis

C. Quantitative Analysis

D. Debt Investment Management

E. Issues for a Debt Fund Manager

F. Derivatives

G. Application of Derivatives

V. Valuation of Schemes

A. Equities

B. Debt

C. Non-Performing Assets and Provisioning for NPAs

D. Gold

E. Real Estate

VI. Accounting

A. Net Asset Value

B. Investor Transactions

C. Distributable Reserves

D. Unique Aspects of Real Estate Schemes Accounting

VII. Taxation

A. Taxes for AMCs: Securities Transaction Tax and Income Distribution Tax

B. Taxes for Investors: Securities Transaction Tax, Taxes on Dividend, Capital Gains, Set-off

    and Carry Forward of Losses, Dividend Stripping and Bonus Stripping.

VIII. Investor Services

A. New Fund Offer

B. Open-end Fund

C. Closed-end Fund

D. Exchange Traded Fund

E. Nomination and Pledge

IX. Scheme Evaluation

A. Measures of Return

B. Measures of Risk

C. Benchmarks and Relative Returns

D. Risk-adjusted Returns

E. Limitations of Quantitative Evaluation

X. Asset Classes and Alternate Investment Products

A. Historical Returns

B. Perspectives on Asset Class Returns

C. Alternative Investment Products

XI. Cases in Financial Planning

A. Practical Aspects of Financial Planning (cases/examples)

XII. Ethics and Investor Protection

A. Code of Conduct

B. Mis-selling

C. Safeguards in Mutual Fund Structure

D. Regulatory Steps for Protecting Investors Against Fraud

 

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