NISM-Series-V-C: Mutual Fund Distributors (Level 2) Certification Examination
UNIT 1: INVESTMENT THEORY AND BUILDING BLOCKS
A. Understand Asset allocation and diversification
B. Equity Management Strategies
C. Fixed Income Investment Management
D. Derivatives for mutual funds
E. Understanding asset allocation
UNIT 2: INVESTMENT STRATEGIES AND FUND CATEGORIES
A. Equity schemes
B. Debt schemes
C. Hybrid Schemes
D. Solution-Oriented Schemes
E. Other Schemes
F. Fund of Funds (Overseas/ Domestic)
G. Infrastructure Debt funds
H. Real Estate Mutual Fund
I. Comparison among fund categories:
UNIT 3: COMPETITIVE LANDSCAPE
A. Portfolio Management Services (PMS)
B. Alternative Investment Funds (AIF)
C. National Pension Scheme (NPS)
D. Unit linked Insurance Plan (ULIP)
E. Real Estate Investment Trust (REIT)
F. Market-linked debentures
UNIT 4: VALUATION OF SECURITIES FOR MUTUAL FUND SCHEMES AND ACCOUNTING
A. Valuation
B. Computation of Net Assets of Mutual Fund Scheme and NAV
C. Income Distribution and Capital Withdrawal (ICDW – erstwhile Dividend) & Distributable Reserves
UNIT 5: TAXATION
A. Mutual funds and taxation
UNIT 6: INVESTOR SERVICES
A. Mutual fund transaction life cycle
B. Brief concepts
C. Technology adoption
UNIT 7: SCHEME EVALUATION
A. Understanding investment risks
B. Benchmarks
C. Analysing fund manager performance
D. Advantages and limitations of using qualitative and quantitative methods for performance evaluation
E. Reading the scheme documents and the fact sheets for scheme evaluation
UNIT 8: LEGAL AND REGULATORY ENVIRONMENT OF MUTUAL FUNDS
A. Regulations pertaining to investment norms
B. Regulations pertaining to borrowings by mutual funds
C. Regulatory framework for Real Estate Mutual Funds (REMF) and Infrastructure Debt Funds (IDF)
D. Fundamental Attributes and the implications of changes to the fundamental attributes
UNIT 9: ETHICS AND INVESTOR PROTECTION
A. Prevention of mis-selling of mutual fund units
B. Safeguards provided by the structure of mutual funds
C. Measures taken by SEBI for investor protection
D. Investor Grievance Redress Mechanism
UNIT 10: CASE STUDIES
A. Evaluation/Comparison of mutual fund schemes
B. Indexation calculation based case
C. Comparison of schemes on risk-adjusted returns
D. Comparison of debt funds based on portfolio composition
E. SIP in ELSS and lock-in provisions
F. Mutual funds and wealth creation
G. MFs for an investor seeking regular income
Annexure A: Tax Rates for Assessment Year 2021-22
Annexure B: Deductions under Income-tax Act
Annexure C: Exemptions under Income-tax Act
Annexure D: Summarized Tax Table – Product-wise
