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1www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! STUDY NOTES forNISM SERIES V MUTUAL FUNDDISTRIBUTORS MODULE(Earlier - AMFI Exam)Prepared Bywww.modelexam.in(CLICK THE LINK ABOVE TO PROCEED TO WEBSITE)PLAN A : Rs 250 for 5 Online Practice Tests – Validity Period – 5 DaysPLAN B : Rs 400 for 10 Online Practice Tests – Validity Period – 15 DaysPLAN C : Rs 500 for 15 Online Practice Tests – Validity Period – 30 Dayswww.modelexam.in provides you with basic information, study material & online modelexams to succeed in major NCFM (NSE's Certification in Financial Markets), BCFM (BSE'sCertification in Financial Markets) and NISM exams (National Institute of SecuritiesMarkets). Both Premium (Paid) & Demo Versions are available in the website.The contents have been prepared by our Company AKSHAYA INVESTMENTS, a Madurai basedFinancial Services & Training firm. We are into NISM / NCFM / BCFM / AMFI (Mutual Fund)Training, Stock advisory, Life & Health Insurance, Mutual Funds distribution and Tax Planning.Training Profile of AKSHAYA INVESTMENTSWe have been training individuals in NCFM, BCFM and NISM modules for the past 7 years. Overthe last 7 years, we have delivered over 10,000 Hours of mass outreach education to Financialintermediaries, Bankers, Individual agents, Students etc in over 20 Cities.We have been empanelled as Trainers in the following organizationsNational Stock Exchange – (For their Financial Literacy Program)Bombay Stock Exchange – (For their Investor Awareness Programs)Reliance Mutual Fund – (EDGE Learning Academy)NJ India Invest – (NJ Gurukul)ICICI Securities – (I-DIRECT)For NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
2www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! We have conducted NCFM / BCFM / NISM / IAP sessions in the following Colleges1. Madurai Kamaraj University2. PSG Institute of Management3. Vellore Institute of Technology4. Pondicherry University5. Bishop Heber College6. Lady Doak college7. Sourashtra College for women8. Gnanam School of Business9. NPR College of Arts and Science10. SVN College of Arts and Science11. Hindusthan College of Arts & Science12. RVS College of Management13. Nehru College of Aeronautics14. Jawarlal Institute of Technology15. VLB Janakiammal College of Arts & ScienceWe have trained the employees of the following organizations1. Reliance Mutual Fund2. Reliance Money3. ICICI Bank4. ICICI Prudential Mutual Fund5. Aditya Birla Money6. NJ India Invest7. Bluechip Investments8. Bajaj Capital9. Karur Vysya Bank10. HDFC Bank11. Deutsche Bank12. HSBC Bank13. Geojit BNP Paribas14. Karvy Stock Broking15. iFast Financial16. Indian BankWe provide training on the following topics1. NCFM Capital Market2. NCFM Derivatives Market3. NCFM Financial Market4. NISM Currency Derivatives5. NCFM Securities Market6. NCFM Option Strategies7. NISM Mutual Fund Distributors8. NISM Interest Rate Derivatives9. NCFM Surveillance10. Licentiate (Insurance)11. RBI Operations12. Macro-Economic Policies13. BCFM Modules14. NSDL Depository15. Taxation16. Debt Markets17. Fundamental Analysis18. Technical Analysis19. NCFM CommoditiesKindly Contact us for any training requirements on NCFM, NISM & BCFM certifications.NISM SERIES V MUTUAL FUND DISTRIBUTORS EXAMAssessment StructureThe examination consists of 100 questions of 1 mark each and should be completed in 2 hours.The passing score on the examination is 50%. There shall be negative marking of 25% of themarks assigned to a question.INSTRUCTIONS FOR EXAM PREPARATIONFor NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
3www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! 1. Study the Class Notes2. Go through "Checklist of Learning Points” provided below.3. Go through the fact sheet.4. Attend Model Test www.modelexam.inChecklist of Learning PointsWHAT IS A MUTUALFUND?A Mutual Fund is a trust that pools the savings of a number of investors who share a commonfinancial goal. Anybody with an investible surplus of as little as a few hundred rupees can invest inMutual Funds. These investors buy units of a particular Mutual Fund scheme that has a definedinvestment objective and strategy.The money thus collected is then invested by the fund manager in different types of securities.These could range from shares to debentures to money market instruments, depending upon thescheme’s stated objectives. The income earned through these investments and the capitalappreciation realized by the scheme is shared by its unit in proportion to the number of unitsowned by them.Thus a Mutual Fund is the most suitable investment for the common man as it offers anopportunity to invest in a diversified, professionally managed basket of securities at a relativelylow-cost.TYPES OF MUTUALFUND SCHEMES(A) By StructureOpen-Ended Schemes - These do not have a fixed maturity. You deal with the Mutual Fund foryour investments and Redemptions. The key feature is liquidity. You can conveniently buy andsell your units at Net Asset Value (NAV) related prices, at any point of time.Close-Ended Schemes - Schemes that have a stipulated maturity period (ranging from 2 to 15years) are called close ended schemes. You can invest in the scheme at the time of the initial issueand thereafter you can buy or sell the units of the scheme on the stock exchanges where they arelisted.Interval Schemes - These combine the features of open-ended and close-ended schemes. Theymay be traded on the stock exchange or may be open for sale or redemption during predeterminedintervals at NAV related prices.(B) By Investment ObjectiveGrowth Schemes - Aim to provide capital appreciation over the medium to long term. Theseschemes normally invest a majority of their funds in equities and are willing to bear short termFor NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
4www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! decline in value for possible future appreciation. These schemes are not for investors seekingregular income or needing their money back in the short term. Ideal for:1) Investors in their prime earning years.2) Investors seeking growth over the long term.Income Schemes - Aim to provide regular and steady income to investors. These schemesgenerally invest in fixed income securities such as bonds and corporate debentures. Capitalappreciation in such schemes may be limited. Ideal for: Retired people and others with a need forcapital stability and regular income. Ideal for Investors who need some income to supplement theirearnings.Balanced Schemes - Aim to provide both growth and income by periodically distributing a part ofthe income and capital gains they earn. They invest in both shares and fixed income securities inthe proportion indicated in their offer documents. In a rising stock market, the NAV of theseschemes may not normally keep pace or fall equally when the market falls. Ideal for Investorslooking for a combination of income and moderate growth.Money Market / Liquid Schemes - Aim to provide easy liquidity, preservation of capital andmoderate income. These schemes generally invest in safer, short term instruments such as treasurybills, certificates of deposit, commercial paper and interbank call money. Ideal for: Corporates andindividual investors as a means to park their surplus funds for short periods.Tax Saving Schemes (Equity Linked Saving Scheme - ELSS) - These schemes offer taxincentives to the investors under tax laws as prescribed from time to time and promote long terminvestments in equities through Mutual Funds. Ideal for: Investors seeking tax incentives. Theseschemes come with a lock in period of 3 years.Other SchemesSectoral fund schemes are ideal for investors who have decided to invest in a particular sector.Index fund schemes are ideal for investors who are satisfied with a return approximately equal tothat of an index. These schemes attempt to replicate the performance of a particular index such asthe BSE Sensex, the NSE 50 (NIFTY).There are also schemes which invest exclusively in certain segments of the capital market, such asLarge Caps, Mid Caps, Small Caps, Micro Caps, 'A' group shares, shares issued through IPO.Fixed Maturity Plans - Fixed Maturity Plans (FMPs) are investment schemes floated by mutualfunds and are close ended with a fixed tenure, the maturity period ranging from one month tothree/five years. These plans are predominantly debt-oriented. The objective of such a scheme is togenerate steady returns over a fixed-maturity period and protect the investor against marketfluctuations.Gold Exchange Traded Funds (GETFs) - Gold Exchange Traded Funds offer investors aninnovative, cost-efficient and secure way to access the gold market. Gold ETFs are intended tooffer investors a means of participating in the gold bullion market by buying and selling units onFor NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
5www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! the Stock Exchanges, without taking physical delivery of gold. GOLD ETF invests in 99.99% pureGOLD. NAV of GOLD ETF depends on Real Prices of GOLD Bullion.Fund of Funds (FOFs) - Fund of Funds are schemes that invest in other mutual fund schemes.Funds Investing Abroad – Off Shore Schemes - Mutual Funds have been permitted to invest inforeign securities/ American Depository Receipts (ADRs) / Global Depository Receipts (GDRs).Some of such schemes are dedicated funds for investment abroad while others invest partly inforeign securities and partly in domestic securities. While most such schemes invest in securitiesacross the world there are also schemes which are country specific in their investment approach.Example: Franklin Asian Equity Fund, HSBC Brazil Fund.Net Asset Value (NAV) – Current market price of the unit.Sale Price - Is the price you pay when you invest in a scheme. Also called as Offer Price.Sale Price – NAV Entry LoadRepurchase Price - Price at which units are repurchased / Redeemed by the Mutual Fund.NAV – Repurchase Price Exit LoadWHY SHOULD YOU INVEST IN MUTUAL FUNDS?1. Professional Management - You avail of the services of experienced and skilled professionalswho are backed by a dedicated investment research team which analyses the performance andprospects of companies and selects suitable investments to achieve the objectives of the scheme.2. Diversification - Mutual Funds invest in a number of companies across a broad cross-section ofindustries and sectors. This diversification reduces the risk because seldom do all stocks decline atthe same time and in the same proportion.3. Convenient Administration - Investing in a Mutual Fund reduces paperwork and helps youavoid many problems such as bad deliveries, delayed payments and unnecessary follow up withbrokers and companies. Mutual Funds save your time and make investing easy and convenient.4. Return Potential - Over a medium to long term, Mutual Funds have the potential to provide ahigher return as they invest in a diversified basket of selected securities.5. Low Costs - Mutual Funds are a relatively less expensive way to invest compared to directlyinvesting in the capital markets because the benefits of reduction in share brokerage whichtranslate into lower costs for investors.6. Liquidity - In open-ended schemes, you can get your money back promptly at Net Asset Value(NAV) related prices from the Mutual Fund itself. With close-ended schemes, you can sell yourunits on a stock exchange at the prevailing market price.7. Transparency - You get regular information on the value of your investment in addition todisclosure on the specific investments made by your scheme, the proportion invested in each classof assets and the fund manager’s investment strategy and outlook.For NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
6www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! 8. Flexibility - Through features such as Systematic Investment Plans (SIP), SystematicWithdrawal Plans (SWP) and dividend reinvestment plans, you can systematically invest orwithdraw funds according to your needs and convenience.9. Well Regulated - All Mutual Funds are registered with SEBI and they function within theprovisions of strict regulations designed to protect the interests of investors. The operations ofMutual Funds are regularly monitored by SEBI.YOUR RIGHTS AS A MUTUAL FUND UNITHOLDER1. Receive information about the investment policies, investment objectives, financial positionand general affairs of the scheme.2. Receive dividend within 30 days of their declaration and receive the redemption or repurchaseproceeds within 10 working days from the date of redemption or repurchase.3. Vote in accordance with the Regulations to Change the Asset Management Company; Wind upthe schemes.4. Receive communication from the Trustees about change in the fundamental attributes of anyscheme or any other changes which would modify the scheme and affect the interest of the unitholders & to have option to exit at prevailing Net Asset Value without any exit load.5. Inspect the documents of the Mutual Funds specified in the scheme’s offer document.6. To publish their NAV, in accordance with the regulations: daily, in case of open-endedschemes and once a week, in case of close ended schemes.7. To disclose your schemes’ entire portfolio twice a year, un audited financial results half yearlyand audited annual accounts once a year.8. In addition many mutual funds send out newsletters periodically.9. To see to it that investment decisions are taken in the best interest of the unit holders.10. Investors can choose to change their distributor or go direct. In such cases, AMCs will need tocomply, without insisting on any kind of No Objection Certificate from the existing distributor.11. Unit-holders have the right to inspect key documents such as the Trust Deed, InvestmentManagement Agreement, Custodial Services Agreement, R&T agent agreement andMemorandum & Articles of Association of the AMC.12. Scheme-wise Annual Report or an abridged summary has to be mailed to all unit-holderswithin 6 months of the close of the financial year.13. NAV has to be published daily, in at least 2 newspapersFor NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
7www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! Mutual funds are a vehicle to mobilize moneys from investors, to invest in different markets andsecuritiesThe primary role of mutual funds is to assist investors in earning an income or building theirwealth, by participating in the opportunities available in the securities markets.In order to accommodate investor preferences, mutual funds mobilize different pools of money.Each such pool of money is called a mutual fund scheme.Mutual funds address differential expectations between investors within a scheme, by offeringvarious options, such as dividend payout option, dividend reinvestment option and growth option.An investor buying into a scheme gets to select the preferred option also. The investment that aninvestor makes in a scheme is translated into a certain number of ‘Units’ in the scheme. Thenumber of units multiplied by its face value (Rs10) is the capital of the scheme – its Unit Capital.When the profitability metric is positive, the true worth of a unit, also called Net Asset Value(NAV) goes up.When a scheme is first made available for investment, it is called a ‘New Fund Offer’ (NFO). Themoney mobilized from investors is invested by the scheme as per the investment objectivecommitted. Profits or losses, as the case might be, belong to the investors. The investor does nothowever bear a loss higher than the amount invested by him.The relative size of mutual fund companies is assessed by their assets under management (AUM).The AUM captures the impact of the profitability metric and the flow of unit-holder money to orfrom the scheme.Investor benefits from mutual funds include professional management, portfolio diversification,economies of scale, liquidity, tax deferral, tax benefits, convenient options, investment comfort,regulatory comfort and systematic approach to investing.Limitations of mutual funds are lack of portfolio customization and an overload of schemes andscheme variants.Open-ended funds are open for investors to enter or exit at any time and do not have a fixedmaturity. Investors can acquire new units from the scheme through a sale transaction at their saleprice, which is linked to the NAV of the scheme.Investors can sell their units to the scheme through a re-purchase transaction at their re-purchaseprice, which again is linked to the NAV.Close-ended funds have a fixed maturity and can be bought and sold in a stock exchange.Interval funds combine features of both open-ended and close ended schemes.For NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
8www.modelexam.in offers Online Practice Exams for NISM, NCFM, BCFM Exams. Register Now! Actively managed funds are funds where the fund manager has the flexibility to choose theinvestment portfolio, within the broad parameters of the investment objective of the scheme.Passive funds invest on the basis of a specified index, whose performance it seeks to track.Gilt funds invest in only treasury bills and government securities.Diversified debt funds on the other hand, invest in a mix of government and non-government debtsecurities. Junk bond schemes or high yield bond schemes invest in companies that are of poorcredit quality.Fixed maturity plans are a kind of debt fund where the investment portfolio is closely aligned tothe maturity of the scheme.Floating rate funds invest largely in floating rate debt securitiesLiquid schemes or money market schemes are a variant of debt schemes that invest only in debtsecurities of less than 91-days maturity.Diversified equity funds invest in a diverse mix of securities that cut across sectors.Sector funds invest in only a specific sector.Thematic funds invest in line with an investment theme. The investment is more broad-based thana sector fund; but narrower than a diversified equity fund.Equity Linked Savings Schemes (ELSS) offer tax benefits to investors.Equity Income / Dividend Yield Schemes invest in shares that fluctuate less, and thereforedividends represent a significant part of the returns on those shares.Monthly Income Plan seeks to declare a dividend every month.Capital Protected Schemes are close-ended schemes, which are structured to ensure that investorsget their principal back, irrespective of what happens to the market.Gold funds invest in gold and gold-related securities. They can be structured as Gold Sector Fundsor ETF-Gold Schemes. Real estate funds invest in real estate. Commodity funds invest in assetclasses like food crops, spices, fibres, industrial metals, energy products or precious metals as maybe permitted by their investment charter.International funds invest abroad. They are often structured as feeder funds linked to a host fund.Fund of Funds invest in other funds. Exchange Traded Funds are open-end funds that trade in thestock exchange.For NCFM, BCFM & NISM Training – Contact (0) 98949 49987, (0) 98949 49988
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9. NCFM Surveillance 10. Licentiate (Insurance) 11. RBI Operations 12. Macro-Economic Policies 13. BCFM Modules 14. NSDL Depository 15. Taxation 16. Debt Markets 17. Fundamental Analysis 18. Technical Analysis 19. NCFM Commodities Kindly Contact us for any training requirements on NCFM, NISM & BCFM certifications. NISM SERIES V MUTUAL FUND .
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