RTA Mutual Fund
RTAs for mutual fund schemes — investor servicing, transaction processing, NAV calculations, and KYC compliance.
Exam Pattern & Marking
Detailed Syllabus
6 chapters · 100 total marks
| # | Chapter | Marks | Practice Qs |
|---|---|---|---|
| 1 | Role of RTAs in Mutual Fund Transactions | 18 | 40 |
| 2 | Investor Services and Transaction Processing | 17 | 30 |
| 3 | NAV Calculations and Fund Valuation | 17 | 30 |
| 4 | KYC and Compliance Requirements | 16 | 35 |
| 5 | Processing of Mutual Fund Transactions | 16 | 35 |
| 6 | SEBI Regulations for RTAs | 16 | 40 |
| Total | 100 | 210 |
Marks per chapter reflect the official NISM syllabus weightage. Practice question counts show the bank size in our app — use them to gauge depth of preparation needed per chapter.
Key Knowledge Areas
Overview
Series II-B is for staff at MF-RTAs — KFin Technologies (formerly Karvy), Computer Age Management Services (CAMS) primarily. They handle the back-office of every Indian AMC: investor folios, NAV publication, transaction processing, statements, and SEBI compliance.
At a glance: 100 questions · 2 hours · 50% pass mark · 0.25 negative marking · ₹1,500 + GST.
Who should take II-B
- KFin / CAMS / RTA operations staff
- AMC operations heads supervising RTA work
- Compliance officers at MF entities
Key Knowledge Areas
MF-RTA workflow
| Process | Frequency | RTA’s role |
|---|---|---|
| New folio creation | On every new investor | Validate KYC, allot folio |
| Transaction processing | Daily | Receive purchase/redemption requests, apply NAV, settle |
| NAV publication | Daily by 9 PM | Calculate NAV, publish to AMC website / AMFI |
| Statement of Account | On every transaction + monthly | Issue SoA to investor |
| Income distribution | Per scheme schedule | Compute & disburse IDCW |
NAV calculations
NAV = (Market value of assets − liabilities) / Units outstanding
For each scheme, the RTA receives the AMC’s portfolio holdings, applies end-of-day prices from exchanges, deducts TER and other expenses, and divides by total units.
Cut-off times for NAV applicability
Critical exam topic:
| Scheme type | Cut-off | NAV applied |
|---|---|---|
| Liquid / overnight (purchase) | 1:30 PM | Same-day NAV (if money realised) |
| Equity / hybrid (purchase) | 3:00 PM | Same-day NAV (if money realised) |
| Debt (other) (purchase) | 3:00 PM | Same-day NAV |
| Redemption (all) | 3:00 PM | Same-day NAV |
Key Fact: “Money realisation” is the trigger for NAV applicability — not the time of placing the order. SEBI changed this rule in February 2021.
KYC & compliance
RTAs run on CKYC (Central KYC) — single registration that flows across all MFs. KRA-KYC is the older regime, mostly replaced by CKYC.
Operational risk
A single error in transaction processing can cascade across thousands of folios. RTAs maintain four-eye principles, daily reconciliation, and disaster recovery for this reason.
Exam Tips
Tip 1: NAV cut-off times and money-realisation rule are guaranteed exam topics. Memorise the table cold.
Tip 2: Transaction processing types (lump sum, SIP, STP, SWP, switch, redemption) and their NAV applicability rules differ subtly. Practise scenario questions.
Tip 3: SEBI MF Regulations 1996 chapter is regulatory — know SID/SAI/KIM, scheme document structure, expense ratio caps.
Tip 4: AML and PMLA compliance chapter carries 5–7 marks. Know suspicious transaction reporting timelines.
Try the Free Quiz
Test your knowledge with our free Series II-B practice quiz — or get the full bank of 210+ II-B questions plus mock tests in the NISM Exam Prep app.
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