Checked 7 October 2026. The SIF certification rule changed on 21 July 2026 (SEBI circular HO/24/13/17(1)2026-IMD-POD-1/I/16895/2026) and the XIII requirement for SIF stops applying after 21 September 2026; AMFI’s Master Circular of 14 January 2026 pre-dates the change; AMFI’s circular CIR/ARN-33/2026-27 of 28 July 2026 follows it and sets the combined V-D registration fees. Employer and AMC requirements can exceed the regulator’s. Fees are from the NISM series pages read on 7 October 2026 and AMFI’s fee table effective 1 October 2024.
To sell mutual funds in India you need NISM Series V-A and an AMFI Registration Number. Since 21 July 2026 you need NISM Series V-D instead if you sell Specialized Investment Funds, and a V-D certificate also covers mutual funds, so a SIF distributor no longer has to hold V-A separately. Other jobs need other series: V-B for the new cadre of distributors of simple schemes, VIII for equity derivatives sales and dealing, X-A and X-B for investment advisers, XV for research analysts and XXI-A for PMS distributors. The requirement for each comes from SEBI and NISM, and the ARN comes from AMFI. This guide lines them up with sources.
Our sum uses the printed V-A fee of Rs 1,500 and the printed XIII fee of Rs 3,000+; V-D is Rs 3,000 plus applicable taxes.
ProSyllabus is an independent study site. We are not affiliated with, or endorsed by, the National Institute of Securities Markets, SEBI or AMFI. Every rule below is quoted or summarised from their published documents, and every sum, ratio or date calculation is labelled as our own arithmetic. NISM can change fees, pattern and rules; check the exam page before you pay.
The answer by role
The table gives, for each role, the series the regulator’s documents name and the figures NISM prints for it. "Fee" is the minimum shown on the series page (gateway charges extra), and negative marking is expressed as NISM states it, a share of the marks assigned to a question.
| Role | Series | Fee | Pattern | Source |
|---|---|---|---|---|
| Individual distributor or agent selling mutual funds | V-A, plus AMFI ARN | Rs 1,500+ | 100 Q, 2 h, 50% to pass, no negative marking | AMFI Master Circular of 14 Jan 2026, para 1.1.1; SEBI circular of 21 July 2026, para 21.10.2 |
| Employee of a distributor or AMC selling mutual funds | V-A, plus AMFI EUIN | Rs 1,500+ | Same | NISM exam page; AMFI Master Circular |
| Person selling Specialized Investment Funds (SIF) | V-D (covers MF as well) | Rs 3,000 plus taxes | 150 Q, 3 h, 60% (90 marks) to pass, negative marking 10% | SEBI circular 21 July 2026; V-D Annexure I |
| New-cadre distributor of simple schemes (postal agents, retired officials) | V-B | Rs 1,200+ | 50 Q, 2 h, 50% to pass, no negative marking | NISM V-B page |
| Equity derivatives approved user or sales person at a trading member | VIII | Rs 1,500+ | 100 Q, 2 h, 60% to pass, negative marking 25% | NISM VIII page |
| Investment adviser or principal officer of an adviser | X-A and X-B | Rs 3,000+ each | 150 marks each, 60% to pass, negative marking 25% | NISM X-A and X-B pages |
| Research analyst | XV | Rs 1,500+ | 100 marks (80 MCQs plus 5 case studies), 60 to pass, negative marking 25% | NISM XV page |
| Distributor of PMS | XXI-A | Rs 1,500+ | 100 MCQs, 2 h, 60% to pass, negative marking 10% | NISM XXI-A page |
Where other pages get this wrong
SIF distributors do not need NISM Series XIII any more.
Commonly published instead: Many pages still say a mutual fund distributor must pass Series XIII, the Common Derivatives exam, as well as V-A, to sell Specialized Investment Funds. That was the rule from SEBI’s February 2025 framework.
SEBI’s circular of 21 July 2026 changed it: V-D is the SIF certification, and the XIII requirement "shall not be applicable after September 21, 2026". Holders of XIII obtained on or before that date need not take V-D until their XIII expires, but must keep V-A valid meanwhile.
What changed on 21 July 2026, in sequence
| Date | Event | Source |
|---|---|---|
| 27 February 2025 | SEBI issues the SIF framework; sale of SIF requires NISM Series XIII (Common Derivatives) on top of the mutual fund certification | SEBI circular of 21 July 2026, paragraph 1; AMFI Master Circular 3.1 |
| 14 July 2026 | NISM communique specifies NISM-Series-V-D as the requisite standard for persons selling mutual fund and SIF products | NISM communique 2026/01 |
| 21 July 2026 | SEBI amends paragraph 21.10 of the MF Master Circular: V-D is required for SIF; V-A stays for mutual-fund-only sellers; XIII not applicable after 21 September 2026; transition for XIII holders | SEBI circular |
| 22 July 2026 | V-D exam available to candidates | NISM V-D page |
| 21 September 2026 | Last date for obtaining XIII to rely on the transition | SEBI circular 21.10.4 |
The exam economics of the change are visible in the printed fees. Before it, a distributor wanting to sell SIF needed V-A at Rs 1,500+ and XIII at Rs 3,000+, together Rs 4,500+ on our sum. After it, V-D at Rs 3,000 plus taxes covers both. The V-D syllabus is the V-A syllabus as its Module 1 (45 per cent of 150 marks) plus Equity Derivatives (35 per cent) and Interest Rate Derivatives (20 per cent), and the negative marking is 10 per cent, so it is a harder test than V-A by design. The syllabus detail for the V-A part is in the weightage guide.
V-A and XIII fees are the printed minimums; the sum is ours; V-D is shown without the taxes NISM says apply.
The AMFI side: ARN, EUIN and empanelment
Passing the NISM exam does not let you sell. AMFI’s Master Circular of 14 January 2026 says mutual fund intermediaries and the persons employed to sell for them must pass V-A and register with AMFI; once you hold the NISM certificate you apply online with the fee for an ARN (a distributor) or an EUIN (an employee). A non-individual applicant such as a company or LLP must have at least one employee with V-A and a valid EUIN, and applies with that employee’s registration. An overseas distributor is not required to obtain the NISM certificate. After registration, AMFI’s Ready Reckoner says you must be empanelled with each AMC before doing business with it: getting an ARN "does not automatically confer any right" to sell, and transactions under the ARN of a non-empanelled distributor are processed in the Direct Plan.
| Distributor category | ARN registration fee incl. GST | Needs |
|---|---|---|
| Individual | Rs 3,540 (3,000 + 540) | Copy of the NISM passing certificate; photographs |
| Senior citizen under the Grandfather rules | Not printed separately in the October 2024 fee table; the individual rate Rs 3,540 is the one shown | Copy of CPE certificate |
| Private limited company, OPC or LLP | Rs 47,200 (40,000 + 7,200) | A NISM-certified, AMFI-registered employee; company documents |
| NBFC, regional rural bank or DCB | Rs 1,18,000 (1,00,000 + 18,000) | A NISM-certified, AMFI-registered employee; RBI licence or registration |
| Public limited company or bank (other than those above) | Rs 4,72,000 (4,00,000 + 72,000) | A NISM-certified, AMFI-registered employee; licence or incorporation documents |
These are the rates in AMFI’s fee table effective 1 October 2024 (a one-page AMFI sheet, also reproduced in the Master Circular of 14 January 2026), with 18 per cent GST added by us; renewal is half the registration fee plus GST. An older table of 1 May 2021 is still hosted and shows half these amounts, so check the date of any figure you see. Confirm the amount and mode on the AMFI site when you apply. Renewals and the 6-month and 12-month windows are in the validity guide, and the booking steps for the NISM exam are in the fees and booking guide.
What about job listings that ask for "NISM"?
Employers in distribution, wealth and broking often list a NISM certificate in a job description. We do not publish a count of such listings, because we did not source one; what the primary documents settle is the regulatory floor. If the job involves selling mutual funds, the person doing it needs V-A and an AMFI registration, and a firm that employs them has to make sure of it. If the job is dealing in equity derivatives at a stock broker, the series NISM names is VIII. For advice, it is X-A and X-B; for research reports, XV. A listing that says "any NISM exam" is leaving the choice to you, and the safest reading is the series that matches the work, because a V-A certificate does not authorise equity derivatives dealing or investment advice.
Employers can also ask for more than the regulator does, and for a certification before an offer rather than after. If your offer letter names a series, trust the letter over a general guide. And if you are choosing between exams for a career move rather than for a named job, the fees and patterns in the first table, and the 3-year validity of every series we read, are the facts to weigh: among the series in the first table V-A is one of the cheaper ones (V-B at Rs 1,200+ is lower), and, like V-B, it has no penalty for a wrong answer.
Frequently asked questions
Which NISM exam is needed to become a mutual fund distributor?
NISM Series V-A: Mutual Fund Distributors Certification Examination, followed by registration with AMFI for an ARN (AMFI Master Circular of 14 January 2026; SEBI circular of 21 July 2026, paragraph 21.10.2).
Which NISM exam is needed to sell Specialized Investment Funds?
NISM Series V-D. From 21 July 2026 a valid V-D certificate covers both mutual funds and SIF, without separately holding V-A. The earlier Series XIII requirement stops applying after 21 September 2026.
Do I still need Series XIII if I already have it?
SEBI says distributors holding XIII obtained on or before 21 September 2026 need not take V-D until that XIII expires, and must keep a valid V-A meanwhile.
What is the difference between NISM Series V-A and V-B?
V-A is the standard distributor exam: 100 questions, 50 per cent to pass, Rs 1,500+. V-B, the Mutual Fund Foundation exam, is for a new cadre of distributors of simple schemes such as postal agents and retired officials: 50 questions, 50 per cent to pass, Rs 1,200+. Both have no negative marking.
Does passing V-A give me an ARN?
No. The NISM certificate is the prerequisite; the ARN is a separate AMFI registration with its own fee, Rs 3,540 including GST for an individual under AMFI’s fee table effective 1 October 2024, and you must also be empanelled with an AMC before you can do business with it.
Can a company get an ARN without passing NISM V-A itself?
Yes, in the sense that the entity does not sit the exam: AMFI requires at least one employee or sales person with a valid V-A certificate and EUIN to be registered with the application.
Can anyone take NISM V-A, or only distributors?
NISM’s FAQ lists distributors and employees, and also "interested students/professionals" and "any other individuals".
Sources
- official — NISM: Mutual Fund Distributors Exam and Certification Program page (NISM-Series-V-A; fees, duration, questions, pass marks, validity tiles and assessment structure; read 7 October 2026)
- official — NISM: FAQ, NISM-Series-V-A Mutual Fund Distributors Certification Examination (English)
- official — SEBI: Circular HO/24/13/17(1)2026-IMD-POD-1/I/16895/2026 dated 21 July 2026, Certification Requirements for Distribution of Specialized Investment Funds (SIFs)
- official — NISM: NISM-Series-V-D, Mutual Fund and Specialized Investment Fund Distributors Certification Examination (launch w.e.f. 22 July 2026)
- official — NISM: NISM-Series-V-D Annexure I (structure, fee and weightages; Module 1 is the V-A syllabus)
- official — NISM: Communique NISM/Certification/NISM-Series-V-D/2026/01 dated 14 July 2026
- official — AMFI: Master Circular for Mutual Fund Distributors, AMFI/MFD-CIR/32/2025-26 dated 14 January 2026
- official — AMFI: Circular CIR/ARN-33/2026-27 dated 28 July 2026, Registration of MFD for distribution of mutual fund and specialized investment products under NISM V-D (combined fee table from 22 July 2026)
- official — AMFI: Ready Reckoner for MFDs (renewal of NISM certificate and ARN/EUIN, empanelment, annual self-certification)
- official — AMFI: ARN and EUIN registration and renewal fees applicable from 1 October 2024 (plus 18 per cent GST); the 14 January 2026 Master Circular reprints the same table
- official — NISM: NISM-Series-V-B, Mutual Fund Foundation Certification Examination
- official — NISM: NISM-Series-VIII, Equity Derivatives Certification Examination
- official — NISM: NISM-Series-X-A, Investment Adviser (Level 1) Certification Examination
- official — NISM: NISM-Series-XV, Research Analyst Certification Examination
- official — NISM: NISM-Series-XXI-A, Portfolio Management Services (PMS) Distributors Certification Examination
official = a document published by the conducting body. reported = a news or coaching site we could not check against an original. Where sources disagree this page says so rather than picking one.
