Checked 7 October 2026. Fees are from the NISM exam page, FAQ and CPE listing read on 7 October 2026, and AMFI’s fee table effective 1 October 2024 (Rs 3,000 plus 18 per cent GST for an individual ARN, as also printed in AMFI’s Master Circular of 14 January 2026). The payment gateway charge and any tax added at checkout are not published on the pages we read. The test-centre list is inside the certification portal and was not read; NISM publishes monthly test calendars. Rescheduling is stated as once in two documents and as two instances in the refund policy; both are printed.
The NISM Series V-A exam fee is Rs 1,500, shown as "1500+" with the footnote "Payment gateway charges extra". You pay it on NISM’s certification portal when you pick a test centre, date and slot, and the exam is held in test centres in more than 250 cities. NISM’s FAQ gives the fee as "Rupees One Thousand Five Hundred only (Rs. 1500/-)". The next costs are separate and come from a different body: AMFI’s registration fee for an individual ARN is Rs 3,000 plus 18 per cent GST, Rs 3,540 in all, after you have passed (AMFI fee table effective 1 October 2024).
Rs 1,500, 250+ cities and 48 hours are NISM’s; Rs 3,540 is AMFI’s; Rs 5,040 is our addition.
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.
What it costs, line by line
Several bodies charge for different steps, and pages that quote a single "NISM cost" usually mix them. The table separates the exam, the AMFI registration and the renewal, with the source for each. Amounts marked "plus" are minimum figures: NISM says gateway charges are extra and, for the V-D exam, "plus applicable taxes".
| Item | Amount | Who charges | Source |
|---|---|---|---|
| NISM-Series-V-A exam | Rs 1,500 + gateway charges | NISM | Exam page tile and FAQ |
| Tax on the exam fee | Not stated for V-A | NISM | The V-D Annexure says "plus applicable taxes" for its own fee; the V-A pages do not say. Check the checkout total. |
| Payment gateway charge | Not published | Payment gateway | Exam page footnote |
| Individual ARN registration | Rs 3,000 + GST Rs 540 = Rs 3,540 | AMFI | AMFI fee table, from 1 October 2024; AMFI Master Circular, 14 January 2026 |
| ARN renewal | Rs 1,500 + GST Rs 270 = Rs 1,770 | AMFI | AMFI fee table, from 1 October 2024 |
| Classroom CPE (renewal) | Rs 3,000 + gateway charges | NISM | CPE listing, from 1 March 2025 |
| eCPE (renewal) | Rs 2,500 + gateway charges | NISM | CPE listing |
| NISM-Series-V-B Foundation exam | Rs 1,200 + gateway charges | NISM | V-B page tile |
| NISM-Series-V-D exam | Rs 3,000 plus applicable taxes | NISM | V-D Annexure I |
| Workbook | Free soft copy | NISM | FAQ; printed copies sold by a publisher |
Two features of the AMFI line need a caution. AMFI doubled the individual fee from 1 October 2024 (it was Rs 1,500 plus GST from 1 May 2021), and older pages still quote Rs 1,770 for registration; that figure is now the renewal fee. And the table sets the fee by category: Rs 3,540 is the individual rate; a private limited company pays Rs 47,200 including GST (Rs 40,000 plus GST) and a public limited company or a bank pays much more. AMFI circular CIR/ARN-33/2026-27 of 28 July 2026 sets a separate combined mutual fund and SIF fee for those who register on the basis of V-D from 22 July 2026: Rs 5,000 plus GST for an individual (renewal Rs 3,000 plus GST), and says the fee for V-A holders registering for mutual funds only stays as before. If you are applying as a firm, see the ARN and series guide.
Exam and ARN fees are as printed; the total is our addition and excludes gateway charges and any tax added at checkout.
Total cost planner (our arithmetic on printed fees)
Tick what applies to you. Exam, ARN and renewal figures are the ones NISM and AMFI print; the payment gateway charge is not published, so you type what your checkout shows.
Not counted: any workbook you buy in print (the soft copy is free), travel, taxes NISM may add to the exam fee (the pages we read do not say), and AMC empanelment costs, which differ by AMC.
How to book the exam, step by step
The steps below follow NISM’s Registration Guidelines of 26 June 2025, which show the same flow for the exam, CPE and eCPE. Everything happens at cert.nism.ac.in.
| Step | What you do | What NISM requires |
|---|---|---|
| 1. Create an account | Choose "Create new account", fill the online registration form, and use a personal email address you will keep, because NISM sends the admit card and certificate there | Activation link and OTP to the email |
| 2. Complete the profile | Upload PAN scan, a recent colour photograph and proof of address; add education and employment | JPEG/JPG files under 1 MB each; a masked Aadhaar copy if Aadhaar is the address proof |
| 3. Wait for verification | NISM checks photograph and PAN; improper details are emailed to you | Check inbox and spam |
| 4. Enrol | Pick the exam, a date, a test centre and a slot | Enrolment closes 48 hours before the exam |
| 5. Pay | Pay online by credit or debit card, net banking or UPI | Fees are non-refundable except in the cases listed below |
| 6. Print the admit card | Download from the dashboard after enrolment; a soft copy of the workbook is made available there | The candidate instructions allow a physical or soft admit card |
| 7. Sit the exam | Arrive 30 minutes before the slot with admit card and an original photo ID | PAN, Aadhaar, driving licence or passport; DigiLocker copies with photograph accepted |
| 8. Download the certificate | From the portal after the result; NISM issues no printed certificate | PAN must be on your registration |
NISM says candidates should register and enrol well in advance for the best chance of the date and location they prefer, and the exam page links to monthly test calendars; the exam centres page offered calendars for September, October and November 2026 when we read it. We did not open the centre list itself, which sits behind the portal, so we make no claim about which cities have which slots. The count NISM prints is "250+ cities".
Rescheduling, refunds and the no-show rule
Fees are not refundable except in three cases: your account was debited but the enrolment failed, the fee was deducted more than once, or NISM or the test administrator cannot offer the exam and rescheduling does not suit you. Gateway transaction charges are not refunded. If you do not attend on the scheduled date and time, the fee is forfeited. A change of module is not accommodated: choose the exam carefully.
| Question | What NISM says | Source |
|---|---|---|
| Can I move my slot? | Yes, yourself, in the portal, at least 4 days before the exam date | Refund policy, registration guidelines, candidate instructions |
| How many times? | Once (registration guidelines FAQ; candidate instructions). The refund policy says rescheduling is "limited to two instances". | Conflict printed: plan on once |
| How long is my enrolment valid? | 180 days from enrolment; after that it expires with no refund or rescheduling | Candidate instructions |
| Late by more than 30 minutes? | You will not be allowed to appear; the portal does not allow login after that time | Registration guidelines FAQ |
| ID or photo mismatch? | Entry can be refused, you are marked absent, and there is no refund or rescheduling | Candidate instructions |
| Money debited but no enrolment? | Check My Transactions; a failed transaction is refunded in 6 to 7 working days | Registration guidelines FAQ |
| Technical or centre disruption? | Rescheduling may be offered, slots permitting, for prolonged internet or power disruption or maintenance | Refund policy |
Special accommodation, including a scribe for a candidate with a benchmark disability, has to be requested at least 10 days before the exam, and NISM approves it at its discretion. The scribe must be arranged by the candidate, must not have the same or a higher educational qualification than the candidate, must not be studying for or hold a graduation-level degree in commerce, accountancy, economics, management, finance or securities markets, and must carry a government photo ID. NISM’s helpline numbers for this are on its Special Accommodation page.
The booking and exam-day checklist
Exam-booking and exam-day checklist
Tick each item as it is done. The booking and exam-day items come from NISM’s registration guidelines, candidate instructions and re-evaluation policy; the Preparation group is our own suggestion, not a NISM requirement.
0 of 14 done
Ticks are saved only in this browser on this device.
After the exam, the certificate and AMFI registration are the next steps; the validity and renewal rules are in the certificate validity guide. If you have not decided between V-A and a newer series, read which NISM series a job needs first, since V-D costs double and is longer.
Frequently asked questions
What is the fee for NISM Series V-A?
Rs 1,500, shown as 1500+ with payment gateway charges extra (NISM exam page); the FAQ states Rs 1,500. NISM’s V-A pages do not say whether tax is added at checkout, so check the total before paying.
How do I register for the NISM Mutual Fund Distributors exam?
Create an account at cert.nism.ac.in, complete the profile with PAN, photograph and address proof, then enrol by choosing a date, centre and slot and paying online by card, net banking or UPI.
How many days before the exam can I book?
NISM says enrolments close 48 hours before the exam and advises enrolling well in advance. An enrolment stays valid for 180 days.
Can I reschedule my NISM exam?
Yes, in the portal at least 4 days before the exam date. The registration guidelines and candidate instructions say once; the refund policy says limited to two instances.
Is the fee refundable?
Only if the payment was debited but enrolment failed, was deducted twice, or NISM cannot offer the exam and rescheduling does not suit you. A no-show forfeits the fee.
Is the NISM study material free?
Yes. A soft copy of the workbook is made available after enrolment and can be downloaded free from NISM’s workbook page after entering basic details.
What does the AMFI ARN cost after I pass?
Rs 3,000 plus 18 per cent GST, Rs 3,540 in all, for an individual under AMFI’s fee table effective 1 October 2024, which the 14 January 2026 master circular also prints; renewal is Rs 1,500 plus GST, Rs 1,770. Older pages quoting Rs 1,770 for registration use the 2021 table.
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 — NISM: How to Register and Enroll for NISM Certification Examination, CPE and eCPE Program Online (Registration Guidelines, 26 June 2025)
- official — NISM: Candidate Instructions (terms and conditions for NISM certification examinations)
- official — NISM: Refund and Re-scheduling Policy for Certification Examinations and CPE Programmes
- official — NISM: Special Accommodation page (scribe rules; apply at least 10 days in advance)
- official — NISM: Exam Centres page (monthly test calendars; scheduling through the certification portal)
- official — NISM: Certification portal (registration, enrolment, slot booking and certificate download)
- 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 — 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: Master Circular for Mutual Fund Distributors, AMFI/MFD-CIR/32/2025-26 dated 14 January 2026
- official — NISM: Continuing Professional Education listing (CPE Rs 3,000 from 1 March 2025, eCPE Rs 2,500, validity 3 years, eCPE system requirements)
- official — NISM: NISM-Series-V-B, Mutual Fund Foundation Certification Examination
- official — NISM: NISM-Series-V-D Annexure I (structure, fee and weightages; Module 1 is the V-A syllabus)
- official — NISM: Certification Exam Workbooks (free download after entering basic details)
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.
