NISM PracticeNISM registration, fees and certificate validity
Enrolment for every NISM examination is on NISM's own portal. Fees and validity are printed at the top of each module's page; here they are in one place, with the date we read them.
Where to register
Each module's page on nism.ac.in has a "Register for Certification Exam" link, which leads to NISM's certification portal at certifications.nism.ac.in, and links for "How to Register" and "Locate a Test Centre". Use only that portal. We are not a registration agent, cannot enrol you, and take no payment. If a website other than NISM's asks for a fee to "book" your NISM examination, check carefully whom you are paying.
Steps in outline
- Create a login on NISM's certification portal with your personal details. Enter your name and date of birth exactly as on your identity documents.
- Add your PAN. NISM's pages state that a passing certificate is issued only to candidates who have furnished or updated their PAN in their registration details.
- Choose the examination (module) and pay the fee.
- Choose a test centre and a date and time slot from those offered.
- Keep the confirmation, and read the candidate instructions.
NISM's "How to Register" page gives the exact screens. If any step there differs from this outline, follow NISM.
Fees, as on nism.ac.in on 12 November 2026
| Examination | Fee (₹) |
|---|---|
| Series V-A: Mutual Fund Distributors | 1,500 |
| Series V-B: Mutual Fund Foundation | 1,200 |
| Series XII: Securities Markets Foundation | 1,003 |
| Series VIII: Equity Derivatives | 1,500 |
| Series XV: Research Analyst | 1,500 |
| Series I: Currency Derivatives | 1,500 |
| Series XVI: Commodity Derivatives | 1,500 |
| Series XIII: Common Derivatives | 3,000 |
| Series VI: Depository Operations | 1,500 |
| Series VII: Securities Operations and Risk Management | 1,500 |
| Series X-A: Investment Adviser (Level 1) | 3,000 |
| Series X-B: Investment Adviser (Level 2) | 3,000 |
| Series XXI-A: Portfolio Management Services (PMS) Distributors | 1,500 |
NISM's pages add "payment gateway charges extra". Fees are revised from time to time: the Securities Markets Foundation page, for example, showed a fee effective from 1 June 2026. Check the figure on the module's page on the day you pay.
Validity of the certificate
Every one of the thirteen module pages we read showed a certificate validity of 3 years. NISM's FAQ for the Mutual Fund Distributors examination says the certificate is valid for three years from the date of the examination.
Renewal
The same FAQ says that to renew a Mutual Fund Distributors certificate, the holder needs to appear for NISM's CPE (Continuing Professional Education) for Mutual Fund Distributors, or pass the examination again, before the expiry of the certificate. Other modules have their own renewal routes, and some have separate renewal examinations listed on NISM's site, such as those for investment advisers and research analysts. Read the FAQ of your own module, and note the expiry date of your certificate in your calendar a few months ahead.
Re-scheduling, refunds and re-evaluation
NISM publishes a refund and re-scheduling policy among its policies and regulations; read it before you pay, as it governs what happens if you cannot attend. On re-evaluation, NISM's FAQ states that no re-evaluation of a candidate's performance is permitted, because answers are assessed objectively by the system, and that questions and answers are not disclosed, to protect the confidentiality of the question bank.
Is the examination enough to start work?
A NISM certificate is one requirement among several for most regulated roles. A mutual fund distributor, for example, also needs registration with the industry body before selling schemes; investment advisers and research analysts need registration with the regulator and must meet qualification and other conditions. These requirements are set by SEBI and the bodies concerned, not by NISM alone, and they change. Read the current requirement for your intended role on the regulator's or industry body's own website; our which exam page lists the examinations by subject, not by legal requirement.
Keep your records
- The enrolment confirmation and payment receipt.
- Your login details for the portal.
- The certificate, and its expiry date.
- Any CPE completion records.
Questions about your own enrolment
We hold no records of candidates and cannot look into an enrolment, a payment, a result or a certificate. NISM's FAQ gives its contact for certification queries; use the contact details on nism.ac.in.
Questions candidates ask
What is the fee for the NISM Mutual Fund Distributors exam?
₹1,500 plus payment gateway charges, as shown on NISM's page for Series V-A on 12 November 2026. Check the page for the current fee.
How long is a NISM certificate valid?
Three years, on each of the thirteen module pages we read. NISM's FAQ for the Mutual Fund Distributors exam says three years from the date of the examination.
How do I renew a NISM Mutual Fund Distributors certificate?
NISM's FAQ says by appearing for the NISM CPE for Mutual Fund Distributors or passing the examination again, before the certificate expires.
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Examinations
An independent practice site. NISM is the National Institute of Securities Markets. This site is not connected with, approved by or paid by NISM or SEBI, and uses none of their logos. The questions are our own; none is taken from NISM's question bank, workbooks or mock tests, and a score here does not predict a result. Examination facts were read on nism.ac.in on 12 November 2026 and can change: check the page of your module on nism.ac.in before you pay or prepare. Nothing here is investment advice.