NISM publishes a base fee for each certification exam, and the payment gateway adds its own charges on top. The fees below are the ones NISM lists; always confirm the current amount on the registration portal before paying.
| Series | NISM exam fee | Certificate validity |
|---|---|---|
| V-A (mutual fund distributors) | Rs 1,500 plus gateway charges | 3 years |
| XV (research analysts) | Rs 1,500 plus gateway charges | 3 years |
| X-A (investment advisers, Level 1) | Rs 3,000 plus gateway charges | 3 years |
| X-B (investment advisers, Level 2) | Rs 3,000 plus gateway charges | 3 years |
| V-D (mutual fund and SIF distributors) | Rs 3,000 plus gateway charges | 3 years |
NISM provides a soft copy of the workbook free of cost after you enrol, so the workbook is included in the fee.
The fee is non-refundable except in a few cases: your account or card was debited but the enrolment did not go through, the same fee was deducted more than once, or NISM could not hold the exam because of technical issues and rescheduling is not suitable. Transaction charges are never refunded.
You can reschedule your exam by logging in to the NISM portal up to four days before the scheduled date, and rescheduling is limited to two times. The policy I checked mentions no rescheduling fee. If you do not turn up on the scheduled date and time, the fee you paid is forfeited, and turning up late can mean being refused entry with no refund or rescheduling.
The fee covers one exam slot. If you do not pass, a retake means registering and paying again, plus the travel and time it takes to reach the test centre. NISM's candidate instructions that I checked do not state a waiting period between attempts, but check the portal when you re-register. The cheapest way to cut the total cost of certification is to pass the first time: take a full-length mock, look at your chapter-wise score, and book your slot when your mock scores sit comfortably above the pass mark.
Each series has one free full-length mock. A mock pack that adds 8 more mocks with chapter-wise analytics is Rs 199 per series, and the notes and question-bank PDFs start at Rs 199. Several series also have a Rs 299 bundle with mocks and notes. All are one-time payments with lifetime access; the current offers are shown on each series page.
Related: exam pattern for every series, negative marking, exam fees, how to register and certificate validity and renewal.
NISM lists the V-A fee as Rs 1,500 plus payment-gateway charges. Confirm the current amount on the registration portal before you pay.
Rs 3,000 plus payment-gateway charges for each, as published by NISM.
No. Fees are non-refundable apart from a few cases such as a failed enrolment after your account was debited, a duplicate deduction, or NISM being unable to hold the exam.
Yes, up to four days before the scheduled date, through the NISM portal. Rescheduling is limited to two times.
If you do not attend on the scheduled date and time, the fee is forfeited.
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