If you are planning to build a career in the Indian stock market, mutual funds, investment advisory, research analysis, portfolio management or other financial services, NISM certifications can be an important step toward developing industry-relevant knowledge and meeting regulatory certification requirements.
The National Institute of Securities Markets (NISM), established by SEBI in 2006, conducts a wide range of certification examinations for professionals associated with India’s securities markets. Depending on the module, examination fees currently range from ₹1,200 to ₹3,000, while some non-mandatory certifications have different fee structures.
NISM has also introduced the Series V-D: Mutual Fund – Specialized Investment Fund Distributors Certification Examination, effective July 22, 2026, making the certification landscape particularly relevant for candidates looking at newer investment products.
This guide explains the latest NISM exam fees 2026, module-wise certification costs, examination patterns and the step-by-step process to register.
What Is NISM Certification?
NISM certification examinations are professional examinations designed to test knowledge of securities markets, financial products, regulations, operations and related areas.
Some NISM examinations are mandated by SEBI or other regulators for specified roles, while others are voluntary and intended to improve professional knowledge and financial-market understanding.
The official NISM certification framework currently covers areas such as:
- Derivatives
- Mutual Funds
- Investment Advisory
- Research Analysis
- Depository Operations
- Securities Operations
- Merchant Banking
- Alternative Investment Funds
- Portfolio Management Services
- Compliance
- Retirement Advisory
- Social Impact Assessment
- AML and CFT
NISM states that its certification examinations are available in more than 150 cities across India.
NISM Exam Fees 2026: Complete Module-Wise List
The following table presents the current examination fees published by NISM for its certification examinations.
NISM Certifications Mandated by SEBI
| NISM Module | Certification | Exam Fee |
| Series I | Currency Derivatives | ₹1,500 |
| Series II-A | Registrars to an Issue & Share Transfer Agents – Corporate | ₹1,500 |
| Series II-B | Registrars to an Issue & Share Transfer Agents – Mutual Fund | ₹1,500 |
| Series III-A | Securities Intermediaries Compliance – Non-Fund | ₹1,500 |
| Series III-C | Securities Intermediaries Compliance – Fund | ₹1,500 |
| Series IV | Interest Rate Derivatives | ₹1,500 |
| Series V-A | Mutual Fund Distributors – English | ₹1,500 |
| Series V-A | Mutual Fund Distributors – Hindi | ₹1,500 |
| Series V-B | Mutual Fund Foundation | ₹1,200 |
| Series V-D | Mutual Fund – Specialized Investment Fund Distributors | ₹3,000 |
| Series VI | Depository Operations | ₹1,500 |
| Series VII | Securities Operations & Risk Management | ₹1,500 |
| Series VIII | Equity Derivatives | ₹1,500 |
| Series IX | Merchant Banking | ₹1,500 |
| Series X-A | Investment Adviser – Level 1 | ₹3,000 |
| Series X-B | Investment Adviser – Level 2 | ₹3,000 |
| Series X-C | Investment Adviser – Renewal | ₹2,500 |
| Series XIII | Common Derivatives | ₹3,000 |
| Series XV | Research Analyst | ₹1,500 |
| Series XV-B | Research Analyst – Renewal | ₹2,500 |
| Series XVI | Commodity Derivatives | ₹1,500 |
| Series XIX-C | Alternative Investment Fund Managers | ₹3,000 |
| Series XIX-D | Category I & II AIF Managers | ₹1,500 |
| Series XIX-E | Category III AIF Managers | ₹1,500 |
| Series XXI-A | PMS Distributors | ₹1,500 |
| Series XXI-B | Portfolio Managers | ₹3,000 |
| Series XXIII | Social Impact Assessors | ₹1,500 |
| Series XXV-A | Persons Associated with Research Services | ₹1,500 |
| Series XXV-B | Persons Associated with Investment Advice | ₹1,500 |
These fees, along with examination duration, marks, passing criteria and certificate validity, are published on NISM’s current certification page.
What Documents Are Required for NISM Exam Registration?
Candidates should keep the following information/documents readily available:
- PAN details
- Valid identity information
- Mobile number
- Email ID
- Personal details
- Payment method
- Examination centre preference
The exact requirements can vary depending on the certification and NISM’s current registration process.
NISM Exam Fees vs Total Preparation Cost
The examination fee is only one part of the overall cost.
A candidate may also spend money on:
- Coaching or training
- Mock tests
- Additional reference books
- Travel to the examination centre
- Internet or technology costs
- Payment gateway charges
However, NISM itself provides examination study material, and its candidate instructions state that study materials can be downloaded in soft copy.
Therefore, candidates who use the official workbook effectively can potentially keep their preparation costs relatively low.
Final Takeaway
The NISM Exam Fees 2026 vary according to the certification you choose. For many widely pursued modules such as Series V-A Mutual Fund Distributor, Series VIII Equity Derivatives and Series XV Research Analyst, the current examination fee is ₹1,500. Advanced or specialized certifications such as Series X-A, X-B, XIII, XIX-C, XXI-B and the newly introduced V-D currently cost ₹3,000.
The most important point is not simply to select the cheapest NISM exam. Instead, choose the certification that matches your career objective, job role and applicable regulatory requirement.
Before making payment, always verify the latest fee, syllabus, examination pattern, eligibility and registration rules directly on the NISM website because certification requirements and fees can be updated.
For candidates entering India’s securities-market industry, the right NISM certification can provide a structured foundation in market products, regulations, operations and professional responsibilities—and can be an important addition to a finance-focused career profile.
The fee table and registration details above are based on NISM’s current official certification listings, including the 2026 introduction of Series V-D.
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