Most people searching for NISM fees want one number. There isn't one — NISM charges different amounts for different certifications, and the spread is wider than most candidates expect: the cheapest exam costs ₹885, the dearest ₹3,000, and which one you need is decided by your job, not your budget.
What follows is every NISM certification fee as published, grouped by price so you can find yours quickly. All 34 were checked against the official NISM certifications page on 23 July 2026.
What each NISM exam costs
| Fee | How many exams | Which ones |
|---|---|---|
| ₹885 | 2 | AML & CFT Provisions (XXIV), AML & CTF in IFSC (IFSCA-01) |
| ₹1,003 | 1 | Securities Markets Foundation (XII) |
| ₹1,200 | 1 | Mutual Fund Foundation (V-B) |
| ₹1,500 | 20 | Most SEBI-mandated exams — including V-A, VIII, XV and XVI |
| ₹1,770 | 2 | AIF Distributors, Category I & II (XIX-A) and Category III (XIX-B) |
| ₹2,500 | 2 | The two renewal exams — Investment Adviser (X-C), Research Analyst (XV-B) |
| ₹3,000 | 6 | The longer 180-minute papers — see below |
The ₹1,500 band covers most of what people actually sit. If you are certifying as a mutual fund distributor (Series V-A), an equity derivatives dealer (VIII), a research analyst (XV) or a commodity derivatives dealer (XVI), your exam fee is ₹1,500.
The exams that cost ₹3,000
These six are the 180-minute, 150-mark papers. The higher fee tracks the longer exam, not the difficulty.
| Series | Certification |
|---|---|
| V-D | Mutual Fund – Specialized Investment Fund (SIF) Distributors |
| X-A | Investment Adviser (Level 1) |
| X-B | Investment Adviser (Level 2) |
| XIII | Common Derivatives |
| XIX-C | Alternative Investment Fund Managers |
| XXI-B | Portfolio Managers |
Worth noting if you are heading for the Registered Investment Adviser route: X-A and X-B are ₹3,000 each. Budget ₹6,000 for the pair, not ₹3,000.
The fee is not the cost
Three expenses sit outside the exam fee, and they are where budgets go wrong.
A failed attempt costs the full fee again. NISM does not discount re-attempts. Fail Series VIII and sitting it a second time is another ₹1,500 — which makes the arithmetic on preparation straightforward. A full-length mock test costs a fraction of a re-attempt, and the whole point of taking one is to find out you are not ready before you have paid to find out.
Renewal is a recurring cost. NISM certifications are not permanent — most are valid for three years, and keeping one alive means either the CPE programmed or passing the current version of the exam again. The two dedicated renewal papers cost ₹2,500. That is more than the ₹1,500 original for Series XV, which surprises people. The full picture is in our guide to certificate validity and renewal.
Travel and a lost day. Exams are sat at test centers, not at home. For candidates outside the metros that can mean travel and an unpaid day off — frequently larger than the exam fee itself.
The exam fee is the small number. The expensive outcomes are a re-attempt you did not plan for and a certification you let lapse.
Does the fee include GST?
NISM publishes a single figure per certification, which is what appears in the table above and on our full exam comparison. Payment screens can display tax separately depending on how you register, so treat the published figure as the base and confirm the final payable amount at checkout before paying.
The same applies to fees generally: NISM sets them and can revise them. Everything here was verified in July 2026, but check the official page before you register — a page like this one is a planning aid, never the authority.
Which exam should you actually pay for?
The cheapest exam that is wrong for your role is more expensive than the right one. A quick orientation:
- Selling mutual funds — Series V-A, ₹1,500. The ARN route. This is the most-sat NISM exam in the country.
- Dealing in equity derivatives — Series VIII, ₹1,500.
- Publishing research — Series XV, ₹1,500. Renewal later is XV-B at ₹2,500.
- Registering as an investment adviser — X-A and X-B, ₹3,000 each.
- Commodity derivatives — Series XVI, ₹1,500.
- Testing the water first — Securities Markets Foundation (XII), ₹1,003. Not mandated for any role, but the cheapest way to find out whether the subject suits you before committing to a mandated paper.
If you are unsure which certification your role requires, the requirement comes from SEBI or your employer's compliance team, not from us — confirm it before paying for anything.
What to budget, realistically
For a first NISM certification in the ₹1,500 band, a sensible total is ₹1,500 to ₹3,500: the exam fee, a mock test package, and a margin for the possibility of a second attempt. The official workbook is a free download, so study material need not cost anything.
Candidates who clear on the first attempt almost always spent something on practice. Candidates who paid twice almost always did not.
Practice before you pay twice. Our mock tests use the real exam interface, with explained answers and chapter-wise analytics that show exactly where your marks are going. Free demo before you spend anything. Try a free mock test.