How much does a NISM exam cost in 2026?
There is no single flat fee for a NISM certification. Each series carries its own price, and the National Institute of Securities Markets (NISM) revises fees from time to time. As a working guide for 2026, most certification exams fall in the range of ₹1,200 to ₹3,000 for the base fee, before Goods and Services Tax (GST) is added. Higher-value or specialised examinations sit at the upper end of that band, while entry-level distributor and registration certifications tend to be cheaper.
Because the numbers move, treat every figure here as an indicative range. The authoritative price for any series is always shown on the official registration portal at the moment you book your slot.
Fee ranges by example series
The table below gives indicative base fees (excluding GST) for a representative set of popular series. Use it to budget, not as a final quote.
| Series | Certification | Indicative base fee (excl. GST) |
|---|---|---|
| V-A | Mutual Fund Distributors | ~₹1,500 |
| VIII | Equity Derivatives | ~₹1,500 |
| VII | Securities Operations & Risk Management | ~₹1,500 |
| XV | Research Analyst | ~₹1,500 |
| X-A / X-B | Investment Adviser (Level 1 & 2) | ~₹3,000 each |
As a rule, foundational and distributor-facing certifications are the most affordable, while adviser-level and multi-level examinations cost more per paper.
Do NISM fees include GST?
No. The figures quoted for most series are base fees to which 18% GST is added. A base fee of ₹1,500, for example, works out to ₹1,770 once GST is applied. When you budget, always work from the tax-inclusive amount so there are no surprises at the payment screen. The portal displays the GST-inclusive total before you confirm.
What does a re-attempt cost?
If you do not clear a series, you must re-register and pay the full examination fee again. NISM does not offer a discounted or subsidised retake — each sitting is a fresh, independently priced attempt. This is a strong practical reason to prepare thoroughly the first time; a structured study plan and adequate mock testing usually cost far less than a repeat fee. If you want to understand what you are up against before booking, read our guide on how difficult the NISM exam really is.
CPE and renewal costs
The examination fee is only the first cost of ownership. A NISM certificate is valid for three years, after which you must revalidate it. The usual route is a Continuing Professional Education (CPE) programme, which carries its own fee separate from the exam. If your certificate lapses without CPE, you may have to sit the full certification examination again — effectively paying the exam fee afresh. Planning your renewal early is therefore also a cost-saving measure. Our dedicated explainer on validity and renewal covers the timeline in detail, and CPE explained breaks down how the programmes work.
How to confirm the exact fee
Fees are set and updated by NISM, so the only reliable figure is the live one on the official portal. To confirm the current price:
- Visit certifications.nism.ac.in and create or log in to your candidate account.
- Select the series you intend to take.
- Proceed to the enrolment step, where the base fee, GST and total payable are displayed before payment.
For a full walkthrough of the booking process, see our step-by-step guide on how to register for a NISM exam.
Budgeting for your certification
A realistic 2026 budget for a single mainstream certification is roughly ₹1,500–₹1,800 all-in for entry-level series, and up to ₹3,500 or more per paper for adviser-level examinations once GST is included. Add the CPE cost every three years to keep the certificate live. Because these numbers are indicative and subject to revision, verify the current fee on the official portal before you commit.