NISM study notes. Updated Sept 2026, 8-minute read.
NISM Exam Fees 2026: Cost of Every Certification Explained
NISM certification fees are one of the first things candidates want to pin down before registering. Costs vary by series, attract GST, and change from time to time, so this guide gives you honest, up-to-date ranges rather than a single figure — and shows you exactly where to confirm the current price.
Key takeaways
- Most NISM certification exams cost roughly ₹1,200 to ₹3,000 plus 18% GST per attempt, depending on the series.
- The popular Series V-A (Mutual Fund Distributors) exam is priced around ₹1,500 plus GST.
- GST at 18% is added on top of the base fee, so budget for the tax-inclusive amount.
- Re-attempting a failed exam means paying the full fee again — there is no discounted retake.
- CPE renewal to keep a certificate valid carries its own separate fee, distinct from the exam fee.
- Fees change periodically, so always confirm the current price on certifications.nism.ac.in before paying.
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.
Frequently asked questions
How much does a NISM exam cost in 2026?
Most NISM certification exams cost between roughly ₹1,200 and ₹3,000 as a base fee, plus 18% GST. Entry-level series such as Mutual Fund Distributors (V-A) are around ₹1,500 plus GST, while adviser-level papers can be about ₹3,000 each.
Is GST included in the NISM exam fee?
No. The quoted base fee excludes GST. An 18% GST is added at checkout, so a ₹1,500 base fee becomes about ₹1,770 payable. The portal shows the tax-inclusive total before you pay.
Do I have to pay again if I fail a NISM exam?
Yes. There is no discounted retake. You must re-register and pay the full examination fee again for each attempt, which is why thorough first-time preparation is cost-effective.
Is there a separate cost to renew a NISM certificate?
Yes. Renewal via a Continuing Professional Education (CPE) programme carries its own fee, separate from the exam. If the certificate lapses, you may have to pay the full exam fee to revalidate.
Written by Arpan Das.
Keep going
- How to Register for a NISM Exam
- NISM Certification Validity & Renewal
- NISM CPE Explained
- How Difficult Is the NISM Exam?
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