If you're searching for NISM fees in 2026, the number you'll usually see first is ₹1,500. That's the current fee for the NISM VA Mutual Fund Distributors Certification Examination.

But if you're planning to actually become a mutual fund distributor, ₹1,500 isn't your complete cost. You'll also need to account for AMFI ARN registration.

And if you want to distribute SIFs as well, the calculation has changed in 2026 with the introduction of NISM VD. In this article, we will learn about NISM fees & registration costs 2026 explained for MFD, SIF, and PMS distributors. Compare exam fees, AMFI ARN charges, GST, and total starting costs. 

NISM Exam Fees 2026

NISM VA costs ₹1,500 and has 100 questions, a two-hour duration, a 50% passing score, and no negative marking. The certificate is valid for three years.

The important addition in 2026 is NISM VD. It is designed for distributors who want eligibility for both mutual funds and Specialized Investment Funds (SIFs). NISM lists the examination fee at ₹3,000.

NISM Registration Cost: Exam Fee vs ARN Fee

This is where most people get confused.

NISM exam fees and AMFI registration fees are two different things.

For an individual who wants to become a mutual fund distributor, the basic calculation is:

• NISM Series V-A: ₹1,500
• AMFI ARN registration: ₹3,000 + 18% GST = ₹3,540

So the initial cost comes to: ₹5,040

That's the practical starting cost for an individual who wants to become a mutual fund distributor.

So if you're searching for the NISM registration cost for an individual MFD, don't look at the ₹1,500 exam fee alone.

NISM V-A + ARN: Total Cost

For an individual:

That's the basic cost for the mutual-fund-only route.

The ARN is generally valid for three years, after which renewal is required.

NISM V-D Fees 2026: Mutual Fund + SIF

If you want to distribute both mutual funds and SIFs, the new NISM Series V-D route is the one to pay attention to.

The V-D exam fee is: ₹3,000

The unified route is important because new distributors no longer need to automatically think in terms of taking separate exams for mutual funds and SIF distribution.

For an individual, the applicable combined registration fee is: ₹5,000 + 18% GST = ₹5,900

So the broad initial calculation is: ₹3,000 NISM V-D + ₹5,900 registration = ₹8,900

One thing I'd flag here: don't simply add NISM VA and the old SIF route together if you're a new applicant. Check whether V-D is the appropriate route for your business before paying for an examination.

NISM VA vs VD: Which One Should You Take?

The easiest way to look at it is:

If you're starting from scratch and want both MF and SIF distribution, V-D is the route you should evaluate first.

The rules around SIF distribution changed in 2026, so I wouldn't rely on older articles when deciding which examination to take.

NISM Series XIII: What About the Old SIF Route?

You may still find NISM XIII was used as part of the earlier route for SIF distribution.

However, 2026 introduced the unified VD pathway, and AMFI has published transition provisions around the older Series XIII route.

If you're a new applicant, check the latest AMFI circular before choosing Series XIII.

I wouldn't pay for the old route without first checking whether VD is more appropriate.

NISM Fees for PMS Distribution

If you're interested in distributing Portfolio Management Services (PMS), the relevant certification is:

NISM Series XXI-A: Portfolio Management Services Distributors Certification Examination

The current examination fee is: ₹1,500

The certification is valid for three years, subject to the applicable renewal requirements.

Remember that this is the NISM exam fee, not necessarily your complete PMS distributor setup cost. Applicable PMS/APMI registration charges need to be added separately.

NISM Fees: Quick Cost Comparison

If you just want the numbers:

The exact amount can vary depending on your entity type and the applicable registration structure.

For example, AMFI's fee structure is different for individuals, proprietorships, LLPs, and companies.

What is the Cheapest NISM Route?

If you're an individual and only want to distribute mutual funds, NISM V-A is the simplest starting point.

Your basic calculation is: ₹1,500 NISM exam + ₹3,540 ARN registration = ₹5,040

If you also want SIF distribution, don't automatically choose the old route just because an older article recommends it.

Look at NISM V-D first.

Frequently Asked Questions

Q. What is the NISM exam fee in 2026?

The commonly relevant NISM distributor exam fees are ₹1,500 for Series V-A, ₹3,000 for Series V-D, ₹3,000 for Series XIII, and ₹1,500 for Series XXI-A.

Q. What is the NISM registration cost for an individual?

For an individual taking the V-A route, the basic cost is approximately ₹5,040, including the ₹1,500 NISM exam and ₹3,540 AMFI ARN registration, including GST.

Q. Is ₹1,500 the complete NISM registration cost?

No. ₹1,500 is the Series V-A examination fee. If you're becoming a mutual fund distributor, you also need the applicable AMFI ARN registration.

Q. Do I need V-A if I take V-D?

No. V-D is designed as the unified certification route for mutual fund and SIF distribution. Check the latest AMFI requirements applicable to your registration.

Q. How long is a NISM certificate valid?

The distributor certifications covered here generally have a three-year validity period.

Final Takeaway

If you're searching for NISM exam fees, remember that the answer depends on the certification.

For the standard mutual fund distributor route: NISM VA = ₹1,500

But if you're asking for the actual NISM registration cost to become an MFD, you also need to include your AMFI ARN: ₹1,500 + ₹3,540 = ₹5,040

And if you're planning to distribute mutual funds + SIFs, the new NISM VD route changes the calculation.

So before you register, decide what you actually want to distribute. That one decision can save you from paying for the wrong examination or registration.