NISM V-A Exam 2026: Fees, Dates, Centres & Booking Process

The NISM Series V-A exam fee is Rs 1,500 (inclusive of applicable taxes). This fee is non-refundable once the registration is confirmed, so candidates must ensure their details — name, date of birth, and ID proof — are accurate before completing payment. Payment is accepted online via net banking, debit card, or credit card through the official NISM/NSEIT portal.

Candidates who reschedule their exam at least 3 days before the scheduled slot do not incur an additional fee, provided they use the same registration. Rescheduling within 3 days of the exam date or a no-show forfeits the fee entirely. A fresh registration and payment of Rs 1,500 is required if you miss the window.

The NISM V-A exam consists of 100 multiple-choice questions (MCQs) to be answered in 120 minutes (2 hours). All questions carry equal marks and there is no negative marking, which means you should attempt every question — an unanswered question scores zero while a wrong answer also scores zero, so guessing on uncertain questions carries no downside.

The minimum passing score is 50 out of 100, i.e., 50%. The exam is entirely computer-based and conducted in English. Results are displayed on screen immediately after you submit the test. A digital scorecard is available for download from the NISM portal within a few days of the exam.

NISM Series V-A is a rolling exam with no fixed annual dates — slots are available throughout the year, Monday to Saturday, at 150+ authorised test centres across India. Centres are operated by NSEIT (a BSE subsidiary) and Mettl (an Mercer platform). Major cities like Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad have multiple centre options; Tier-2 and Tier-3 cities are also well covered.

To book your exam: (1) Register on the NISM website (www.nism.ac.in) under the Certifications section. (2) Select NISM Series V-A from the exam list. (3) Choose your preferred centre, date, and time slot. (4) Complete payment of Rs 1,500. (5) Download your admit card/hall ticket. Carry a valid government-issued photo ID (Aadhaar, PAN, passport, or driving licence) on exam day — no ID means no entry.

Clearing NISM V-A gives you a passing certificate valid for 3 years. This certificate is the primary eligibility document to apply for an ARN (AMFI Registration Number) through AMFI's KYD (Know Your Distributor) process. Without an ARN, you cannot legally earn commissions — including trail commissions — from mutual fund distributors or AMCs.

To get your ARN, submit your NISM V-A certificate, KYD documents, and a completed ARN application form to CAMS (the AMFI-appointed registrar). Individual distributors, minors under a guardian's ARN, and employees of ARN holders each have slightly different documentation requirements. Once ARN is issued, you can empanel with AMCs and begin distributing regular-plan mutual funds.