Planning to pursue a NISM certification to advance your career in India's securities markets? Understanding the complete fee structure is crucial for budgeting your professional development journey. This comprehensive guide covers everything you need to know about NISM exam fees in 2025, including registration charges, payment gateway fees, re-examination costs, and hidden expenses that many candidates overlook.
Overview of NISM Certification Fees 2025
The National Institute of Securities Markets (NISM), established by the Securities and Exchange Board of India (SEBI) in 2006, offers certification examinations for professionals working in India's securities markets. The exam fees vary based on the certification series, ranging from ₹1,200 to ₹5,900 for different modules.
Key Points About NISM Exam Fees:
- ✓Affordable Professional Certification: NISM exam fees range between ₹1,200 to ₹3,000 for most certifications, making them significantly more affordable than international certifications like CFA (which costs USD 1,000-1,200 per level)
- ✓No Setup Fees: Unlike other certification bodies, NISM doesn't charge separate registration or setup fees
- ✓Payment Gateway Charges Apply: Additional charges ranging from 2% to 3.5% apply depending on the payment method
- ✓Study Material Included: Free digital study materials are provided after enrollment
- ✓No Refund Policy: Exam fees are non-refundable except in specific technical error cases
Complete NISM Exam Fee Structure (All 28 Series)
Here's the comprehensive breakdown of NISM certification exam fees for 2025, organized by certification category:
Derivatives Certifications
Currency Derivatives Certification
Equity Derivatives Certification
Common Derivatives Certification
Commodity Derivatives Certification
Interest Rate Derivatives Certification
Mutual Funds Certifications
Mutual Fund Distributors Certification
Mutual Fund Foundation Certification
Investment Advisory Certifications
Investment Adviser (Level 1)
Investment Adviser (Level 2)
Research Analyst Certifications
Research Analyst Certification
Research Analyst Renewal Certification
Portfolio Management Certifications
PMS Distributors Certification
Portfolio Managers Certification
Alternative Investment Funds (AIF)
Category III AIF Managers Certification
Compliance & Operations
RTA - Corporate Certification
RTA - Mutual Funds Certification
Securities Operations & Risk Management
Merchant Banking Certification
Securities Markets Foundation
AML & CFT Provisions Certification
Valuation Certifications (IBBI)
Land & Building Asset Class
Plant & Machinery Asset Class
Securities/Financial Assets
IFSCA Certifications (Gift City)
IFSCA Fund Management Certification
IFSCA Securities Markets Certification
Note: All fees are exclusive of payment gateway charges. Actual debit from your account will be higher by 2-3.5% depending on payment method.
Fee Breakdown: What You're Actually Paying For
When you pay the NISM exam fee, here's what's included:
Included in Exam Fee:
- ✓Examination Access: One attempt at the certification examination
- ✓Digital Study Material: Free downloadable workbooks and study materials (PDF format)
- ✓Online Test Portal: Access to NISM's secure online examination platform
- ✓Instant Result: Immediate score notification upon exam completion
- ✓Digital Certificate: E-certificate issued within 15 days of passing (physical certificate available on request)
- ✓Validity: 3-year certification validity from date of passing
Not Included in Base Fee:
- ✗Payment Gateway Charges: 2-3.5% additional charges
- ✗Printed Study Material: Available for purchase through authorized vendors like Taxmann Publications
- ✗Practice Tests: Third-party mock tests from platforms like ModelExam, PrepCafe (₹149-999)
- ✗CPE Program: ₹2,500-3,000 for certificate renewal via CPE route
- ✗Re-examination Fees: Full exam fee must be paid again for retakes
Payment Methods & Process
NISM accepts multiple payment methods through its online certification portal at certifications.nism.ac.in. Here's the complete process:
Step-by-Step Payment Process:
Step 1: Registration
- •Visit certifications.nism.ac.in
- •Create account with email, mobile number, and PAN details
- •Verify email through activation link
Step 2: Enrollment
- •Login to candidate portal
- •Click "Enrollment" → "Enroll for Examination"
- •Select certification series
- •Choose exam center (150+ cities available)
- •Select preferred date and time slot
Step 3: Payment
- •Review exam fee and payment gateway charges
- •Select payment method
- •Complete payment securely
- •Download admit card immediately after successful payment
Accepted Payment Methods:
Credit Cards
- • Domestic cards: ~2% gateway charges
- • International cards: ~3.5% gateway charges
Debit Cards
- • ~2% gateway charges
Net Banking
- • ~2% gateway charges
UPI
- • Limited to ₹2,000 per transaction (including charges)
- • Not suitable for higher-fee certifications
Payment Gateway Used: NISM uses secure payment gateways (typically CCAvenue or similar) for processing transactions. All payments are encrypted and PCI-DSS compliant.
Payment Gateway Charges: The Hidden Cost
One of the most overlooked aspects of NISM exam fees is the payment gateway charges that get added to your final bill.
Gateway Charge Structure:
| Payment Method | Gateway Charge | Example (₹1,500 exam) | Example (₹3,000 exam) |
|---|---|---|---|
| Domestic Credit/Debit Card | ~2% | ₹30 | ₹60 |
| Net Banking | ~2% | ₹30 | ₹60 |
| International Credit Card | ~3.5% | ₹59.5 | ₹112 |
| UPI | Minimal/None | ₹0 | Not supported |
How to Minimize Gateway Charges:
- •Use Domestic Debit Cards: Lower charges compared to international cards
- •Net Banking: Often has the same or lower charges as cards
- •Avoid International Cards: 3.5% + ₹7 is significantly higher
- •Bulk Registration: Some institutions negotiate corporate rates (contact certification@nism.ac.in)
Total Cost Examples:
NISM Series-V-A (Mutual Fund Distributors)
NISM Series-XV (Research Analyst)
Re-examination Fees & Policies
Failed your NISM exam? Here's what you need to know about retaking the test:
Re-examination Fee Policy:
- •Full Fee Required: You must pay the complete examination fee again for each attempt
- •No Discount for Retakes: NISM doesn't offer reduced fees for second or subsequent attempts
- •Unlimited Attempts: No limit on the number of times you can retake the exam
- •New Registration Required: You must schedule a new slot and pay the full fee
Refund & Rescheduling Policy:
According to NISM's official refund policy, fees paid are non-refundable except in these specific cases:
Technical Errors
- • Base fee
- • Payment gateway charges
NISM Cancellation
- • Base fee
- • Payment gateway charges
Excess Amount Charged
- • Excess amount only
Candidate Fails to Appear
Candidate Arrives Late
Incomplete Exam
Discrepancy in Details
Rescheduling Options:
- •Before Exam: Limited rescheduling may be available (check current NISM policy)
- •Transaction Charges: Not refunded even if exam is rescheduled by NISM
- •Contact Support: Email certification@nism.ac.in for special circumstances
Cost Analysis: Passing on First Attempt
Example: NISM Series-VIII (Equity Derivatives)
| Scenario | Attempts | Total Cost |
|---|---|---|
| Pass on 1st attempt | 1 | ₹1,530 |
| Pass on 2nd attempt | 2 | ₹3,060 |
| Pass on 3rd attempt | 3 | ₹4,590 |
Takeaway: Adequate preparation can save you thousands of rupees in re-examination fees!
CPE (Continuing Professional Education) Fees
NISM certifications are valid for 3 years. Before expiry, you must renew your certificate through one of two routes:
Renewal Options:
Option 1: Re-take the Certification Exam
Cost: Full exam fee (₹1,200 to ₹3,000 depending on series)
Format: Same as original exam
Pass Mark: Same passing percentage
Validity: 3 years from passing date
Option 2: Complete CPE Program
Cost: More affordable than re-examination
Format: One-day training program or online module
Validity: 3 years from certificate expiry date
CPE Fee Structure (Effective March 2025):
| CPE Type | Fee | Duration | Format |
|---|---|---|---|
| Classroom CPE | ₹3,000* | Full day (6-8 hours) | In-person at authorized centers |
| eCPE (Online) | ₹2,500* | Self-paced (4-6 hours) | Online portal access |
*Fee increased from ₹2,500 to ₹3,000 effective March 1, 2025
CPE Fees by Module:
| Certification Series | CPE Fee (₹) |
|---|---|
| Currency Derivatives (Series-I) | 2,500 |
| RTA - Corporate (Series-II-A) | 2,500 |
| RTA - Mutual Funds (Series-II-B) | 2,500 |
| Mutual Fund Distributors (Series-V-A) | 2,500 |
| Equity Derivatives (Series-VIII) | 2,500 |
| Investment Adviser Level 1 (Series-X-A) | 2,500 |
| Securities Markets Foundation (Series-XII) | 2,500 |
| Commodity Derivatives (Series-XVI) | 2,500 |
Payment Gateway Charges: Additional 2% gateway charges apply to CPE fees as well
CPE vs Re-examination Cost Comparison:
Example: NISM Series-V-A Renewal
Re-take Exam
Classroom CPE
eCPE Online
Best Value: For most candidates, eCPE is the most cost-effective and convenient option at ₹2,550 total cost.
Fee Comparison: Best Value NISM Certifications
Not all NISM certifications offer the same career ROI. Here's a comparison based on fees, difficulty, and career impact:
Best Value Certifications (High ROI)
Mutual Fund Distributors
Equity Derivatives
Investment Adviser (Level 1)
Premium Certifications (Higher Investment, Higher Returns)
Research Analyst
Portfolio Managers
Foundation Certifications (Entry-Level)
Securities Markets Foundation
Fee vs. Career Impact Analysis:
| Fee Range | Certifications | Best For | Typical ROI Timeline |
|---|---|---|---|
| ₹1,200-1,500 | Series-V-A, VIII, XI, XII, XVI | Entry to mid-level | 3-6 months |
| ₹2,000-2,500 | Series-X-A, X-B, XXI-A | Mid to senior level | 6-12 months |
| ₹3,000+ | Series-XIII, XV, XXI-B | Senior/specialized | 12-24 months |
Money-Saving Tips for NISM Exam Preparation
Here are proven strategies to minimize your NISM certification costs:
1. Pass on the First Attempt
- •Use free official NISM study materials (included with enrollment)
- •Take free demo tests before paying for premium mocks
- •Allocate 40-60 hours of focused study time
- •Join free study groups on WhatsApp/Telegram
2. Choose eCPE Over Re-examination for Renewal
- •eCPE: ₹2,500 vs. Classroom CPE: ₹3,000
- •Saves travel costs and time
- •Self-paced, can be completed in 1-2 days
3. Use Free Study Resources
- •Download free PDF workbooks from NISM after enrollment
- •Use free video lectures on YouTube (IFMC, FinX, etc.)
- •Access free summary notes from educational websites
- •Join free webinars by NISM and training institutes
4. Optimize Payment Method
- •Use domestic debit card over international credit cards
- •Avoid UPI for high-value transactions (₹2,000 limit)
- •Check if your bank offers cashback on education payments
5. Choose Nearby Exam Centers
- •Select exam center within your city
- •Avoid weekend travel costs
- •Book morning slots to avoid meal expenses
6. Employer Sponsorship
- •Many brokerages, AMCs, and banks sponsor NISM certifications
- •Ask your HR/L&D team about reimbursement policies
- •Some companies make it mandatory and cover full costs
7. Bundle Multiple Certifications
- •Plan certification path strategically
- •Take related certifications close together (knowledge overlap)
- •Example: Series-V-A + Series-XI share 40% syllabus overlap
8. Early Registration
- •Book slots 2-3 weeks in advance
- •Get preferred dates and times
- •Some third-party registrars charge premium for urgent bookings
9. Use PrepCore for Practice
- •PrepCore offers 2,100+ NISM practice questions for ₹199/month
- •Includes expert explanations and unlimited test attempts
- •Free trial: 2 tests to evaluate quality
- •Much more affordable than ₹500-1,500 coaching packages
10. Group Study & Knowledge Sharing
- •Form study groups with colleagues/peers
- •Share purchased mock tests (within legal limits)
- •Teach concepts to each other (active learning)
- •Split costs of printed materials if needed
Total Savings Potential:
Without Optimization
With Optimization
Frequently Asked Questions (FAQs)
1. What is the fee for NISM certification exam in 2025?
NISM certification exam fees range from ₹1,200 to ₹3,000 depending on the series: Lowest fee: Series-XII (Securities Markets Foundation) - ₹1,200; Mid-range: Series-V-A (Mutual Fund Distributors) - ₹1,500; Highest fee: Series-XV (Research Analyst), Series-XXI-B (Portfolio Managers) - ₹3,000. Payment gateway charges (2-3.5%) are additional.
2. Are NISM exam fees refundable?
No, NISM exam fees are non-refundable in most cases. Refunds are granted only in these exceptional circumstances: Multiple debits from your account due to technical errors; Exam cancelled by NISM/test administrator; Excess amount charged due to technical glitches. If you fail to appear or arrive late, no refund is provided.
3. How much are the payment gateway charges for NISM exam?
Payment gateway charges vary by payment method: Domestic credit/debit cards: ~2.0% (₹30 on ₹1,500 exam); Net banking: ~2.0%; International credit cards: ~3.5% + ₹7 (₹59.50 on ₹1,500 exam); UPI: Minimal (but limited to ₹2,000 transaction). These charges are over and above the base exam fee.
4. Do I need to pay again if I fail the NISM exam?
Yes, you must pay the full examination fee for each attempt. There are: No discounts for retakes; No limit on number of attempts; Full fee + gateway charges required each time. Example: If you fail Series-V-A (₹1,500) twice, total cost = ₹1,530 × 3 attempts = ₹4,590
5. What is the cost to renew NISM certificate after 3 years?
You have two renewal options: Option 1 - CPE (Continuing Professional Education): Classroom CPE: ₹3,000 (effective March 2025), eCPE (online): ₹2,500, Plus 2% payment gateway charges. Option 2 - Re-take Certification Exam: Same as original exam fee (₹1,200 to ₹3,000 depending on series), Plus 2% payment gateway charges. Most cost-effective: eCPE at ₹2,550 total (including gateway charges).
6. Is study material included in NISM exam fee?
Yes, digital study materials are included free with your exam enrollment: Downloadable PDF workbooks; Free access to official study guides; Practice questions (limited). Not included: Printed workbooks (₹200-500 from Taxmann Publications), premium mock tests, video courses.
7. What payment methods does NISM accept?
NISM accepts the following payment methods through certifications.nism.ac.in: Credit cards: Visa, MasterCard, RuPay, Diners; Debit cards: Visa, MasterCard, RuPay, Maestro; Net banking: 58+ banks (SBI, ICICI, HDFC, Axis, etc.); UPI: Limited support (₹2,000 transaction limit). All payments processed through secure gateway with encryption.
8. Can my employer pay for my NISM exam?
Yes, many employers sponsor NISM certifications: Brokerages, AMCs, insurance companies often cover 100% costs; Some banks reimburse upon successful completion; Check with your HR/L&D department for sponsorship policies; Many companies make certain certifications mandatory and cover fees. For corporate/bulk registrations, contact certification@nism.ac.in for special arrangements.
9. What are the hidden costs of NISM certification?
Beyond the exam fee, budget for: Payment gateway charges: ₹30-60 (2-3.5%); Mock tests (optional): ₹149-999; Printed study material (optional): ₹200-500; Training courses (optional): ₹1,000-5,000; Travel to exam center: ₹0-5,000 (if in another city); Renewal costs (every 3 years): ₹2,500-3,000 (CPE) or exam fee; Re-examination (if failed): Full fee × number of attempts. Total budget: ₹1,500-3,000 (minimal) to ₹5,000-10,000 (with all optional add-ons).
10. Which is cheaper: NISM CPE or re-examination for renewal?
It depends on the certification series. For lower-fee certifications (₹1,200-1,500): Re-examination: ₹1,530 (₹1,500 + gateway), eCPE: ₹2,550, Winner: Re-examination saves ₹1,020. For higher-fee certifications (₹2,500-3,000): Re-examination: ₹3,060 (₹3,000 + gateway), eCPE: ₹2,550, Winner: eCPE saves ₹510. However, consider: CPE requires minimal preparation (1-day program); Re-examination requires study time + risk of failing; Most professionals prefer eCPE for convenience despite slightly higher cost for some series.
11. How does NISM exam fee compare to other certifications?
NISM certifications are significantly more affordable than international alternatives: NISM Series-V-A: ₹1,530 (3 years validity); CFA Level 1: USD 1,000-1,200 (~₹83,000-1,00,000) (Lifetime); FRM Part 1: USD 400-550 (~₹33,000-46,000) (Lifetime); CFP: ₹60,000-1,00,000 (total program) (Lifetime); NISM Series-XV: ₹3,060 (3 years validity). ROI Timeline: NISM certifications typically pay for themselves within 1-6 months through salary increases or new job opportunities.
12. Can I get a discount on NISM exam fees?
Generally no individual discounts are offered. However: Corporate bulk registrations: Special rates may be negotiated (contact certification@nism.ac.in); Institutional partnerships: Some training institutes bundle exam fees with courses at discounted rates; No student discounts: NISM doesn't offer student pricing; No early bird discounts: Fees are fixed year-round. Best saving strategy: Pass on first attempt to avoid paying twice!
13. What happens to my fee if the exam center cancels my test?
If NISM or the test administrator cancels your exam: Full refund of exam fee; Full refund of payment gateway charges; Rescheduling option without additional fee. If you cancel or fail to appear: No refund; No rescheduling; Must pay full fee again for new attempt.
14. How much does it cost to maintain NISM certification for 10 years?
Example for NISM Series-V-A (Mutual Fund Distributors): Year 0 - Initial Exam: ₹1,530; Year 3 - 1st Renewal (eCPE): ₹2,550; Year 6 - 2nd Renewal (eCPE): ₹2,550; Year 9 - 3rd Renewal (eCPE): ₹2,550; Total 10-year cost: ₹9,180. Per year average: ₹918/year (less than ₹100/month). This is exceptionally affordable for maintaining a professional certification that often leads to ₹3-15 lakh salary increases.
15. Are there any additional charges for online/remote proctored exams?
No additional charges for online proctored exams. The exam fee remains the same whether you: Take the test at a physical test center; Take the test online with remote proctoring (where available). Requirements for online exams: Stable internet connection (minimum 2 Mbps); Laptop/desktop with webcam and microphone; Quiet, well-lit room; Government ID for verification. Same fee applies: base exam fee + payment gateway charges only.
Conclusion: Making Smart Investment Decisions
NISM certifications represent one of the most cost-effective professional qualifications in India's financial services sector. With exam fees ranging from ₹1,200 to ₹3,000, these certifications offer exceptional ROI compared to international alternatives like CFA or FRM.
Key Takeaways:
- ✓Budget ₹1,500-3,000 for most NISM certifications including gateway charges
- ✓Add ₹200-1,000 for optional mock tests and study materials
- ✓Plan for ₹2,500-3,000 renewal costs every 3 years via CPE
- ✓Pass on first attempt to avoid doubling your investment
- ✓Use free resources (official NISM materials, PrepCore practice tests) to minimize costs
- ✓Choose eCPE for renewal - most convenient and cost-effective for busy professionals
- ✓Check employer sponsorship - many companies cover 100% of NISM certification costs
Is NISM Certification Worth the Investment?
Absolutely YES, especially considering:
- ✓Mandatory requirement for many securities market roles
- ✓Average salary increase: ₹2-5 lakhs annually
- ✓ROI timeline: 1-6 months for most certifications
- ✓Career advancement opportunities in broking, advisory, fund management
- ✓SEBI recognition adds credibility and trust
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Disclaimer: Exam fees and payment gateway charges mentioned are based on information available as of November 2025. For the most current fee structure, always refer to the official NISM website at www.nism.ac.in or certifications.nism.ac.in. PrepCore is an independent test preparation platform and is not affiliated with NISM or SEBI.