NISM & ARN Guide
NISM Series V-A Exam
The NISM (National Institute of Securities Markets) Series V-A certification is mandatory for becoming a Mutual Fund Distributor in India (SEBI regulation).
Exam Details
| Parameter | Details |
|---|---|
| Duration | 2 hours |
| Questions | 100 MCQs |
| Passing Score | 50/100 |
| Fee | ~₹1,500 |
| Validity | 3 years (renewable) |
| Study Material | Official NISM workbook from nism.ac.in (free PDF) |
Wealthy’s NISM Support
- Comprehensive training program
- Study materials + mock tests
- Live training classes: 7 PM – 9 PM
- Goal: Clear on first attempt
- Wealthy covers NISM exam fee for 1st attempt (for non-ARN partners)
- Re-exam cost: ₹1,500 + GST (paid by partner)
- No limit on attempts
Can I Start Without NISM?
Yes! Partners can start with insurance, bonds, PMS, and AIF while preparing for NISM. MF distribution requires a valid ARN (which requires NISM).
NISM Grandfathering
Certain individuals are exempt from the NISM exam and can attend CPE directly.
Important: The cutoff date is fixed at 31 May 2010 — it is NOT rolling.
Grandfathered by Age
- Must have completed 50 years of age as on 31 May 2010
- Must be an Associated Person (not Principal)
- Can attend CPE directly — no exam needed
- Document required: PAN Card only
Grandfathered by Experience
- Must have 10+ years experience in MF distribution as on 31 May 2010
- Must be an Associated Person (not Principal)
- Can attend CPE directly — no exam needed
- Documents: PAN Card + Experience letter from AMC (signed by Chief Manager or higher)
Reference: NISM Eligibility Criteria
ARN (AMFI Registration Number)
ARN is the license to distribute mutual funds in India, issued by AMFI (Association of Mutual Funds in India).
ARN Application Process
- Pass NISM Series V-A (or qualify for grandfathering)
- Apply online at mfd.camsonline.com → New ARN Registration
- Also available via AMFI Portal → Distributor Corner
Documents Required
- PAN card
- Aadhaar card
- Passport-size photo
- Valid NISM V-A certificate
- Education proof (10+2 minimum)
- Cancelled cheque
- NOC from employer (if employed) or relieving letter (if left employment)
Processing Time
7-15 working days
ARN Fees (Effective 1 Oct 2024)
Individuals
| Type | Fee | GST (18%) | Total |
|---|---|---|---|
| New ARN Registration | ₹3,000 | ₹540 | ₹3,540 |
| ARN Renewal | ₹1,500 | ₹270 | ₹1,770 |
EUIN Holders (Employees of MFDs)
| Type | Fee |
|---|---|
| Registration | ₹1,500 + GST |
| Renewal | ₹750 + GST |
Other Categories (Registration / Renewal)
| Category | Registration | Renewal |
|---|---|---|
| Banks / Public Ltd Co | ₹4,00,000 | ₹2,00,000 |
| NBFC / RRB / DCB | ₹1,00,000 | ₹50,000 |
| Pvt Ltd / LLP / OPC | ₹40,000 | ₹20,000 |
| Partnership Firm | ₹20,000 | ₹10,000 |
| Co-Op Banks / Societies / Trusts / HUFs | ₹20,000 | ₹10,000 |
| Post Office / MFI | ₹15,000 | ₹7,500 |
| Proprietorship Firm | ₹3,000 | ₹1,500 |
All fees plus 18% GST
Source: AMFI Fee Structure PDF
ARN Renewal & CPE
ARN Validity
- Valid for 3 years
- Must renew within 30 days before expiry
CPE / eCPE (Continuing Professional Education)
- CPE = Classroom-based (full day, 6 hours)
- eCPE = Online version (same content, done from anywhere)
- Fee: ~₹500–1,000
- Must be completed within 12 months before certificate expiry
- Completing CPE/eCPE before NISM expiry = renewal WITHOUT re-exam
- If you miss renewal: Re-exam required
Current Exam Schedule & Centres
Source: NISM official monthly schedule. Re-verify dates and slots at https://cert.nism.ac.in/.
Booking Process
- Visit https://cert.nism.ac.in/
- Register / Login
- Select NISM Series V-A: Mutual Fund Distributors Certification
- Choose preferred city, centre and date
- Pay exam fee
- Receive confirmation and admit card via email
Helpdesk
- Email: certification@nism.ac.in
- Phone: +91-8080806476
Time Slots
Most centres offer 13:30 – 15:30 and 15:30 – 17:30 slots. Larger centres (CP, Jhandewalan FinX, Hiraben Nanavati) offer additional 12:00 – 14:00 / 16:00 – 18:00 windows.
Centre Coverage in Wealthy Branch Cities
April 2026 had 100+ centres across India. The cities below typically have very high availability (10+ dates per month) — book early since popular dates fill up fast:
| City | Centre | Typical availability |
|---|---|---|
| Ahmedabad | Navrangpura (Shilp Cross Road, C.G. Road) | ~13 dates/month |
| Bengaluru | Basaveshwarnagar (Karania Chambers II) | ~13 dates/month |
| Bengaluru | Sheshadri Road (CMS Business School, Jain University) | ~3 dates/month, longer slots |
| Chandigarh | Sector 17-C | ~7 dates/month |
| Delhi | Jhandewalan (DEXIT) | ~13 dates/month |
| Delhi | Connaught Place (FinX) | almost daily, multiple slots |
| Delhi | Jhandewalan (FinX) | almost daily, multiple slots |
| Faridabad | SRS Tower, Mathura Road | ~6 dates/month |
| Hyderabad | Vinayaka Towers, Anand Chowk | ~5 dates/month |
| Jaipur | New Sanganare Road | ~13 dates/month |
| Jaipur | Mansarovar (IIRM/NISM) | check cert.nism.ac.in |
| Kanpur | Civil Lines | ~6 dates/month |
| Kolkata | Deshapriya Park (FinX/BSE) | ~13 dates/month |
| Lucknow | Gomti Nagar | ~13 dates/month |
| Mumbai | Andheri (DEXIT) | ~13 dates/month |
| Mumbai | Dahisar (DEXIT) | ~11 dates/month |
| Noida / Greater Noida | Galgotias College of Eng & Tech | check cert.nism.ac.in; Delhi FinX is high-frequency |
| Prayagraj | DEXIT, Mumfordganj | ~6 dates/month |
| Pune | Swargate (Vega Centre) | ~13 dates/month |
| Pune | Pimpri-Chinchwad (PCMC, Deluxe Fortune Mall) | ~8 dates/month |
| Pune | Hiraben Nanavati Institute (Cummins Campus, Karve Nagar) | check cert.nism.ac.in, longer slots |
| Surat | Khatodra, Udhna Darwaja | ~13 dates/month |
| Varanasi | DEXIT, Lohta Road | ~9 dates/month |
| Dehradun | Anekant Place, Rajpur Road | ~8 dates/month |
Tip: Always check the latest monthly PDF on https://www.nism.ac.in/exam-centres/ — centre availability and exact dates change every month.
Exam-Day Checklist
- Reach 30 minutes before the slot time
- Carry valid photo ID + admit card
- Most centres have one-time access; do not arrive late
Wealthy Sub-Distributor Model
- Every partner must have their own ARN
- Partners are empaneled as sub-distributors under Wealthy
- Wealthy’s ARN = Master ARN
- Partner’s EUIN is mapped under Wealthy’s master ARN
- EUIN is a mandatory field for all MF transactions
- This mapping links every transaction to the correct partner
Key Reference Links
- NISM: nism.ac.in
- AMFI: amfiindia.com
- SEBI: sebi.gov.in
- AMFI Distributor Corner: amfiindia.com/distributor
- CAMS MFD Portal: mfd.camsonline.com