NISM & ARN Guide

Complete guide to NISM Series V-A exam, ARN registration, renewal, CPE/eCPE, grandfathering rules, and fee structure.

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

  1. Pass NISM Series V-A (or qualify for grandfathering)
  2. Apply online at mfd.camsonline.com → New ARN Registration
  3. 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

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