Every week someone walks into my classroom or messages me with the same confusion. “Sir, I want to get into finance. Should I do NISM?” And when I ask “which NISM?”, the answer is usually a blank look. Or worse, “all of them.”
I understand why. The official NISM list has over 30 examinations, named in a numbering system only a committee could love: Series V-A, Series X-B, Series XXI-A, Series XXV-B. Nothing in the name tells you which job it unlocks, which regulator demands it, or whether you need it at all. So people either freeze, or they spend ₹1,500 here and ₹3,000 there collecting certificates the way some people collect gym memberships: paid for in a burst of optimism, then quietly allowed to lapse.
So let me do the mapping for you. Each certification that matters, matched to the actual job it qualifies you for, with the verified fees and pass marks from NISM’s own pages and the arithmetic (costs, negative marking, renewal cycles) laid out, so you can plan this like an adult with a spreadsheet rather than a hopeful with a wish list.
Before we start, hold on to one idea: a NISM certificate is a license to hold a seat, and that is the whole of what it promises. Think of it as the driving licence. Whether you can actually drive is a question the examiner never asks. Keep that in mind and the list stops being intimidating.
How the NISM system actually works
NISM (the National Institute of Securities Markets) is an institute established by SEBI, and its certification exams exist mainly because regulators say so. Under various SEBI regulations and notifications, specific roles in the securities market must hold specific NISM certificates. A few exams are voluntary: useful for learning or for signalling interest, but demanded by no regulation.
The mechanics are consistent across almost the whole list:
- Validity: 3 years for nearly every certificate. After that you revalidate, either by re-taking the exam, taking a renewal exam where one exists, or attending a CPE (Continuing Professional Education) programme.
- Fees: roughly ₹885 to ₹3,000 per attempt, depending on the exam (payment gateway charges can apply on top for most exams).
- Format: computer-based multiple-choice tests, typically 2 hours for the distribution and operations exams and 3 hours for the adviser exams. NISM’s newest exam (Series XXV-B, launched 1 June 2026) is conducted entirely online in a remote-proctored mode. Expect more of the list to move that way.
- PAN is mandatory. NISM issues the passing certificate only if you have furnished your Income Tax PAN in your registration details.
The single most important design feature, and the one almost nobody checks before booking, is this: the pass mark and the negative marking are not the same across exams. The distribution-side exams (V-A, VII) pass at 50% with either no negative marking or mild consequences. The advisory, research and derivatives exams (VIII, X-A, X-B, XV, XXI-A) pass at 60% with 25% negative marking. That difference changes how you prepare, and I will show you the exact arithmetic later.
A small habit that saves people a lot of grief: before you pay for any exam, open that exam’s own page on the NISM site and write down four things. Fee. Pass mark. Negative marking. Duration. Those four numbers decide your study plan, and they are the four that candidates most often assume rather than check.
The master table: exam, job, fee, difficulty settings
Here is the list that matters, verified against NISM’s certification pages in September 2026. I have left out a few niche exams (registrars, merchant banking, social impact assessors) that most readers will never need; the full list is on NISM’s certifications page linked in the sources.
| Series | Exam name | Who actually needs it | Fee | Pass mark | Negative marking |
|---|---|---|---|---|---|
| V-A | Mutual Fund Distributors | Anyone selling mutual funds: MFDs, bank staff, AMC sales teams | ₹1,500 | 50% | No |
| V-B | Mutual Fund Foundation | A special “new cadre” of distributors only (see below) | ₹1,200 | 50% | No |
| VI | Depository Operations | Staff of depository participants (CDSL/NSDL DP operations) | ₹1,500 | Per NISM page | Yes |
| VII | Securities Operations and Risk Management | Broker back-office, operations, risk and grievance staff | ₹1,500 | 50% | Yes, 25% |
| VIII | Equity Derivatives | Dealers and sales staff on the equity F&O segment | ₹1,500 | 60% | Yes, 25% |
| I / IV / XVI | Currency / Interest Rate / Commodity Derivatives | Dealers and sales on those specific segments | ₹1,500 each | Per segment | Yes |
| XIII | Common Derivatives | One exam that substitutes for Series I, IV and VIII together | ₹3,000 | Per NISM page | Yes |
| X-A | Investment Adviser (Level 1) | SEBI-registered investment advisers and persons giving advice | ₹3,000 | 60% | Yes, 25% |
| X-B | Investment Adviser (Level 2) | Same people; both levels are required | ₹3,000 | 60% | Yes, 25% |
| X-C | Investment Adviser (Renewal) | Existing IA certificate holders renewing | ₹2,500 | Per NISM page | Per NISM page |
| XV | Research Analyst | SEBI-registered research analysts and their research staff | ₹1,500 | 60% | Yes, 25% |
| XV-B | Research Analyst (Renewal) | Existing RA certificate holders renewing | ₹2,500 | 50% | No |
| XXI-A | PMS Distributors | People distributing portfolio management services | ₹1,500 | 60% | Yes, 25% |
| XIX-A / XIX-B | AIF Distributors (Cat I&II / Cat III) | AIF distribution; currently listed as non-mandatory | ₹1,770 each | Per NISM page | Per NISM page |
| XVII | Retirement Adviser | PFRDA-mandated, for retirement advisers under NPS | ₹1,500 | Per NISM page | Per NISM page |
| XXV-A / XXV-B | Persons Associated with Research Services / Investment Advice | Sales and non-core staff at RA and IA firms (new, 2026) | ₹1,500 each | Per NISM page | Per NISM page |
| XII | Securities Markets Foundation | Nobody is required to. Pure learning/entry signal | ₹1,003 | Per NISM page | Per NISM page |
All certificates above carry 3-year validity. Now let us walk through this by the question that actually matters: what job do you want?
“I want to sell mutual funds”: Series V-A
This is the highest-volume NISM exam for a reason. Anyone who wants to earn commission income distributing mutual funds, whether as an independent MFD, an employee of a distribution company, or a bank relationship manager, has to clear Series V-A. That is the legal gate. NISM’s own description covers individual distributors, employees of distribution organisations, and AMC sales staff.
The exam itself: 100 questions, 100 marks, 2 hours, pass at 50%, no negative marking, fee ₹1,500. Of the entire mandated list, this one has the friendliest settings. You can guess on every question you do not know without penalty, and you need only half the paper right.
Do not mistake friendly settings for a trivial exam. The syllabus runs from fund structures and scheme types through valuation, taxation and financial planning basics, and people who walk in on general knowledge alone do fail it. But with 3 to 4 weeks of honest preparation from the NISM workbook, most committed candidates clear it.
Passing V-A does not by itself let you earn commissions. The sequence is: pass V-A, then register with AMFI for your ARN (AMFI Registration Number); employees of distributors additionally get an EUIN. AMFI’s distributor corner covers the ARN and EUIN application and renewal process, and both your NISM certificate and your ARN run on renewal cycles you must track.
The economics of V-A are absurdly good compared to almost any other credential:
Cost of certificate = ₹1,500 (exam fee, one attempt)
Validity = 3 years
Annualised certificate cost = 1,500 ÷ 3 = ₹500 per year
Five hundred rupees a year for the legal right to build a business with recurring trail income. The exam was never the hard part of this career. Building the client base is. I have written a full, honest playbook on that in how to become a mutual fund distributor in India, including the economics nobody warns new MFDs about.
What about Series V-B? Mutual Fund Foundation (₹1,200, 50 questions, 50 marks, pass at 50%, no negative marking) is not “V-A lite” for the general public. It exists for a specific new cadre of distributors: postal agents, retired government officials with 10+ years of service, retired teachers and bank officers, and similar categories notified by AMFI, who then sell only simple schemes. If you are a student or a working professional reading this, V-B will not do what you need. Take V-A.
“I want to be an investment adviser”: Series X-A plus X-B
Fee-based advice is a different licence altogether. To be a SEBI Registered Investment Adviser (RIA), or to work in an advisory role at one, you need both exams: X-A (Level 1) and X-B (Level 2). SEBI’s investment adviser framework requires individual advisers, principal officers of non-individual advisers, and persons associated with investment advice to hold these certifications.
These are a different animal from V-A:
- X-A: 3 hours, 150 marks (a mix of standalone questions and case-based questions), pass at 60%, negative marking of 25% per wrong answer, fee ₹3,000.
- X-B: 3 hours, 150 marks made of 90 one-mark MCQs plus 6 caselets with 5 two-mark sub-questions each, pass at 60%, 25% negative marking, fee ₹3,000.
Case-based questions mean you cannot pass on memorised definitions. You have to compute, compare and recommend. In my experience teaching planning students, X-B’s caselets are where people who “studied the workbook” but never actually built a financial plan get exposed.
Two regulatory updates make this path far more accessible than it was even a year ago:
- On 25 November 2025, SEBI eased the eligibility norms. A graduate degree in any discipline now qualifies you to register as an IA (engineering and law graduates included), where earlier only finance-adjacent degrees counted. The NISM certifications remain mandatory; SEBI relaxed the degree, not the competence test.
- From 1 June 2026, NISM launched Series XXV-B (Persons Associated with Investment Advice: Sales and Other Non-Core Services), a lighter 50-question, 60-minute, fully remote-proctored exam for sales and support staff at IA firms. There is a mirror exam, XXV-A, for staff at research firms. Join an RIA’s team in a non-advisory role and this is likely the exam your employer will ask for, rather than the full X-A/X-B stack.
Now the money maths for the full RIA route, using NISM’s published step-by-step guide for the registration fees:
“`
Exam stage:
X-A fee = ₹3,000
X-B fee = ₹3,000
Exam outlay (one attempt each) = 3,000 + 3,000 = ₹6,000
Registration stage (individuals, per NISM’s guide):
SEBI application fee = ₹2,000
SEBI registration fee = ₹13,000 (covers 5 years)
Registration outlay = 2,000 + 13,000 = ₹15,000
First-time total = 6,000 + 15,000 = ₹21,000
Ongoing annualised cost:
Certificate renewal (X-C) = ₹2,500 every 3 years = 2,500 ÷ 3 ≈ ₹833 per year
SEBI registration = 13,000 ÷ 5 = ₹2,600 per year
Approx. regulatory run-rate ≈ 833 + 2,600 = ₹3,433 per year
≈ 3,433 ÷ 12 ≈ ₹286 per month
“`
(Registration figures are as published in NISM’s guide; verify the current schedule on SEBI’s intermediary portal before applying, and note that non-individual registration costs lakhs, not thousands.)
So: roughly ₹21,000 to walk in the door, and something under ₹300 a month to stay licensed after that. Compare that to what advisers I know spend on a single conference. The barrier here was never money. It is the 60%-with-negative-marking exams and the discipline of the compliance that follows.
“I want to be a dealer or work a trading desk”: Series VIII and friends
The classic entry job at a broking firm, dealer or sales on the equity derivatives segment, requires Series VIII: Equity Derivatives. NISM specifies it for approved users and sales personnel of trading members on the equity derivatives segment.
Settings: 100 questions, 100 marks, 2 hours, pass at 60%, 25% negative marking, fee ₹1,500. The syllabus covers futures and options mechanics, trading strategies, clearing and settlement, and the regulatory framework.
Desks that touch other segments need their own exams: Series I (Currency Derivatives), Series IV (Interest Rate Derivatives), Series XVI (Commodity Derivatives), each at ₹1,500.
There is one piece of exam-shopping arithmetic worth doing before you book any of them. NISM offers Series XIII: Common Derivatives (₹3,000) as one exam that, per NISM’s own FAQ, substitutes for Series I, IV and VIII together. Pass XIII and you are deemed to meet the standard of all three.
“`
Route 1: three separate exams
Series I (currency) = ₹1,500
Series IV (interest rate) = ₹1,500
Series VIII (equity) = ₹1,500
Total = 1,500 × 3 = ₹4,500
Route 2: one combined exam
Series XIII (common) = ₹3,000
Saving with Route 2 = 4,500 – 3,000 = ₹1,500
“`
Plus two exam days saved, and one renewal date to track every 3 years instead of three separate ones. The trade-off is real though: XIII is one longer, harder sitting covering all three syllabi at once. For a desk that will only ever touch the equity segment, plain Series VIII at ₹1,500 remains the right buy. Do not pay ₹3,000 for coverage you will not use.
“I want to be a research analyst”: Series XV
Publishing research, working as an analyst at a brokerage or research firm, registering with SEBI as a Research Analyst under the 2014 RA regulations: all of it runs through Series XV: Research Analyst.
Settings: 100 marks (80 one-mark MCQs plus 5 case-based sets of 4 questions each), 2 hours, pass at 60%, 25% negative marking, fee ₹1,500. The November 2025 SEBI easing applied to research analysts too: graduates from any discipline can now pursue RA registration, with the NISM certificate remaining mandatory.
Renewal is kinder than the first attempt. Series XV-B, the renewal exam for those holding a valid XV certificate, costs ₹2,500 and passes at 50% with no negative marking. Run the numbers across a working career and the pattern is clear: ₹1,500 and a 60% hurdle to get in, then ₹2,500 every 3 years (about ₹833 a year) at a 50% hurdle with nothing deducted for a wrong answer. NISM makes you prove yourself once at full difficulty, and keeps the upkeep cheap on both wallet and nerves.
A candid note from my side of the desk: Series XV is the exam I see most often taken by people who do not actually want the job it certifies. It sounds prestigious (“research analyst”), so B.Com students take it as a general-purpose badge. But if your real goal is advice or distribution, XV neither licenses you to advise (that is X-A/X-B) nor to distribute (that is V-A). Match the exam to the seat you want to sit in, not to how the certificate sounds on LinkedIn.
“I want an operations or back-office job”: Series VII
The least glamorous exam on the list, and possibly the most reliably employable. Series VII: Securities Operations and Risk Management is mandated for associated persons of registered stock brokers handling client assets, settlements, internal control, risk and investor grievances. In plain language: the operations backbone of every broking firm.
Settings: 100 questions, 100 marks, 2 hours, pass at 50%, 25% negative marking, fee ₹1,500. Note the unusual combination there. A 50% pass bar, but wrong answers still cost you 25%, so this is not a paper to guess your way through the way you can on V-A. The syllabus walks through the trade lifecycle, front/middle/back office functions, clearing, settlement, and grievance redressal.
For a fresh graduate who wants a salaried entry into the securities industry without a sales quota, VII plus Series VI (Depository Operations) for DP-side roles is the practical stack: ₹1,500 each, ₹3,000 in total, one renewal cycle to track for both. These are the exams that HR checks before your file moves in a broking or depository participant firm.
“I want the wealth-management side”: Series XXI-A and the AIF exams
As Indian wealth moves beyond mutual funds into PMS and AIFs, NISM has built exams for the people distributing them:
- Series XXI-A: PMS Distributors. 100 marks (80 MCQs plus 3 case-based questions worth 20 marks), 2 hours, pass at 60%, 25% negative marking, fee ₹1,500 inclusive of GST. NISM lists it as open to PMS distributors, students and professionals.
- Series XIX-A and XIX-B: AIF Distributors (Category I&II, and Category III respectively), ₹1,770 each, currently on NISM’s non-mandatory list.
My observation from Ahmedabad: the MFDs who moved early into PMS and AIF conversations with their HNI clients did not do it for the certificate. They did it because a client with ₹2 crore asks different questions than a client with a ₹5,000 SIP. XXI-A is worth taking after your practice starts attracting those clients, not before you have your first ten SIP investors.
There is also Series XVII: Retirement Adviser, the one PFRDA-mandated exam on the list (₹1,500), relevant if you want to formally advise on NPS. Worth noting for planners: in March 2026, PFRDA also permitted Points of Presence to engage CFP professionals as pension agents, a sign that the retirement-advice space is being professionalised from more than one direction at once.
The negative marking maths nobody does before booking
Here is the calculation I make every student do before they book a 60%-pass exam, because it changes exam-day behaviour.
Take Series VIII (or XV, the numbers are identical): 100 questions, 1 mark each, pass at 60, and every wrong answer costs 25% of the question’s mark. That is 0.25.
Suppose you attempt all 100 questions and get W wrong:
“`
Score = marks from correct answers – penalty on wrong answers
= (100 – W) × 1 – W × 0.25
= 100 – 1.25W
To pass: 100 – 1.25W ≥ 60
1.25W ≤ 40
W ≤ 32
“`
Put a real number through it. Say you attempt everything and get 68 right:
Marks from correct answers = 68 × 1 = 68
Penalty on 32 wrong = 32 × 0.25 = 8
Net score = 68 - 8 = 60 → exactly at the pass line
Sixty-eight right and you scrape through. Sixty-seven right and you have failed a 60% exam with 67% of the paper correct. That gap between “what I got right” and “what I scored” is the thing candidates discover on results day rather than on study day.
So on a 60%-pass, 25%-negative exam, you can afford at most 32 wrong answers out of 100 attempted. You must genuinely know about two-thirds of the paper; wild guessing has a real price. Now compare Series V-A: pass at 50, nothing deducted, so 50 correct answers is a pass no matter what the other 50 do. Blind guesses there have positive expected value, and you should never leave a V-A question blank.
This is why I tell students the jump from V-A to X-A/X-B or XV is not “a bit harder.” It is a different sport. The pass bar rises from 50 to 60, wrong answers start costing you, case-based questions demand working knowledge, and the adviser exams stretch to 3 hours. Budget your preparation accordingly: if V-A took you 3 weeks, give the adviser pair 2 to 3 months.
Putting it together: the right stack for each career, and the total bill
| Your goal | Exams you need | Exam bill (one attempt each) |
|---|---|---|
| Mutual fund distributor (MFD) | V-A | ₹1,500 |
| Bank RM selling funds | V-A (employer may add VII or VIII) | ₹1,500 to ₹4,500 |
| SEBI Registered Investment Adviser | X-A + X-B | ₹6,000 (plus SEBI registration, about ₹15,000 for individuals) |
| Staff at an RIA firm (non-advisory role) | XXV-B | ₹1,500 |
| Equity dealer at a broker | VIII (or XIII if multi-segment) | ₹1,500 (or ₹3,000) |
| Research analyst | XV | ₹1,500 |
| Broker operations / back office | VII (add VI for DP roles) | ₹1,500 to ₹3,000 |
| PMS distribution | XXI-A (usually alongside V-A) | ₹1,500 |
| Retirement/NPS advice | XVII | ₹1,500 |
Read the ranges as arithmetic, not as vagueness. A bank RM asked for V-A alone pays ₹1,500; asked for V-A plus VII, ₹3,000; asked for all three of V-A, VII and VIII, the full ₹4,500. Before you book anything, get your employer to name the exams in writing, because that single question decides whether your bill is one exam or three.
Three planning rules I give every student:
- Buy exams like you buy insurance: for the risk you actually face. The list is a menu, and nobody is meant to eat the whole menu. Two or three certificates matched to your seat beat seven trophies. Remember that every certificate you hold is also a renewal obligation every 3 years. Five unnecessary certificates at ₹1,500 each come to ₹7,500 every three years, ₹2,500 a year, plus five expiry dates to diarise and five lapses to explain if you miss them.
- Sequence by career stage, not by exam difficulty. A typical good sequence for an aspiring MFD-turned-planner: V-A first (start earning), XXI-A when HNI conversations begin, X-A/X-B only if and when you commit to the RIA route. For a job-seeker at a broker: VII or VIII first, depending on the desk.
- Never confuse the license with the qualification. Series V-A permits you to sell funds. It will not teach you to construct a portfolio. X-A/X-B permit you to charge for advice, and the caselets in them are a floor rather than a ceiling. The certificate gets you the seat. Whether you keep it is settled by what you learn after the exam is over.
On that third point, one observation from a decade of teaching. Students often ask me whether NISM certificates are “enough” to build an advisory career. My answer: they are necessary, and they are deliberately minimal. “Common minimum knowledge benchmark” is NISM’s own phrase for it. The professionals who grow beyond order-taking eventually layer a full planning education on top, which is where credentials like the CFP certification come in. I have compared the serious options honestly in CFP vs CFA vs CA in India and mapped the full route in how to become a CFP in India, including how it stacks on top of an MFD or RIA practice. Start with the NISM exam your seat requires. Decide on the deeper education once you know which seat you love.
Frequently asked questions
Which NISM exam should a complete beginner take first?
Decide the job first, and the exam follows automatically: V-A to sell mutual funds, VII for broker operations roles, VIII for a dealing desk, XV for research, X-A plus X-B for advisory. If you genuinely have no direction yet and just want to learn how markets work, the voluntary Series XII (Securities Markets Foundation, ₹1,003) is built for that, but no employer or regulation requires it, so treat it as education rather than a credential.
Is there any minimum qualification or age to write NISM exams like V-A?
The exams themselves are open to associated and aspiring persons, and NISM’s exam pages do not impose degree barriers for most certifications; students routinely write V-A during college. The qualification bar sits at the registration stage instead: for example, SEBI’s investment adviser registration requires a graduate degree (in any discipline, after the 25 November 2025 easing) alongside the X-A and X-B certificates. Check the specific NISM exam page and the relevant regulator’s registration rules for your target role.
How hard are NISM exams, and how much preparation time is realistic?
It varies sharply by exam. Series V-A passes at 50% with no negative marking, and 3 to 4 weeks of study from the official workbook is a realistic budget for most people. The 60%-pass exams with 25% negative marking (VIII, XV, X-A, X-B, XXI-A) punish guessing: on a 100-mark paper you can afford at most 32 wrong answers even if you attempt everything, which means 68 correct is a bare pass at 60 marks. Plan 2 to 3 months for the adviser pair, especially for X-B’s case-based questions.
How long is a NISM certificate valid, and what does renewal cost?
Nearly all NISM certificates are valid for 3 years. Renewal routes differ: some exams you simply retake, some have dedicated renewal exams (X-C for investment advisers at ₹2,500, XV-B for research analysts at ₹2,500, passing at 50% with no negative marking), and CPE programmes are available for several certifications. Annualised, a ₹1,500 certificate costs ₹500 per year to hold, so the real question is whether you still need each certificate you renew.
Can one exam cover multiple derivatives segments?
Yes. NISM’s Series XIII (Common Derivatives, ₹3,000) substitutes for Series I (currency), Series IV (interest rate) and Series VIII (equity derivatives) together; passing it deems you to have met the standard of all three. Taken separately those cost ₹4,500, so XIII saves ₹1,500 and two exam sittings, at the price of one harder combined paper. It only makes sense if your role genuinely spans multiple segments.
Does passing NISM Series V-A make me a financial adviser?
No, and this is the most common misunderstanding I see. V-A plus an AMFI ARN lets you distribute mutual funds and earn commissions; it does not permit you to charge fees for investment advice. Fee-based advice requires SEBI RIA registration, which needs both X-A and X-B plus SEBI’s eligibility conditions. Many professionals run the distribution model for years, deepen their skills, and only later decide between staying an MFD, becoming an RIA, or pursuing broader credentials.
Sources
- NISM: Certification Examinations list with fees and validity: https://www.nism.ac.in/certifications/
- NISM: Series V-A Mutual Fund Distributors exam page: https://www.nism.ac.in/mutual-fund-distributors
- NISM: Series V-B Mutual Fund Foundation exam page: https://www.nism.ac.in/mutual-fund-foundation
- NISM: Series VIII Equity Derivatives exam page: https://www.nism.ac.in/equity-derivatives
- NISM: Series VII Securities Operations and Risk Management exam page: https://www.nism.ac.in/securities-operations-and-risk-management
- NISM: Series X-A Investment Adviser (Level 1) exam page: https://www.nism.ac.in/investment-adviser-level-1
- NISM: Series X-B Investment Adviser (Level 2) exam page: https://www.nism.ac.in/investment-advisors-level-2
- NISM: Series XV Research Analyst exam page and FAQ: https://www.nism.ac.in/research-analyst-certification-examination and https://www.nism.ac.in/frequently-asked-questions-research-analyst
- NISM: Series XV-B Research Analyst (Renewal) exam page: https://www.nism.ac.in/nism-series-xv-b-research-analyst-certification-renewal-examination
- NISM: Series XXI-A PMS Distributors FAQ: https://www.nism.ac.in/frequently-asked-questions-portfolio-management-services-distributors
- NISM: Series XIII Common Derivatives FAQ (substitution for Series I, IV, VIII): https://www.nism.ac.in/frequently-asked-questionscommon-derivatives-certification-examination
- NISM: Series XXV-B Persons Associated with Investment Advice exam page (launched 1 June 2026): https://www.nism.ac.in/nism-series-xxv-b-persons-associated-with-investment-advice-sales-and-other-non-core-services-certification-examination
- NISM blog: How to become a SEBI Registered Investment Adviser (registration fees and steps): https://www.nism.ac.in/blog/how-to-become-a-sebi-registered-investment-advisor-step-by-step-guide
- Outlook Money: SEBI eases eligibility norms for investment advisers and research analysts (25 November 2025 notifications): https://www.outlookmoney.com/invest/sebi-eases-eligibility-norms-for-investment-advisers-research-analysts
- AMFI Distributor Corner: ARN and EUIN registration and renewal: https://www.amfiindia.com/distributor-corner/become-mutual-fund-distributor
- FPSB India / PFRDA: recognition of CFP professionals as pension agents under NPS (PFRDA circular, 20 March 2026): https://india.fpsb.org/wp-content/uploads/2026/04/PFRDA-Recognises-CFP%C2%AE-Professionals-as-Pension-Agents.pdf
