To:
All AMFI Members
All Mutual Fund Distributors (MFDs)
All RTAs
Dear Sir/Madam,
Re: Registration of MFD for distribution of Mutual funds product and Specialized investment product under single examination viz. NISM -V D
In terms of SEBI circular No.HO/24/13/17(l)2026-IMD-POD-l/l/16895/2026 dated July 21, 2026, SEBI has introduced “NISM Series-V-D – Mutual Fund – Specialized Investment Fund Distributors Certification”. Those who pass this single exam will be eligible to distribute both Mutual Fund and SIF products, without separately holding “NISM Series V-A – Mutual Fund Distributors Certification”, post registration with AMFI.
Revised Regulated framework:
- Unified Certification: The NISM Series-V-D (Mutual Fund – SIF Distributors) allows for the distribution of both mutual funds and SIFs under one certification.
- Replaces V-A: Passing NISM Series V-D eliminates the need for the basic V-A certificate.
- Option to Keep V-A: Distributors desiring to distribute only mutual fund products may continue with the existing NISM Series V-A.
- Transition for Series XIII: The NISM Series XIII requirement for SIF distribution ends after September 21, 2026. Existing Series XIII holders may use their certificates until expiration, provided they also hold a valid V-A certificate.
Mutual Fund & SIF Distribution Combined Registration and Renewal fees applicable from 22-July-2026 (on the basis of NISM V D)
| Category | Registration Fees (^) | Renewal Fees (^) |
| Banks & Public Ltd Companies (other than those which are not specified hereunder) | 8,00,000 | 4,00,000 |
| RRBs, DCBs & NBFCs | 2,00,000 | 1,00,000 |
| Pvt. Ltd. Co., One Person Companies & LLPs | 80,000 | 40,000 |
| Partnership Firm, Urban Co-Op. Banks, Societies, Trusts, HUFs | 40,000 | 20,000 |
| Post Office & Micro Finance Institutions | 30,000 | 15,000 |
| Farmer Producer Companies (FPCs) $ | 20,000 | |
| Proprietorship firm | 6,000 | 3,000 |
| Individuals | 5,000 | 3,000 |
| Employees ofMFDs (EUIN holders) | 3,000 | 1,500 |
$ – Fees for FPCs will be reviewed after a year GST/ taxes will be extra, as applicable.
Please note that the fees structure for those who have passed NISM Series V-A: MFD Certification Examination and register only for distribution of mutual fund products will continue to remain the same as hitherto.
With Best Regards,
S L Pandian
