📘 1.0 Introduction & Outline – NISM-Series-X-A: Investment Adviser (Level 1)

📌 What is this Certification?
This NISM certification establishes a minimum knowledge benchmark for individuals offering investment advisory services. It is mandatory under SEBI (Investment Advisers) Regulations, 2013.

The exam helps build core competencies for investment advisers—covering financial planning, products, risk analysis, portfolio construction, compliance, and ethics. It’s especially relevant for professionals entering the Indian financial advisory ecosystem.

Component Details
📄 Exam Format MCQs + Caselets (150 marks total)
🕒 Duration 3 Hours
✅ Passing Marks 60% (90 out of 150)
⚠️ Negative Marking 25% deduction per wrong answer
🧠 On Completion, You Will Know:
  • Basics of personal financial planning & goal-setting
  • Time value of money, annuities, and retirement estimation
  • Debt management, loan types, and cash flow planning
  • Indian financial markets, investment products & AIFs
  • Portfolio construction & modern investment theories
  • SEBI regulations, ethical conduct, and grievance redressal
📚 Module 🎯 Weightage (Marks)
📊 Personal Financial Planning37
🏦 Indian Financial Markets10
💹 Investment Products30
📁 Managed Portfolios (MF, PMS, AIF)23
📐 Portfolio Construction & Evaluation20
⚖️ Regulations, Compliance, Ethics30
Total150
📆 Latest Syllabus Version: February 2025
🔗 Official Website: www.nism.ac.in
📝 Date Prepared: April 10, 2025

❓ 1.A Exam FAQs – NISM Series X-A: Investment Adviser (Level 1)

📌 Pro Tip:
Tap or click each question below to view detailed answers. All FAQs are updated as per the 2025 syllabus.

This exam is for:

  • Individual investment advisers
  • Principal officers of non-individual advisers
  • Finance professionals looking to work under SEBI (Investment Advisers) Regulations, 2013

No specific degree is required to take the exam. However, to register with SEBI as an Investment Adviser, candidates must:

  • Clear both Level 1 and Level 2 exams
  • Meet education and work experience norms (like post-graduate finance degrees or certifications)
  • 📝 90 MCQs (1 mark each)
  • 📦 9 Caselets (30 + 30 marks)
  • 🕒 Duration: 3 hours
  • ✅ Passing Score: 60% (90/150)
  • ⚠️ Negative Marking: 25% for wrong answers

Registration fee is ₹1,500 + GST. Steps to register:

  1. Go to certifications.nism.ac.in
  2. Create your profile
  3. Select NISM-Series-X-A exam
  4. Choose center/date and pay online

The exam includes:

  • 📊 Financial planning & goal setting
  • 🧮 Time value of money & calculators
  • 📈 Investments (equity, debt, AIFs)
  • ⚖️ SEBI regulations & ethics
  • 📁 Managed portfolios & MF process
  • 📐 Portfolio theory, risk, and returns
  • 📞 Grievance handling and investor protection

The certificate is valid for 3 years from the date of passing. To maintain certification, you must:

  • Reappear for the exam
  • OR take the Continuing Professional Education (CPE) program (if eligible)
  • ✅ Conducted at NISM-authorized computer-based test centers
  • 🔢 On-screen calculator + spreadsheet (Excel/OpenOffice Calc) is available
  • ❌ Physical calculators are not allowed

Yes. There is no limit on the number of attempts. Each attempt requires a fresh registration and payment of the fee.

The official workbook is very helpful. However, to boost your chances:

  • Use practice MCQs and caselets
  • Understand formulas like PV, FV, CAGR
  • Focus on client scenarios & ethics case studies

After clearing Level 1, you must also pass NISM Series X-B (Level 2) to become fully eligible to register as a SEBI Investment Adviser.