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Frequently Asked Questions

1. Who can take NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

The following persons can take NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination:

  1. Investment Advisers and their associated persons, including their representatives and partners
  2. Interested students/professionals
  3. Any other Individual
  4. Candidate’s request/s will be considered only when he/she specifically mentions particular question or two which he/she thinks contain errors. Claims/ to recheck more than two questions shall normally be not permitted unless substantive material is provided by the candidate as to why he/she considers errors in such questions. In no case, claim/s to recheck all the questions appeared in his/her question paper shall be entertained.
  5. No request/s to disclose/discuss question/s and/or their answers shall be entertained as disclosure of the question/s will violate the essence of the question bank viz. breach the confidentiality/secrecy of the Question bank.
  6. Only those request/s made on-the-spot (before leaving the test center) will be considered for verification.
  7. When a valid request is received from a candidate at the Test Centre, it shall be forwarded by the respective TA to NISM. NISM’s team will look into claim relating to the contested question/s to verify whether there is a mistake in the question or answer. If it is prima facie found that the question or answer contains a mistake, no score will be computed and consequently no score card will be issued then at the Test Centre.
  8. Such matter will then be escalated with the question / answer to the Committee with the details of the nature of error, the correct version of the question or contested correct answer and system recognized correct answer.  The Committee, after due diligence and proper scrutiny, will arrive at a conclusion whether the claim made by a candidate in relation to a question or answer is right. Such conclusion will be recorded in writing and put up for formal approval to the authority of NISM.
  9. Score computation, kept in abeyance as per point 4, shall be carried based on the approval as per point – 5. Such score card will then be issued to the candidate by TA/NISM.
  10. Even though NISM endeavors best efforts and  has put in place a robust mechanism to review its question bank intermittently, attributable to continuous changes taking place emanating from dynamics of market, encompassing products and features, and its regulatory framework, there is a possibility of inadvertently escaping some updation and/or escaping indirect impact on some question/answer.  Therefore, to take care of such eventuality, the above process of entertaining request from the candidate in relation to the question/answer is put in place.

2. For whom is this examination mandated?

Please refer to NISM Notification NISM/Certification/Series-X-B: IA-L2/2013/01 dated November 26, 2013 (in the ‘Circulars’ section). NISM has specified the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination along with the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination seeks to create a common minimum knowledge benchmark for all associated persons registered as an investment adviser and partners and representatives of investment advisers under SEBI (Investment Advisers) Regulations, 2013 and offering investment advisory services.

An associated person shall be required to pass both the levels (i.e. NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination) to fulfill the requirements under Regulation 7(2) of the SEBI (Investment Advisers) Regulations, 2013.

3. How can I register for NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

Candidates can register with any of the following Test Administrators.

1. National Institute of Securities Markets (NISM): https://certifications.nism.ac.in/nismaol/

For registrations candidates may visit any of the above websites.

After successful registration, candidates may select a test centre, date and time slot of their choice on the Test Administrator website. Candidates are required to follow further instructions available on the Test Administrator websites.

4. What is the fee structure?

The fees for "NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination" is Rupees One Thousand Five Hundred only (Rs. 1500/-).

5. What is the assessment structure?

The examination consists of 8 caselets with 4 multiple choice questions of 2 marks each per caselet (adding to 64 marks) and 36 multiple choice questions of 1 mark each adding up to 100 marks. The examination should be completed in 2 hours. There is negative marking of 25% of the marks assigned to a question. The passing score for the examination is 60 marks.

6. Is there a study material available for preparing for this examination?

You will receive a soft copy of the workbook/study material after enrolment for the examination. For non-receipt of soft copy of the workbook/study material, you may contact the respective Test Administrator:

NISM:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 7. Do I have to pay for the study material?

You will receive a soft copy of the workbook/study material free of cost after enrolment for the examination.Candidate can buy NISM workbooks online through Taxmann Publications Private Ltd.
Visit https://www.taxmann.com/bookstore/nism-iibf-books.aspx to place your orders for NISM workbooks.
If you prefer to order by phone , please call your nearest store directly to place your order .Click here to get the details of your nearest store.

8. I have passed NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination. When will I receive the certificate?

Only the candidates who have produced their Income Tax Permanent Account Number (PAN) during registration would receive the NISM Certificate within two weeks of appearing for the examination.

Candidates who produced other identification proofs would not receive the NISM certificate. They would receive only the temporary mark sheet at the end of the examination.

10. I have not provided my PAN information at the time of taking the certification examination. How do I obtain the certificate?

Candidates who have not provided their PAN information during registration may furnish their PAN details to the Test Administrator they have registered with anytime after taking the examination.  After receiving and verifying PAN details, the candidate will receive the certificate from the Test Administrator they have registered with.  No additional payments are necessary for obtaining the certificate.

11. I have passed NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination and also provided PAN details. However, I have not received the certificate. Whom should I contact?

For non-receipt of certificate contact the test administrator you have registered with for this examination. The respective email ids are given below:

NISM: This email address is being protected from spambots. You need JavaScript enabled to view it.

 12. What is the validity period of the certificate?

The certificate will be valid for 3 years from the date of the examination.

13. How do I renew my certificate?

To renew your current certificate, you need to appear for NISM CPE for Investment Adviser (Level 2) or successfully pass the NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination before the expiry of such certificate.

14. Can I request for re-evaluation of NISM Certification Examinations?

NISM Policy on Re-evaluation of performance of candidates appearing for Certification Examination and resolution of doubts about the questions forming part of such examination, if any.

“No re-evaluation of the performance of candidates appearing for Certification Examination conducted by NISM (Mandatory & Non-Mandatory examination) is permitted since the assessment of answers, with respect to Certification Examinations questions which are in the nature of selection of only one correct answers from multiple choices offered, is carried out in an objective manner by in-built system architecture created for Certification Examination without any scope for human intervention and subjectivity element.

Also, considering the examination structure, no disclosure of the questions and/or answers is permitted as it will violate the confidentiality of the question bank, which is the essence of the examination.

In view of the above, no communication regarding re-evaluation, etc. will be entertained/serviced by NISM.”

Subject to the above, request/s received from a candidate for resolution of doubts about a question forming part of such examination will be considered as per the following policy.

The above policy and process will be subject to review from time to time and shall be binding and final in relation to any claim and/or matter when disposed off with the approval of the authority of NISM.

15. I already have NISM valid certificate for Certified Personal Financial Advisor. Can I appear for NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination?

You can directly appear for NISM-Series-X-B: Investment Adviser (Level 2) examination, if you already have valid certificate of NISM Certified Personal Financial Advisor Examination as on the date of SEBI notification No. LAD-NRO/GN/201-14/42/118 dated 27th January 2014:

However, in order to revalidate such CPFA certificate, you may either successfully complete NISM CPE for Investment Adviser (Level 1) or successfully clear the NISM-Series-X-A: IA (Level 1) examination, before expiry of validity of such certificate

16. Which are the accredited certifications forInvestment Advisersunder Regulation 7(2) of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013?

To view the list of certifications accredited for Investment Advisers under Regulation 7(2) of Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, please click here.

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