Revision of NISM-Series- X-A: Investment Adviser (Level I) Certification Examination w.e.f May 6, 2017

The 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.

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the level 1 examination.

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) tofulfill the requirements under Regulation 7(2) of the SEBI (Investment Advisers) Regulations, 2013.

The certification aims to enhance the quality of investment advisory and related services in the financial services industry.

Examination Objectives:

On successful completion of the examination, the candidate should:

Assessment Structure

The examination consists of 100 questions of 1 mark each and should be completed in 2 hours. The passing score for the examination is 60%. There shall be negative marking of 25% of the marks assigned to a question for each wrong answer.

Test Details

Name of Module: NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination

Fees (Rs.)

Test Duration (in minutes)

No. of Questions

Maximum Marks

Pass Marks* (%)

Certificate Validity#

(in years)

1500+

120

100

100

60

3

*: Negative marking - 25% of the marks assigned to the question
+ Payment gateway charges extra.
# Passing Certificate will be issued only to those candidates who have furnished/ updated their Income Tax Permanent Account Number (PAN) in their registration details.