This is with reference to NISM/Certification/Series-X-A: IA-L1/2013/01 dated May 21, 2013, specifying the NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination as the level 1 examination which is the requisite standard for individual investment adviser or principal officer of a non-individual investment adviser and persons associated with investment advice under SEBI (Investment Advisers) Regulations, 2013.

As specified in the SEBI notification Ref. No. LAD-NRO/GN/13/6109 dated June 19, 2013, 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.

The examination is being offered to the candidates since June 03, 2013 and has been updated periodically. In order to incorporate market and regulatory changes, NISM has updated the NISM-Series-X-A Investment Adviser (Level 1) Certification Examination. The revised NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination will be launched with effect from September 30, 2021.

The NISM-Series-X-A Investment Adviser (Level 1) Certification Examination with its current content (as per the existing test objective and workbook) will be available to the candidates till September 29, 2021 and will be replaced by the revised examination (as per the revised test objectives and workbook) from September 30, 2021.

Details of the revised NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination mandated for individual investment adviser or principal officer of a non-individual investment adviser and persons associated with investment advice are given in Annexure-I and Annexure-II of this communiqué/press release.

The text of these Annexure and the registration details are available at www.nism.ac.in.

-Sd-

Sunil Kadam

Registrar

National Institute of Securities Markets

Enclosures: Annexure I and Annexure II