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

Revised Launch of NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination w.e.f. September 30, 2021

The examination seeks to create a common minimum knowledge benchmark for an individual investment adviser or principal officer of a non-individual investment adviser, under SEBI (Investment Advisers) Regulations, 2013 and persons associated with investment advice.

NISM-Series-X-A: Investment Adviser (Level 1) Certification Examination is the level 1 examination and NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination is the level 2 examination.

An individual investment adviser or principal officer of a non-individual investment adviser, registered under SEBI (Investment Advisers) Regulations, 2013 and persons associated with investment advice are 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 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 Investment Adviser examination, the candidate should:

  • Know the basics of investment advisory, steps in the advisory process, making and implementation of a financial plan.
  • Understand how to evaluate different products, their suitability, and how the recommendation of the same can impact investment risks, returns and strategies in a personal finance environment for investors and prospective investors in the market.
  • Get oriented to the Income-tax, Wealth tax and legalities of Estate planning in personal finance, and regulatory aspects underlying advisory.
  • Get acquainted with financial planning as an approach to investing, insurance, retirement planning, and an aid for advisers to develop long-term relationships with their clients.

Assessment Structure

The Investment Adviser certification 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

*: 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

  • 1500+
  • 120
  • 100
  • 100
  • 60
  • 3