NISM Series X-A: Investment Adviser (Level 1) Certification
NISM Series X-A (Investment Adviser Level 1) is the SEBI-mandated first-level certification for anyone seeking to register as an Investment Adviser in India. It covers personal financial planning, financial markets and investment products, portfolio construction and the regulatory environment, and must be cleared before you can attempt Series X-B (Level 2) - both are required for SEBI Investment Adviser registration under the SEBI (Investment Advisers) Regulations, 2013.
The exam is 150 marks over 180 minutes, needs 60/150 to pass, carries negative marking of 0.25 per wrong answer, and stays valid for 3 years.
scheduleLimited-time price, ends 15 August, Independence Day
NISM Series X-A at a glance
- Full nameNISM Series X-A: Investment Adviser (Level 1)
- Conducted byNISM
- RegulatorSEBI
- Questions150
- Duration180 min
- Pass mark60/150
- Negative marking0.25
- Validity3 years
- DifficultyHard
Who needs NISM Series X-A?
- check_circleAnyone starting the SEBI Investment Adviser (IA) registration path - X-A must be cleared before you can sit Series X-B
- check_circleThe principal officer of a non-individual (corporate) IA applicant
- check_circlePersons associated with investment advice at a non-individual IA
- check_circleIFAs and wealth professionals planning to move to a fee-only advisory model
- check_circleAnyone renewing an IA certification whose 3-year validity has lapsed
Where it takes you
- trending_upSEBI-Registered Investment Adviser (RIA) - fee-only, fiduciary advice under SEBI IA registration (X-B and registration still required)
- trending_upFinancial Planner building goal-based plans for individuals and families
- trending_upWealth Manager / Private Banker for HNI and affluent clients
- trending_upInvestment Advisory Representative at a non-individual IA firm
NISM Series X-A syllabus
Financial Planning Process
Goal setting, risk profiling, financial statements, cash flow analysis
Investment Products
Equity, debt, MF, insurance, real estate, gold, alternative assets
Portfolio Construction
Asset allocation, diversification, Modern Portfolio Theory, Sharpe ratio
Risk Management and Insurance
Life, health, general insurance; risk management in financial planning
Retirement and Tax Planning
EPF, NPS, PPF, retirement corpus calculation, tax-efficient investing
Regulatory Framework
SEBI IA Regulations 2013 (amended), code of conduct, disclosure, fee structure
How to register for NISM Series X-A
- 1
Create an NISM account
Register at certifications.nism.ac.in with your PAN, email and mobile number.
- 2
Complete KYC
Upload PAN and address proof. Verification is usually same-day.
- 3
Select the Series X-A module
Choose "Series X-A: Investment Adviser (Level 1)" from the certification list and pay the registration fee online.
- 4
Book your test-centre slot
Pick a date and NISM test centre. Metro centres typically have slots within a week.
- 5
Take the exam
150 questions in 180 minutes, computer-based. Your result appears immediately on submission.
Fees and slot availability are set by NISM and can change — confirm current details on certifications.nism.ac.in.
NISM Series X-A — frequently asked questions
What is NISM Series X-A?expand_more
NISM Series X-A is the Investment Adviser (Level 1) Certification Examination conducted by the National Institute of Securities Markets. It covers personal financial planning, financial markets, investment products, portfolio construction and the regulatory/ethics environment, and is the first of two exams (with Series X-B) that SEBI mandates for Investment Adviser registration.
Who needs the NISM Series X-A certification?expand_more
Anyone seeking SEBI Investment Adviser registration: individual IAs, the principal officer of a non-individual (corporate) IA, and persons associated with investment advice at such firms. X-A is the exam you attempt first.
Is passing X-A alone enough to become a Registered Investment Adviser?expand_more
No. X-A is Level 1 only. You must also pass Series X-B (Level 2) - X-A must be cleared first - and then apply to SEBI for IA registration with the required qualification, experience and net worth (₹5 lakh for individuals, ₹50 lakh for non-individuals).
What is the pass mark for X-A, and is there negative marking?expand_more
The exam is 150 marks over 3 hours; you need 60% (90/150) to pass. There is negative marking of 25% of the marks assigned to a question for every wrong answer.
How do I register for the NISM Series X-A exam?expand_more
Create an account at certifications.nism.ac.in, complete your KYC and PAN details, select the Series X-A module, pay the fee (around ₹3,000) online, and book a slot at an NISM test centre - offered on demand year-round.
How long is NISM Series X-A valid, and how do I renew it?expand_more
The certificate is valid for 3 years from the date of passing. To keep your IA registration compliant, obtain a fresh NISM certificate before it expires - either by re-taking the exam or via CPE where permitted.
Ready to start preparing?
1000+ practice questions and full-length mock tests for NISM Series X-A, with a solution for every question — ₹199 for full premium.
scheduleLimited-time price, ends 15 August, Independence Day