NISM Series X-B: Investment Adviser (Level 2) Certification
NISM Series X-B (Investment Adviser Level 2) is the SEBI-mandated second-level certification for Investment Adviser registration in India. It adds comprehensive household financial planning, insurance, retirement planning, estate planning, taxation, behavioural finance, risk profiling and integrated case analysis on top of X-A, and requires Series X-A to be passed first - both are required 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-B at a glance
- Full nameNISM Series X-B: Investment Adviser (Level 2)
- Conducted byNISM
- RegulatorSEBI
- Questions150
- Duration180 min
- Pass mark60/150
- Negative marking0.25
- Validity3 years
- DifficultyHard
Who needs NISM Series X-B?
- check_circleAnyone who has cleared Series X-A and is completing the SEBI Investment Adviser (IA) registration path
- 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 moving to a fee-only, comprehensive-planning advisory model
- check_circleAnyone renewing an IA certification whose 3-year validity has lapsed
Where it takes you
- trending_upSEBI-Registered Investment Adviser (RIA) - the certification that, with X-A and SEBI registration, qualifies fee-only fiduciary advice
- trending_upFinancial Planner delivering comprehensive, goal-based financial plans covering insurance, tax, retirement and estate planning
- trending_upWealth Manager / Private Banker for HNI and affluent clients
- trending_upInvestment Advisory Representative at a non-individual IA firm
NISM Series X-B syllabus
Advanced Portfolio Management
Factor models, performance attribution, alpha generation, risk-adjusted returns
Derivatives in Wealth Management
Using options for portfolio protection, structured products, hedging strategies
Alternative Investments
PMS, AIFs, REITs, InvITs, international funds — suitability and risks
Estate and Succession Planning
Wills, trusts, nomination, HUF, tax implications of inheritance
Advanced Regulatory and Ethics
Conflict of interest, suitability, fee models, SEBI enforcement cases
How to register for NISM Series X-B
- 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-B module
Choose "Series X-B: Investment Adviser (Level 2)" 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-B — frequently asked questions
What is NISM Series X-B?expand_more
NISM Series X-B is the Investment Adviser (Level 2) Certification Examination conducted by the National Institute of Securities Markets. It covers comprehensive household financial planning, insurance, retirement, estate planning, taxation, behavioural finance, risk profiling and integrated case analysis, and is the second of the two exams SEBI mandates for Investment Adviser registration.
Do I need to pass Series X-A before attempting X-B?expand_more
Yes. Series X-A (Level 1) is a prerequisite - you must clear it before you are eligible to register for and sit Series X-B (Level 2).
Who needs the NISM Series X-B certification?expand_more
The same population that needs X-A: anyone seeking SEBI Investment Adviser registration, including individual IAs, the principal officer of a non-individual IA, and persons associated with investment advice at such firms. X-B is the exam that completes the NISM requirement.
What is the pass mark for X-B, 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 - the same structure as X-A.
What happens after I pass both X-A and X-B?expand_more
With both certificates, plus the required qualification (a graduate/postgraduate degree or professional qualification in a relevant field, or an equivalent such as a CFA Charter or NISM's PGPSM), experience and net worth (₹5 lakh for individuals, ₹50 lakh for non-individuals), you apply to SEBI for Investment Adviser registration via BSE Administration & Supervision Ltd (BASL).
How long is NISM Series X-B valid?expand_more
The certificate is valid for 3 years from the date of passing, same as X-A. Renew before expiry - by re-taking the exam or via CPE where permitted - to keep your IA registration compliant.
Ready to start preparing?
900+ practice questions and full-length mock tests for NISM Series X-B, with a solution for every question — ₹199 for full premium.
scheduleLimited-time price, ends 15 August, Independence Day