NISM Series X-B Eligibility: Who Needs It?
NISM certifications have no degree requirement. What matters is the role you hold. Here is who Series X-B is mandatory for.
Series X-B is the exception to the usual NISM answer. Most NISM exams are open to anyone; X-B has a genuine prerequisite. You must pass Series X-A (Investment Adviser Level 1) before you are eligible to register for and sit X-B. There is no way around the order, and no combination of degrees or experience substitutes for it.
Beyond that prerequisite, the familiar rule returns: no minimum educational qualification, no age bar. X-B is the second of the two exams SEBI mandates for Investment Adviser registration under the SEBI (Investment Advisers) Regulations, 2013, and passing it completes the NISM half of the registration requirements.
Who needs Series X-B
The certification is required for:
- checkAnyone who has cleared Series X-A and is completing the SEBI Investment Adviser registration path
- checkThe principal officer of a non-individual (corporate) IA applicant
- checkPersons associated with investment advice at a non-individual IA
- checkIFAs and wealth professionals moving to a fee-only, planning-led advisory model
X-B exam at a glance
The paper you become eligible for once X-A is cleared:
| Series X-B | |
|---|---|
| Prerequisite | Series X-A passed |
| Total marks | 150 |
| Duration | 3 hours |
| Pass mark | 90 out of 150 (60%) |
| Negative marking | 0.25 per wrong answer |
| Validity | 3 years |
Free account, this exam preselected.
What passing X-B does and does not complete
Clearing X-B finishes the NISM certification requirement, but SEBI Investment Adviser registration has conditions beyond the exams: a prescribed qualification (a relevant postgraduate degree or professional qualification, or equivalents SEBI accepts), experience, and net worth of ₹5 lakh for individuals or ₹50 lakh for non-individuals. The application itself goes through BSE Administration & Supervision Ltd (BASL). If registration is your goal, read SEBI's current requirements before you plan a timeline, because they are revised through amendments and circulars.
The prerequisite rule and registration conditions summarised here are set by NISM and SEBI and can be revised between cycles. Confirm the current requirements on the NISM certifications portal and SEBI's website before you register.
Eligibility questions
Do I need to pass Series X-A before attempting X-B?expand_more
Yes. Series X-A (Level 1) is a strict prerequisite. You must clear it before you are eligible to register for and sit Series X-B (Level 2).
Is there a minimum qualification for the Series X-B exam?expand_more
The exam itself requires only a passed Series X-A, with no educational qualification or experience bar. Qualification, experience and net worth requirements apply at the SEBI Investment Adviser registration stage, not at the exam.
What happens after I pass both X-A and X-B?expand_more
With both certificates, plus the prescribed qualification, 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).
My Series X-A certificate is close to expiry. Can I still take X-B?expand_more
The prerequisite is a cleared X-A, and both certificates run on 3-year validity from their own pass dates. Because renewal and validity rules are revised between cycles, check the current position on the NISM certifications portal before scheduling X-B against an ageing X-A certificate.