NISM AcademyNISM Series X-A Investment Adviser (Level 1): exam pattern, syllabus and mock tests
The first of two levels needed to register as a SEBI investment adviser. NISM Series X-A covers personal financial planning, investment products, managed portfolios, portfolio construction and the rules for investment advisers. Case studies make up a large part of the marks.
NISM Series X-A exam pattern at a glance
- Questions
- 90 + 9 case studies
- Duration
- 180 minutes
- Total marks
- 150
- Passing score
- 60% (90/150)
- Negative marking
- 25% per wrong answer
- Exam fee
- ₹3,000 + charges
- Certificate valid
- 3 years
90 one-mark questions plus 9 case studies worth 60 marks. Fees and pattern are set by NISM and can change, so confirm on the official NISM Series X-A page before you book.
Who should take NISM Series X-A?
Individual investment advisers, principal officers of advisory firms and people associated with giving investment advice.
Why you need it: Level 1 and Level 2 (Series X-B) together are required to register as an investment adviser with SEBI.
NISM Series X-A syllabus: 20 chapters
- Introduction to Personal Financial Planning
- Time Value of Money
- Evaluating the Financial Position of Clients
- Debt Management and Loans
- Introduction to the Indian Financial Markets
- Securities Market Segments
- Introduction to Investment
- Investing in Stocks
- Investing in Fixed Income Securities
- Understanding Derivatives
- Mutual Funds
- Portfolio Manager
- Overview of Alternative Investment Funds (AIFs)
- Introduction to Modern Portfolio Theory
- Portfolio Construction Process
- Portfolio Performance Measurement and Evaluation
- Operational Aspects of Investment Management
- Key Regulations
- Ethical Issues
- Grievance Redress Mechanism
How to prepare for NISM Series X-A
Case studies carry 60 of the 150 marks. Practise reading a client’s situation once and answering all five questions from it.
Not sure where you stand?
Take the free NISM Series X-A level check. It takes about 30 minutes, needs no payment, and tells you which chapters to study first. Launch offer: free for our first 100 users. Log in and every mock test, note and flashcard is unlocked.
Start the level checkNISM Series X-A FAQs
What is NISM Series X-A?
NISM Series X-A is the Investment Adviser (Level 1) Certification Examination conducted by the National Institute of Securities Markets. Level 1 and Level 2 (Series X-B) together are required to register as an investment adviser with SEBI.
How many questions are in NISM Series X-A?
The exam has 90 one-mark questions plus 9 case studies worth 60 marks, for a total of 150 marks. You get 180 minutes.
What is the passing score for NISM Series X-A?
You need 60%, which is 90 out of 150 marks.
Is there negative marking in NISM Series X-A?
Yes. 25% of a question’s marks are deducted for each wrong answer. Unattempted questions score zero.
How should I prepare for NISM Series X-A?
Case studies carry 60 of the 150 marks. Practise reading a client’s situation once and answering all five questions from it.
How do I register for NISM Series X-A?
Create an account on NISM’s certification portal, choose the exam, pick a test centre or remote-proctored slot, and pay the fee online. NISM Academy can’t register you; we link you to the official portal.
How long is the NISM Series X-A certificate valid?
Three years from the date you pass.