NISM AcademyNISM Series X-B Investment Adviser (Level 2): exam pattern, syllabus and mock tests
The second exam SEBI-registered investment advisers must pass, after Level 1. NISM Series X-B is the second of the two certifications required for investment advisers under the SEBI (Investment Advisers) Regulations, 2013. It goes deeper into financial planning: asset allocation and portfolio construction, behavioural finance, tax, retirement, insurance and estate planning, tested partly through case studies.
NISM Series X-B exam pattern at a glance
- Questions
- 90 + 6 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 6 case studies of 5 questions each (2 marks each, 60 marks). Fees and pattern are set by NISM and can change, so confirm on the official NISM Series X-B page before you book.
Who should take NISM Series X-B?
Individual investment advisers, principal officers of non-individual advisers, and persons associated with investment advice.
Why you need it: You must pass both Level 1 (X-A) and Level 2 (X-B) to meet SEBI’s certification requirement for investment advisers.
NISM Series X-B syllabus: 20 chapters
- Basics of Insurance
- Life Insurance Products
- Non-Life Insurance Products
- Retirement Planning Basics
- Retirement Products
- Miscellaneous Aspects of Retirement Planning
- Concepts in Taxation
- Capital Gains
- Income from Other Sources
- Taxation of Debt Products
- Taxation of Equity Products
- Taxation of Other Products
- Tax Provisions for Special Cases
- Basics of Estate Planning
- Tools for Estate Planning
- Basics of Behavioural Finance
- Behavioural Finance in Practice
- Risk Profiling for Investors
- Comparison of Products across Categories
- Case Studies
How to prepare for NISM Series X-B
Case studies are 60 of the 150 marks, so practise full client cases, not just one-liners. Allow 4 to 6 weeks if X-A is fresh in your mind.
Not sure where you stand?
Take the free NISM Series X-B 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-B FAQs
What is NISM Series X-B?
NISM Series X-B is the Investment Adviser (Level 2) Certification Examination conducted by the National Institute of Securities Markets. You must pass both Level 1 (X-A) and Level 2 (X-B) to meet SEBI’s certification requirement for investment advisers.
How many questions are in NISM Series X-B?
The exam has 90 one-mark questions plus 6 case studies of 5 questions each (2 marks each, 60 marks), for a total of 150 marks. You get 180 minutes.
What is the passing score for NISM Series X-B?
You need 60%, which is 90 out of 150 marks.
Is there negative marking in NISM Series X-B?
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-B?
Case studies are 60 of the 150 marks, so practise full client cases, not just one-liners. Allow 4 to 6 weeks if X-A is fresh in your mind.
How do I register for NISM Series X-B?
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-B certificate valid?
Three years from the date you pass.