Examination Overview – NISM-Series-X-A: Investment Adviser (Level 1)
Revised Launch Date: Effective from March 28, 2025
The NISM-Series-X-A certification establishes a common minimum knowledge benchmark for:
Individual Investment Advisers- Principal Officers of Non-Individual Investment Advisers
- Persons associated with investment advice
As mandated by the SEBI (Investment Advisers) Regulations, 2013, clearing both levels is essential:
- Level 1: NISM-Series-X-A
- Level 2: NISM-Series-X-B
This certification aims to enhance the quality of investment advisory services in the Indian financial ecosystem.
Examination Objectives
After passing the exam, candidates will be able to:
- Understand personal financial planning, time value of money, debt, loans, and budgeting.
- Know the structure of Indian financial and securities markets.
- Identify and evaluate investment products:
- 1.Equity
- 2. Debt
- 3. Derivatives
- 4. Managed Portfolios
- 5. Mutual Funds
- 6. Portfolio Management Services (PMS)
- 7. Alternative Investment Funds (AIFs)
- Understand portfolio construction, monitoring, and evaluation.
- Comprehend compliance, operations, ethics, and investor grievance mechanisms.
Crack the NISM Series X-A Exam with Confidence!
Our all-in-one study package is designed for aspiring SEBI-certified investment advisers:
475+ Practice Questions: Full topic coverage.
35 Case Study-Based Questions: Strengthen real-world application.
Concise Revision Notes: Clear and exam-focused.
15 Days Full Access: Prepare at your own pace.
15 Full-Length Mocks: Evaluate and improve.
Only ₹599 (Incl. GST): Value-packed and affordable.
Frequently Asked Questions - NISM Series X-A: Investment Adviser (Level 1)
Finding a high-quality NISM X-A Investment Adviser (Level 1) Mock Test is crucial due to the exam's unique format. A reliable test must include not just MCQs but also a significant number of case studies. At nismexams.in, our package is specifically designed for this, featuring over 475 practice questions and 35 case study-based questions that accurately reflect the real exam's complexity and structure.
The NISM Series X-A exam has a distinct and challenging structure. It is a 3-hour, 150-mark test with 135 questions in total. The format is a mix of:
90 standard Multiple Choice Questions (MCQs) of 1 mark each.
9 caselets (short case studies), with 5 questions per caselet. Six of these caselets have 1-mark questions, and three have 2-mark questions.
There is also a 25% negative marking, and the passing score is 60% (90 marks).
Yes, trying a NISM X-A Demo Test is highly recommended, especially to get a feel for the case-study questions. A good demo test should give you a clear idea of how a scenario is presented and the type of analytical questions that follow. While our main offering at nismexams.in is a comprehensive premium package, a demo helps you see the value you'll get from our full Investment Adviser Practice Test, particularly our extensive case study bank.
A smart study plan must prioritize the modules with the highest weightage. For the NISM Series X-A exam, you should concentrate on:
Personal Financial Planning (37 Marks)
Investment Products (30 Marks)
Regulatory, Compliance & Ethics (30 Marks)
Managed Portfolios (23 Marks)
Mastering these four modules is essential as they constitute the vast majority of the exam's marks.
A NISM X-A Mock Test is fundamentally different because of its heavy focus on case studies. Unlike other NISM exams that are purely MCQ-based, this test requires a platform that can accurately simulate the format of reading a caselet and then answering five related questions. Our mock tests at nismexams.in are specifically designed to replicate this unique structure, which is something a generic Investment Adviser Model Test might miss.
Relying solely on a free Investment Adviser Mock Test is extremely risky for this exam. The complex case-study format and the depth of the syllabus require a structured preparation plan. Free resources are often not updated for the revised 2025 syllabus, may contain errors, and almost never include a sufficient number of high-quality case studies for practice.
Case studies are critical because they make up 60 marks out of the total 150 (40% of the exam). They are designed to test your practical application of knowledge, moving beyond theory to see if you can analyze a client's situation and provide suitable advice. Your success in this exam is heavily dependent on your ability to perform well in this section, which is why our course includes 35 specific case study-based questions.
To successfully pass the NISM Series X-A Certification Exam, you must score a minimum of 60%, which translates to 90 marks out of the total 150. Achieving this score requires a strong performance in both the MCQ and the case study sections, especially with the 25% negative marking.
You can find a complete Investment Adviser Model Test, including a rich bank of case studies, within the comprehensive preparation package at nismexams.in. Our platform is specifically designed to provide an authentic exam experience. Each NISM X-A Model Test is created by industry experts to accurately reflect the difficulty, question format, and topic distribution of the actual NISM exam.
The 25% negative marking means that for every 1-mark question you get wrong, 0.25 marks are deducted, and for every 2-mark question you get wrong, 0.5 marks are deducted. This makes random guessing a very poor strategy. It is crucial to be confident in your answers, especially in the high-value case study section. Practicing with our NISM X-A Practice Test helps you develop the accuracy needed to navigate this.
This certification is the first level (Level 1) of a mandatory two-level requirement for:
Individual Investment Advisers.
Principal Officers of firms registered as Investment Advisers.
Any person associated with providing investment advice on behalf of a registered entity.
It is a foundational requirement mandated by SEBI.
The 15-day access plan at nismexams.in is perfectly designed for focused, short-term preparation. A successful 15-day strategy would be:
Days 1-7: Go through our Concise Short Notes to quickly cover the core concepts of the high-weightage modules.
Days 8-12: Dedicate this time to intensive practice with our 475+ MCQs and 35 Case Study-Based Questions.
Days 13-15: Take multiple full-length mock tests to master the 3-hour time limit and get comfortable with the case study format.
Yes, absolutely. The module on "Managed Portfolios" specifically covers Mutual Funds, Portfolio Management Services (PMS), and Alternative Investment Funds (AIFs). As an investment adviser, you are expected to have a comprehensive understanding of all investment products available to clients.
This module has the highest weightage at 37 marks because it forms the very foundation of an investment adviser's role. It covers understanding a client's financial goals, risk profiling, budgeting, and concepts like the time value of money. Before you can recommend any product, you must first master the process of creating a sound financial plan, which is why this area is so heavily tested.
Our package is designed for thorough practice. We offer 15 test attempts per set, which allows you to retry the tests multiple times. This repetition is key to identifying your weak areas, learning from your mistakes, and tracking your improvement, ensuring you are fully confident on exam day.
Yes. Our concise notes are created specifically for quick and effective revision. They summarize the most critical concepts, formulas, and regulatory points from the entire syllabus into an easy-to-digest format. This makes them the perfect tool for last-minute preparation, especially for a content-heavy exam like this one.
After you successfully pass the exam, the NISM Series X-A: Investment Adviser (Level 1) Certification is valid for a period of three years. To maintain your overall Investment Adviser certification, you must also clear the Level 2 (NISM Series X-B) exam and adhere to the renewal requirements prescribed by NISM.
Yes, our NISM X-A Practice Test gives significant importance to the "Regulatory, Compliance & Ethics" module, which carries a heavy weightage of 30 marks. Our question bank includes numerous questions on the SEBI (Investment Advisers) Regulations, 2013, ethical conduct, and grievance redressal mechanisms.
A demo is a preview with limited questions. The full mock test replicates the 3-hour format with complete scoring and analytics.
Our course provides exceptional value, especially for an exam as complex as NISM Series X-A. For just Rs. 599, you get a complete and expertly designed preparation toolkit, including a large bank of both MCQs and crucial case studies, concise revision notes, and multiple test attempts. This affordable package offers a structured and reliable path to passing a mandatory SEBI certification.
Be SEBI-compliant. Be prepared. Be certified.
Enroll Now and Start Your Journey!
Start Preparing Now - Be Exam Ready!